Perspective Therapeutics (CATX) Q3 2026 earnings summary

Executive summary

• Cash, cash equivalents and short-term investments totaled $201.7M at September 30, 2026, and were expected to fund planned operations and clinical milestones into 2028.

• VMT-α-NET and VMT01 updates showed interim clinical activity; PSV359 received FDA Fast Track Designation and gained a Merck collaboration for potential Keytruda combination evaluation.

Financial highlights

• Q3 grant revenue was $20K vs. $209K YoY; operating expenses were $34.3M vs. $28.1M, operating loss was $34.3M vs. $27.9M, and net loss was $32.4M vs. $26.0M.

• Q3 R&D expense was $26.1M vs. $20.3M and G&A expense was $8.3M vs. $7.7M; non-operating income, net, was $1.9M in both periods.

• 9M grant revenue was $177K vs. $841K; operating expenses were $92.0M vs. $74.6M and net loss was $85.4M vs. $65.6M. R&D expense rose to $69.0M from $51.3M, driven by staffing, trials, CMC and manufacturing work.

Outlook and guidance

• Cash and short-term investments were expected to fund planned clinical milestones and operational investments into 2028; R&D and manufacturing costs are expected to rise.

• An FDA End-of-Phase 2 meeting for VMT-α-NET is targeted for Q1 2027; PSV359 clinical data updates are planned for 2027.

• VMT01 monotherapy patients enrolled since the cohort reopened in Q3 2026 are expected to reach at least 24 weeks of follow-up by mid-2027.

• Chicago-area manufacturing site construction is expected to finish in early 2027.