-- Lead program VMT-<ALPHA>-NET in neuroendocrine tumors continues to
demonstrate a favorable tolerability profile with durable disease control
and deepening of tumor response with longer follow-up, as reported at
ASCO-GI 2026
-- VMT-<ALPHA>-NET study on track to achieve nearly one year of follow-up in
all 46 patients in Cohort 2 by mid-2026; analysis to inform patient
selection strategy ongoing
-- Data across all dose levels in the VMT-<ALPHA>-NET program provide
development optionality and support the build-out of a robust clinical
evidence package for submission for presentation to more medical
conferences and regulatory engagement in 2026
-- Clinical updates for all three clinical programs are expected to be
submitted for presentation at medical conferences throughout 2026
-- Cash, cash equivalents and short-term investments of approximately $145M
as of December 31, 2025, together with subsequent equity offering (net
proceeds of $164 million), expected to be sufficient to fund current
planned clinical milestones and operational investments into late 2027
SEATTLE, March 16, 2026 (GLOBE NEWSWIRE) -- Perspective Therapeutics, Inc. ("Perspective," the "Company," "we," "us," and "our") (NYSE AMERICAN: CATX), a radiopharmaceutical development company pioneering advanced treatments for cancers throughout the body, today provided a business update and announced full year results for the year ended December 31, 2025.
"The rich flow of data readouts in 2026 reflects years of dedication by our team to develop transformational new treatment options for patients in need of more choices," said Thijs Spoor, Perspective's CEO. "We look forward to evaluating how these results will inform next steps for advancing our lead program VMT-<ALPHA>-NET and contribute to our understanding of the broader potential of our proprietary next-generation targeted radiopharmaceutical technology."
Advancing the current clinical pipeline
VMT-<ALPHA>-NET
We are conducting a multi-center, open-label, dose-finding study (clinicaltrials.gov identifier NCT05636618) of [(212) Pb]VMT-<ALPHA>-NET in patients with unresectable or metastatic somatostatin receptor type 2 (SSTR2)-positive neuroendocrine tumors (NETs) who have not received prior radiopharmaceutical therapies $(RPT)$.
Updated interim data from the study, as of a data-cut off $(DCO)$ date of December 10, 2025, were presented at the 2026 ASCO Gastrointestinal Cancers Symposium ("ASCO-GI 2026"). Highlights from the updated analysis included the following:
Safety findings based on 56 patients who received at least one treatment:
-- The 56 patients in this safety analysis comprised 2 patients in Cohort 1
(2.5 mCi), 46 patients in Cohort 2 (5.0 mCi), and 8 patients in Cohort 3
(6.0 mCi).
-- There were no reports of dose limiting toxicities (DLTs),
treatment-related discontinuations, serious renal complications,
dysphagia, or clinically significant treatment-related myelosuppression.
-- Grade 3 or higher treatment-emergent adverse events were reported in 21
patients (37.5%). One of these patients, who was enrolled in Cohort 3,
experienced a transient Grade 4 event (lymphocyte count decrease). This
event was transient and resolved without medical intervention. The
patient continues to receive [212Pb]VMT-<ALPHA>-NET treatment. There were
no Grade 5 events.
-- Serious adverse events were reported in 5 patients, with none deemed
related to the study medication.
Anti-tumor activity reported at ASCO-GI in January 2026, based on both patients in Cohort 1 and 23 (half) of the patients enrolled in Cohort 2:
-- Updated efficacy analysis in the same 25 patients from ESMO Congress 2025
("ESMO 2025") in October 2025 was presented with an additional 13 weeks
of follow-up since the previous presentation at ESMO 2025.
-- 19 of the 25 patients (76%) were without progression and remained alive,
including both patients in Cohort 1.
-- Nine (39%) patients in Cohort 2 were observed to have response according
to investigator-assessed RECIST v1.1. Eight (35%) of those responses were
confirmed and previously reported at ESMO 2025. One additional patient
experienced an initial response in their most recent tumor assessment
after the prior update at ESMO 2025. As the patient remains on study, the
patient is expected to receive a subsequent tumor assessment.
-- Seven patients were observed to have deepening of best response,
including one patient with stable disease.
As of February 28, 2026, the first 23 patients in Cohort 2 would have had the opportunity for at least 48 weeks of follow-up since beginning treatment. By mid-2026, we expect all 46 patients in Cohort 2 would have had the opportunity for at least 48 weeks of follow-up since beginning treatment.
Cohort 3 opened in June 2025 after alignment was reached with the FDA, as previously agreed prior to the initiation of this study in 2023. Patients in Cohort 3 are receiving up to four fixed administered doses of [(212) Pb]VMT-<ALPHA>-NET at 6.0 mCi, every eight weeks, if they weigh more than 60kg (133lb), or 100<MU>Ci/kg of body weight if they weigh less than or equal to 60kg.
After the opening of Cohort 3 was announced in June 2025, eight Cohort 3 patients commenced treatment and contributed to dose-limiting toxicity (DLT) assessment by a safety monitoring committee $(SMC)$. The DLT assessment is now complete, and we are cleared to treat more patients at this dose, with an additional eight patients already treated as of February 28, 2026, for a total of 16 patients in Cohort 3.
By mid-2026, the eight DLT patients in Cohort 3 would have had the opportunity for at least 32 weeks of follow-up since beginning treatment, sufficient time to have completed at least one scan following the full course of treatment.
We believe our clinical data package positions us for meaningful regulatory engagement in 2026 to align on the path forward.
During the dose finding phase of the study, we enrolled primarily NETs patients whose disease originated in the pancreas or the digestive track. We have allowance for enrollment of NETs patients whose disease originated in the lung (of which small cell lung cancer is a subset), and pheochromocytoma/paraganglioma NETs, as well as SSTR2+ meningioma.
VMT01
VMT01 is a MC1R-targeted RPT that can be radiolabeled with either (203) Pb for patient selection and dosimetry assessments, or (212) Pb for alpha particle therapy.
We are conducting a multi-center, open-label, dose-finding study (clinicaltrials.gov identifier NCT05655312) in heavily pre-treated patients with histologically confirmed melanoma and MC1R-positive imaging scans.
-- Most recently, patients have received treatments at 3.0 mCi, either as
monotherapy or in combination with nivolumab, a PD-1 blocking antibody
developed and marketed by Bristol Myers Squibb as Opdivo$(R)$.
-- Since dosing re-opened for 3.0 mCi of VMT01 as monotherapy, and was
initiated for 3.0 mCi of VMT01 in combination with nivolumab in September
2025, 10 patients had received VMT01 3.0 mCi treatment as of February 28,
2026; six patients had received VMT01 at 3.0 mCi in combination with
nivolumab, and four patients had received 3.0 mCi of VMT01 as monotherapy,
in addition to the three patients who received this monotherapy dose in
late 2023. Both cohorts are now closed for enrollment.
By late 2026, the 10 patients who had received VMT01 3.0 mCi treatment since the initiation or re-opening of these cohorts in September 2025 would have had the opportunity for at least 24 weeks of follow-up after their initial doses, sufficient time to have completed at least one scan after the full course of treatment (up to three doses every eight weeks).
PSV359
We designed PSV359 to target and deliver (212) Pb to tumor sites expressing fibroblast activation protein-<ALPHA>, or FAP-<ALPHA>, associated with multiple highly prevalent solid tumors, with patients in need of additional treatment options. The targeting moiety may also be radiolabeled with (203) Pb or (68) Ga and (64) Cu to detect FAP-<ALPHA> expression in individual patients. Preclinical imaging and therapy as well as human imaging results suggest our proprietary targeting ligand has improved levels of target engagement and uptake in tumors, as well as reduced retention in healthy tissues, which may result in a desirable therapeutic index.
As of February 28, 2026, two patients in Cohort 1 had been treated with [(212) Pb]PSV359 at 2.5 mCi, and six patients in Cohort 2 had been treated at 5.0 mCi, for a total of eight patients. By late 2026, these patients would have had the opportunity for at least 32 weeks of follow-up after their initial doses, sufficient time to have completed at least one scan after the full course of treatment (up to four doses every eight weeks). Activation activities are underway for additional sites.
Updates to the preclinical pipeline
Our discovery team is preparing additional novel constructs for potential first-in-human (FIH) imaging. If and when those constructs meet our criteria for further development, we plan to proceed with pre-IND filing activities. During the fourth quarter of 2025, we decided not to pursue further development of one early-stage preclinical asset, while activities continue on multiple other preclinical assets.
Updates on manufacturing infrastructure
We continue to make progress on expanding our manufacturing capabilities by increasing and enhancing capacity at existing facilities and building out recently acquired sites.
Full Year 2025 Financial Summary
Cash, cash equivalents, and short-term investments as of December 31, 2025 were approximately $145 million as compared to $227 million as of December 31, 2024. In February 2026, we announced the closing of an underwritten offering of securities with net proceeds of approximately $164 million after deducting underwriting discounts and commissions and other offering-related expenses. We believe our cash, cash equivalents and short-term investments as of December 31, 2025, together with the net proceeds from the February 2026 offering, will be sufficient to fund our current clinical milestones and operational investments into late 2027.
As of December 31, 2025, we had approximately 74.3 million shares of common stock and approximately 10.9 million warrants and options to purchase shares of common stock outstanding. In connection with the February 2026 underwritten offering of securities noted above, we issued 39.6 million shares of common stock along with pre-funded warrants to purchase 6.6 million shares of common stock.
Grant revenue was $0.9 million for the year ended December 31, 2025, compared to approximately $1.5 million for the year ended December 31, 2024. Grant revenue is derived from our work with the National Institutes of Health.
Research and development expenses were $84.2 million for the year ended December 31, 2025, compared to $41.6 million for the year ended December 31, 2024, an increase of approximately 102%. The increase in research and development expenses was primarily related to increased clinical site activities, drug program costs and delivery costs along with higher personnel costs, including share-based compensation.
Research and development expenses additionally included a $10.0 million non-cash impairment loss for the three months ended December 31, 2025, in connection with our decision to deprioritize an early-stage preclinical asset within our in-process research and development portfolio. This early-stage preclinical asset was acquired as part of the merger between Viewpoint Molecular Targeting, Inc. and Isoray, Inc. in February 2023.
General and administrative expenses were $30.2 million for the year ended December 31, 2025, compared to $26.6 million for the year ended December 31, 2024, an increase of approximately 14%. The increase in general and administrative expenses for the year ended December 31, 2025 was primarily due to increased personnel costs, partially offset by decreased fees for professional services.
Total operating expenses for the year ended December 31, 2025 were $114.4 million (including a non-cash, one-time impairment loss for a preclinical asset of $10.0 million), compared to $92.3 million for the same period in 2024 (including a non-cash, one-time goodwill impairment charge of $24.1 million), an increase of approximately 24%.
Net loss for the year ended December 31, 2025 was $103.1 million, or $1.40 per basic and diluted share, compared to a net loss of $79.3 million, or $1.23 per basic and diluted share, for the same period in 2024. During the year ended December 31, 2025, there was a net benefit of $7.7 million in net interest income and other expense, compared to a net benefit of $10.5 million in net interest income and other expense during the year ended December 31, 2024.
About Perspective Therapeutics, Inc.
Perspective Therapeutics, Inc. is a radiopharmaceutical development company pioneering advanced treatments for cancers throughout the body. The Company has proprietary technology that utilizes the alpha-emitting isotope (212) Pb to deliver powerful radiation specifically to cancer cells via specialized targeting moieties. The Company is also developing complementary imaging diagnostics that incorporate the same targeting moieties, which provides the opportunity to personalize treatment and optimize patient outcomes. This "theranostic" approach enables the ability to see the specific tumor and then treat it to potentially improve efficacy and minimize toxicity.
The Company's neuroendocrine tumor (VMT-<ALPHA>-NET), melanoma (VMT01), and solid tumor (PSV359) programs are in Phase 1/2a imaging and therapy trials in the U.S. The Company is growing its regional network of drug product candidate finishing facilities, enabled by its proprietary (212) Pb generator, to deliver patient-ready product candidates for clinical trials and commercial operations.
For more information, please visit the Company's website at www.perspectivetherapeutics.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Statements in this press release that are not statements of historical fact are forward-looking statements. Words such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "estimate," "believe," "predict," "potential," or "continue" or the negative of these terms or other similar expressions are intended to identify forward-looking statements, though not all forward-looking statements contain these identifying words. Forward-looking statements in this press release include express or implied statements concerning, among other things, the Company's expectations regarding cash runway; the Company's manufacturing and distribution plans and capabilities; the Company's clinical and preclinical development plans and the expected timing for the release of additional data from its development programs; the Company's expectations regarding its interactions with regulatory agencies and the expected timing thereof; and other statements that are not historical fact.
The Company may not actually achieve the plans, intentions, or expectations disclosed in the forward-looking statements, and you should not place undue reliance on the forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the Company's actual results to differ materially from the results described in or implied by the forward-looking statements. Known risk factors include that the Company's preclinical development plans and clinical trials may be more costly or take longer to complete than anticipated, or may never be completed, or may not generate results that warrant future development of the tested product candidate; the Company may elect to change its strategy regarding its product candidates and development activities; economic and market conditions may worsen; and risks related to the sufficiency of the Company's cash resources for its future operating expenses and capital expenditures. A more complete discussion of the risks and uncertainties facing the Company appears under the heading "Risk Factors" in the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the "SEC"), in the Company's other filings with the SEC, and in the Company's future reports to be filed with the SEC and available at www.sec.gov. Forward-looking statements contained in this news release are made as of this date. Unless required to do so by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Media and Investor Relations Contact:
Annie J. Cheng, CFA
ir@perspectivetherapeutics.com
Perspective Therapeutics, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except shares and par value data)
December 31, December 31,
2025 2024
-------------- --------------
ASSETS
Current assets:
Cash and cash equivalents $ 30,629 $ 61,580
Short-term investments 114,108 165,336
Accounts receivable, net of
allowance for doubtful accounts:
$375 and $543 6 116
Prepaid expenses and other current
assets 3,646 4,128
---------- ----------
Total current assets 148,389 231,160
Noncurrent assets:
Property and equipment, net 76,597 57,321
Right-of-use asset, net 1,500 2,215
Intangible assets, in-process
research and development 40,000 50,000
Other assets, net 486 405
---------- ----------
Total assets $ 266,972 $ 341,101
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
expenses $ 20,511 $ 10,343
Lease liability 623 957
Accrued personnel expenses 7,489 5,478
Note payable 56 52
Deferred Income - 1,400
---------- ----------
Total current liabilities 28,679 18,230
Noncurrent liabilities:
Lease liability, net of current
portion 1,005 1,428
Note payable, net of current portion 1,569 1,625
Deferred Income, net of current
portion 26,600 26,600
Deferred tax liability 1,702 2,495
Other noncurrent liabilities 386 55
---------- ----------
Total liabilities 59,941 50,433
---------- ----------
Stockholders' equity:
Preferred stock, $0.001 par value;
7,000,000 shares authorized;
5,000,000 designated Series B
convertible preferred stock; no
shares issued - -
Common stock, $0.001 par value;
authorized 750,000,000 shares;
issued 74,337,990 and 70,671,464
shares 74 70
Additional paid-in capital 541,687 522,368
Accumulated other comprehensive
income (loss) 110 (51)
Accumulated deficit (334,840) (231,719)
Total stockholders' equity 207,031 290,668
---------- ----------
Total liabilities and
stockholders' equity $ 266,972 $ 341,101
========== ==========
Perspective Therapeutics, Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Loss
(Dollars and shares in thousands, except for per-share amounts)
Year Ended December 31,
---------------------------
2025 2024
--------------- ---------
Grant revenue $ 884 $ 1,454
Operating expenses:
Research and development 84,215 41,638
General and administrative 30,233 26,613
Goodwill impairment - 24,062
Loss on disposal of property and
equipment - 27
----------- --------
Total operating expenses 114,448 92,340
----------- --------
Operating loss (113,564) (90,886)
----------- --------
Total non-operating income, net 9,136 10,459
----------- --------
Net loss from continuing operations (104,428) (80,427)
Net gain (loss) from discontinued
operations 514 (949)
Net loss before deferred income tax
benefit (103,914) (81,376)
Deferred income tax benefit 793 2,097
----------- --------
Net loss $ (103,121) $ (79,279)
=========== ========
Basic and diluted loss per share:
Loss from continuing operations $ (1.41) $ (1.22)
Gain (loss) from discontinued
operations 0.01 (0.01)
----------- --------
Basic and diluted loss per share $ (1.40) $ (1.23)
=========== ========
Weighted-average shares used in
computing net loss per share:
Basic and diluted 73,813 64,425
=========== ========
Unrealized gain (loss) on
available-for-sale securities $ 161 $ (51)
----------- --------
Comprehensive loss $ (102,960) $ (79,330)
=========== ========
(END) Dow Jones Newswires
March 16, 2026 16:07 ET (20:07 GMT)
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