Perspective Therapeutics — 3Q 2026 Earnings Summary

Financial Performance:

• Cash, cash equivalents, and short-term investments totaled approximately $202 million as of September 30, 2026, compared to $145 million as of December 31, 2025.
• Research and development expenses were $26.1 million for the three months ended September 30, 2026, an increase from $20.3 million in the same period in 2025.
• General and administrative expenses were $8.3 million for the three months ended September 30, 2026, compared to $7.7 million in the same period in 2025.
• Net loss was $32.4 million ($0.27 per basic and diluted share) for the three months ended September 30, 2026, compared to a net loss of $26.0 million ($0.35 per basic and diluted share) in the same period in 2025.
• Grant revenue was $20 thousand for the three months ended September 30, 2026, compared to $209 thousand in the same period in 2025.
• Total assets were $365.7 million as of September 30, 2026, compared to $267.0 million as of December 31, 2025.
• Total liabilities were $71.0 million as of September 30, 2026, compared to $59.9 million as of December 31, 2025.
• Total stockholders' equity was $294.7 million as of September 30, 2026, compared to $207.0 million as of December 31, 2025.
• Property and equipment, net, increased to $117.9 million as of September 30, 2026, from $76.6 million as of December 31, 2025.

Guidance and Future Outlook:

• Management expects cash, cash equivalents, and short-term investments to be sufficient to fund current planned clinical milestones and operational investments into 2028.
• The company targets an end-of-Phase 2 meeting with the FDA in the first quarter of 2027.
• Construction of the manufacturing site in the Chicago metro area is expected to be completed in early 2027.
• The next clinical update for the PSV359 study is planned in 2027.
• Patients in the lapemelanotide zapixetar monotherapy cohort are expected to reach at least 24 weeks of follow-up by mid-2027.

Business Segments and Product Lines:

• Bamzireotide navoxetan (VMT-α-NET): Updated interim data presented at ESMO 2026 and NANETS 2026 support an emerging therapeutic window and best-in-class potential. Cohort 4 enrollment for the dose-finding study in neuroendocrine tumors (NETs) is complete with 20 patients; the meningioma cohort remains open with two patients treated as of October 30, 2026. European orphan medicinal product designation was granted in July 2026 for gastroenteropancreatic (GEP)-NETs.
• Lapemelanotide zapixetar (VMT01): Data presented at SITC 41st Annual Meeting showed strong, durable disease control in heavily pre-treated metastatic melanoma patients. A monotherapy cohort is recruiting, with 12 patients treated as of October 30, 2026, allowing up to a cumulative 9 mCi dose.
• PSV359: The dose-finding study progressed into the third dose cohort with 17 patients treated across three cohorts as of September 30, 2026. The FDA granted Fast Track Designation in October 2026 for FAP-positive solitary fibrous tumors. A clinical trial collaboration and supply agreement was signed with Merck in September 2026 to evaluate PSV359 in combination with Keytruda® for certain lung and colorectal cancers.

Market and Competitive Landscape:

• The company positions its proprietary alpha-generating isotope 212Pb platform as a potential best-in-class solution for targeted oncology treatments.
• The company is advancing a portfolio of clinical-stage programs in the U.S. targeting neuroendocrine tumors, melanoma, and FAP-positive solid tumors.
• The company is expanding its regional finished drug product candidate supply network to support clinical trials and potential commercial operations.

Risks and Challenges:

• Clinical trials may be more costly or take longer than anticipated, or may never be completed or generate results warranting future development.
• The company may elect to change strategies regarding product candidates and development/manufacturing activities.
• Regulatory agencies may issue decisions that negatively impact product candidates and clinical development plans.
• Access to sufficient isotopes to support clinical and commercialization plans is a risk.
• Economic and market conditions may worsen.
• The FDA's Fast Track designation for PSV359 may not provide anticipated benefits or could be withdrawn.
• Cash resources may be insufficient for future operating expenses and capital expenditures.

Management Commentary and Tone:

• CEO Thijs Spoor stated that clinical data demonstrated the potential of delivering alpha radiation via the proprietary platform and that encouraging findings support the best-in-class potential of bamzireotide.
• Management expressed confidence that the company is well-positioned to lead the field due to progress across multiple programs and investments in manufacturing capabilities.

Other Key Points:

• The company received European orphan medicinal product designation for bamzireotide navoxetan in July 2026.
• The FDA granted Fast Track Designation for PSV359 in October 2026.
• A strategic agreement with Merck was established in September 2026 to support potential evaluation of PSV359 in combination with Keytruda®.
• The company utilizes a "theranostic" approach combining proprietary imaging techniques with treatment to personalize care and optimize outcomes.