Perspective Therapeutics Reports First Quarter Fiscal 2023 Results
- Additional CDMO capabilities added to increase availability of clinical trial product in the US
- Phase I/IIa studies are initiating in the first half of 2023 for VMT-α-NET for neuroendocrine tumors and VMT-01 for melanoma
RICHLAND, WASHINGTON & CORALVILLE, IOWA, May 15, 2023 (GLOBE NEWSWIRE) — Perspective Therapeutics, Inc. (NYSE AMERICAN: CATX), a precision oncology company developing alpha-particle therapies and complementary diagnostic imaging agents and an innovator in seed brachytherapy powering expanding treatment options for multiple cancers, reports first quarter financial results for the period ended March 31, 2023.
“Perspective Therapeutics is at an exciting juncture of our journey as we advance our clinical alpha-particle radiopharmaceutical pipeline. Simultaneously, we look to further support revenue expansion of our commercial brachytherapy program,” said Thijs Spoor, Perspective Therapeutics’ CEO. “In 2023, we expect to report provisional results from ongoing compassionate use of VMT-α-NET for neuroendocrine tumors. We also continue to move forward with our Phase I/IIa Dose Escalation Studies for VMT-α-NET for neuroendocrine tumors and VMT-01 for metastatic melanoma. In turn, we look forward to providing further program and pipeline updates to the market and we also expect incremental data to come out during major medical meetings over 2023.
“The first quarter of 2023 was an exciting one for the Company as we effected our merger, renamed the Company and initiated integration activities. Drafting off the excitement around the merger, we have also been able to attract some extraordinary talent and have added several key hires to the executive team in brachytherapy commercial leadership as well as an industry veteran in the radioactive materials supply chain.” Mr. Spoor concluded, “I’d like to give my express thanks to the entire Perspective Therapeutics team for leaning in during such a dynamic time for the Company while maintaining a focus on providing and developing treatments for cancer patients with an unshakeable focus on safety and quality.”
First Quarter 2023 Financial Summary
Revenue – Revenue for the three months ended March 31, 2023 was $2.1 million, as compared to $2.9 million in the same period in 2022, a decline of 29%. The year over year decline in revenue was primarily a result of the loss of a large customer partially offset by grant revenue from Viewpoint.
Gross Profit – Gross profit was $487,000 for the three months ended March 31, 2023 as compared to $1.4 million for the same period in 2022, a decline of 66%. The year over year decline was primarily a result of the decrease in sales due to the loss of a large customer along with higher production costs which were partially offset by grant revenue.
Research and development (R&D) expenses – R&D for the three months ended March 31, 2023 increased by $3.3 million compared to the three months ended March 31, 2022. The increase was due to $2.9 million related to the development of the Company’s alpha therapy drug products gained through the merger with Viewpoint along with increases in the Company’s legacy research and development expenses related to payroll costs, share based compensation, and brachytherapy trial protocol expense.
Net loss – For the first quarter of 2023, the Company reported a net loss of $371,000, compared to a net loss of $1.3 million in the same period in 2022. The lower net loss for the quarter ended March 31, 2023 was due to a deferred income tax benefit related to the acquisition of Viewpoint.
Cash and cash equivalents – As of March 31, 2023 cash and cash equivalents was $36.5 million as compared to cash, cash equivalents and short-term investments of $43.8 million as of December 31, 2022.
Investor Relations Contact:
E: [email protected]
About Perspective Therapeutics, Inc.
Perspective Therapeutics, Inc., is a medical technology and radiopharmaceutical company that is pioneering advanced treatment applications for cancers throughout the body. The Company is the sole producer of Cesium-131 brachytherapy seeds and has a proprietary technology that utilizes the isotope lead-212 to deliver powerful alpha radiation specifically to cancer cells via specialized targeting peptides. The Company is also developing complementary imaging diagnostics that incorporate the same targeting peptides which provide 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 associated with many other types of cancer treatments.
The Company’s melanoma (VMT-01) and neuroendocrine tumor (VMT-α-NET) programs are entering Phase 1/2a imaging and therapy trials for the treatment of metastatic melanoma and neuroendocrine tumors at several leading academic institutions. The Company has also developed a proprietary lead-212 generator to secure isotope supply for clinical trial and commercial operations.
For more information, please visit the Company’s website at www.perspectivetherapeutics.com.
Safe Harbor Statement
Statements in this news release about Perspective Therapeutics, Inc.’s (“Perspective”) and its wholly-owned operating subsidiaries Viewpoint Molecular Targeting, Inc.’s (“Viewpoint”) and Isoray Medical, Inc.’s (“Isoray,” and together with Viewpoint and Perspective, the “Company”) future expectations, including: the anticipated synergies and benefits of the merger between Perspective and Viewpoint; the anticipated pipeline of the Company’s programs and products; whether Phase I/IIa studies are initiated before June 30, 2023; whether provisional results for compassionate use of VMT-α-NET for neuroendocrine tumors are released; expectations about the Company’s addressable markets; the functionality and capabilities of the Company’s therapies including its targeted alpha-particle radiotherapy; the potential size of the commercial market for the Company’s treatment programs; the Company’s expectations, beliefs, intentions, and strategies regarding the future; and all other statements in this news release, other than historical facts, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). This statement is included for the express purpose of availing the Company of the protections of the safe harbor provisions of the PSLRA. It is important to note that actual results and ultimate corporate actions could differ materially from those in such forward-looking statements based on such factors as whether and to what extent the anticipated benefits of the merger are realized; the ability to raise ongoing capital to fund added costs of research and development related to the Company’s business; the ability of the Company to manage growth and successfully integrate its businesses; whether the Company can maintain its key employees; the risk that the merger disrupts current plans and operations; the outcome of any legal proceedings that may be instituted against the Company following consummation of the merger; whether the results of studies of targeted alpha-particle radiotherapy or using Cesium-131 in conjunction with immunotherapy combinations are conducted on the anticipated timelines or are successful; whether the Company’s anticipated product pipeline is achieved; whether additional studies are released that reinforce the results of the studies discussed in this presentation; whether the anticipated benefits of the Company’s therapies are realized; training and use of the Company’s products; market acceptance and recognition of the Company’s products; the Company’s ability to enforce its intellectual property rights; whether ongoing patient results are favorable and in line with the conclusions of clinical studies and initial patient results; successful completion of future research and development activities; whether we, our distributors, and our customers will successfully obtain and maintain all required regulatory approvals and licenses to market, sell, and use our products in their various forms; the procedures and regulatory requirements mandated by the FDA for animal trials, human trials, clinical studies, Phase I and II approvals and 510(k) approval and reimbursement codes; changes in applicable laws and regulations; and other risks detailed from time to time in the Company’s reports filed with the SEC.
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. For more information regarding risks and uncertainties that could affect the Company’s results of operations or financial condition, please review our Form 10-KT filed on May 1, 2023 with the SEC.
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