Actinium Pharmaceuticals, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, revealing no revenue from product sales for both periods, consistent with the previous year. The company continues to focus on developing Antibody Radiation Conjugates (ARCs) and targeted radiotherapies for cancer treatment, particularly for relapsed or refractory acute myeloid leukemia (AML).

For the three months ended September 30, 2024, Actinium incurred a net loss of $11.6 million, a decrease from a net loss of $13.3 million in the same period of 2023. This reduction is attributed to lower operating expenses, which totaled $12.6 million compared to $14.4 million in the prior year. Research and development expenses also decreased to $9.8 million from $11.6 million, primarily due to reduced costs in chemistry, manufacturing, and controls. For the nine months ended September 30, 2024, the net loss was $31.6 million, down from $39.5 million in 2023, reflecting a significant reduction in cash used in operating activities, which was $27.3 million compared to $39.8 million in the prior year.

Actinium's total current assets increased to $79.5 million as of September 30, 2024, from $78.3 million at the end of 2023, while total assets rose to $82.1 million. The company’s cash and cash equivalents stood at $78.7 million, slightly up from $76.7 million at the end of 2023. Total stockholders' equity increased to $38.2 million from $36.4 million.

In terms of strategic developments, Actinium reduced its workforce by approximately 20% in Q3 2024, primarily affecting clinical and chemistry, manufacturing, and controls (CMC) groups, which is expected to lower personnel expenses by about $3.7 million in 2025. The company is actively seeking a strategic partner for its lead product candidate, Iomab-B, to advance clinical trials required by the FDA, which has mandated additional studies following the results of the pivotal Phase 3 SIERRA trial.

The company continues to face challenges, including the need for substantial additional funding to support ongoing research and development efforts, as well as the potential for delays in clinical trials and regulatory approvals. Actinium has not yet received regulatory approval for any of its product candidates and remains dependent on the success of Iomab-B, Actimab-A, and Iomab-ACT for future growth.