Perspective Therapeutics Reports $79.3 Million Net Loss for 2024, Highlights Key Developments

Perspective Therapeutics, Inc. (CATX) reported a net loss of $79.3 million for the year ended December 31, 2024, compared to a net loss of $46.5 million in 2023. The increase in net loss is primarily attributable to a $24.1 million goodwill impairment charge recorded in the fourth quarter of 2024, reflecting market volatility in the life sciences sector and the company's low market capitalization. Operating expenses increased significantly, with research and development expenses rising to $41.6 million from $21.3 million, and general and administrative expenses increasing to $26.6 million from $21.1 million. The company generated $1.5 million in grant revenue in 2024, a slight increase from $1.4 million in 2023.

Significant developments during the year included the completion of the sale of substantially all assets of its wholly-owned subsidiary, Isoray Medical, Inc., to GT Medical Technologies, Inc. in April 2024, resulting in the brachytherapy segment being classified as discontinued operations. The company also acquired Lantheus Holdings, Inc.’s radiopharmaceutical manufacturing facility in Somerset, NJ, in March 2024, and purchased additional buildings in Houston, TX, Chicago, IL, and Los Angeles, CA, to expand its manufacturing capabilities. Furthermore, Perspective Therapeutics entered into a Master Equipment and Services Agreement with Comecer SpA for the purchase of manufacturing equipment totaling approximately €49 million.

Key operational developments included continued dosing in Phase 1/2a clinical trials for VMT-α-NET (neuroendocrine tumors) and VMT01 (melanoma), with the FDA granting Fast Track Designation for VMT01 in September 2024. Initial results from these trials were announced throughout the year, showing promising safety profiles and anti-tumor activity. The company also received FDA approval to proceed with a Phase 1/2a trial for PSV359 (targeting fibroblast activation protein alpha) and anticipates dosing the first patients in mid-2025. As of March 21, 2025, Perspective Therapeutics employed 140 individuals.

The company raised approximately $306.7 million in gross proceeds during 2024 through various equity financings, including a registered offering, a private placement, and an at-the-market offering. As of December 31, 2024, the company held $226.9 million in cash, cash equivalents, and short-term investments, which management believes will be sufficient to fund operations into late 2026. However, the company anticipates continued operating losses and expects to require additional capital in the future.

Perspective Therapeutics' outlook is focused on advancing its pipeline of alpha-based therapeutic programs, expanding its manufacturing infrastructure, and pursuing regulatory approvals for its lead candidates. The company acknowledges significant risks associated with clinical development, regulatory approvals, market competition, and securing adequate funding. The company's financial statements and further details are available in its 10-K filing.