Perspective Therapeutics, Inc. · AMEX:CATX
Perspective Therapeutics — Investor Presentation (December 2025)
68 slides from Perspective Therapeutics's investor presentation, Dec 1, 2025
Slide 1: Corporate Presentation
a@y PERSPECTIVE’ THERAPEUTICS Corporate Presentation NYSE AMERICAN: CATX
Slide 2: Legal Disclaimers
Legal Disclaimers This presentation contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Statements in this presentation that are not statements of historical fact are forward-looking statements. Words such as “may,” “will,” “s
Slide 3: Developing the next generation of targeted therapies
Developing the next generation of targeted therapies
Slide 4: Higher potency payloads with cancer-specific targeting
Higher potency payloads with cancer-specific targeting
Slide 5: Broad proprietary pipeline
Broad proprietary pipeline Three lead programs in clinic with multiple programs in preclinical development Program Candidate IEG: KESTER S08 Target Disease Clinical Phase 1/2 Enabling Status (Target) evaluation : Imaging Study Neuroendocrine Tumors (NETs) Cohort 3: Recruited DLT cohort Other SSTR2 E
Slide 6: Upcoming data milestones
Upcoming data milestones 2025 Presentation at ESMO and Triple (anti-tumor activity data from a subset of Cohort 2 patients) VMT-o-NET (SSTR2) VMT01/02 Enrollment update for 3.0 mCi mono and combo (MC1iR) PSV359 (FAP-c) Enrollment update for 5.0 mCi Early 2026 Anti-tumor activity data from nearly all
Slide 7: Radiopharmaceutical therapy poised to revolutionize oncology treatment
Radiopharmaceutical therapy poised to revolutionize oncology treatment Perspective’s pipeline and platform has the potential to significantly expand the breadth of tumors addressed by RPT
Slide 8: The theranostics advantage
The theranostics advantage Peptide optimization derisks clinical path via animal models confirmed by human imaging “ Development Target Nomination SOULE Novel Optimize In Vivo Lead Candidate FIH Ima; Candidate IND Targeting Moieties Nomination Nomination a Iteration of candidate, as needed Compound
Slide 9: Perspective's Innovative Platform
Perspective’s Innovative Platform
Slide 10: Perspective's radiopharmaceutical platform optimized for a broader therapeutic window
Perspective’s radiopharmaceutical platform optimized for a broader therapeutic window
Slide 11: Perspective's proprietary chelator has been optimized for lead-based RPTs
Perspective’s proprietary chelator has been optimized for lead-based RPTs
Slide 12: Lead-212: the optimal therapeutic isotope
Lead-212 (2!2Pb): the optimal therapeutic isotope 212Pb provides numerous advantages over beta particle radiotherapies and other alpha emitters ' Lead (212Pb) Rationale favoring a radiation Lead (??2Pb) Lutetium (?77Lu) Actinium (225Ac) 6 radiation a radiation Alpha particle has 100-1,000x greater c
Slide 13: Pb-based theranostics enable both diagnosis and targeted treatment of cancer
Pb-based theranostics enable both diagnosis and targeted treatment of cancer Identical distribution of 2°2Pb and 2!Pb for imaging and treatment, respectively Imaging Cancer Cell 203Pbh Patient selection Dosimetry: T,,, = 52h i 28Pb bi d ror ; “igen tinker toestblsh "Pb De pharmacokinetics Matches pe
Slide 14: Proposed mechanism of action for 212Pb
Proposed mechanism of action for 212Pb
Slide 15: Rationale for synergy with immune checkpoint inhibitors
Rationale for synergy with immune checkpoint inhibitors
Slide 16: Pre-Targeting platform
Platform Pre-Targeting platform Potential to significantly expand therapeutic window by utilizing different kinetics of proteins and small molecules! ‘-) Administer cold modified monoclonal ii Peg antibody or targeting protein r 3) Administer radiolabeled ligand Ligand binds only to modified mAb Aft
Slide 17: Supply Chain and Manufacturing Infrastructure
Supply Chain and Manufacturing Infrastructure
Slide 18: On-demand order fulfillment at regional sites to deliver finished products
On-demand order fulfillment at regional sites to deliver finished products
Slide 19: Supply Chain & Manufacturing
Supply Chain & Manufacturing Regional manufacturing allows commercialization of 212Pb-labeled finished products The “network effect” designed to ensure reliable commercial supply for ready-to-administer therapeutics Sites Today 2027+ 2029 Population Radius “11 hrs Coralville, IA Clinical Supply Some
Slide 20: Neuroendocrine Tumors: VMT-α-NET
Neuroendocrine Tumors: VMT-⍺-NET
Slide 21: Clinical Pipeline: Neuroendocrine tumors VMT-α-NET
Clinical Pipeline Neuroendocrine tumors: VMT-a-NET Targeting the somatostatin receptor to treat neuroendocrine and other cancers Neuroendocrine cells are specialized cells that secrete hormones and other bioactive substances Disease Most neuroendocrine tumors highly express somatostatin receptor typ
Slide 22: Perspective's Platform Demonstrates Superior Therapeutic Window: VMT-α-NET
Perspective’s Platform Demonstrates Superior Therapeutic Window: VMT-a-NET In-house discovery capabilities deliver differentiated molecules Key Takeaways vs Generic Compounds Shows Significant Improvement vs Standard of Care in Preclinical Models Preclinical Studies: Decreased Off-Target Toxicity, S
Slide 23: 203Pb SPECT imaging reveals favorable VMT-α-NET properties
203Pb SPECT imaging reveals favorable VMT-a-NET properties’ Rapid Tumor Targeting High Tumor and Renal Clearance Retention * Tumors visible within 1 hour indicates rapid binding to SSTR2 target High intensity above background Xd ; . implies excellent therapeutic : window — = . bd Unbound drug in bla
Slide 24: Trial design: [212Pb]VMT-α-NET Phase 1/2a for PRRT naïve neuroendocrine tumors
Trial design: [212Pb]VMT-⍺-NET Phase 1/2a for PRRT naïve neuroendocrine tumors
Slide 25: Compelling anti-tumor activity
Compelling anti-tumor activity
Slide 26: Durable disease control across all doses
Durable disease control across all doses
Slide 27: Signal of sustained anti-tumor activity
Signal of sustained anti-tumor activity
Slide 28: Best-in-class safety profile
Best-in-class safety profile1
Slide 29: Select adverse events of special interest
Select adverse events of special interest
Slide 30: Mild and generally transient blood creatinine increase
Mild and generally transient blood creatinine increase
Slide 31: [212Pb]VMT-α-NET was well-tolerated and demonstrated compelling anti-tumor activity
[212Pb]VMT-α-NET was well-tolerated and demonstrated compelling anti-tumor activity
Slide 32: Melanoma Program: VMT01/02
Melanoma Program: VMT01/02 Using the melanocortin receptor (MC1R) to target melanoma for imaging and therapy
Slide 33: Melanoma program: VMT01/02
Melanoma program: VMT01/02 Using the melanocortin receptor (MC1R) to target melanoma for imaging and therapy Treatment may include surgery, radiation, chemotherapy and immunotherapy Disease * Advanced stages of disease occurs throughout the body requiring aggressive systemic treatment Overview * Hig
Slide 34: Combination [212Pb]VMT01 with immune checkpoint inhibitors
Combination [2?2Pb]VMTO01 with immune checkpoint inhibitors Lower radiation dose shows superior efficacy in preclinical combination with ICs Monotherapy [212Pb]VMTO1 Combination Therapy [212Pb]VMTO1 + ICIs 600 @ Control (n=8) 0003 @ /Cls (n=7) > © 19 MBq (n=6) = = "g 80018 19 MBq + ICls (n=7) AS © 3
Slide 35: [212Pb]VMT01 in combination: synergistic responses in preclinical studies
[222Pb]VMTO1 in combination: synergistic responses in preclinical studies Single dose of VMTO01 in combination significantly arrested melanoma tumor growth and extended survival immunodeficient human melanoma xenograft model — BRAF-positive* Single dose VMTO1 + BRAFi immunocompetent mouse B16:F10 me
Slide 36: [68Ga]VMT02 PET imaging in patient with MC1R positive metastatic melanoma
[®8Ga]VMTO2 PET imaging in patient with MC1R positive metastatic melanoma Diagnostic peptide demonstrates similar uptake to FDG in tumors 18F-FDG (Standard of Care) [®Ga]vMTo02 Patient information * Male, Asian, 33 years old * [§8Ga]VMTO2: 7 mCi injection, 45 min post-injection imaging 36 | clinical
Slide 37: Trial design: [212Pb]VMT01 Phase 1/2a for metastatic melanoma
Trial design: [212Pb]VMT01 Phase 1/2a for metastatic melanoma
Slide 38: Preliminary anti-tumor activity of [212Pb]VMT01 observed at lower dose
Preliminary anti-tumor activity of [22Pb]VMTO1 observed at lower dose Per preclinical studies, immunostimulatory effect leading to immune-mediated stable disease hypothesized at lower doses Observed PFS for heavily pre- treated melanoma patients: AFirst Response Confirmed Response lM Disease Progres
Slide 39: Treatment emergent adverse events
Treatment emergent adverse events (all grades, occurring in ≥ 2 patients)
Slide 40: Conclusion & next steps
Conclusion & next steps Continued exploration of activity seen in 3 mCi dose cohort in monotherapy and nivolumab combination [??2Pb]VMT01 was well-tolerated at doses studied? * At3 mCi and 5 mCi activity levels, [212Pb]VMTO1 was well-tolerated and no DLTs were observed * Dosimetry demonstrates high
Slide 41: Pan-Cancer Target: PSV359
41 Pan-Cancer Target: PSV359 Preclinical Activity and First in Human Images of Novel Peptide Targeting Fibroblast Activation Protein-alpha (FAP-a) A PERSPECTIVE" THERAPEUTICS
Slide 42: Pan-cancer program: PSV359
Pan-cancer program: PSV359 Novel peptide targeting fibroblast activation protein-alpha (FAP-a) FAP-a is expressed in the tumor stroma of many epithelial cancers and on the cell surface of other Disease tumor types Overview * The stroma, a connective tissue that supports organs and tissues, is involv
Slide 43: Pan-cancer program: PSV359
Pan-cancer program: PSV359 Fibroblast activation protein alpha (“FAP”) is a pan-cancer target In some tumor types, FAP In other cancers, FAP is 4% a is expressed on the cancer primarily expressed on cells as well as on stroma tumor stroma cells and not 3 eh > cells on the cancer cells ¢ . oe . - ~~
Slide 44: In-house peptide synthesis and compound optimization
rAmNaI Ind da\ > compound aeve tion pro In-house peptide synthesis and in vivo capability allows rapid iteration and optimization of novel compounds F - . - Phage display scr 5 | Compound 3-30 [ Compound 3-42 | Compoun AVAV AN & BP, BN dgoorrenen S * Phage display followed by affinity maturation * B
Slide 45: PSV359 is active against FAP-α expression on tumor and on stroma
PSV359 is active against FAP-α expression on tumor and on stroma
Slide 46: [68Ga]PSV377 PET imaging in patient with metastatic colorectal cancer
[®8Ga]PSV377 PET imaging in patient with metastatic colorectal cancer Diagnostic FAP-targeted peptide demonstrates excellent uptake in tumors [?8F]FDG MIP (Standard of Care) [°Ga]PSV377' MIP Patient information: * Male, Asian, 34 years old + [8Ga]PSV377: 3.2 mCi injection, 30 min post-injection imag
Slide 47: FIH imaging of [212Pb]PSV359 in different types of cancers
FIH imaging of [2°2Pb]PSV359 in different types of cancers Chondroblastic osteosarcoma [2°2Pb]PSV359 [2°Pb]PSV359 SPECT/CT ‘> , * =% .* é ° 4hr 18 hr 1 hour 4 hour 18 hour Lesion in head of left humerus a7 | , ‘ay PERSPECTIVE THERAPEUTICS
Slide 48: Trial design: [212Pb]PSV359 Phase 1/2a trial
Trial design: [212Pb]PSV359 Phase 1/2a trial
Slide 49: Conclusion & next steps
Conclusion & next steps FIH therapeutic study ongoing Strong scientific rationale * FAP-a is a pan-cancer target that is abundantly expressed in certain cancer cells as well as cancer-associated fibroblasts in tumor lesions and involved in promoting disease progression * Perspective’s in-house disco
Slide 50: General Corporate Information
General Corporate Information
Slide 51: Deeply experienced management team in radiopharmaceuticals and oncology drug development
Deeply experienced management team in radiopharmaceuticals and oncology drug development 20+ years of exper ein biotechnology companies; public and private companies; ‘oncology and nuclear pharmacy Thijs Spoor Chief Executive Officer - cotynia Srsiswio TEE verify.» Vewront ror Aa om BD An accomplish
Slide 52: Strong intellectual property portfolio
Strong intellectual property portfolio Perspective-owned/Exclusively-licensed IP 13 Issued Patents (expiry in 2036-2044, with potential PTE) * Composition of matter for radiopharmaceutical compounds targeting SSTR2, FAP-a, and MC1R * System and methods for generating Pb-212 radionuclide * Compositio
Slide 53: Strong financial position
Strong financial position Funding into late 2026 Cash, cash equivalents and short-term investments as of September 30, 2025 ~$174.1 million Share count as of September 30, 2025 ~74.3 million Outstanding common stock warrants & options as of September 30, 2025 ~10.9 million Based on our current plans
Slide 54: Slide 54
Slide 55: Abbreviations
Abbreviations AE: adverse event ALP: alkaline phosphatase ALT: alanine transaminase APC: antigen-presenting cell ASCO-GI: ASCO Gastrointestinal Cancers Symposium AST: aspartate aminotransferase CTLA-4: human cytotoxic T-lymphocyte antigen 4 DAMPs: damage-associated molecular patterns DCO: data cut-o
Slide 56: APPENDIX
APPENDIX
Slide 57: Radiopharmaceutical therapies have potential to disrupt cancer treatment
Radiopharmaceutical therapies have potential to disrupt cancer treatment First patient treated with Perspective’s VMT-a-NET Tumor Before Treatment Tumor After 3 Doses Transverse (horizontal) plane: PET/CT (top panels) & CT (bottom panels) (S.ACTH)*— 790 pg/ml S.ACTH — 96 pg/ml 57 ‘ay PERSPECTIVE THE
Slide 58: NETs trials
NETs trials Study NETTER-1"2 NETTER-2¢ Randomized 2:1 (+/-octreotide) Randomized 2-1 (+/-octreotide) N=229 N=226 Dose Level 4.x Q8W | 200 mci 4x Q8W | 200 mci (administered) Patient Population SSTR2+, GEP-NETs SSTR2+, GEP-NETS Prior PRRT 0% 0% Median time fromdx 3.8 years 1.9 months Performance Stat
Slide 59: Potential for differentiated profile based on molecular design
Potential for differentiated profile based on molecular design
Slide 60: Durable disease control across all doses
Durable disease control across all doses
Slide 61: Refractory metastatic melanoma trials
Refractory metastatic melanoma trials
Slide 62: Daily production at regional sites ensures supply of ready-to-administer product
Daily production at regional sites ensures supply of ready-to-administer product
Slide 63: 212Pb isotope decay chain and importance of the Pb-specific chelator
212Pb isotope decay chain and importance of the pb-specific chelator Where the drug goes = where the alpha particle is deposited 2 Bj Bismuth 61m * Perspective’s proprietary chelator retains ~95% of 2128] after transition in drug formulation? * Generic chelators leak the 2?2Bi alpha-emitting r; daug
Slide 64: 225Ac isotope decay chain and potential for off-target toxicity
225(\c isotope decay chain and potential for off-target toxicity Isotope Supply Production Therapy Bismuth 46m | A¥P1KO] 32310 1-440 404 [eHUDIOg Alpha-particle emission OH imparts sufficient “recoil” fe) energy to break chemical aN s~¢ bonds N O o = Target Organs @ Liver @) Kidneys @) THERAPEUTICS
Slide 65: 212Pb hits tumors hard and fast and disappears
212Pb hits tumors hard and fast and disappears 212Pb is a “high dose rate” alpha emitter with a short half life — energy is deposited rapidly to tumor and then gone Comparative al Particle Decay Over Time! 6s Comparative alpha decays Delivering alphas faster while drug and isotope tumor retention is
Slide 66: Isotope: decay chain — product implications
Isotope: decay chain — product implications Post final radiolabeling and purification, alpha and beta emitting daughters of 2°Ac build up fast Ac-225 Decay and Daughter Ingrow’ Dose Vial “Free” Radiometals: @Ac225 MFr-221 MAt-217 MBi-213 MTI-209 mPo-213 4x more unlabeled daughter activity in about 4
Slide 67: Isotope: decay chain — biological implications
Isotope: decay chain — biological implications Isotope selection drives potential for off target toxicities 25Ac has potential for off target toxicity Recoil breaks 22Pb decay is limited chemical bonds to tumor Decay products circulate and continue to emit radition QP) perspective’ 67 THERAPEUTICS
Slide 68: Perspective's pre-targeting platform
Perspective’s pre-targeting platform
Perspective Therapeutics — Investor Presentation (December 2025) on 6ix