Perspective Therapeutics, Inc. · AMEX:CATX
Perspective Therapeutics — Investor Presentation (November 2025)
66 slides from Perspective Therapeutics's investor presentation, Nov 6, 2025
Slide 1: Corporate Presentation November 2025
Corporate Presentation November 2025 NYSE AMERICAN: CATX
Slide 2: Forward-looking statements
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,” “should,” “expect,”
Slide 3: Developing the next generation of targeted therapies
Developing the next generation of targeted therapies Robust Manufacturing Infrastructure Radioisotope supply strengthened by integrated supply chain Patient coverage via distributed manufacturing infrastructure Ready-to-administer products provided to treatment sites on day of scheduled treatment In
Slide 4: Radiopharmaceuticals increase precision of targeting cancer
TKIs, mAbs Immuno-therapy Hormone therapy Other radiotherapies Chemotherapy Surgery Cell Therapies Antibody-drug conjugates Radiopharmaceuticals Increase precision of targeting cancer Radiopharmaceuticals Targeted molecules deliver radioactive payloads to cancer ADCs Antibody-based targeting deliver
Slide 5: Broad proprietary pipeline
Program (Target) Target Disease Candidate evaluation Human Clinical Imaging Phase 1/2 Registration Enabling Study Status VMT-⍺-NET (SSTR2) Neuroendocrine Tumors (NETs) Cohort 2: Completed recruitment Cohort 3: Recruited DLT cohort Other SSTR2 Expressing Tumors Under evaluation VMT01/02 (MC1R) Melano
Slide 6: Upcoming data milestones
Upcoming data milestones 2025 Early 2026 Mid 2026 Late 2026 2027 and beyond VMT-⍺-NET (SSTR2) Presentation at ESMO and Triple (anti-tumor activity data from a subset of Cohort 2 patients) Anti-tumor activity data from nearly all Cohort 2 patients Initial anti-tumor activity data from first 8 Cohort
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 Incidence and patient data sourced from SEER, accessible at https://seer.cancer.gov/statfacts/html/common.html a
Slide 8: The theranostics advantage
1World Molecular Imaging Congress 2024 abstract #82 2Society of Nuclear Medicine and Molecular Imaging (SNMMI) 2025 Annual Meeting abstract #251863 Clinical Collaborator: Xiaowei Ma, M.D., Ph.D., The Second Xiangya Hospital, Central South University, China The theranostics advantage Peptide optimiza
Slide 9: Perspective's Innovative Platform
Perspective’s Innovative Platform Enabling broad applications in the clinic
Slide 10: Platform optimized for a broader therapeutic window
Perspective’s radiopharmaceutical platform optimized for a broader therapeutic window Perspective Therapeutics’ Platform Optimized peptides Highly specific for tumor cell receptors Rapid clearance from blood to reduce off-target effects Ideal isotope Double-stranded breaks cell death Reduced off-t
Slide 11: Proprietary chelator optimized for lead-based RPTs
Perspective’s proprietary chelator has been optimized for lead-based RPTs 1Li M, et al. Curr Med Chem. 2020; 2Vegt E, et al. J Nucl Med. 2010; 3Mirzadeh et al., Radiochimica Acta, 1993. Generic chelators have not been optimized for Pb isotopes, potentially compromising safety, efficacy and manufactu
Slide 12: Lead (212Pb) versus actinium and lutetium isotopes
1USPI for 177Lu vipivotide tetraxetan 2Sgouros G. Alpha-particles for targeted therapy. Adv Drug Deliv Rev. 2008;60(12):1402-1406. doi:10.1016/j.addr.2008.04.007 Lead (212Pb) α radiation Actinium (225Ac) α radiation Lutetium (177Lu) ϐ radiation Potency Direct tumor killing β Single-stranded DNA brea
Slide 13: Pb-based theranostics enable diagnosis and targeted treatment
Pb-based theranostics enable both diagnosis and targeted treatment of cancer Identical distribution of 203Pb and 212Pb for imaging and treatment, respectively Human Image: Cagle et al. European Association of Nuclear Medicine 2024, Presentation Number: OP-473 Platform
Slide 14: Multiple overlapping mechanisms drive tumor cell death and immune response
Multiple overlapping mechanisms drive tumor cell death and immune response Proposed mechanism of action for 212Pb Platform *RPT not to scale. Adapted from Pouget JP, Chan TA, Galluzzi L, Constanzo J. Radiopharmaceuticals as combinatorial partners for immune checkpoint inhibitors. Trends Cancer. 2023
Slide 15: Rationale for synergy with immune checkpoint inhibitors
Rationale for synergy with immune checkpoint inhibitors 1Adapted from: Mellman I, Chen DS, Powles T, Turley SJ. The cancer-immunity cycle: Indication, genotype, and immunotype. Immunity. 2023;56(10):2188-2205. doi:10.1016/j.immuni.2023.09.011; 2Li et al., Cancers, 2021; 3Include inhibitor of PD-1, P
Slide 16: Pre-Targeting platform
1 Administer cold modified monoclonal antibody or targeting protein 2 After several days, mAb will have accumulated on tumor and cleared from blood 3 Administer radiolabeled ligand 4 Ligand binds specifically to mAb and clears rapidly from circulation Radioligand on tumor Radioligand clears circulat
Slide 17: Supply Chain and Manufacturing Infrastructure
Supply Chain and Manufacturing Infrastructure Ensuring radioisotope supply and ability to deliver ready-to-administer products to hospitals
Slide 18: On-demand order fulfillment at regional sites
On-demand order fulfillment at regional sites to deliver finished products 5.7” 11” Proprietary Generator Simple chemical separation technology for 212Pb extraction 228Th Thorium 1.9 y 224Ra Radium 3.6 d 212Pb Lead 10.6 h Transports precursor isotope (224Ra) Extracts therapeutic isotope (212Pb) Isot
Slide 19: Regional manufacturing allows commercialization of 212Pb-labeled products
Sites Today 2027 1 2029 Population Radius ~11 hrs Coralville, IA Clinical Supply Somerset, NJ 75 m Chicago, IL In progress 66 m Los Angeles, CA In progress 48 m Houston, TX In progress 37 m Potential Locations Atlanta, GA tbc 57 m Orlando, FL tbc 31 m Top 6 sites cover >90%
Slide 20: Neuroendocrine Tumors: VMT-α-NET
Neuroendocrine Tumors: VMT-⍺-NET Targeting the somatostatin receptor to treat rare neuroendocrine-type cancers
Slide 21: Neuroendocrine tumors: VMT-α-NET
Whole body SPECT scan of NET patient imaged with [203Pb]VMT-𝛼-NET Neuroendocrine tumors: VMT-⍺-NET Targeting the somatostatin receptor to treat neuroendocrine and other cancers Clinical Pipeline Unmet Need Disease Overview Program Overview 1Wu P, He D, Chang H, Zhang X. Epidemiologic trends of and…
Slide 22: SSTR2 tumor model demonstrates superiority of VMT-α-NET
SSTR2 tumor model demonstrates superiority of VMT-𝛼-NET to generic compounds 8-fold improved tumor uptake with decreased kidney retention Key Takeaways vs Generic Compounds Generic 203Pb-DOTATOC Proprietary 203Pb-VMT-α-NET Tumor Kidneys Drug Administered [212Pb]VMT-α-NET (1 x 120 µCi) Vehicle…
Slide 23: Tumors visible within hour indicates rapid binding to SSTR2 target
Tumors visible within 1 hour indicates rapid binding to SSTR2 target High intensity above background implies excellent therapeutic window Unbound drug in bladder within 1 hour for excretion Low renal retention due to neutral charge on proprietary Pb-specific chelator 21 hours Rapid Tumor Targeting a
Slide 24: Trial design: VMT-α-NET Phase 1/2a for PRRT naïve NETs
Trial design: [212Pb]VMT-⍺-NET Phase 1/2a for PRRT naïve neuroendocrine tumors For additional details regarding trial parameters, including criteria for patient selection, please refer to https://clinicaltrials.gov/study/NCT05636618 Graves S. et al, [212Pb]Pb-VMT-α-NET dosimetry in patients with adv
Slide 25: Compelling anti-tumor activity
Compelling anti-tumor activity One patient had a non-evaluable scan post baseline scan and therefore not included in this chart. Halfdanarson TR et al, Presentation at ESMO 2025. Full presentation available here. Data cut off date September 12, 2025 44% interim response rate in first half of Cohort
Slide 26: Durable disease control across all doses
Durable disease control across all doses Darker segment of each bar represents treatment period, lighter segment represents time on study post the treatment period. One patient passed away for sequela of metastatic neuroendocrine tumors. The patient was a stable disease by RECIST at the time of the
Slide 27: Signal of sustained anti-tumor activity
Signal of sustained anti-tumor activity One patient had a non-evaluable scan post baseline scan and therefore not included in this chart. Halfdanarson TR et al, Presentation at ESMO 2025. Full presentation available here. Data cut off date September 12, 2025 Activity regardless of SSTR2 expression p
Slide 28: Best-in-class safety profile
Best-in-class safety profile1 The following additional Grade 3 AEs occurred in 1 patient each: vomiting, hypokalemia, presyncope, asthenia, cardiac failure, gamma-glutamyltranferase increased, pancreatitis, and syncope. Halfdanarson TR et al, Presentation at ESMO 2025. Full presentation available he
Slide 29: Mild and generally transient blood creatinine increase
Mild and generally transient blood creatinine increase Halfdanarson TR et al, Presentation at ESMO 2025. Full presentation available here. Data cut off date September 12, 2025 Seven patients experienced Grade 1 blood creatinine increase (n=55) Clinical Pipeline Blood creatinine increase occurred in
Slide 30: VMT-α-NET well-tolerated with compelling anti-tumor activity
[212Pb]VMT-α-NET was well-tolerated and demonstrated compelling anti-tumor activity Halfdanarson TR et al, Presentation at ESMO 2025. Full presentation available here. Data cut off date September 12, 2025. 2See slide 57 for class overview Superior tolerability profile demonstrated with [212Pb]VMT-α-
Slide 31: Melanoma Program: VMT01/02
Melanoma Program: VMT01/02 Using the melanocortin receptor (MC1R) to target melanoma for imaging and therapy
Slide 32: Melanoma program: VMT01/02
Whole body PET scan of a metastatic melanoma patient using VMT02 Melanoma program: VMT01/02 Using the melanocortin receptor (MC1R) to target melanoma for imaging and therapy 1Su DG, et al. Melanocortin-1 Receptor Expression as a Marker of Progression in Melanoma. JCO Precis Oncol. 2024;8:e2300702. d
Slide 33: Combination VMT01 with immune checkpoint inhibitors
1. Rodman et al., International Symposium on Radiopharmaceutical Sciences iSRS 2023, 22-26 May 2023, Honolulu, Hawaii. In C57Bl6 albino mice inoculated with B16.F10 allograft tumors, treatment with [212Pb]VMT01 monotherapy shows increasing efficacy with higher doses (left). When combined with immune
Slide 34: Key takeaways: preclinical response rates
Key Takeaways High response rates in multiple tested models >70% complete and durable response when combined with PD1 immunotherapy in a model highly resistant to checkpoint inhibitors3 Combination with immune checkpoint inhibitors induced synergistic anti-tumor effect 1Li et al., Mol. Pharm., 2019;
Slide 35: VMT02 PET imaging in patient with MC1R positive melanoma
[68Ga]VMT02 PET imaging in patient with MC1R positive metastatic melanoma Diagnostic peptide demonstrates similar uptake to FDG in tumors Clinical Collaborator: Xiaowei Ma, M.D., Ph.D., The Second Xiangya Hospital, Central South University, China 18F-FDG (Standard of Care) [68Ga]VMT02 Patient inform
Slide 36: VMT01 trial parameters
For additional details regarding trial parameters, including criteria for patient selection, please refer to https://clinicaltrials.gov/study/NCT05655312 Trial Parameters Dose-finding Population Key Study Features Study Endpoints Advanced/unresectable metastatic or recurrent melanoma At least 1 prio
Slide 37: Preliminary anti-tumor activity of VMT01 at lower dose
Preliminary anti-tumor activity of [212Pb]VMT01 observed at lower dose Per preclinical studies, immunostimulatory effect leading to immune-mediated stable disease hypothesized at lower doses Lighter portions of each bar signify transition of the patient to follow-up period (begins ~24 weeks after fi
Slide 38: Treatment emergent adverse events
Treatment emergent adverse events (all grades, occurring in ≥ 2 patients) Morris ZS et al, Poster Presentation at ASCO 2025. Full presentation available here. Data cut-off date April 21, 2025. Clinical Pipeline
Slide 39: Conclusion & next steps
1Morris ZS et al, Poster Presentation at ASCO 2025. Full presentation available here. Data cut-off date April 21, 2025. Conclusion & next steps Continued exploration of activity seen in 3 mCi dose cohort in monotherapy and nivolumab combination Clinical Pipeline [212Pb]VMT01 was well-tolerated at do
Slide 40: Pan-Cancer Target: PSV359
Pan-Cancer Target: PSV359 Preclinical Activity and First in Human Images of Novel Peptide Targeting Fibroblast Activation Protein-alpha (FAP-ɑ)
Slide 41: Pan-cancer program: PSV359
Pan-cancer program: PSV359 Novel peptide targeting fibroblast activation protein-alpha (FAP-ɑ) Fitzgerald AA, Weiner LM. The role of fibroblast activation protein in health and malignancy. Cancer Metastasis Rev. 2020;39(3):783-803. doi:10.1007/s10555-020-09909-3 Whole body PET image of colorectal ca
Slide 42: FAP is a pan-cancer target
Kratochwil et al., JNM, 2019 Pan-cancer program: PSV359 Fibroblast activation protein alpha (“FAP”) is a pan-cancer target Clinical Pipeline In some tumor types, FAP is expressed on the cancer cells as well as on stroma cells In other cancers, FAP is primarily expressed on tumor stroma cells and not
Slide 43: FAP-targeted novel compound development
Compound 3-30 Compound 3-42 Compound 3-59 Fibroblast activation protein-targeted novel compound development In-house peptide synthesis and in vivo capability allows rapid iteration and optimization of novel compounds Phage display screening Phage display followed by affinity maturation Bioconjugate
Slide 44: PSV359 is active against FAP-α on tumor and stroma
PSV359 is active against FAP-α expression on tumor and on stroma Source: Cagle et al. European Association of Nuclear Medicine 2024, Presentation Number: OP-473 80% CR 50% CR Anti-tumor Activity of PSV359 in mice with U87MG (predominately stromal mFAP) xenografts Anti-tumor activity of PSV359 in mic
Slide 45: PSV377 PET imaging in metastatic colorectal cancer
[68Ga]PSV377 PET imaging in patient with metastatic colorectal cancer Diagnostic FAP-targeted peptide demonstrates excellent uptake in tumors [18F]FDG MIP (Standard of Care) [68Ga]PSV3771 MIP Patient information: Male, Asian, 34 years old [68Ga]PSV377: 3.2 mCi injection, 30 min post-injection imagin
Slide 46: 203Pb PSV359 SPECT/CT
[203Pb]PSV359 SPECT/CT Source: Cagle et al. European Association of Nuclear Medicine 2024, Presentation Number: OP-473 [203Pb]PSV359 Lesion in head of left humerus 1 hour 4 hour 18 hour 4 hr 18 hr FIH imaging of [203Pb]PSV359 in different types of cancers Chondroblastic osteosarcoma Clinical Pipelin
Slide 47: PSV359 trial parameters
For additional details regarding trial parameters, including criteria for patient selection, please refer to https://clinicaltrials.gov/study/NCT06710756 Trial Parameters Dose-finding Population Key Study Features Study Endpoints Advanced and/or metastatic solid tumors PRRT naïve Progressive disease
Slide 48: Conclusion & next steps
Source: Cagle et al. European Association of Nuclear Medicine 2024, Presentation Number: OP-473 Conclusion & next steps FIH therapeutic study ongoing Clinical Pipeline Strong scientific rationale FAP-ɑ is a pan-cancer target that is abundantly expressed in certain cancer cells as well as cancer-asso
Slide 49: General Corporate Information
General Corporate Information
Slide 50: Deeply experienced management team
Deeply experienced management team in radiopharmaceuticals and oncology drug development Michael Schultz, PHD Chief Science Officer Thijs Spoor Chief Executive Officer Jonathan Hunt Chief Accounting Officer Markus Puhlmann, MD MBA Chief Medical Officer Amos Hedt Chief Business Strategy Officer 20+ y
Slide 51: Strong Intellectual Property Portfolio
11 Issued Patents (Expiry in 2036- 2044, with potential PTE) Composition of matter for MC1R- and SSTR2-targeted radiopharmaceutical compounds System for generating Pb-212 radionuclide Composition and methods for creating radiopharmaceutical compounds using Pb-specific chelators Methods of combinatio
Slide 52: Strong financial position
Funding into late 2026 Strong financial position 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 53: Slide 53
Slide 54: 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 55: Appendix
APPENDIX
Slide 56: First patient treated with VMT-α-NET
1 Serum Adrenocorticotropic Hormone Fortis Memorial research institute (FMRI), Gurugram, India (S.ACTH)1– 790 pg/ml S.ACTH – 96 pg/ml Tumor Before Treatment Tumor After 1 Dose Tumor After 3 Doses Radiopharmaceutical therapies have potential to disrupt cancer treatment First patient treated with Pers
Slide 57: NETs trials
NETs trials 1USPI; 2DOI: 10.1056/NEJMoa1607427; 3NANETS 2021; 4DOI: 10.1016/S0140-6736(24)00701-3; 5ESMO 2025; 6ENETS 2025; 7ESMO 2025; 8ASCO 2024 No head-to-head studies between the products have been conducted. Given the different study designs and methods, cross-trial comparisons cannot be made.
Slide 58: Potential for differentiated profile based on molecular design
Potential for differentiated profile based on molecular design AlphaMedix 02 AlphaMedix 02 VMT-α-NET ASCO 20241 ESMO 20252 ESMO 20253 N 36 35 55 DCO date May 28, 2024 April 14, 2025 September 12, 2025 Time frame Not stated 30 days after last dose 25.8 months median follow up 28 weeks median follow
Slide 59: Refractory metastatic melanoma trials
Refractory metastatic melanoma trials 1USPI; 2doi:10.1136/jitc-2022-005755; 3doi:10.1200/JCO.22.02072; 4doi:10.1200/JCO.21.00079; 5https://www.onclive.com/view/second-line-nivolumab-plus-ipilimumab-improves-pfs-in-advanced-melanoma; 6doi:10.1038/s41591-023-02498-y; 7doi:10.1200/JCO.22.00221 No head-
Slide 60: Daily production at regional sites
Daily production at regional sites ensures supply of ready-to-administer product Representative; production practices may vary based on location of clinical site, facility, treatment, etc. 1:00 AM Arrival at the Production Lab Team checks environmental monitors, dons protective gear, & reviews check
Slide 61: 212Pb decay chain and importance of Pb-specific chelator
Therapy 228Th Thorium 1.9 y 224Ra Radium 3.6 d 220Rn Radon 1 m 216Po Polonium 0.1 s 212Bi Bismuth 61 m 208Tl Thallium 3 m 212Po Polonium 0.1 µs 208Pb Lead Stable 212Pb Lead 10.6 h α α α α α α β β β Isotope Supply Production α β 212Pb 212Bi Perspective’s proprietary chelator retains ~95% of 212Bi aft
Slide 62: 225Ac decay chain and potential for off-target toxicity
α α ꞵ α OH Potential for Off-Target Toxicity 221Fr Francium 5 Min 217Rn Radon 0.5 ms 213Bi Bismuth 46 m 209Pb Lead 3.3 h 213Po Polonium 4.3 µs 209TI Thallium 2 m α α α α α β β Isotope Supply Production 221Ra Radium 28 s 217At Astatine 32 ms 205Tl Thallium stable 209Bi Bismuth 2×1019 y β β α α α β Th
Slide 63: 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 alpha Particle Decay Over Time1 Comparative alpha decays 0 ~80% of total 212Pb/212Bi alphas delivered to tumor within 24 hr
Slide 64: Isotope decay chain: product implications
T0 Post Final Purification Dose Vial 225Ac 225Ac 221Fr 217At 213Po 213Bi ß “Free” Radiometals: Labeled 4 hours. T4 4 h post Radiolabeling 221Fr+ 217At- 213Bi3+ 213Po2+ 225Ac Ac-225 Decay and Daughter Ingrowth 1 kBq 225Ac starting dose size. Hours Post Purification 0 2 3 4 5 6 1 4x more unl
Slide 65: Isotope decay chain: biological implications
Isotope: decay chain – biological implications Isotope selection drives potential for off target toxicities 225Ac has potential for off target toxicity Decay products circulate and continue to emit radition 212Pb decay is limited to tumor Toxicity to liver and kidneys Recoil breaks chemical bonds
Slide 66: Perspective's pre-targeting platform
Perspective’s pre-targeting platform Source of Antibodies for Pre-Targeting Rationale Advantages Abs: Marketed / in clinical development Lifecycle Management: Follow-on product for same target, but with improved efficacy / safety Leverages know how and franchise synergies of pursuing same tumor targ
Perspective Therapeutics — Investor Presentation (November 2025) on 6ix