Perspective Therapeutics, Inc. · AMEX:CATX
Perspective Therapeutics — Q3 2026 Earnings Presentation
87 slides from Perspective Therapeutics's earnings presentation, Nov 9, 2026
Slide 1: Next-Generation Radiopharmaceuticals Redefining Targeted Oncology
Next-Generation Radiopharmaceuticals Redefining Targeted Oncology
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: Designed to be the Most Potent Payload in Targeted Oncology
Designed to be the Most Potent Payload in Targeted Oncology
Slide 4: Three Independent Clinical-Stage Programs, Each Against a Distinct Target with Data in 2027
Three Independent Clinical-Stage Programs, Each Against a Distinct Target with Data in 2027
Slide 5: Deep Leadership Across Radiopharmaceutical and Drug Development
Deep Leadership Across Radiopharmaceutical and Drug Development
Slide 6: The Perspective Story in Four Parts
The Perspective Story in Four Parts
Slide 7: Radiopharmaceutical Therapy: A Category Still Early in Its Adoption Curve
Radiopharmaceutical Therapy: A Category Still Early in Its Adoption Curve
Slide 8: Targeted Delivery of Payloads is Transforming Oncology Therapy
Targeted Delivery of Payloads is Transforming Oncology Therapy
Slide 9: $45 Billion+ Addressable Market, Already Generating Blockbuster Radiopharmaceutical Revenue
$45 Billion+ Addressable Market, Already Generating Blockbuster Radiopharmaceutical Revenue
Slide 10: Four Programs Address a Combined $45B+ Solid Tumor Market
Four Programs Address a Combined $45B+ Solid Tumor Market
Slide 11: Pipeline in Depth: The Data Behind Each Program
Pipeline in Depth: The Data Behind Each Program
Slide 12: Rapidly Advancing Best-in-Class Next Generation Radiopharmaceuticals
Rapidly Advancing Best-in-Class Next Generation Radiopharmaceuticals
Slide 13: Neuroendocrine Tumors Bamzireotide Navoxetan (VMT-α-NET)
Neuroendocrine Tumors Bamzireotide Navoxetan (VMT-α-NET)
Slide 14: Bamzireotide Navoxetan Addresses a Large SSTR2+ Population
PIPELINE Bamzireotide Navoxetan Addresses a Large SSTR2+ Population ~~ 2 50 K | ~~ 1 2 K 90% Room for a Next-Generation Alpha RPT 212; ot = People living with NETs in the U.S.2 of GEP-NETs express SSTR2> ¢ ™Pb alpha payload: high-energy, And newly diagnosed annual in the U.S.2 short-range radiation
Slide 15: Ongoing Phase 1/2a to Establish Broad Therapeutic Window
Ongoing Phase 1/2a to Establish Broad Therapeutic Window
Slide 16: Bamzireotide Navoxetan is Being Evaluated in a Broader, Less Selected SSTR2 Population
PIPELINE Bamzireotide Navoxetan is Being Evaluated in a Broader, Less Selected SSTR2 Population Three phase 3 PRRT benchmarks used distinct populations; bamzireotide navoxetan combines progressive disease with broader biology and SSTR2 heterogeneity PROGRESSIVE | SELECTED NETTER-1!2 Ph3 Registered S
Slide 17: Robust Disease Control and Encouraging Objective Responses Observed Across Cohorts 2 and 3
PIPELINE Robust Disease Control and Encouraging Objective Responses Observed Across Cohorts 2 and 3 Objective Responses (PR + uPR) in Cohort 2 (33%) and Cohort 3 (50%), with disease control in >89% of patients in each cohort Best overall response by cohort 50% ohort 1 | Cohort 2 | Cohort 3 2 (%) | N
Slide 18: Serial Tumor Assessments Support Sustained Antitumor Activity
PIPELINE Serial Tumor Assessments Support Sustained Antitumor Activity SSTR2+ GEP-NET patients: Durable ongoing disease control A > (- Cohort 2, subjects who received at least 1 dose Cohort 3, subjects who received at least 1 dose 75 75 g 50 = 50 E 2 i 25 i 25 g 0 g 0x } j 5 -25 -25 5 5 2 2 © 50 & 5
Slide 19: Durable Ongoing Disease Control
Durable Ongoing Disease Control
Slide 20: Maturing PFS Supports Translation into Durable Clinical Benefit
PIPELINE Maturing PFS Supports Translation into Durable Clinical Benefit Across SSTR2+ GEP-NET patients in Cohort 1-3 (N=57)* The Kaplan-Meier estimate of investigator-assessed PFS at 18 months was 75.1% Co 89.5% 76.1% 73.2% PFS at 6 months PFS at 12 months PFS at 18 months 5 . | Kaplan-Meier estima
Slide 21: Favorable Ongoing Safety Profile Strengthens the Therapeutic-Index Thesis
PIPELINE Favorable Ongoing Safety Profile Strengthens the Therapeutic-Index Thesis Most common TEAEs (215%), % of patients Safety analysis set: Cohorts 1-3 (N = 68) fopedia No DLTs in DLT-evaluable patients = No TEAEs leading to treatment discontinuation Fatigue TEAEs mostly Grade 1-2; Diarrhoea Gra
Slide 22: Renal Monitoring Shows No Clear Evidence of Broad Toxicity Signal
PIPELINE Renal Monitoring Shows No Clear Evidence of Broad Toxicity Signal Serum creatinine (mg/dL) — Cohorts 1, 2 and 3* 5 Grade 3 renal events were rare (2/68 patients) during 4 ongoing study follow up, possibly not drug related = =] ) 3 * Both occurred in patients during study follow up. 2 * One
Slide 23: Differentiated Early Safety Profile in GEP-NET
PIPELINE Differentiated Early Safety Profile in GEP-NET No evidence of excess renal or marrow toxicity to date relative to known SSTR2-RPT benchmarks Baaeatenanean How safety profile compares across the RPT landscape Bamzireotide navoxetan has not shown a distinctive renal, marrow, imiting safety si
Slide 24: Three Dimensions Provide a Strong Foundation for a Registrational Study
PIPELINE Three Dimensions Provide a Strong Foundation for a Registrational Study Strong biological, clinical and therapeutic-index data strengthen our confidence to test translation of this effect in a controlled Phase 3 study. o1 BIOLOGICAL”? 37% | 47% ‘Substantial dataset across two active dose co
Slide 25: Bamzireotide Navoxetan’s Compelling Profile Supports Pre-Phase 3 Activities
Bamzireotide Navoxetan’s Compelling Profile Supports Pre-Phase 3 Activities
Slide 26: Melanoma Lapemelanotide zapixetar
Melanoma Lapemelanotide zapixetar
Slide 27: Checkpoint Inhibitors Transformed Melanoma Care but Still Leave Many Behind
Checkpoint Inhibitors Transformed Melanoma Care but Still Leave Many Behind
Slide 28: Potential First-in-Class 212Pb Therapy Targeting MC1R for Melanoma
Potential First-in-Class 212Pb Therapy Targeting MC1R for Melanoma
Slide 29: Ongoing Phase 1/2a Open-Label Trial For Lapemelanotide Zapixetar in Melanoma
Ongoing Phase 1/2a Open-Label Trial For Lapemelanotide Zapixetar in Melanoma
Slide 30: Preliminary Anti-tumor Activity Observed at 3.0 x mCi Dose
Preliminary Anti-tumor Activity Observed at 3.0 x 3 mCi Dose
Slide 31: Generally Well-Tolerated
PIPELINE Generally Well-Tolerated Most common TEAEs (210%), % of patients Safety analysis set: monotherapy cohorts 1-3 (N = 20) Fatigue 30% Nausea 25% ro) neDES Dyspnea 25% Pain in extremity 15% (oO) No discontinuations due to AEs Muscular weakness 15% Vomiting 15% (o) TEAEs were predominantly of Ab
Slide 32: Lapemelanotide Zapixetar Clinical Data Support Further Development
Lapemelanotide Zapixetar Clinical Data Support Further Development
Slide 33: PSV359 Advanced Solid Tumors
PSV359 Advanced Solid Tumors
Slide 34: PSV359: Potential First-in-Class 212Pb Therapy Targeting FAP-ɑ for Solid Tumors
PSV359: Potential First-in-Class 212Pb Therapy Targeting FAP-ɑ for Solid Tumors
Slide 35: FAP-ɑ is an Attractive Cancer Target with Broad Solid Tumor Potential
FAP-ɑ is an Attractive Cancer Target with Broad Solid Tumor Potential
Slide 36: Ongoing Open-label Phase 1/2a Trial For PSV359 in Advanced Solid Tumors
Ongoing Open-label Phase 1/2a Trial For PSV359 in Advanced Solid Tumors
Slide 37: PSV359 has Improved Tumor Retention, Highlighting its Potential as a Therapeutic Agent
PSV359 has Improved Tumor Retention, Highlighting its Potential as a Therapeutic Agent
Slide 38: CCK2R81 a potential first-in-class in selected solid tumors
CCK2R81 a potential first-in-class in selected solid tumors
Slide 39: Perspective’s CCK2R81 in Medullary Thyroid Cancer Compared to FDG and Fluorodopa
Perspective’s CCK2R81 in Medullary Thyroid Cancer Compared to FDG and Fluorodopa
Slide 40: Platform and Manufacturing
‘ay PERSPECTIVE’ THERAPEUTICS Platform and Manufacturing
Slide 41: Optimizing Structural Chemistry
Optimizing Structural Chemistry:
Slide 42: Choosing the Right Isotope
PLATFORM Choosing the Right Isotope Lead (?12Pb) advantages over beta and other alpha emitters 212Db Advantage 42 Better anti-tumor activity Better safety profile Cleaner decay chain Better clinical profile Isotope access & scalability Better patient management Better patient selection “Daughter iso
Slide 43: Not All ²¹²Pb Programs Are Created Equal
Not All ²¹²Pb Programs Are Created Equal
Slide 44: Advancing a Theranostic Approach
Advancing a Theranostic Approach:
Slide 45: Direct-to-Hospital Delivery through Integrated Isotope Production
Direct-to-Hospital Delivery through Integrated Isotope Production
Slide 46: Reaching the Largest Addressable Market with Regional Manufacturing
Reaching the Largest Addressable Market with Regional Manufacturing
Slide 47: Financial Strength and IP
‘ay PERSPECTIVE’ THERAPEUTICS Financial Strength and IP
Slide 48: Strong Financial Position
FINANCIAL STRENGTH Strong Financial Position Funding into 2028 Cash, cash equivalents and short-term investments as of Sept 30, 2026 ~$202 million Share count as of Sept 30, 2026 ~114.2 million ~14.0 million Outstanding common stock warrants & options as of Sept 30, 2026 Based on our current plans,
Slide 49: Strong IP Portfolio Covering All Aspects of Radiopharmaceutical Value Chain
Strong IP Portfolio Covering All Aspects of Radiopharmaceutical Value Chain
Slide 50: A Decade of Deliberate, End-to-End Engineering
A Decade of Deliberate, End-to-End Engineering
Slide 51: Built Over a Decade - The Platform Is Built; Pipeline Advancing
Built Over a Decade - The Platform Is Built; Pipeline Advancing
Slide 52: Slide 52
Slide 53: Abbreviations
Abbreviations AACR: American Association for Cancer Research AE: adverse event AKI: acute kidney injury ASCO: American Society of Clinical Oncology ASCO-GI: ASCO Gastrointestinal Cancers Symposium AST: aspartate aminotransferase Cl: confidence interval CR: complete response CT: computed tomography C
Slide 54: Appendix Backup Slides
‘ay PERSPECTIVE’ THERAPEUTICS * Investment thesis * Market opportunity APPENDIX _ Backup Slides * Bamzireotide navoxetan (VMT-a-NET) * Lapemelanotide zapixetar (VMT0O1) * PSV359 * Manufacturing ° IP protection
Slide 55: Investment thesis
‘ay PERSPECTIVE’ THERAPEUTICS Investment thesis
Slide 56: Engineering the Alpha Advantage in Targeted Oncology
Engineering the Alpha Advantage in Targeted Oncology
Slide 57: Optimizing the Entire System for Targeted Oncology
Optimizing the Entire System for Targeted Oncology
Slide 58: Advancing a Diverse 212Pb-Based Oncology Portfolio
Advancing a Diverse 212Pb-Based Oncology Portfolio
Slide 59: Market opportunity
‘ay PERSPECTIVE’ THERAPEUTICS Market opportunity
Slide 60: Solid Tumors are an Attractive Market for Radiopharmaceuticals
Solid Tumors are an Attractive Market for Radiopharmaceuticals
Slide 61: Radiopharmaceutical Therapy Trials in SSTR2+ GEP-NETs
MARKET OPPORTUNITY Radiopharmaceutical Therapy Trials in SSTR2+ GEP-NETs "7.y.DOTATATE ™yedotreotide ™pp-DOTAMTATE 25Ac DOTATATE 2pp-bamzireotide navoxetan NETTER-1'- Randomized 2:1 vshigh- COMPETE* - Randomized 2:1 vs s : ACTION-1 Phase Ib* Single arm - 5 a study pan mR oe aes Phase II” - Single ar
Slide 62: 2L+ Metastatic Melanoma Trials
2L+ Metastatic Melanoma Trials
Slide 63: Bamzireotide navoxetan (VMT-α-NET)
Bamzireotide navoxetan (VMT-α-NET)
Slide 64: Designed with Broad Therapeutic Window
Designed with Broad Therapeutic Window
Slide 65: Dosimetry: Independent Investigator Findings
Dosimetry: Independent Investigator Findings
Slide 66: Dosimetry: Highlights from the Phase Study
Dosimetry: Highlights from the Phase 1 Study
Slide 67: Baseline Patient Characteristics in NANETS 2026 Data Analysis
Baseline Patient Characteristics in NANETS 2026 Data Analysis
Slide 68: Patient with Confirmed PR After [212Pb]VMT-α-NET Treatment
Patient with Confirmed PR After [212Pb]VMT-α-NET Treatment
Slide 69: Lapemelanotide zapixetar (VMT01)
Lapemelanotide zapixetar (VMT01)
Slide 70: ICI Combo Rationale: Strong Synergy with Lapemelanotide Zapixetar in Melanoma
ICI Combo Rationale: Strong Synergy with Lapemelanotide Zapixetar in Melanoma
Slide 71: Metastatic Melanoma: Post Second line plus
Metastatic Melanoma: Post Second line plus
Slide 72: PSV359
‘ay PERSPECTIVE’ THERAPEUTICS PSV359
Slide 73: Pan-Cancer Program: PSV359
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 a . a .
Slide 74: Novel Compound Development
PSV359 Fibrob Novel Compound Deve 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 * Bioconj
Slide 75: 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 76: Platform and Manufacturing
‘ay PERSPECTIVE’ THERAPEUTICS Platform and Manufacturing
Slide 77: 212Pb Isotope Decay Chain and Importance of the Pb-specific Chelator
PLATFORM 212Pb Isotope Decay Chain and Importance of the Pb-specific Chelator “Th Thorium Where the drug goes = where the 1sy alpha particle is deposited @) OH 2 Bj Bismuth * Perspective’s proprietary chelator retains ~95% of 2128] after transition in drug formulation * Generic chelators leak the 2?
Slide 78: Designed for Better Clinical Outcome
Designed for Better Clinical Outcome
Slide 79: 212Pb Uniquely Suited for Combination with Immune Checkpoint Inhibitors
212Pb Uniquely Suited for Combination with Immune Checkpoint Inhibitors
Slide 80: Kinetics Matter: 212Pb Hits Hard and Fast for Strong Activity with Less Systemic Exposure
Kinetics Matter: 212Pb Hits Hard and Fast for Strong Activity with Less Systemic Exposure
Slide 81: Why 212Pb?: 225Ac decay series and uncertainty in dose deposition
PLATFORM Why 2??Pb?: 22°Ac decay series and uncertainty in dose deposition “ Aqo}XOL 323181 -4O 404 [BWUDOg Alpha-particle emission ie) OH imparts sufficient “recoil” fe) energy to break chemical aN s~¢ bonds N N Kidneys QP) perspective’ THERAPEUTICS
Slide 82: Isotope Decay Chain — Product Implications
PLATFORM Isotope: Decay Chain — Product Implications Post final radiolabeling and purification, alpha and beta emitting daughters of 2°Ac build up fast 225A) cay ghter Ingrowt! Dose Vial Unbound Isotopes m25Ac m221Fr mw 217At mi 2238) me 205T] m213Po 4x more unlabeled daughter activity in about 4 hr
Slide 83: On-Demand Fulfillment at Regional Sites for Finished Product Delivery
On-Demand Fulfillment at Regional Sites for Finished Product Delivery
Slide 84: Ideal for Regional Manufacturing
Ideal for Regional Manufacturing
Slide 85: 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 86: IP protection
‘ay PERSPECTIVE’ THERAPEUTICS IP protection
Slide 87: Strong intellectual property portfolio
IP PROTECTION Strong intellectual property portfolio Perspective-owned/Exclusively-licensed IP 25 Issued Patents (full patent term expires 2036-2045, with potential PTE) Composition of matter for radiopharmaceutical compounds targeting SSTR2, FAP-a, MC1R, CCK2R System and methods for generating Pb-2
Perspective Therapeutics — Q3 2026 Earnings Presentation on 6ix