CATX 10-K & 10-Q changes, risk factors and insider trading

We are a clinical-stage biopharmaceutical company and have a limited operating history upon which to base an investment decision. Since the merger of Isoray and Viewpoint in 2023, we have engaged primarily in research and development activities related to VMT-α-NET, VMT01VMT01, PSV359 and our other program candidates,programs, have not generated any revenue from product sales other than our discontinued brachytherapy business and have incurred significant net losses. We have not received regulatory approval to market any of our current programproduct candidates. The successful commercialization of any of our program candidates will require us to perform a variety of functions, including:

manufacturing products in compliance with applicable federal, state and local regulations and maintaining supply and manufacturing relationships with third parties that are both commercially feasible and meet regulatory requirements and our supply needs in sufficient quantities to meet market demand for programproduct candidates, if approved;

obtaining reimbursement or pricing for our programproduct candidates that supports profitability; and managing our spending and cash requirements as our expenses are expected to continue to increase dueas we continue to researchinvest in the development of our product candidates and preclinicalother work,radiopharmaceutical clinicalprograms, trials,expand regulatoryour approvals,manufacturing capabilities and undertake commercialization and maintaining our intellectual property portfolio.activities.

Our operations since the merger of Isoray and Viewpoint in 2023 have been limited to organizing and staffing, acquiring, developing and securing the proprietary rights for, and undertaking preclinical development and early-stage clinical trials for VMT-α-NET, VMT01VMT01, PSV359 and our other program candidates.programs. These operations provide a limited basis for our stockholders and prospective investors to assess our ability to complete development of or commercialize VMT-α-NET, VMT01VMT01, PSV359 or any of our other program candidatesprograms given the risks and uncertainties frequently encountered in new and rapidly evolving fields and the advisability of investing in our securities.

Even if one or more of theour programproduct candidates is approved for marketing, we anticipate incurring significant costs associated with commercialization of such programproduct candidate(s). Portions of our current pipeline of programproduct candidates have been in-licensed from third parties, which makemakes the commercial sale of such in-licensed products potentially subject to additional royalty and milestone payments to such third parties. We will also have to continue to expand our manufacturing capabilities to support expanded manufacturing, development and potential commercialization of our programproduct candidates. Additionally, if we are not able to gain market acceptance for our programproduct candidates, or if the market is too small or competitive to generate revenue from the sale of any approved products, we may never become profitable.

We will require substantial additional capital to fund our operations. Additional funds may be dilutive to shareholders or impose operational restrictions. Further, if additional capital is not available, we may need to delay, limit or eliminate our research, development and commercialization programs and modify our business strategy. Our principal sources of liquidity are cash, cash equivalents and short-term investments, which were $226.9$144.7 million as of December 31, 2024.2025. In February 2026, we announced the closing of an underwritten offering of securities with gross proceeds of $175.0 million before deducting underwriting discounts and commissions and other offering-related expenses. We believe that our cash, cash equivalents and short-term investments as of December 31, 20242025, together with the net proceeds from the February 2026 offering, will be sufficient to fund our current plannedclinical operationsmilestones and operational investments into late 2026.2027. However, changing circumstances may cause us to consume capital faster than we currently anticipate. Within the next several years, substantial additional funds will be required to continue with the active development of our clinical programs as well as the programother candidatespreclinical programs and technologies in our pipeline. In particular, our funding needs may vary depending on a number of factors including:

the extent to which we continue the development of our programproduct candidates or form licensing arrangements to advance our programproduct candidates;

our decisions to in-license or acquire additional programs, additional programproduct candidates or technology for development;

our ability to attract and retain development or commercialization partners, and their effectiveness in carrying out the development and ultimate commercialization of one or more of our programproduct candidates;

whether batches of programproduct candidates that we manufacture fail to meet specifications resulting in clinical trial delays and investigational and remanufacturing costs;

the decisions, and the timing of decisions, made by health regulatory agencies regarding our technologytechnology, product candidates and programother candidatesprograms;

competing programs, programproduct candidates and technological and market developments; and prosecuting and enforcing our patent claims and other intellectual property rights.

Debt financing, if available, will result in payment obligations and may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. Any debt financing or additional equity that we raise may contain terms, such as liquidation and other preferences, which are not favorable to us or our existing shareholders. If we raise additional funds through corporate collaborations, partnerships or other strategic transactions, it may be necessary for us to relinquish valuable rights to our programproduct candidates,candidates or other programs, our technologies or future revenue streams or to grant licenses or sell assets on terms that may not be favorable to us.

significantly delay, scale back or discontinue the development or commercialization of one or more of our programproduct candidates or other programs or one or more of our research and development initiatives;

seek collaborators for one or more of our programproduct candidates or other programs or one or more of our research and development initiatives at an earlier stage than otherwise would be desirable or on terms that are less favorable than might otherwise be available;

sell or license on unfavorable terms our rights to one or more of our technologies, programproduct candidates or other programs or research and development initiatives that we otherwise would seek to develop or commercialize ourselves;

We have incurred losses in nearly every year since our inception, and we anticipate that we will not achieve profits for the foreseeable future. To date, we have incurred losses nearly every year since inception through the year ended December 31, 20242025 and have not receivedgenerated any revenues other than from our brachytherapy business, which was divested in April 2024. From inception to December 31, 2024,2025, we have an accumulated deficit of approximately $231.7$334.8 million. Investment in drug development is highly speculative because it entails substantial upfront capital expenditures and significant risk that a programproduct candidate will fail to gain regulatory approval or become commercially viable. We continue to incur significant research, development and other expenses related to our ongoing operations, including development of our programproduct candidates. We do not expect to achieve profits until such time as product sales, milestone payments and royalty payments, if any, generate sufficient revenues to fund our continuing operations. We cannot predict if we will ever achieve profitability and, if we do, we may not be able to remain consistently profitable or increase our profitability.

continue our research and preclinical and clinical development of our programproduct candidates and other programs;

initiate additional preclinical, clinical or other studies or trials for our programproduct candidates and other programs;

seek regulatory approvals for our programproduct candidates that successfully complete clinical trials;

establish a sales, marketing and distribution infrastructure to commercialize any programproduct candidates for which we may obtain regulatory approval;

seek to identify and validate additional programproduct candidates;

acquire or in-license other programproduct candidates and technologies;

create additional infrastructure to support our research, product developmentdevelopment, manufacturing and planned future commercialization efforts; and experience any delays or encounter issues with any of the above.

The net losses we incur may fluctuate significantly from quarter to quarter and year to year, such that a period-to-period comparisoncomparisons of our results of operations may not be a good indication of our future performance.

Our programproduct candidates are in early stages of development and must go through clinical trials, which are very expensive, time consuming and difficult to design and implement. The outcomes of clinical trials are uncertain, and delays in the completion of or the termination of any clinical trial of our programproduct candidates could harm our business, financial condition and prospects. Our research and development programs are at an early stage of development. We must demonstrate our programproduct candidates’ safety and efficacy in humans through extensive clinical testing, which is expensive and time consuming and requires specialized knowledge and expertise. Clinical trials are also expensive and difficult to design and implement, in part because they are subject to rigorous regulatory requirements. The clinical trial process is also time consuming, and the outcome is not certain. We estimate that clinical trials of our programproduct candidates will take multiple years to complete. Failure can occur at any stage of a clinical trial, and we could encounter problems that cause us to abandon or repeat clinical trials.

Clinical trials of our program candidates in the United States must be performed under an Investigational New Drug (IND) application authorized by the United States Food and Drug Administration (FDA). The central focus of an IND submission is on the general investigational plan and the protocol(s) for clinical studies. The IND also includes results of animal studies assessing the toxicology, pharmacokinetics, pharmacology, and pharmacodynamic characteristics of the program. An IND must become effective before human clinical trials may begin. Clinical trials involve the administration of an investigational program to human subjects under the supervision of qualified investigators in accordance with good clinical practices (GCPs), which include the requirement that all research subjects provide their informed consent for their participation in any clinical study. Clinical trials are conducted under protocols detailing, among other things, the objectives of the study, the parameters to be used in monitoring safety and the effectiveness criteria to be evaluated. A separate submission to the existing IND must be made for each successive clinical trial conducted during program development and for any subsequent protocol amendments. Furthermore, an independent institutional review board (IRB) for each site proposing to conduct the clinical trial must review and approve the plan for any clinical trial and its informed consent form before the clinical trial begins at that site and must monitor the study until completed. Regulatory authorities, the IRB or the sponsor may suspend a clinical trial at any time on various grounds, including a finding that the subjects are being exposed to an unacceptable health risk or that the trial is unlikely to meet its stated objectives. Some studies also include oversight by an independent group of qualified experts organized by the clinical study sponsor, known as a data safety monitoring board, which provides authorization for whether or not a study may move forward at designated check points based on access to certain data from the study and may halt the clinical trial if it determines that there is an unacceptable safety risk for subjects or other grounds, such as no demonstration of efficacy. There are also requirements governing the reporting of ongoing clinical studies and clinical study results to public registries.

We currently have three clinical trials in Phase 1/2a for VMT-α-NET, PSV359VMT01 and VMT01.PSV359. All three trials are registered with ClinicalTrials.gov. For VMT-α-NET and VMT01, weWe have completed dosing our firstinitial cohorts for each of these trials and are currently enrolling patients in additional cohorts. VMT-α-NET and VMT01 have also received Fast Track designation, which allows for rapid communication with the FDA on clinical trial development plans and findings. The approved Phase 1/2a trial for VMT-α-NET is entitled “A Phase 1/2a First-in-Human Study of [212Pb]VMT-α-NET Targeted Alpha-Particle Therapy for Advanced SSTR2 Positive Neuroendocrine Tumors.” The approved Phase 1/2a trial for VMT01 is entitled “A Phase 1/2a, First-In-Human, Multi-Center Dose Escalation and Dose Expansion Study of [203/212Pb]VMT01 Receptor-Targeted, Image Guided Alpha-Particle Therapy in Patients with Previously Treated Unresectable or Metastatic Melanoma.” The approved Phase 1/2a study for PSV359 is entitled “A Phase I/IIa Image-Guided, Alpha-Particle Therapy Study of [203Pb]Pb-PSV359 and [212Pb]Pb-PSV359 in Patients with Solid Tumors that are Known to be Fibroblast Activation Protein (FAP)-Positive.” All three trials are multi-center.

As with most pharmaceutical products, use of our programproduct candidates could be associated with side effects or adverse events, which can vary in severity and frequency. Side effects or adverse events associated with the use of our programproduct candidates may be observed at any time, including in clinical trials or when a programproduct is commercialized. Undesirable side effects caused by our programproduct candidates could cause us or regulatory authorities to interrupt, delay or halt clinical trials and could result in a more restrictive label or the delay or denial of regulatory approval by the FDA or other foreign authorities. Results of our trials could reveal a high and unacceptable severity and prevalence of side effects, toxicity or other safety issues, and could require us to perform additional studies or halt development or sale of these programproduct candidates or expose us to product liability lawsuits that will harm our business. In such an event, we may be required by regulatory agencies to conduct additional animal or human studies regarding the safety and efficacy of our programproduct candidates that we have not planned or anticipated, or our studies could be suspended or terminated, and the FDA or comparable foreign regulatory authorities could order us to cease further development of or deny or withdraw approval of our programproduct candidates for any or all targeted indications. There can be no assurance that we will resolve any issues related to any product-related adverse events to the satisfaction of the FDA or any other regulatory agency in a timely manner, if ever, which could harm our business, prospects and financial condition.

We rely on single vendors to provide supplies and services used in the development and production of our alpha-particle therapies. We obtain nearly all our supply of Thorium-228 (a precursor to 212Pb) from a single supplier, the U.S. Department of Energy (DoEDOE). Our alpha-particle therapies require Thorium-228, which is a radioactive metallic chemical. In January 2021, we entered into a 10-year contract with the DoEDOE for the purchase of Thorium-228. In May 2025, we entered into a supply agreement with the DOE under which we will purchase Thorium-228 from the DOE during 2025 and early 2026. The supply agreement includes a “take-or-pay” provision pursuant to which we are committed to purchasing approximately $8.4 million of Thorium-228 during the term of the agreement. From time to time, we may enter into additional purchasesupply ordersagreements with the DoEDOE for the purchase of Thorium-228. Additionally, we currently utilize one vendor for the manufacture of resin chromatography columns that are used in our 212Pb generators. We also rely on a single vendor to assemble and load isotopes into the generators that are used to extract 212Pb for use in the doses for our clinical trials. Reliance on any single supplier or vendor increases the risks associated with obtaining raw materials and necessary services. Should the agreement with the DoEDOE be cancelled or terminated for any reason, we may be unable to obtain an alternative supply of Thorium-228 at a comparable cost, which may have a material adverse impact on our ability to further develop or produce our alpha-particle therapies. Should the agreement with the vendor that manufactures resin chromatography columns that are used in our generators or the agreement with the vendor that assembles and loads isotopes in our generators be cancelled or terminated for any reason, or should either such vendor fail to perform adequately under its agreement with us, our ability to produce doses for our clinical trials may be materially delayed or impaired.

Our clinical trials will compete with other clinical trials for programproduct candidates that are in the same therapeutic areas as our programproduct candidates. This competition will reduce the number and types of patients and qualified clinical investigators available to us because some patients who might have opted to enroll in our trials may instead opt to enroll in a trial being conducted by one of our competitors, or clinical trial sites may not allow us to conduct our clinical trial at such site if competing trials are already being conducted there. Since the number of qualified clinical investigators is limited, we expect to conduct some of our clinical trials at the same clinical trial sites that some of our competitors use, which will reduce the number of patients who are available for our clinical trials in such clinical trial site.sites. We may also encounter difficulties finding suitable clinical trial sites at which to conduct our trials.

Delays in patient enrollment may result in increased costs or may affect the timing or outcome of our planned clinical trials, which could prevent completion of these clinical trials and adversely affect our ability to advance the development of our programproduct candidates and may result in additional net losses.

Because the results of preclinical studies and early clinical trials are not necessarily predictive of future results, any programproduct candidate we advance into clinical trials may not have favorable results in later clinical trials, if any, or receive regulatory approval. Pharmaceutical development has inherent risk. We will be required to demonstrate through well-controlled clinical trials that our programproduct candidates are effective with a favorable benefit-risk profile for use in their target indications before we can seek regulatory approvals for their commercial sale. Success in preclinical studies or early clinical trials does not mean that later clinical trials will be successful, as programproduct candidates in later-stage clinical trials may fail to demonstrate sufficient safety or efficacy despite having progressed through initial clinical testing, and clinical data are often susceptible to varying interpretations or analyses. We also may need to conduct additional clinical trials that are not currently anticipated. Companies frequently suffer significant setbacks in advanced clinical trials, even after earlier clinical trials have shown promising results.

Delays in the commencement, execution or completion of our clinical trials could result in increased costs and delay our ability to pursue regulatory approval and commercialization of our programproduct candidates. Although our Phase 1/2a clinical trials are ongoing, the completion of clinical trials can be delayed for a variety of reasons, including:

obtaining sufficient quantities of investigational product for our programproduct candidates for use in clinical trials;

identifying, recruiting and enrolling suitable patients to participate in a clinical trial, including delays and/or interruptions resulting from geopolitical actions, disease or public health epidemics, or natural disasters;

inability to identify and maintain a sufficient number of suitable trial sites;

reliance on third-party suppliers forrelating to the clinical trial supply of programproduct candidates and failure by our third-party suppliers to comply with regulatory requirements or meet their contractual obligations to us in a timely manner, or at all;

Any delays in the commencement of our clinical trials will delay our ability to pursue regulatory approval for our programproduct candidates. In addition, many of the factors that cause, or lead to, a delay in the commencement of clinical trials may also ultimately lead to the denial of regulatory approval of a programproduct candidate.

We may be required to suspend, repeat or terminate our clinical trials if they are not conducted in accordance with regulatory requirements, the results are negative or inconclusive, or the trials are not well designed. Regulatory agencies, IRBs or data safety monitoring boards may at any time recommend the temporary or permanent discontinuation of our clinical trials or request that we cease using investigators in the clinical trials if they believe that the clinical trials are not being conducted in accordance with applicable regulatory requirements, or that they present an unacceptable safety risk to participants. Clinical trials must be conducted in accordance with current Good Clinical Practices (CGMPs) or other applicable foreign government guidelines governing the design, safety monitoring, quality assurance and ethical considerations associated with clinical studies. Clinical trials are subject to oversight by the FDA, other foreign governmental agencies and IRBs at the study sites where the clinical trials are conducted. In addition, clinical trials must be conducted with programproduct candidates produced in accordance with applicable CGMPs, which are the FDA’s regulations governing the design, monitoring and control of manufacturing processes and facilities. In the EU, clinical trials should be conducted in accordance with guidelines on good clinical practices and in accordance with the Clinical Trials Regulation. Under the Clinical Trials Regulation, sponsors must submit one application for a new trial to the online Clinical Trials Information System for approval to run a trial in several European countries. Prior to authorization, the clinical trial shall be subject to ethics review performed by an ethics committee, in accordance with the law of the concerned EU member state.

the programproduct candidate may have unforeseen adverse side effects;

the programproduct candidate may not appear to be more effective than current therapies; or the quality or stability of the programproduct candidate may fall below acceptable standards.

If we elect or are forced to suspend or terminate a clinical trial for VMT-α-NET, VMT01, PSV359 or of any other programproduct candidates, the commercial prospects for that programproduct candidate will be harmed and our ability to generate product revenue from that programproduct candidate may be delayed or eliminated. Furthermore, any of these events could prevent us or our partners from achieving or maintaining market acceptance of the affected programproduct candidate and could substantially increase the costs of commercializing our programproduct candidates and impair our ability to generate revenue from the commercialization of these programproduct candidates, either by us or by our collaboration partners.

The approval processes of regulatory authorities are lengthy, time consuming, expensive and inherently unpredictable; if we experience unanticipated delays or are unable to obtain approval for our programproduct candidates from applicable regulatory authorities, we will not be able to market and sell those programproduct candidates in those countries or regions, and our business will be substantially harmed. The time required to obtain approval by the FDA in the United States and by comparable health authorities in foreign markets, including Health Canada’s Therapeutic Products Directorate (TPDHealth Canada), the European Medicines Agency (EMA) and the European Commission (EC), is unpredictable but typically takes many years followingfrom the commencementinitiation of clinical trials and depends upon numerous factors, including the type, complexity and novelty of the programs involved and the discretion of the regulatory authorities. Our ability to obtain marketing approval for our programproduct candidates depends on obtaininggenerating thesufficient finalclinical resultsand nonclinical data, including adequate characterization and control of requiredmanufacturing clinical testing and non-clinical testing, including characterization of the manufactured components of our program candidatesprocesses and validation of our manufacturing processes,activities, that meet applicable regulatory standards. We have not submitted an NDA, a marketing application or a similar filing to obtain regulatory approval for any programproduct candidate in any jurisdiction, and it is possible that none of our existing programproduct candidates or any programproduct candidates we may seek to develop in the future will ever obtain regulatory approval.

The FDA, theHealth TPD and/orCanada, the EMA/EC and, where applicable, the EC, can delay, limit or deny approval of VMT-α-NET, VMT01, PSV359 and our other programproduct candidates for many reasons, including any one or more of the following:

we may be unable to demonstrate to the satisfaction of the FDA or comparable foreign regulatory authorities that a programproduct candidate is safe and effective for its proposed indication;

the results of clinical trials may not meetdemonstrate thestatistically levelrobust of statistical significance required by the FDA and/or comparableclinically foreignmeaningful regulatoryresults authoritiessufficient forto support approval;

we may be unable to demonstrate that a programproduct candidate’s clinical and other benefits outweigh its safety risks;

the data collected from clinical trials of our programproduct candidates may not be sufficient to support an NDA, a marketing application or any other submission to obtain regulatory approval in the United States or elsewhere;

the FDA or comparable foreign regulatory authorities may failrequire toadditional hold to previous agreementsdata or commitmentsimpose conditions that differ from prior guidance or interactions;

the FDA or comparable foreign regulatory authorities may failfind to approvethat our programmanufacturing candidatesprocess(es) and or data integrity systems are inadequate during pre-approval inspection and/or routine inspection; and the approval policies or regulations of the FDA or comparable foreign regulatory authorities may significantly change in a manner rendering our clinical data insufficient for approval.

The time and expense of the approval process, as well as the unpredictability of clinical trial results and other contributing factors, may result in our failure to obtain regulatory approval to market, in one or more jurisdictions, VMT-α-NET, VMT01, PSV359 or future programproduct candidates, which would significantly harm our business, results of operations and prospects.

Disruptions at the FDA, including due to a reductionlapse in the FDA’s workforceappropriations and/or decreased funding for the FDA, could prevent the FDA from performing functions on which our business relies, which could negatively impact our business. The ability of the FDA to review and approve new products or review other regulatory submissions can be affected by a variety of factors, including statutory, regulatory and policy changes, changes in government; budget and funding levels; orworkforce areductions; reduction inand the FDA’s workforce and its ability to hire and retain keyqualified personnel. Such changes and other disruptions at the FDA may increase the time to meet with the FDA andFDA, receive FDA feedback, obtain review and/or approve our submissions, conduct inspections, issue regulatory guidance, or take other actions that facilitate the development, approval and marketing of regulated products, which could adversely affect our business. In addition, governmentGovernment proposals to reduce or eliminate budgetary deficits may include reduced allocations to the FDA and other related government agencies. ForBudgetary example,pressures, theworkforce current presidential administration recently established the Department of Government Efficiency, which implemented a federal government hiring freeze and announced certain additional efforts to reduce federal government employee headcount and the size of the federal government. It is unclear how these executive actionsreductions, or otherchanges potentialin actionsagency bypriorities themay administrationimpair, delay or other parts of the federal government will impact the FDA or other regulatory authorities that oversee our business. Budgetary pressures may reduce the FDA’s ability to perform its responsibilities. If the FDA experiences a significantmaterial reduction in the FDA’s workforce occurs, the FDA’sits budget is significantly reduced or a prolonged government shutdown occurs, it could significantly impactshutdown, the agency’s ability of the FDA to timely review and process our regulatory submissionssubmissions, conduct inspections, or take other actions critical to the development or marketing of our productsproduct ifcandidates approved,could be significantly impaired, which could have a material adverse effect on our business. We are unable to predict the nature, timing or extent of any such disruptions or their ultimate impact on the FDA’s operations and our programs.

We are a radiopharmaceutical development company that is pioneering advanced treatment applicationstreatments for cancers throughout the body. We have proprietary technology that utilizes the alpha-emitting isotope Lead-212 (212Pb) to deliver powerful radiation specifically to cancer cells via specialized targeting moieties. We are also developing complementary imaging diagnostics that incorporate the same targeting moieties, which provides the opportunity to personalize treatment and optimize patient outcomes. This theranostic approach enables the ability to see the specific tumor and then treat it to potentially improve efficacy and minimize toxicity.

Our neuroendocrine tumor (VMT-α-NET), melanoma (VMT01) and neuroendocrinesolid tumor (VMT-α-NETPSV359) programs are in Phase 1/2a imaging and therapy trials for the treatment of metastatic melanoma and neuroendocrine tumors in the U.S. We are growing our regional network of drug product finishing facilities, enabled by our proprietary 212Pb generator, to deliver patient-ready products for clinical trials and commercial operations.

We designed VMT-α-NET to target and deliver 212Pb to target cancer-specific receptors on tumor cells expressing somatostatin receptor type 2 (SSTR2), a protein that is overexpressed in neuroendocrine tumors (NETs) and other cancers. [212Pb]VMT-α-NET is a targeted alpha therapy (TAT) in development for patients with unresectable or metastatic SSTR2-expressing tumors who have not previously received peptide-targeted radiopharmaceutical therapy, such as Lutathera. NETs are a group of rare, heterogeneous tumors that develop in different organs of the body and arise from specialized cells in the neuroendocrine system.

We are also leveraging our TAT platform with our second programproduct candidate, VMT01, which is currently in Phase 1/2a clinical trials. We designed VMT01 to target and deliver 212Pb to tumor sites expressing melanocortin 1 receptor (MC1R), a protein that is overexpressed in melanoma cancers. [212Pb]VMT01 is a TAT in development for second-line or later treatment of patients with progressive MC1R-positive metastatic melanoma.

In preclinical experiments [212Pb]VMT01 demonstrated efficacy via two distinct mechanisms of action: direct cell killing at high radiation doses and through immunostimulatory low-dose induction of immune-mediated cell death. Efficacy was augmented by immune checkpoint inhibitors. In September 2024, we announced that on the basis of these results, the U.S. Food and Drug Administration (FDA) granted Fast Track Designation for the clinical development of [212Pb]VMT01. This study is a multi-center, open-label dose escalation, dose expansion study (clinicaltrials.gov identifier NCT05655312) in patients with histologically confirmed melanoma and MC1R-positive imaging scans. Patients were required to have already received standard of care. Eligible patients may receive up to three treatments with [212Pb]VMT01, eight weeks apart.

In October 2024, we announced initial results from the first two dosing cohorts. Three patients were enrolled in Cohort 1 (whoand received 3 mCi of [212Pb]VMT01),VMT01, while seven patients were enrolled in Cohort 2 (whoand received 5 mCi of [212Pb]VMT01).VMT01. Patients in each cohort received a median of five prior lines of systematic therapy, including a median of three prior lines of immunotherapy. No DLTs were observed among any patients, and no adverse events (AEs) led to treatment discontinuation. Treatment emergent AEs were mostly grades 1 and 2. None of the four cases of grade 3 treatment emergent AEs were deemed to be treatment related. There were no grade 4 or 5 treatment emergent AEs. No renal toxicities had been reported as of October 11, 2024 (there were no clinically significant changes in blood urea nitrogen or serum creatinine) in spite of dosimetry estimated renal radiation that approached the higher end of conventional dosing.

The SMC reviewed these findings and recommended exploring a lower dose level of 1.5 mCi per dose, both as a single agent and in combination with the anti-PD-1 antibody, nivolumab. The SMC’s recommendation would allow for the monotherapy and combination cohorts to proceed concurrently. An amendment to further explore lower dose levels for monotherapy haswas been approvedapproved, and cohortCohort 3 at 1.5 mCi per dose iswas active and openopened for enrollment. The combination cohort at 1.5 mCi per dose with nivolumab iswas also active and openopened for enrollment. On March 17, 2025, we announced that theThe first patient was dosedpatients in the combination cohort.and monotherapy cohorts received their first treatments in March and April 2025, respectively. As of July 31, 2025, a total of five patients had received their initial monotherapy treatments of VMT01 at 1.5 mCi per dose, once every eight weeks for up to three doses. Additionally, two patients had received VMT01 1.5 mCi with nivolumab. Both cohorts are now closed for enrollment.

Tumor stroma cells do not typically express cancer-specific markers like SSTR2 or MC1R. Fibroblast activation protein alpha (FAP-α) is primarily expressed on tumor stroma cells, but also on some cancer cells. FAP-α, a pan-cancer target, is a pan-cancerprotein target that is highlyabundantly expressed in manycertain cancers.cancer cells as well as cancer-associated fibroblasts in tumor lesions and involved in promoting disease progression. Our in-house discovery team discovered PSV359, a novel cyclic peptide targeting human FAP-α, via phage display methods. We believe PSV359 is an optimized peptide with potential best-in-class characteristics that has been demonstrated in preclinical models. In March 2024, we released the first-in-human clinical single-photon emission computed tomography (SPECT)/computed tomography (CT) imaging which suggested very favorable tumor targeting and retention by the PSV359 compound,compound while clearing from normal organs rapidly and completely.

In October 2024, we announced first-in-human SPECT/CT images of [203Pb]PSV359 from an independent investigator revealed strong tumor uptake, fast clearance through the renal system, low accumulation in normal organs,organs and long tumor retention in three patients with FAP-α expressing cancers.

Preclinical results for PSV359 were presented during the SNMMISociety of Nuclear Medicine and Molecular Imaging 2024 Annual Meeting and the EANM37th Annual Congress of the European Association of Nuclear Medicine meetings in June and October 2024, respectively. Researchers presented a novel cyclic peptide targeting human FAP-α, which was discovered by us via phage display methods. FAP-α is a protein abundantly expressed in certain cancer cells as well as cancer-associated fibroblasts in tumor lesions and involved in promoting disease progression. The peptide was conjugated to a lead (Pb)-specific chelator via a molecular linker to form a novel construct, PSV359. The purpose of this study was to evaluate the in vitro and in vivo performance of [203/212Pb]PSV359 in preclinical xenograft models. Overall, strong anti-tumor clinical activity of [212Pb]PSV359 was found in both HT1080-human FAP-α (FAP-α on cancer cells) and U87MG (FAP-α in stromal tissues) xenograft models.

Also inIn January 2024, we entered into an exclusiveexclusive, in-licensingworldwide oflicense agreement with Stony Brook University’sUniversity Cuburbit[7]uril-admantane (CB7-Adma) pre-targeting platform which coversfor the global intellectual property rights to suchthe Cuburbit[7]uril-admantane (CB7-Adma) pre-targeting platform. Pre-targeting using the CB7-Adma platform involves two steps. First, an antibody that binds with high specificity to a cancer-specific protein is administered via intravenous injection. This antibody is chemically modified to include the CB7 chemical entity and accumulates over time at the tumor site. Then, a radionuclide held tightly by our proprietary chelator attached to an Adma group is administered. The Adma group binds to the CB7 group that was previously attached to the cancerous cells with specificity, delivering radiation dose selectively to the tumor sites. Central to this innovation is CB7-Adma (host-guest) complex formation, driving the interaction between the antibody and radioligand. The chosen host-guest pair, CB7-Adma, has demonstrated promising in vivo stability, modularity and low immunogenicity. The platform’s potential was validated through in vivo profiling of ligands, employing a CB7-modified carcinoembryonic antigen targeting antibody. The agreement with Stony Brook University will expire on the later of the expiration date of the last to expire licensed patents or 20 years from the date of the first sale of a product utilizing the intellectual property. Preclinical optimization of this platform is underway, and initial targeting antibodies are being identified for further investigation.

Intellectual Property (IP)

We have had recurring losses since inception. We expect our expenses to increase in connection with our ongoing activities, particularly as we advance and expand preclinical activities, clinical trials and potential commercialization of our programproduct candidates. Our costs are also expected to increase as we:

continue the development of our clinical-stage assets, including VMT01, VMT-α-NET-NET, VMT01 and PSV359;

continue the development of our product candidates and other program candidatesprograms;

continue to initiate and progress other supporting studies required for regulatory approval of our programproduct candidates;

initiate preclinical studies and clinical trials for any additional indications for our current programproduct candidates and any future programproduct candidates that we may pursue;

continue to build our portfolio of programproduct candidates through the acquisition or in-license of additional programproduct candidates or technologies;

pursue regulatory approvals for our current and future programproduct candidates that successfully complete clinical trials;

continue to build our manufacturing capabilitiescapabilities, including potential expansion of our manufacturing footprint;

support our marketing and distribution infrastructure to commercialize any future programproduct candidates for which we may obtain marketing approval; and hire additional clinical, medical, development and other personnel.

As of December 31, 2024,2025, we had cash, cash equivalents and short-term investments of $226.9$144.7 million. In February 2026, we announced the closing of an underwritten offering of securities with gross proceeds of $175.0 million before deducting underwriting discounts and commissions and other offering-related expenses. We believe our cash, cash equivalents and short-term investments as of December 31, 2025, together with the net proceeds from the February 2026 offering, will be sufficient to fund our current plannedclinical operationsmilestones and operational investments for at least the next 12 months from the date the consolidated financial statements in this report were issued and into late 2026.2027. Monthly operating expenses are budgeted to increase for research and development and general and administrative expenses as management works to implement its strategy to advance our clinical assets in their clinical trials and to progress our preclinical assets towards clinical trials. Management anticipates a significant increase in expenses, particularly in research and development, as we undertake these activities.

Manufacturing Equipmentand Supply

On September 18,In 2024, we entered into a Master Equipment and Services Agreement (MESA) and statements of work (SOWs) thereunder with Comecer SpA (Comecer), pursuant to which we agreed to purchase from Comecer manufacturing equipment for the production of our radiopharmaceutical productsproduct candidates including, but not limited to, isotope processing hot cells and production suites and related equipment (collectively, the Deliverables) and services for installation and validation of the Deliverables at several of our production facilities in the United States. The aggregate consideration for such equipment and services pursuant to the MESA and SOWs is approximately €49.0 million payable in cash, excluding certain incidental costs such as taxes, customs and duties, local transport, insurance and rigging. We may also elect to purchase certain additional equipment and services pursuant to the SOWs. The MESA provides for the payment of certain amounts in installments over the course of the production, installation and validation of the Deliverables.

You should read the following discussion and analysis of our financial condition and results of operations together with (i) the unaudited condensed consolidated financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q for the quarter ended MarchJune 31,30, 2026 (Form 10-Q), (ii) our audited consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (SEC) on March 16, 2026 (2025 Form 10-K) and (iii) other filings we have made with the SEC. As discussed under the heading “Cautionary Note Regarding Forward-Looking Statements,” this discussion contains forward-looking statements that reflect our plans, estimates and beliefs, and involves numerous risks and uncertainties, including but not limited to those described under the heading “Risk Factors” in the 2025 Form 10-K that may cause actual results to differ materially from those described in or implied by any forward-looking statements. Unless the context otherwise requires, references in thesethis notessection to the “Company,” “Perspective,” “we,” “us” and “our,our” except where the context requires otherwise, refer to Perspective Therapeutics, Inc. and its subsidiaries.

We are a radiopharmaceutical development company pioneering advanced treatments for cancers throughout the body. We have proprietary technology that utilizes the alpha-emitting isotope Lead-212 (212Pb) to deliver powerful radiation specifically to cancer cells via specialized targeting moieties. We are also developing complementary imaging diagnosticstechniques that incorporate the same targeting moieties, which provides the opportunity to personalize treatment and optimize patient outcomes. This theranostic approach enables thevisualization ability to seeof the specific tumor and thensubsequent treat it totreatment, potentially improveimproving efficacy and minimizeminimizing toxicity.

Our neuroendocrine tumor (VMT-α-NET), melanoma (VMT01) and solid tumor (PSV359) programsWe are inadvancing Phasea 1/2aportfolio imagingof andclinical-stage therapy trialsprograms in the U.S.U.S., including VMT-α-NET (neuroendocrine tumors), VMT01 (melanoma) and PSV359 (solid tumors). We are growingexpanding our regional network offinished drug product candidate finishingsupply facilities,network, enabled by our proprietary 224Ra/212Pb generator,generator platform used to delivermanufacture clinical drug product candidates, to supply the delivery of patient-ready drug product candidates for clinical trials andand, if approved, commercial operations.

We designed VMT-α-NET to target and deliver 212Pb to cancer-specific receptors on tumor cells expressing somatostatin receptor type 2 (SSTR2), a protein that is overexpressed in neuroendocrine tumors (NETs) and other cancers.cancers, and to deliver the alpha-emitting radioisotope 212Pb to tumor sites expressing SSTR2. We are conducting a multi-center, open-label, dose-escalation and dose-expansion study (clinicaltrials.gov identifier NCT05636618) of [212Pb]VMT-α-NET is a targeted alpha therapy (TAT) in development for patients with unresectable or metastatic SSTR2-expressingSSTR2-positive tumors who have not previously received peptide-targetedprior radiopharmaceutical therapy. NETs are a group of rare, heterogeneous tumors that develop in different organs of the body and arise from specialized cells in the neuroendocrine system.therapies.

We initially dosed two patients in Cohort 1 (treated with four doses at 2.5 mCi per dose) and seven patients in Cohort 2 (treated with four doses at 5.0 mCi per dose) of ourthe Phase 1/2a clinical trial (NCT05636618) of [212Pb]VMT-α-NET in patients with unresectable or metastatic SSTR2-expressing NETs,study, regardless of body weight. Subsequent review for dose-limiting toxicity (DLT) during the safety observation period in the seven patients enrolled in Cohort 2 by the Safety Monitoring Committee (SMC) led the SMC to recommend escalating further in a third cohort and enrolling additional patients at 5.0 mCi to better understand efficacy and safety. During the second quarter of 2025, enrollment for Cohort 2 closed with an additional 39 patients having received at least one treatment, for a total of 46 patients including the seven who were enrolled for DLT observation. By late 2026, all 46 patients in Cohort 2 will have had the opportunity for at least 60 weeks of follow-up, which is expected to inform the Phase 3 study design.

In late June 2025, we announced the opening of Cohort 3 in which patients are receiving up to four fixed administered doses of [212Pb]VMT-α-NET at 6.0 mCi every eight weeks if they weigh more than 60 kg (133 lb), or 100μCi/kg of body weight if they weigh less than or equal to 60 kg. Eight Cohort 3 patients then commenced treatment with VMT-α-NET and contributed to the DLT assessment by the SMC. The DLT assessment is now complete, and we are cleared to treat more patients at this dose. As of April 30, 2026, a total of 20 patients havehad been treated in Cohort 3. This cohort iswas nowfully closed to enrollment. By late 2026, the eight patients initially enrolled for DLT assessment will have had the opportunity for at least 48 weeks of follow-up since beginning treatment.enrolled.

CohortIn 4May is2026, nowwe openannounced forthat recruitment.the first patient was treated with [212Pb]VMT-α-NET in a fourth cohort. This cohort explores optimizing a 20 mCi cumulative dose by front-loading, with 6.0 mCi in the first dose, 5.0 mCi in the second dose, 5.0 mCi in the third dose, and 4.0 mCi in the fourth dose. The purpose of this dosing regimen is to determine whether front-loading could change response kinetics and improve response rate at lower cumulative doses. Additionally, administering a higher dose while there are more tumors could result in a kidney-sparing effect and improved safety.

Updated interim data from the study, as of a data cut-off (DCO) date of March 4, 2026, were presented at the American Association for Cancer Research Annual Meeting 2026 (AACR 2026). The safety findings based on 64 patients (two patients in Cohort 1 (2.5 mCi), 46 patients in Cohort 2 (5.0 mCi) and 16 patients in Cohort 3 (6.0 mCi)) showed no reports of DLTs, serious renal complications, treatment-related discontinuations, serious renal complications, dysphagia or clinically significant treatment-related myelosuppression. Grade 3 or higher treatment-emergent adverse events were reported in 23 patients (36%). One of these patients, who was enrolled in Cohort 3, experienced a transient decrease in lymphocyte count on the cusp between Grades 3 and 4. The site subsequently determined this event to be a Grade 3 event. This event was transient and resolved without medical intervention. The patient completed the full course of [212Pb]VMT-α-NET treatment, consisting of four treatments without interruption, and remains on study. There were no Grade 4 or 5 events. No additional patients experienced serious adverse events (SAEs) since the most recent update at the 2026 ASCO Gastrointestinal Cancers Symposium (ASCO-GI 2026), with none of the five SAEs deemed related to the study medication.

We are also leveraging our TAT platform with our product candidate, VMT01, which is currently in Phase 1/2a clinical trials. We designed VMT01 to target and deliver 212Pb to tumor sites expressing melanocortin 1 receptor (MC1R), a protein that iscan be overexpressed in metastatic melanoma cancers. [212Pb]VMT01We isare conducting a TATmulti-center, open-label dose escalation, dose expansion study (clinicaltrials.gov identifier NCT05655312) in development for second-line or later treatment of patients with progressivehistologically confirmed melanoma and MC1R-positive metastaticimaging melanoma.scans.

In preclinical experiments [212Pb]VMT01 demonstrated efficacy via two distinct mechanisms of action: direct cell killing at high radiation doses and through immunostimulatory low-dose induction of immune-mediated cell death. Efficacy was augmented by immune checkpoint inhibitors. In September 2024, we announced that on the basis of these results, the U.S. Food and Drug Administration (FDA) granted Fast Track Designation for the clinical development of [212Pb]VMT01.VMT01 Thisfor studythe isdiagnosis aand multi-center,treatment open-label dose escalation, dose expansion study (clinicaltrials.gov identifier NCT05655312) inof patients with histologicallyunresectable confirmedor metastatic melanoma and MC1R-positive imaging scans. Patients were required towho have alreadydemonstrated receivedMC1R standardtumor of care. Eligible patients may receive up to three treatments with [212Pb]VMT01, eight weeks apart.expression.

The SMC reviewed these findings and recommended exploring a lower dose level of 1.5 mCi per dose, both as a single agent and in combination with the anti-PD-1 antibody, nivolumab. The SMC’s recommendation would allow for the monotherapy and combination cohorts to proceed concurrently. An amendment to further explore lower dose levels for monotherapy was approved, and Cohort 3 at 1.5 mCi per dose was opened for enrollment. The combination cohort at 1.5 mCi per dose with nivolumab was also opened for enrollment. The first patients in the combination and monotherapy cohorts received their first treatments in March and April 2025, respectively. As of July 31, 2025, a total of five patients had received their initial monotherapy treatments of VMT01 at 1.5 mCi per dose, once every eight weeks for up to three doses. Additionally, two patients had received VMT01 1.5 mCi with nivolumab. Both cohorts arewere nowfully closed for enrollment.enrolled.

As of February 28, 2026, a total of 10 patients had received VMT01 treatment following the re-opening of the [212Pb]VMT01 3.0 mCi monotherapy cohort and the opening of the cohort in which patients are receiving [212Pb]VMT01 at 3.0 mCi in combination with nivolumab. Six patients had received VMT01 at 3.0 mCi in combination with nivolumab. Four patients had received 3.0 mCi of VMT01 as monotherapy, in addition to the three patients who received this monotherapy dose in late 2023. Both cohorts arewere nowfully closed for enrollment.enrolled.

We filed an IND application for PSV359 in December 2024, and we received a “study may proceed” letter (i.e., approval to conduct the trial) from the FDA in the first quarter of 2025. In April 2025, we announced the first patient was treated with [212Pb]PSV359. AsData from Cohort 1 (2.5 mCi) and Cohort 2 (5.0 mCi) was presented at ASCO with a DCO date of AprilDecember 30,24, 2026,2025, twowhich patientsdemonstrated have been treated withthat [212Pb]PSV359 atwas 2.5well mCitolerated (Cohortwith 1),no DLTs and seventreatment patientsemergent have been treated with [212Pb]PSV359AEs at 5.0grades mCi1 (Cohortand 2), for a total of nine patients. By late 2026, these patients will have had the opportunity for at least 32 weeks of follow-up after their initial doses, sufficient time to have completed at least one scan after the full course of treatment (up to four doses every eight weeks).only.

In May 2026, we presented an FIH image for PSV594, designed to target and deliver 212Pb to tumor sites expressing the Cholecystokinincholecystokinin 2 Receptorreceptor (CCK2R), which is expressed across a range of hard-to-treat cancers. The targeting moiety may also be radiolabeled with 203Pb or 68Ga to detect CCK2R expression in-vivo. Preclinical data and FIH imagesbiodistribution suggestobservations thesupport targetingcontinued moietypre-IND hasdevelopment clean,of precise tumor uptake with limited kidney retention, which may result in a desirable therapeutic index.PSV594.

We continue to strengthen our intellectual property portfolio in support of our platform technologies, product candidates and other programs. Our patent covering theCCK2R-targeted VMT-α-GENradiopharmaceutical 212Pb-generation technologycompounds was issued in the U.S. in MarchJune 2026, and the corresponding European patent application has been allowed.2026. Our AlphaPRIME™FAP-α-targeted 212Pb-generationradiopharmaceutical technologycompounds iswere patented in the U.S., China andin Europe.July 2026. We believe these developments further enhance the geographic scope and depth of protection for our core radiopharmaceutical technologies and manufacturing platforms.

As of MarchJune 31,30, 2026, we had cash, cash equivalents and short-term investments of $270.9$236.9 million. We believe our cash, cash equivalents and short-term investments will be sufficient to fund our current planned clinical milestones and operational investments for at least the next 12 months from the date the condensed consolidated financial statements in this report were issued and into late 2027. Management anticipates a significant increase in expenses, particularly in research and development, as it works to implement its strategy to advance our clinical assets in their clinical trials, expand our manufacturing capabilities and progress our preclinical assets towards clinical trials.

In May 2025 and May 2026, we entered into supply agreements with the U.S. Department of Energy (DOE) under which we will purchase Thorium-228 from the DOE between 2025 and 2027. As of March 31, 2026, weWe have met and been invoiced for our minimum purchase requirements under the May 2025 supply agreement. The May 2026 supply agreement includes a “take-or-pay” provision pursuant to which we are committed to purchasing approximately $9.9 million of Thorium-228 during the term of the agreement.

In 2024, we entered into a Master Equipment and Services Agreement (MESA) and statements of work (SOWs) thereunder with Comecer SpA (Comecer), pursuant to which we agreed to purchase from Comecer manufacturing equipment for the production of our radiopharmaceutical programproduct candidates including, but not limited to, isotope processing hot cells and production suites and related equipment (collectively, the Deliverables) and services for installation and validation of the Deliverables at several of our production facilities in the United States. The aggregate consideration for such equipment and services pursuant to the MESA and SOWs is approximately €49.0 million payable in cash, excluding certain incidental costs, such as taxes, customs and duties, local transport, insurance and rigging. We may also elect to purchase certain additional equipment and services pursuant to the SOWs. The MESA provides for the payment of certain amounts in installments over the course of the production, installation and validation of the Deliverables.

Also in 2024, we acquired the assets and associated lease of Lantheus’ radiopharmaceutical manufacturing facility in Somerset, NJ. Soon after the acquisition, we began the onboarding and operationalization processes and, in October 2024, we achieved the first shipment and patient dosing from our Somerset facility. With three manufacturing suites that can meet CGMP requirements, the Somerset facility is expected to have the capacity to meet future clinical trial and commercial demandsdemand at major cancer treatment centers throughout the Northeastern U.S. An existing production suite in Somerset ishas beingbeen upgraded to support Phase 3 activities, with installation completed and commissioning targeted for completionthe byend mid-2026.of 2026. A fourth production suite has also been installed and completed, and we expect it to be operational in 2026.

In October 2025 and April 2026, we entered into agreements with a general contractor pursuant to which we expectcommitted to pay approximately $34.4$53.3 million. The firstagreements agreement isare for the general contractor to make building modifications at our facilityfacilities in the metropolitan areas of Chicago, IL, metropolitanand areaLos Angeles, CA, and to prepare for the installation of some of the Comecer manufacturing equipment and associated clean rooms at thatthose site. We expect to complete construction at that site in 2026. The second agreement is for the general contractor to order long-lead time items and to prepare to make modifications to our facility in the Los Angeles, CA metropolitan area, including for the eventual installation of some of the Comecer manufacturing equipment and associated clean rooms at that site.sites. We anticipate incurring additional spending with this general contractor, particularlyand actual costs may differ. We expect to complete construction at the Chicago-area site in connectionearly with2027 theand build out of our facility inat the Los Angeles,Angeles-area CAsite metropolitanby area.the end of 2027.

As of MarchJune 31,30, 2026, there have been no material changes to any of the critical accounting policies and estimates contained therein.

Research and development expenses were $21.4$21.5 million for the three months ended MarchJune 31,30, 2026, compared to $14.3$16.6 million for the three months ended MarchJune 31,30, 2025, an increase of $7.0$4.9 million. Research and development expenses were $42.9 million for the six months ended June 30, 2026, compared to $31.0 million for the six months ended June 30, 2025, an increase of $12.0 million. The increase in research and development expenses was primarily related to higher personnel costs, including share-based compensation, due to additional headcount to support our ongoing clinical trials, including chemistry, manufacturing, and control work related to our clinical product candidates, as well as increased spending on contract development and manufacturing organizations, clinical site activities, drug programs and delivery, pipeline studies and consulting.

Management believes that research and development expenses will continue to increase as we continue to invest in the development of novel radiopharmaceutical drugs and programproduct candidates and expand our manufacturing capabilities. We are investing in equipment and modifications for the three buildings we acquired in 2024 located in the Houston, TX, Chicago, IL, and Los Angeles, CA, metropolitan areas. Upon completion, we intend to use the buildings to manufacture our programproduct candidates.

We are also actively strengthening our current manufacturing capabilities to support the clinical supply of radiopharmaceuticals through the expansion of clinical production lines at our locations in Coralville, IA, and Somerset, NJ. In Coralville, we built a second production suite that became operational in 2025. The Somerset facility, with its three manufacturing suites that can meet CGMP requirements, is expected to have the capacity to meet future clinical trial and commercial demandsdemand at major cancer treatment centers throughout the Northeastern U.S. An existing production suite in Somerset ishas beingbeen upgraded to support Phase 3 activities, with installation completed and commissioning targeted for completionthe byend mid-2026.of 2026. A fourth production suite has also been installed and completed, and we expect it to be operational in 2026.

Management believes that the cost of certain raw materials used in the production of our novel radiopharmaceutical drugs and programproduct candidates may increase in the coming years, including as a result of increased demand for materials required for the production of radiopharmaceuticals. We are also currently evaluating how potential U.S. and international trade policies, including tariffs, might impact our costs for supplies, equipment and materials used in the development and production of our TAT drug programproduct candidates. We currently source much of the raw materials that are used to produce our programproduct candidates in the U.S. Some equipment and other materials that will be used at our manufacturing sites is sourced from outside the U.S. Based on our analysis of recently announced tariffs, we do not expect to experience any material incremental tariff-related cost impacts in 2026. We will continue to monitor policy developments related to tariffs and the implementation dates of new tariffs, as well as potential opportunities to source materials and equipment from alternative suppliers, as we continue to evaluate the potential impacts of tariffs.

General and administrative expenses were $7.0 million for the three months ended March 31, 2026, compared to $7.8 million for the three months ended MarchJune 31,30, 2026, compared to $7.7 million for the three months ended June 30, 2025, an increase of $0.1 million. The increase in general and administrative expenses was primarily related to higher personnel costs, including share-based compensation, partially offset by decreased fees for professional services and fees related to operating as a public company. General and administrative expenses were $14.8 million for the six months ended June 30, 2026, compared to $15.6 million for the six months ended June 30, 2025, a decrease of $0.9$0.8 million. The decrease in general and administrative expenses was primarily due to decreased fees for professional and consulting services and fees related to operating as a public company, partially offset by increased personnel costs.

Operating Activities: The increase of $9.9$10.6 million in net cash used in operating activities for the threesix months ended MarchJune 31,30, 2026, compared to the same period in 2025 was primarily due to an increase of $8.0$13.3 million in net lossloss, partially offset by an increase of $2.4 million in non-cash activities and $3.1$0.3 million due to changes in operating assets and liabilities, partially offset by an increase of $1.3 million in non-cash activities.liabilities.

Investing Activities: The increase of $104.0$93.2 million in net cash used in investing activities for the threesix months ended MarchJune 31,30, 2026, as compared to the same period in 2025 was primarily due to an increase of $127.7$118.9 million in purchases of short-term investments and a $2.2$15.4 million increase in additions to property and equipment, partially offset by an increase of $25.9$41.0 million in maturities of short-term investments.

Financing Activities: Net cash provided by financing activities of $164.4$164.5 million and $10.0$10.1 million for the threesix months ended MarchJune 31,30, 2026 and 2025, respectively, were primarily related to the proceeds received from the sale of Common Stock and pre-funded warrants pursuant to the 2026 Offering (defined below) and the 2024 ATM Agreement (defined below), respectively.

continue the development of our clinical-stage assets, including bamzireotide navoxetan (VMT-α-NET,-NET), lapemelanotide zapixetar (VMT01) and PSV359;

At MarchJune 31,30, 2026, we had cash, cash equivalents and short-term investments of $270.9$236.9 million. We believe our cash, cash equivalents and short-term investments will be sufficient to fund our current planned clinical milestones and operational investments into late 2027. Management anticipates a significant increase in expenses, particularly in research and development, as it works to implement its strategy to advance our clinical assets in their clinical trials, expand our manufacturing capabilities and progress our preclinical assets towards clinical trials.

We presented our other commitments and contingencies in the 2025 Form 10-K. There have been no material changes outside of the ordinary course of business in those obligations during the threesix months ended MarchJune 31,30, 2026, other than those disclosed in Note 10, Commitments and Contingencies, to the condensed consolidated financial statements in this Form 10-Q.