1. Varian Medical Systems for internal radiation therapy.

2. A specialized medical device company like Boston Scientific, but focused on radioactive implants for cancer.

• CS-1 Cesium-131 brachytherapy seeds: An isotope-based medical product used for the treatment of various cancers, including prostate, brain, lung, head and neck, gynecological, pelvic/abdominal, and colorectal cancers.

Perspective Therapeutics (CATX) sells its isotope-based medical products and devices primarily to other companies and institutions within the healthcare sector. Based on the provided information, its major customers fall into the following categories:

• Facilities utilizing various surgical facilities: This category includes hospitals, cancer centers, and other medical institutions that perform surgical procedures for cancer treatment using brachytherapy.
• Physician practices utilizing various surgical facilities: This category encompasses specialized clinics and physician groups, such as oncology clinics, urology clinics, and radiation therapy centers, which incorporate surgical interventions and brachytherapy in their patient care.

The provided information does not list the names of specific customer companies or their public symbols.

• Nordion (Sotera Health, SHC)

Thijs Spoor, Chief Executive Officer

Thijs Spoor was appointed CEO in February 2023. He has been instrumental in the company's transition and focus on advancing targeted alpha therapies for cancer treatment. Mr. Spoor demonstrated confidence in the company's future by purchasing company stock in March 2025.

Joel Sendek, Chief Financial Officer

Joel Sendek was appointed Chief Financial Officer on September 4, 2025. He brings over 30 years of experience in the life sciences sector. Mr. Sendek has a strong background in biotech finance, having served as CFO at four other biotech companies: Dewpoint Therapeutics, Sema4, Spero Therapeutics, and Forward Pharma. In his capacity as a biotech CFO, he has successfully raised over $2.5 billion through various transactions. His extensive career also includes a distinguished period as a Wall Street analyst, holding senior equity research positions at firms such as Stifel, Lazard, and Oppenheimer, where he led healthcare equity research. The Wall Street Journal recognized him as an All-Star Analyst, ranking him #1 in stock picking. Before his career in equity research, Mr. Sendek worked as Senior Director of Corporate Development at Progenics Pharmaceuticals, Inc. and as an investment banking analyst at Goldman, Sachs & Co.

Markus Puhlmann, M.D., PhD, Chief Medical Officer

Dr. Puhlmann serves as the Chief Medical Officer for Perspective Therapeutics. Details regarding his prior company founding, sales, or private equity involvement are not available in the provided information.

Jonathan Hunt, Chief Accounting Officer

Jonathan Hunt holds the position of Chief Accounting Officer, having previously served as the company's CFO. He is an experienced accounting leader with more than 25 years of finance and accounting expertise gained across a variety of industries, including Fortune 500 companies. There is no information available regarding his involvement in founding or selling other companies, or his management of private equity-backed firms.

Amos Hedt, Chief Business Strategy Officer

Amos Hedt is the Chief Business Strategy Officer. He is described as a skilled strategist with over 20 years of experience in the biotechnology and pharmaceutical industries, possessing comprehensive expertise across all stages of drug research and development. The provided information does not include details on him founding or managing other companies, selling companies, or his experience with private equity firms.

The key risks to Perspective Therapeutics (CATX) primarily revolve around the inherent challenges of drug development in the biotechnology sector, compounded by financial considerations and market competition.

1. Clinical Development and Efficacy of Lead Candidates: A significant risk for Perspective Therapeutics is the uncertainty surrounding the efficacy and successful development of its lead drug candidates, particularly VMT-α-NET. Clinical trials may be more costly or take longer to complete than anticipated, or they may not generate results that justify further development. Concerns have been raised regarding limited confirmed responses in some trials for VMT-α-NET, which could impact its commercial viability, despite encouraging safety data. The need for dose optimization in key programs could also extend development timelines, potentially allowing competitors to gain an advantage.
2. Financial Health, Cash Burn, and Need for Future Funding: Perspective Therapeutics has faced substantial financial challenges, including significant losses and minimal revenue, with expectations of continued unprofitability for the foreseeable future. While the company has a projected cash runway, its cash-burning operations suggest a potential future need for additional funding, which could lead to equity dilution for existing shareholders through new share issuances.
3. Intense Competition and Regulatory Hurdles: The radiopharmaceutical therapeutics market in which Perspective Therapeutics operates is characterized by intense competition. Additionally, the company faces inherent regulatory hurdles throughout the drug development and approval process, which can delay or prevent products from reaching the market.

The increasing adoption and technological advancements in non-invasive external beam radiation therapies, particularly Stereotactic Body Radiation Therapy (SBRT), pose a clear emerging threat. SBRT offers highly precise and often fewer treatment sessions for localized cancers, directly competing with brachytherapy's role in treating the same conditions, such as prostate, lung, and other solid tumors. This ongoing shift in clinical practice towards more advanced and less invasive radiation modalities could erode the market share for brachytherapy seeds.

• The global brachytherapy market was valued at approximately USD 1.07 billion in 2025.
• It is projected to reach around USD 2.12 billion by 2035, growing at a compound annual growth rate (CAGR) of 7.08% from 2026 to 2035.

• The North American brachytherapy market size was valued at approximately USD 460 million in 2025.
• The U.S. brachytherapy market alone reached USD 0.76 billion in 2025 and is projected to expand to USD 1.59 billion by 2035, with a CAGR of 7.7% during the forecast period (2026–2035).

Perspective Therapeutics (CATX) is anticipated to drive future revenue growth over the next 2-3 years through the following key initiatives:

1. Advancement and Commercialization of VMT-α-NET: A primary driver of future revenue is expected to be the successful clinical development and eventual commercialization of VMT-α-NET, the company's lead asset in Phase 1/2a clinical trials for patients with unresectable or metastatic somatostatin receptor type 2 (SSTR2)-expressing neuroendocrine tumors. This therapy has shown promising preliminary results, including high response rates when combined with anti-PD-1 therapy and a favorable safety profile. Continued positive trial outcomes and regulatory approval would open access to a multi-billion dollar market.
2. Expansion of Radiopharmaceutical Pipeline: The company's pipeline includes other proprietary radiopharmaceutical candidates like VMT01, in Phase 1/2a clinical trials for metastatic melanoma, as well as PSV359 and PSV4XX, which target fibroblast activation protein alpha and prostate-specific membrane antigen, respectively. The progression and potential commercialization of these additional therapies are expected to diversify and contribute to future revenue streams.
3. Penetration of the Neuroendocrine Tumor Market: With VMT-α-NET specifically targeting the substantial neuroendocrine tumor market, successful market entry and adoption of this therapy, upon approval, will be a significant contributor to revenue growth. The company's focus on pioneering advanced treatment applications for cancers using its proprietary technology underpins its strategy for market penetration.

Share Issuance

• In February 2023, as part of the merger with Viewpoint Molecular Targeting, Inc., Perspective Therapeutics (formerly Isoray) issued 136,545,075 shares of common stock to Viewpoint shareholders, accounting for approximately 49% of the combined company's fully-diluted outstanding capital stock.
• In March 2024, Perspective Therapeutics completed an $87.4 million private placement through the sale of 92,009,981 shares of common stock at $0.95 per share to institutional investors.
• In February 2026, the company announced the pricing of an underwritten offering to raise approximately $175 million in gross proceeds from the sale of common stock and pre-funded warrants.

Inbound Investments

• Perspective Therapeutics received approximately $87.4 million in March 2024 from a private placement with a select group of institutional accredited investors.
• The February 2026 underwritten offering, which raised about $175 million, included participation from several institutional investors such as Commodore Capital, TCGX, Spruce Street Capital, Surveyor Capital, Affinity Asset Advisors, HBM Healthcare Investments, and Ally Bridge Group.

Outbound Investments

• In March 2024, Perspective Therapeutics made a corporate asset purchase to acquire a radiopharmaceutical manufacturing facility in Somerset, New Jersey, from Lantheus Holdings.

Capital Expenditures

• Perspective Therapeutics invested $2.0 million in capital expenditures during Q3 2026, primarily for long-term assets and infrastructure.
• Over the twelve months prior to March 2026, the company's capital expenditures totaled approximately $22.29 million.
• A portion of the net proceeds from the February 2026 underwritten offering is designated for continued investment in the company's manufacturing facilities.