Announcement • Jun 04
Perspective Therapeutics Doses First Patient with [212Pb]Vmt-?-Net in Meningioma Cohort of Phase 1/2A Study Perspective Therapeutics, Inc. announced that the first meningioma patient was dosed with [212Pb]VMT-a-NET in the Company’s ongoing Phase 1/2a study. The new cohort is intended to evaluate the safety, dosimetry, and preliminary anti-tumor activity of lead-based alpha-particle therapy with [212Pb]VMT-a-NET for meningioma (LEMONaDE). The initiation of the meningioma cohort reflects the Company’s broader strategy to evaluate [212Pb]VMT-a-NET across somatostatin receptor subtype 2 (SSTR2)-expressing tumor types beyond neuroendocrine tumors (NETs). Meningiomas are the most common primary brain tumors in adults, accounting for ~40% of all central nervous system tumors diagnosed annually in the United States. Approximately 20% of all diagnosed meningioma cases are grades 2 and 3 by World Health Organization (WHO) 2021 grading, while approximately 30% of patients with diagnosed grade 1 disease either have inoperable disease or experience recurrence of their disease. Although surgery and radiation remain standard treatments, patients with recurrent, progressive, or unresectable disease often face limited therapeutic options and poor long-term outcomes. Meningiomas consistently express SSTR2, making them an attractive target for targeted radiopharmaceutical therapy. Perspective designed [212Pb]VMT-a-NET to target and deliver 212Pb to tumor sites expressing SSTR2. The Company is conducting a multi-center, open-label, dose-escalation, dose-expansion study (clinicaltrials.gov identifier NCT05636618) of [212Pb]VMT-a-NET in patients with unresectable or metastatic SSTR2-positive tumors who have not received prior radiopharmaceutical therapies (RPT). Interim analysis with a data cut-off date of April 17, 2026 was recently reported at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting in May 2026, including efficacy data on half of the patients in Cohort 2 and both patients in Cohort 1. Initial efficacy data for the remaining patients in Cohort 2 and eight patients in Cohort 3 are pending, and submissions for presentations at additional medical conferences during 2026 are planned. Announcement • May 18
Perspective Therapeutics, Inc. Announces First Patients Dosed In New Cohorts Of Ongoing Phase 1/2a Studies Perspective Therapeutics, Inc. announced that the first patients were dosed with [212Pb]VMT-a-NET and [212Pb]PSV359 in two new cohorts of Phase 1/2a studies in neuroendocrine tumors and solid tumors, respectively. The first patient was treated with [212Pb]VMT-a-NET in a fourth cohort of the Company’s ongoing Phase 1/2a clinical trial of [212Pb]VMT-a-NET in patients with unresectable or metastatic somatostatin receptor type 2 (SSTR2) expressing neuroendocrine tumors (NETs). 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 design of this dosing regimen will help determine whether front-loading could change response kinetics and further improve response rate and tolerability at the same cumulative administered dose. Additionally, the first patient was treated with [212Pb]PSV359 in a third cohort of the Company’s Phase 1/2a dose-finding trial to determine safety and preliminary anti-tumor activity of the radiopharmaceutical [212Pb]PSV359 in patients with solid tumors that express fibroblast activation protein alpha (FAP-a). Cohort 3 was cleared to open following a safety monitoring committee review of safety data from Cohort 2. Patients in Cohort 3 are receiving up to four fixed administered doses of PSV359 at 6.0 mCi every eight weeks. Perspective designed [212Pb]VMT-a-NET to target and deliver 212Pb to tumor sites expressing somatostatin receptor type 2 (SSTR2). The Company is conducting a multi-center, open-label, dose-escalation, dose-expansion study (clinicaltrials.gov identifier NCT05636618) of [212Pb]VMT-a-NET in patients with unresectable or metastatic SSTR2-positive neuroendocrine tumors who have not received prior radiopharmaceutical therapies (RPT). Interim analysis with a data cut-off date of March 4, 2026 was previously presented at the American Association for Cancer Research Annual Meeting 2026 (AACR 2026) in April 2026, including efficacy data on half of the patients in Cohort 2 and both patients in Cohort 1. Initial efficacy data for the remaining patients in Cohort 2 and eight patients in Cohort 3 are pending, and submissions for presentations at additional medical conferences during 2026 are planned. PSV359 was designed to target and deliver 212Pb to tumor sites expressing FAP-a, associated with multiple highly prevalent solid tumors, with patients in need of additional treatment options. The targeting moiety may also be radiolabeled with 203Pb or 68Ga (known as PSV377) to detect FAP-a expression in individual patients. Preclinical imaging and therapy as well as human imaging results suggest Perspective's proprietary targeting ligand has improved levels of target engagement and uptake in tumors, as well as reduced retention in healthy tissues, which may result in a desirable therapeutic index. Perspective is conducting a multi-center, open-label, dose-finding and dose-expansion study (clinicaltrials.gov identifier NCT06710756) of [212Pb]PSV359 in patients with advanced solid tumors that express FAP-a as determined by imaging with [203Pb]PSV359. The primary objective of the dose finding phase of the study is to assess the safety and tolerability of various doses of [212Pb]PSV359 in order to determine the recommended Phase 2 dose to be used in the expansion phase of the study, where anti-tumor activities may be an additional primary outcome measure. Major Estimate Revision • May 18
Consensus revenue estimates decrease by 29%, EPS upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from US$550.0k to US$390.0k. EPS estimate increased from -US$1.19 to -US$1.11 per share. Biotechs industry in the US expected to see average net income decline 8.9% next year. Consensus price target broadly unchanged at US$12.93. Share price was steady at US$3.85 over the past week. 
