CATX
Perspective Therapeutics, Inc.Perspective Therapeutics, Inc., together with its subsidiaries, develops, manufactures, sells, and markets isotope-based medical products and devices for the treatment of cancer and other malignant diseases in the United States and internationally. The company offers CS-1 Cesium-131 brachytherapy seeds for the treatment of prostate, brain, lung, head and neck, gynecological, pelvic/abdominal, and colorectal cancers. It sells its products to facilities or physician practices that utilize various
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q4 | 0.1 | -35.0 | -- | -34.0 | -- | -40.0 | -5.0 | -14.1 | -- | -- | -- | -- | -- |
| Est | 2027-Q3 | 0.1 | -34.0 | -- | -33.0 | -- | -39.0 | -5.0 | 25.9 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 0.1 | -33.0 | -- | -32.0 | -- | -38.0 | -5.0 | 64.9 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 0.1 | -32.0 | -- | -31.0 | -- | -37.0 | -5.0 | 102.9 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 0.1 | -30.0 | -- | -29.0 | -- | -35.0 | -5.0 | 139.9 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 0.1 | -29.0 | -- | -28.0 | -- | -34.0 | -5.5 | 174.9 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 0.1 | -27.0 | -- | -26.0 | -- | -32.0 | -5.5 | 208.9 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 0.1 | -25.0 | -- | -24.0 | -- | -30.0 | -5.0 | 240.9 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 0.1 | -27.2 | -28.3 | -26.2 | -31.5 | -38.3 | -6.9 | 270.9 | 2.6 | 103.6 | -40.9% | -258.6x | -- |
| Act | 2025-Q4 | 0.0 | -37.2 | -39.8 | -37.5 | -24.7 | -29.7 | -5.1 | 144.7 | 1.6 | 73.8 | -113.6% | -581.4x | -- |
| Act | 2025-Q3 | 0.2 | -25.1 | -27.9 | -26.0 | -16.3 | -18.3 | -2.0 | 174.1 | 3.3 | 74.3 | -63.0% | -386.6x | -- |
| Act | 2025-Q2 | 0.3 | -21.2 | -24.0 | -21.5 | -20.0 | -18.6 | -4.8 | 191.6 | 3.6 | 70.7 | -47.2% | -177.7x | -- |
| Act | 2025-Q1 | 0.3 | -17.3 | -21.8 | -18.2 | -21.6 | -26.2 | -4.7 | 211.7 | 3.8 | 72.4 | -38.6% | -135.3x | -- |
| Act | 2024-Q4 | 0.0 | -41.6 | -45.0 | -40.2 | -26.6 | -41.2 | -14.6 | 226.9 | 4.1 | 70.6 | -72.6% | -570.1x | -- |
| Act | 2024-Q3 | 0.0 | -14.4 | -18.6 | -15.1 | 3.4 | -26.4 | -29.7 | 267.9 | 4.3 | 70.6 | -26.8% | -208.5x | -- |
| Act | 2024-Q2 | 0.0 | -10.7 | -14.3 | -11.7 | -8.9 | -9.9 | -1.0 | 292.9 | 3.9 | 66.7 | -19.3% | -464.4x | -- |
| Act | 2024-Q1 | 0.0 | -11.4 | -13.0 | -12.3 | 13.9 | 4.8 | -9.1 | 180.7 | 2.9 | 49.5 | -28.0% | -394.4x | -- |
| Act | 2023-Q4 | 0.3 | -8.6 | -7.8 | -24.7 | -9.0 | -9.1 | -0.1 | 9.2 | 2.6 | 54.9 | -100.3% | -357.7x | -- |
| Act | 2023-Q3 | 1.9 | -9.8 | -10.5 | -10.4 | -10.1 | -10.3 | -0.2 | 18.0 | 3.3 | 54.9 | -74.8% | -700.5x | -- |
| Act | 2023-Q2 | 1.5 | -11.1 | -11.4 | -11.1 | -8.1 | -8.6 | -0.6 | 28.3 | 2.6 | 54.9 | -67.2% | -426.1x | -- |
| Act | 2023-Q1 | 1.8 | -10.7 | -11.2 | -0.4 | -9.7 | -9.9 | -0.2 | 36.5 | 2.1 | 54.9 | -38.1% | -591.7x | -- |
| Act | 2022-Q4 | 1.8 | -3.1 | -3.2 | -2.2 | -2.9 | -3.0 | -0.1 | 43.8 | 0.4 | 54.9 | -83.9% | -7.8x | -- |
| Act | 2022-Q3 | 1.7 | -4.2 | -4.2 | -3.9 | -1.8 | -1.9 | -0.1 | 54.1 | 0.5 | 54.9 | -109.2% | -30.1x | -- |
| Act | 2022-Q2 | 2.5 | -2.1 | -2.1 | -2.0 | -2.9 | -3.0 | -0.1 | 55.9 | 0.5 | 54.9 | -43.4% | -- | -- |
| Act | 2022-Q1 | 2.9 | -1.4 | -1.2 | -1.2 | -1.4 | -1.5 | -0.0 | 58.9 | 0.6 | 54.9 | -20.2% | -- | -- |
AI Analysis
LLM Evaluations
CATX is a clinical-stage radiopharmaceutical company with zero meaningful revenue, escalating quarterly burns of $25-30M, a lead asset (VMT-α-NET) that has disappointed the market at multiple data readouts (ESMO -34%, ASCO-GI -5%), and a capital structure defined by perpetual dilution ($250M ATM facility, $164M Feb 2026 raise, 5% annual evergreen). While the 212Pb alpha therapy platform has scientific merit and the Lantheus relationship provides strategic validation, the stock trades at $329M market cap for a company that is 3+ years from potential commercial revenue, faces intense competition from Novartis/Actinium-225 players, and has a 20% short interest that reflects deep market skepticism. The risk/reward is poor at current levels given the dilution trajectory, clinical uncertainty, and Lantheus's effective call option that caps upside for minority holders.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Options
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $2.50 | $1.55/$1.90 | 678 | --/$0.30 | 6 |
| $5.00 | $0.15/$0.40 | 2,689 | $0.15/$2.10 | 7 |
| $7.50 | $0.05/$0.25 | 1,327 | $1.10/$6.00 | 0 |
| $10.00 | --/$0.10 | 293 | $3.60/$8.50 | 0 |
Forward Projections & Estimates
Employees
Cash Runway
Institutional Ownership
Headline & net flow
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| TCG Crossover Management, LLC | $33.0M | $4.17 | +$33.0M | +$33.0M | +4.6% | $3.50B |
| Commodore Capital LP | $26.4M | $7.70 | +$12.5M | +$26.4M | +0.1% | $1.73B |
| Avidity Partners Management LP | $23.6M | $6.82 | +$11.8M | +$15.0M | -7.9% | $435M |
| BlackRock, Inc.Passive | $22.3M | $10.82 | +$3.3M | +$5.7M | -0.2% | $5.69T |
| Opaleye Management Inc. | $19.5M | $3.81 | +$14.6M | +$19.5M | +0.9% | $759M |
| MILLENNIUM MANAGEMENT LLC | $16.9M | $3.95 | +$11.0M | +$16.4M | -0.5% | $127.40B |
| CITADEL ADVISORS LLC | $14.9M | $4.67 | +$13.7M | +$12.8M | -0.4% | $138.22B |
| Affinity Asset Advisors, LLC | $13.2M | $4.27 | +$11.9M | +$3.9M | +1.4% | $1.60B |
| STATE STREET CORPPassive | $13.1M | $8.07 | +$8.3M | +$8.7M | -0.2% | $2.89T |
| BALYASNY ASSET MANAGEMENT LLC | $12.5M | $4.13 | +$11.9M | +$12.5M | -0.4% | $48.01B |
| MORGAN STANLEY | $12.4M | $3.52 | −$6.2M | +$5.9M | -0.3% | $1.65T |
| Spruce Street Capital LP | $11.0M | $4.17 | +$11.0M | +$11.0M | +53.5% | $416M |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $7.4M | $8.07 | +$1.5M | +$2.4M | +2.3% | $1.61T |
| Patient Square Capital LP | $6.8M | $3.33 | +$2.1M | +$6.8M | +3.1% | $538M |
| Nicholson Wealth Management Group, LLC | $6.8M | $13.25 | +$4K | +$40K | -2.2% | $171M |
| GOLDMAN SACHS GROUP INC | $5.2M | $6.02 | +$4.5M | +$3.9M | -0.2% | $760.93B |
| Yu Fan | $4.4M | $4.17 | +$4.4M | +$4.4M | -18.0% | $97.0M |
| TWO SIGMA INVESTMENTS, LP | $4.2M | $2.97 | −$814K | +$1.6M | -0.7% | $117.03B |
| Ally Bridge Group (NY) LLC | $3.9M | $6.51 | +$2.4M | +$3.9M | -4.5% | $101M |
| Nuveen, LLC | $3.8M | $2.73 | −$1.5M | −$1.4M | +0.0% | $368.63B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 41.4%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
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| ALMS | Alumis Inc. Common Stock | 4 | 184.12× |
Analyst Coverage
Corporate
Executive Compensation (2023-2025)
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2025-11-13 | BUY | Hunt Jonathan Robert | officer: Chief Accounting Officer | 11,000 | $2.03 | $22K | $121K |
| 2025-11-12 | BUY | Williamson Robert F III | director | 9,498 | $2.10 | $20K | $21K |
Order Flow (FINRA, ~3w lag)
Filing Risk Analysis
Filing Risk Scores
PERSPECTIVE THERAPEUTICS: Massive Shareholder Dilution and Strategic Partner Entrapment Under the Guise of Liquidity
Counter-Thesis
Counter-Thesis & Recent News
In March 2026, Perspective Therapeutics reported a significantly widened net loss of $103.1 million for the full year 2025, compared to $79.3 million in 2024. Despite reporting 'positive' clinical signals for its VMT-α-NET program at ASCO-GI 2026, the stock suffered a 5.17% decline on the news day, with some intraday troughs reaching -10.4%. Furthermore, the company executed a massive equity offering in February 2026, raising approximately $164 million, which, while extending the runway, significantly diluted existing shareholders.
The bear case centers on a 'treadmill of dilution' and underwhelming clinical translation. Despite aggressive R&D spending (up 102% YoY to $84.2M), the market has reacted poorly to interim data updates, notably a 34% plunge in late 2025 following ESMO results. Short interest has surged by nearly 40% as of late March 2026, now representing over 15% of the float. Skeptics argue the company’s lead asset, VMT-α-NET, lacks the 'knockout' efficacy needed to displace established radiopharmaceutical incumbents, especially given the rising cost of clinical operations.
Financial health metrics indicate weak business operations, evidenced by a low Piotroski F-Score of 3. Technically, the stock triggered a bearish signal on March 30, 2026, when its 10-day moving average crossed below the 50-day moving average (a 'death cross' variant). Additionally, grant revenue—a non-dilutive funding source—declined by 40% year-over-year in 2025, increasing reliance on public markets. At least one analyst downgrade was recorded in late March 2026 amidst these widening losses.
Perspective operates in the increasingly crowded Targeted Alpha Therapy (TAT) space. It faces intense competition from deep-pocketed players and specialized biotechs utilizing Lutetium-177 and Actinium-225 isotopes. The company's focus on Lead-212 (212Pb) requires complex proprietary manufacturing and 'finishing' facilities; any supply chain hiccup or faster scaling by competitors with more established isotope logistics (like Novartis or Point Biopharma) could render CATX's infrastructure a stranded asset.
Investor sentiment is notably fragile; the market has repeatedly 'sold the news' on clinical updates that the company framed as milestones. While institutional 'Buy' ratings remain, the actual price action reflects a 'show me' attitude from the market. Trading volume spikes during price drops suggest that larger holders may be offloading positions into any liquidity provided by clinical PRs.