CATX

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Perspective Therapeutics Provides Recent Business Highlights and Reports 1Q 2026 Results

• Differentiated ²¹²Pb radiopharmaceutical platform designed to optimize tumor killing, safety, patient convenience and supply scalability

• Three clinical-stage oncology programs advancing across neuroendocrine tumors, melanoma and FAP-positive solid tumors with multiple clinical catalysts expected in 2026 across VMT-α-NET, VMT01 and PSV359 programs; lead program, VMT-α-NET, advancing toward a registration‑enabling study

• Regional manufacturing network designed to support reliable supply of ready-to-administer radiopharmaceuticals for clinical development and potential commercialization; Chicago site expected to complete construction in 2026

• Cash runway expected into late 2027 to support planned clinical milestones and operational investments; cash, cash equivalents, and short-term investments of approximately $271M as of March 31, 2026

SEATTLE – May 11, 2026 – Perspective Therapeutics, Inc. (“Perspective,” the “Company,” “we,” “us,” and “our”) (NYSE AMERICAN: CATX), a radiopharmaceutical development company pioneering advanced treatments for cancers throughout the body, today provided a business update and announced results for the quarter ended March 31, 2026.

“The first quarter of 2026 was marked by continued execution across our clinical programs and strengthening of our financial position,” said Thijs Spoor, Perspective’s CEO. “Our focus on engineering the alpha advantage across every part of the radiopharmaceutical value chain - from the radioisotope to optimized structural chemistry, theranostic processes, and regional manufacturing - differentiates Perspective, and we look forward to providing clinical and manufacturing updates throughout 2026.”

Clinical Highlights

VMT-α-NET

We are conducting a multi-center, open-label, dose-finding study (clinicaltrials.gov identifier NCT05636618) of [212Pb]VMT-α-NET in patients with unresectable or metastatic somatostatin receptor type 2 (SSTR2)-positive neuroendocrine tumors (NETs) who have not received prior radiopharmaceutical therapies (RPT).

• 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 in April 2026.

• As of April 30, 2026, the first 23 patients in Cohort 2 have had the opportunity for at least 60 weeks of follow-up since beginning treatment. By late 2026, all 46 patients in Cohort 2 will have had the opportunity for at least 60 weeks of follow-up since beginning treatment.

• We believe our clinical data package positions us for meaningful regulatory engagement in 2026 to align on the path forward.

• As of April 30, 2026, a total of 20 patients have been treated in Cohort 3. This cohort is now closed to enrollment. By late 2026, the eight patients initially enrolled for dose-limiting toxicity (DLT) assessment will have had the opportunity for at least 48 weeks of follow-up since beginning treatment.

• Cohort 4 is now open for recruitment.

• During the dose-finding phase of the study, we enrolled primarily NET patients whose disease originated in the pancreas or the digestive tract. We have an allowance for enrollment of NET patients whose disease originated in the lung (of which small cell lung cancer is a subset), pheochromocytoma/paraganglioma NETs, and SSTR2+ meningioma.

• We opened a proof-of-concept cohort of meningioma patients. To date, there is no approved systematic therapy for this disease. The unmet medical need may support an expedited development path.

VMT01

VMT01 is an MC1R-targeted RPT that can be radiolabeled with either 203Pb for patient selection and dosimetry assessment or 212Pb for alpha-particle therapy. We are conducting a multi-center, open-label, dose-finding study (clinicaltrials.gov identifier NCT05655312) in heavily pre-treated patients with histologically confirmed melanoma and MC1R-positive imaging scans.

• Since dosing re-opened for 3.0 mCi of VMT01 as monotherapy, and was initiated for 3.0 mCi of VMT01 in combination with nivolumab in September 2025, 10 patients had received VMT01 3.0 mCi treatment as of February 28, 2026; six patients had received VMT01 at 3.0 mCi in combination with nivolumab, and 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 are now closed for enrollment.

• By late 2026, the 10 patients who had received VMT01 3.0 mCi treatment since the initiation or re-opening of these cohorts in September 2025 will have had the opportunity for at least 24 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 three doses every eight weeks).

PSV359

We designed PSV359 to target and deliver 212Pb to tumor sites expressing fibroblast activation protein-α (

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Agenda

Engineering the Alpha Advantage in Targeted Oncology

Optimizing the Entire System

Expanding the Addressable Market

Unlocking New Treatment Options Across Solid Tumors:

Choosing The Right Isotope

Optimizing Structural Chemistry:

Not All ²¹²Pb Programs Are Created Equal

Advancing a Theranostic Approach:

A Decade of Deliberate, End-to-End Engineering

Direct-to-Hospital Delivery through Integrated Isotope Production

Daily Production at Regional Sites Ensures Supply of Ready-to-Administer Product

Reaching the Largest Addressable Market with Regional Manufacturing

Advancing a Diverse Wholly Owned 212Pb-Based Oncology Portfolio

Rapidly Advancing Best-in-Class Next Generation Radiopharmaceuticals

Perspective Therapeutics

Theranostics in management of patients with neuroendocrine and other SSTR positive tumors

Objectives

Treatment landscape

Adverse side effects

Other factors that drive treatment

Survival expectations

NCCN guidelines

Treatment decision making

Alpha particle PRRT

The evolution of the treatment continuum

Summary

SSTR2+ Neuroendocrine Tumors is a Large, Growing Market with Significant Unmet Need

Ongoing Phase 1/2a to Establish Broad Therapeutic Window For VMT-⍺-NET in NETs

Patient with Confirmed PR After [212Pb]VMT-α-NET Treatment

VMT-⍺-NET: Baseline Patient Characteristics in AACR 2026 Data Analysis

Patient Exposure and Follow-up with [212Pb]VMT-α-NET in AACR 2026 Data Analysis

Blood Creatinine During Follow-up for All Patients Treated (n=64)

VMT-⍺-NET: Durable Disease Control Across All Doses

Spider plot of tumor change over time by patient

VMT-α-NET Responses Deepen Over Time

VMT-α-NET’s Compelling Profile Supports Potential Registration Study at Current Dose Level

Why Frontloading?

Ongoing Phase 1/2a to Establish Broad Therapeutic Window For VMT-⍺-NET in NETs

Meningioma

VMT-⍺-NET: Potential First-in-Class 212Pb-Radioligand Therapy Targeting SSTR2

[212Pb]Pb-VMT--NET after previous radio-ligand treatment

Dresden VMT--NET compassionate use program

Dresden VMT--NET compassionate use program

Dresden VMT--NET compassionate use program

Dresden VMT--NET compassionate use program

First results - compassionate use program

First results - compassionate use program

First results - compassionate use program

First results - compassionate use program

First results - compassionate use program

First results - compassionate use program

Case Study

Case Study

Case Study

Case Study

Imaging and dosimetry

Conclusion

How biodistribution informs therapeutic potential

Disclosures

PSMA vs DOTATATE

PSMA vs DOTATATE

PSMA vs DOTATATE

Patient’s journey from PSA>MRI>PSMA PET

Receptor Targeted PET enabled a fundamentally different clinical trial design: Treat if you see it

68Ga/177Lu-PSMASuper vs Non-Responder

68Ga/177Lu-DOTATATESuper vs Non-Responder

Radioligand Therapy Today“Science advances one funeral at a time” Max Planck

Radioligand Therapy Today“Science advances one funeral at a time” Max Planck

FAP is an Emerging Target

Not every FAP is bio-identical

TheranosticsShort Half-lives for Long, Full Lives

FIH 203/212Pb Pb-VMT-α-NET Perspective Therapeutics

FIH 203/212Pb Pb-VMT-α-NET Perspective Therapeutics

Early, Medium and Late Biodistribution Should Inform Therapeutic Window

Perspective’s CCK2R81 in Medullary Thyroid Cancer Compared to FDG and Fluorodopa

Development of PSV594 for CCK2R+ Tumor types

CCK2R: Implicated in Multiple Tumor Types With Major Unmet Needs

Expanding the Addressable Market

Optimizing the Entire System

A Decade of Deliberate, End-to-End Engineering

Built Over a Decade:

Q&A

Advancing a Theranostic Approach:

212Pb is Our Isotope of Choice

Choosing The Right Isotope

Kinetics Matter: 212Pb Hits Hard and Fast For Strong Activity with Less Systemic Exposure

𝜶-Particles Delivers More Potent, Targeted Tumor Killing vs. β-Particles

212Pb Further Enhanced by Proprietary Chelator for Targeted Delivery of Payload

212Pb Multi-Mechanistic Activity Drives Tumor Destruction and Anti-Tumor Immunity

Rationale for Synergy with Immune Checkpoint Inhibitors

212Pb Uniquely Suited for Combination with Immune Check Point Inhibitors

212Pb Half-life Is More Convenient for Customers

Advancing a Theranostic Approach:

Supply Chain and Manufacturing Infrastructure

End-to-End Manufacturing with Clinical Supply Secured and Commercial Scale Underway

Direct-to-Hospital Delivery through Integrated Isotope Production

Reliable, On-Demand 212Pb from 228Th and 224Ra

Flexible Scalable 224Ra Supply Enables Regional Manufacturing

Ideal for Regional Manufacturing

On-Demand Fulfillment at Regional Sites for Finished Product Delivery

Daily Production at Regional Sites Ensures Supply of Ready-to-administer Product

Reaching the Largest Addressable Market with Regional Manufacturing

Mature, Well-Established Distribution Networks

Network Approach Chosen by Novartis

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Perspective Therapeutics Provides Recent Business Highlights and Reports Full Year 2025 Results

• Lead program VMT-α-NET in neuroendocrine tumors continues to demonstrate a favorable tolerability profile with durable disease control and deepening of tumor response with longer follow-up, as reported at ASCO-GI 2026

• VMT-α-NET study on track to achieve nearly one year of follow-up in all 46 patients in Cohort 2 by mid-2026; analysis to inform patient selection strategy ongoing

• Data across all dose levels in the VMT-α-NET program provide development optionality and support the build-out of a robust clinical evidence package for submission for presentation to more medical conferences and regulatory engagement in 2026

• Clinical updates for all three clinical programs are expected to be submitted for presentation at medical conferences throughout 2026

• Cash, cash equivalents and short-term investments of approximately $145M as of December 31, 2025, together with subsequent equity offering (net proceeds of ~$164 million), expected to be sufficient to fund current planned clinical milestones and operational investments into late 2027

SEATTLE – March 16, 2026 – Perspective Therapeutics, Inc. (“Perspective,” the “Company,” “we,” “us,” and “our”) (NYSE AMERICAN: CATX), a radiopharmaceutical development company pioneering advanced treatments for cancers throughout the body, today provided a business update and announced full year results for the year ended December 31, 2025.

“The rich flow of data readouts in 2026 reflects years of dedication by our team to develop transformational new treatment options for patients in need of more choices,” said Thijs Spoor, Perspective’s CEO. “We look forward to evaluating how these results will inform next steps for advancing our lead program VMT-α-NET and contribute to our understanding of the broader potential of our proprietary next-generation targeted radiopharmaceutical technology.”

Advancing the current clinical pipeline

VMT-α-NET

We are conducting a multi-center, open-label, dose-finding study (clinicaltrials.gov identifier NCT05636618) of [212Pb]VMT-α-NET in patients with unresectable or metastatic somatostatin receptor type 2 (SSTR2)-positive neuroendocrine tumors (NETs) who have not received prior radiopharmaceutical therapies (RPT).

Updated interim data from the study, as of a data-cut off (DCO) date of December 10, 2025, were presented at the 2026 ASCO Gastrointestinal Cancers Symposium (“ASCO-GI 2026”). Highlights from the updated analysis included the following:

Safety findings based on 56 patients who received at least one treatment:

• The 56 patients in this safety analysis comprised 2 patients in Cohort 1 (2.5 mCi), 46 patients in Cohort 2 (5.0 mCi), and 8 patients in Cohort 3 (6.0 mCi).

• There were no reports of dose limiting toxicities (DLTs), treatment-related discontinuations, serious renal complications, dysphagia, or clinically significant treatment-related myelosuppression.

• Grade 3 or higher treatment-emergent adverse events were reported in 21 patients (37.5%). One of these patients, who was enrolled in Cohort 3, experienced a transient Grade 4 event (lymphocyte count decrease). This event was transient and resolved without medical intervention. The patient continues to receive [212Pb]VMT-α-NET treatment. There were no Grade 5 events.

• Serious adverse events were reported in 5 patients, with none deemed related to the study medication.

Anti-tumor activity reported at ASCO-GI in January 2026, based on both patients in Cohort 1 and 23 (half) of the patients enrolled in Cohort 2:

• Updated efficacy analysis in the same 25 patients from ESMO Congress 2025 (“ESMO 2025”) in October 2025 was presented with an additional ~13 weeks of follow-up since the previous presentation at ESMO 2025.

• 19 of the 25 patients (76%) were without progression and remained alive, including both patients in Cohort 1.

• Nine (39%) patients in Cohort 2 were observed to have response according to investigator-assessed RECIST v1.1. Eight (35%) of those responses were confirmed and previously reported at ESMO 2025. One additional patient experienced an initial response in their most recent tumor assessment after the prior update at ESMO 2025. As the patient remains on study, the patient is expected to receive a subsequent tumor assessment.

• Seven patients were observed to have deepening of best response, including one patient with stable disease.

As of February 28, 2026, the first 23 patients in Cohort 2 would have had the opportunity for at least 48 weeks of follow-up since beginning treatment. By mid-2026, we expect all 46 patients in Cohort 2 would have had the opportunity for at least 48 weeks of follow-up since beginning treatment.

Cohort 3 opened in June 2025 after alignment was reached with the FDA, as previously agreed prior to the initiation of this study in 2023. Patients in Cohort 3 are receiving up to