CATX: Highlights from the RBC Healthcare Conference

Research evidence excerpt

CATX: Highlights from the RBC Healthcare Conference

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Leonid Timashev, Ph.D. (Analyst)

May 19, 2026

Perspective Therapeutics, Inc.

Highlights from the RBC Healthcare Conference

AMEX: CATX | USD 3.63 | Outperform | Speculative Risk | Price Target USD 14.00

Sentiment: Neutral

CFO Joel Sendek and Annie Cheng, VP of IR, presented.

The conversation focused on upcoming data, ph.III design, and manufacturing plans.

• CATX uses Lead-212 alpha emitters (and noted that while they use lead, other alpha emitters are also possible) rather than beta

emitters, offering superior safety and efficacy, and in particular, the team highlighted potential advantages from the proprietary

net-neutral charge chelator design that promotes kidney excretion rather than reabsorption which also retains daughter isotopes

to prevent toxic metabolites.

• The company's approach focuses on early imaging to allow pre-clinical identification of tumor targeting and healthy tissue uptake

through animal studies, providing insights unavailable with traditional TKIs or monoclonal antibodies before entering clinical

trials - reducing risk.

• The team reiterated they believe the VMT α-NET program has demonstrated strong efficacy (43% ORR in mITT), substantially

outperforming the response rates of competing NET drugs cabozantinib and LUTATHERA.

• Notably, 9/16 patients showed deepening of response, indicating drug's benefit potentially extending beyond initial response,

and the company has not yet reached median PFS but expects this endpoint will become increasingly meaningful as the program

progresses.

• VMT α-NET has also demonstrated a relatively good safety profile compared to competitive radiopharmaceuticals, with

particular success in avoiding renal toxicity.