Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 12, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000728387 | |
Entity Registrant Name | Perspective Therapeutics, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-33407 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 41-1458152 | |
Entity Address, Address Line One | 350 Hills St., Suite 106 | |
Entity Address, City or Town | Richland | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 99354 | |
City Area Code | 509 | |
Local Phone Number | 375-1202 | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | CATX | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 280,131,359 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Current assets: | |||
Cash and cash equivalents | $ 36,452 | $ 20,993 | |
Short-term investments | 0 | 22,764 | |
Accounts receivable, net | 1,364 | 1,363 | |
Inventory | 1,408 | 1,409 | |
Note receivable | 0 | 6,109 | |
Prepaid expenses and other current assets | 1,042 | 577 | |
Total current assets | 40,266 | 53,215 | |
Property and equipment, net | 6,733 | [1] | 1,684 |
Right of use asset, net | 309 | 378 | |
Restricted cash | 182 | 182 | |
Inventory, non-current | 2,269 | 2,396 | |
Intangible assets | 50,000 | 0 | |
Balance | 27,319 | 0 | |
Other assets, net | 567 | 236 | |
Total assets | 127,645 | 58,091 | |
Current liabilities: | |||
Accounts payable and accrued expenses | 3,914 | 1,541 | |
Lease liability | 280 | 276 | |
Accrued protocol expense | 354 | 233 | |
Accrued radioactive waste disposal | 15 | 129 | |
Accrued payroll and related taxes | 1,787 | 212 | |
Accrued vacation | 764 | 285 | |
Other notes payable, current | 80 | 0 | |
Total current liabilities | 7,194 | 2,676 | |
Non-current liabilities: | |||
Lease liability, non-current | 44 | 116 | |
Notes payable – long-term portion | 1,713 | [2] | 0 |
Asset retirement obligation | 666 | 657 | |
Total liabilities | 9,617 | 3,449 | |
Commitments and contingencies (Note 9) | |||
Stockholders' equity: | |||
Preferred stock, $.001 par value; 7,000,000 shares authorized: Series B: 5,000,000 shares allocated; no shares issued and outstanding | 0 | 0 | |
Common stock, $.001 par value; 750,000,000 shares authorized; 278,657,841 and 142,112,766 shares issued and outstanding | 279 | 142 | |
Additional paid-in capital | 224,052 | 160,432 | |
Accumulated deficit | (106,303) | (105,932) | |
Total stockholders' equity | 118,028 | 54,642 | |
Total liabilities and stockholders' equity | $ 127,645 | $ 58,091 | |
[1]Includes fair value of property and equipment acquired through the Merger with Viewpoint of approximately $5,050,000.[2]The notes payable were assumed by the Company effective upon the closing of the Merger with Viewpoint on February 3, 2023. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 7,000,000 | 7,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 750,000,000 | 750,000,000 |
Common stock, shares issued (in shares) | 278,657,841 | 142,112,766 |
Common stock, shares outstanding (in shares) | 278,657,841 | 142,112,766 |
Series B Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Sales, net | $ 1,830 | $ 2,910 |
Grant revenue | 233 | 0 |
Total revenue | 2,063 | 2,910 |
Cost of sales | 1,576 | 1,469 |
Gross profit | 487 | 1,441 |
Operating expenses: | ||
Research and development | 3,857 | 549 |
Sales and marketing | 812 | 687 |
General and administrative | 7,023 | 1,581 |
Loss on disposal of property and equipment | 22 | 0 |
Total operating expenses | 11,714 | 2,817 |
Operating loss | (11,227) | (1,376) |
Non-operating income (expense): | ||
Interest income | 374 | 29 |
Interest expense | (18) | 0 |
Non-operating income, net | 356 | 29 |
Net loss before deferred income tax benefit | (10,871) | (1,347) |
Deferred income tax benefit | 10,500 | 0 |
Net loss | $ (371) | $ (1,347) |
Basic and diluted loss per share (in dollars per share) | $ 0 | $ (0.01) |
Weighted average shares used in computing net loss per share: | ||
Basic and diluted (in shares) | 228,591 | 142,040 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (371) | $ (1,347) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Noncash lease expense | 1 | 0 |
Depreciation expense | 180 | 64 |
Loss on equipment disposals | 22 | 0 |
Amortization of other assets | 10 | 10 |
Accretion of asset retirement obligation | 9 | 8 |
Share-based compensation | 1,368 | 157 |
Deferred tax benefit | (10,500) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (1) | (493) |
Inventory | 128 | 84 |
Prepaid expenses and other current assets | (60) | (16) |
Accounts payable and accrued expenses | (595) | (76) |
Accrued protocol expense | 121 | (28) |
Accrued radioactive waste disposal | (114) | (9) |
Accrued payroll and related taxes | (67) | 225 |
Accrued vacation | 146 | (3) |
Net cash used by operating activities | (9,723) | (1,424) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Additions to property and equipment | (201) | (26) |
Proceeds from maturity of short-term investments | 22,764 | 0 |
Net cash acquired in acquisition of Viewpoint | 2,699 | 0 |
Net cash provided (used) by investing activities | 25,262 | (26) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayment of notes payable | (15) | 0 |
Issuance costs related to common stock issued in exchange for Viewpoint common stock | (65) | 0 |
Net cash used by financing activities | (80) | 0 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 15,459 | (1,450) |
Cash, cash equivalents, and restricted cash beginning of period | 21,175 | 60,536 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH END OF PERIOD | 36,634 | 59,086 |
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets: | ||
Cash and cash equivalents | 36,452 | 58,904 |
Restricted cash | 182 | 182 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH END OF PERIOD | 36,634 | 59,086 |
Supplemental schedule of noncash investing and financing activities: | ||
Fair value of Viewpoint assets acquired including goodwill | 85,885 | 0 |
136,545,075 shares of Perspective Therapeutics common stock issued in exchange for Viewpoint common stock | (54,618) | 0 |
Assumption of Viewpoint stock options and warrants at fair value | (7,836) | 0 |
Note receivable and accrued interest from Viewpoint forgiven | (6,171) | 0 |
Viewpoint liabilities assumed including deferred tax liabilities established through accounting for business combinations (see Note 14) | $ 17,260 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balances (in shares) at Dec. 31, 2021 | 142,040,266 | |||
Balances at Dec. 31, 2021 | $ 142 | $ 159,421 | $ (95,172) | $ 64,391 |
Share-based compensation | 157 | 157 | ||
Net loss | (1,347) | (1,347) | ||
Balances (in shares) at Mar. 31, 2022 | 142,040,266 | |||
Balances at Mar. 31, 2022 | $ 142 | 159,578 | (96,519) | 63,201 |
Balances (in shares) at Dec. 31, 2022 | 142,112,766 | |||
Balances at Dec. 31, 2022 | $ 142 | 160,432 | (105,932) | 54,642 |
Share-based compensation | 1,368 | 1,368 | ||
Net loss | (371) | (371) | ||
Issuance of common stock in exchange for Viewpoint common stock, net of issuance costs (in shares) | 136,545,075 | |||
Issuance of common stock in exchange for Viewpoint common stock, net of issuance costs | $ 137 | 54,416 | 54,553 | |
Assumption of Viewpoint stock options and warrants at fair value | 7,836 | 7,836 | ||
Balances (in shares) at Mar. 31, 2023 | 278,657,841 | |||
Balances at Mar. 31, 2023 | $ 279 | $ 224,052 | $ (106,303) | $ 118,028 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. Basis of Presentation and Summary of Significant Accounting Policies The accompanying unaudited interim condensed consolidated financial statements are those of Perspective Therapeutics, Inc., and its wholly-owned subsidiaries, referred to herein as “Perspective Therapeutics” or the “Company”. All significant intercompany accounts and transactions have been eliminated in the consolidation. In the opinion of management, all adjustments necessary for the fair statement of the condensed consolidated financial statements have been included. These unaudited interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and related notes as set forth in the Company’s annual report filed on Form 10 December 31, 2022. 14 The unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP). Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures are adequate for the information not not The Company anticipates that as the result of continuing operating losses and the significant net operating losses available from prior fiscal years, its effective income tax rate for fiscal year 2023 Significant Accounting Policies Segments ASC 280 , Segment Reporting, Use of Estimates The preparation of condensed consolidated financial statements in accordance with GAAP requires management of the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes of the Company including the fair value of net assets acquired in a business combination; the allowance for doubtful accounts receivable; net realizable value of the enriched barium inventory; the estimated useful lives used in calculating depreciation and amortization on the Company’s fixed assets, patents, trademarks, intangible assets and other assets; estimated amount and fair value of the asset retirement obligation related to the Company’s production facilities; equity method investment; and inputs to the Black-Scholes calculation used in determining the expense related to share-based compensation including volatility and estimated lives of options granted and impairment of long-lived assets including intangible assets and goodwill. Accordingly, actual results could differ from those estimates and affect the amounts reported in the financial statements. Business Acquisition Accounting The Company applies the acquisition method of accounting for those that meet the criteria of a business combination. The Company allocates the purchase price of its business acquisition based on the fair value of identifiable tangible and intangible assets and liabilities. The difference between the total cost of the acquisition and the sum of the fair values of acquired tangible and identifiable intangible assets less liabilities is recorded as goodwill. Transaction costs are expensed as incurred in general and administrative expenses. If applicable, the Company records deferred taxes for any differences between the assigned values and tax basis of assets and liabilities. Estimated deferred taxes are based on available information concerning the tax basis of assets acquired and liabilities assumed at the acquisition date, although such estimates may Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP. The Company views its operations and manages its business in two operating segments. All long-lived assets of the Company reside in the U.S. Grant Revenue Recognition The Company enters into contracts with governmental agencies for services. These contracts are analyzed in order to determine if they should be accounted for under a revenue recognition model pursuant to Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, 958, Not 958, not 606, not 958, 958. |
Note 2 - New Accounting Standar
Note 2 - New Accounting Standards | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. New Accounting Standards Accounting Standards Updates to Become Effective in Future Periods In June 2016, No. 2016 13, Financial Instruments Credit Losses 326 Measurement of Credit Losses on Financial Instruments 326 December 15, 2022. January 1, 2023 Other accounting standards that have been issued or proposed by the FASB that do not not not not |
Note 3 - Loss Per Share
Note 3 - Loss Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3. Loss per Share Basic and diluted earnings (loss) per share are calculated by dividing net income (loss) by the weighted average number of common shares outstanding and does not 31, 2023 2022 not Securities not 31, 2023 2022, March 31, 2023 2022 Common stock warrants 6,033 2,646 Common stock options 37,870 6,926 Total potential dilutive securities 43,903 9,572 Effective upon the closing of the Merger with Viewpoint on February 3, 2023, |
Note 4 - Inventory
Note 4 - Inventory | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. Inventory Inventory consisted of the following at March 31, 2023 December 31, 2022 ( March 31, December 31, 2023 2022 Raw materials $ 777 $ 752 Work in process 616 636 Finished goods 15 21 Total inventory, current $ 1,408 $ 1,409 March 31, December 31, 2023 2022 Enriched barium, non-current $ 2,007 $ 2,121 Raw materials, non-current 262 275 Total inventory, non-current $ 2,269 $ 2,396 Inventory, non-current represents raw materials that were ordered in quantities to obtain volume cost discounts which based on current and anticipated sales volumes will not March 31, 2023, 8,158 1,040 twelve 7,118 March 31, 2024. 1,040 7,118 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Property and Equipment Property and equipment consisted of the following at March 31, 2023 December 31, 2022 ( March 31, December 31, 2023 2 2022 Building $ 1,770 $ - Land 1,283 366 Equipment 6,909 4,581 Leasehold improvements 4,291 4,143 Other 1 291 225 Property and equipment 14,544 9,315 Less accumulated depreciation (7,811 ) (7,631 ) Property and equipment, net $ 6,733 $ 1,684 1 Plant and equipment, not 2 Includes fair value of property and equipment acquired through the Merger with Viewpoint of approximately $5,050,000. |
Note 6 - Goodwill and Other Int
Note 6 - Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. Goodwill and Other Intangible Assets Goodwill The carrying amount of goodwill as of March 31, 2023 December 31, 2022 February 2023. three March 31, 2023 (in thousands) Balance, December 31, 2022 $ - Balance, March 31, 2023 $ 27,319 Other intangible assets, net consists of the following (in thousands): March 31, 2023 Cost Accumulated Amortization Net Carrying Value Indefinite-lived intangible assets In-process research and development $ 50,000 $ - $ 50,000 Total $ 50,000 $ - $ 50,000 December 31, 2022 Cost Accumulated Amortization Net Carrying Value Indefinite-lived intangible assets In-process research and development $ - $ - $ - Total $ - $ - $ - The Company’s IPR&D assets represents the estimated fair value of Viewpoint's pipeline of radiotherapy product candidates acquired in February 2023. The Company evaluates the other intangible assets at least annually, as well as whenever events or changes in circumstances suggest that the carrying amount may not no |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurement | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | 7. Fair Value Measurement The following table summarizes the carrying values and fair values of the Company’s financial instruments (in thousands): March 31, 2023 December 31, 2022 Carrying Value Total Fair Value Total Carrying Value Total Fair Value Total U.S. Treasury Bills $ - $ - $ 22,764 $ 22,764 The Company has investments in U.S. Treasury Bills, some of which mature over a period greater than 90 1 three March 31, 2023, |
Note 8 - Share-based Compensati
Note 8 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 8. Share-Based Compensation The following table presents the share-based compensation expense recognized for stock-based options during the three 31, 2023, 2022 Three Months 2023 2022 Cost of sales $ 36 $ 12 Research and development expenses 340 33 Sales and marketing expenses 101 (18 ) General and administrative expenses 891 130 Total share-based compensation $ 1,368 $ 157 As of March 31 , 2023, A summary of stock options within the Company’s share-based compensation plans as of March 31 , 2023 Weighted Weighted Average Number of Exercise Contractual Intrinsic Options Outstanding Price Term (Years) Value Balance at December 31, 2022 10,806,200 (b) $ 0.56 7.93 $ - Granted 2,800,000 0.38 Options assumed (a) 24,263,424 0.17 Balance at March 31, 2023 37,869,624 $ 0.30 7.70 $ 12,989 Exercisable as March 31, 2023 35,121,848 $ 0.29 7.53 $ 12,330 (a) As a result of the Merger with Viewpoint, the Company assumed 24,263,424 option awards originally issued by Viewpoint into Perspective Therapeutic options with their original terms, effective upon the closing of the Merger on February 3, 2023. (b) All of these awards vested on February 3, 2023 There were no options exercised during the three 31 , 2023, 2022, There were 2,800,000 option awards granted and no option awards granted with a fair value of approximately $849,000 and $0, during the three 31 , 2023, 2022, There were 0 and 113,575 stock option awards which expired during the three 31 , 2023, 2022, There were 0 and 413,700 stock option awards forfeited during the three 31 , 2023, 2022, The weighted average fair value of stock option awards granted and the key assumptions used in the Black-Scholes valuation model to calculate the fair value are as follows: For the Three Months Ended March 31, 2023 Weighted average fair value $0.30 Options issued 2,800,000 Exercise price $0.38 to $0.38 Expected term (in years) 5 Risk-free rate 4.16% to 4.16% Volatility 106% to 106% |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. Commitments and Contingencies Isotope Purchase Agreement On December 12, 2022, 2023 2023 131 2023 2023 November 28, 2022, December 12, 2022 January 1, 2023, March 31, 2024. March 18, 2021, six March 31, 2023, 131 2023 131 2023 Additionally, on December 12, 2022, 2024 2024 131 2024 2024 November 28, 2022, December 12, 2022 January 1, 2024, March 31, 2025. Merger Related Contingency The Company has been in settlement negotiations with a representative for six November 2022 December 2022. not $200,000 December 31, 2022. no March 31, 2023. |
Note 10 - Leases
Note 10 - Leases | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 10. Leases For the three March 31, 2023 2022, three March 31, 2023 2022, During the three March 31, 2023, two March 31, 2023. 2022 11. March 31, 2023, one November 30, 2023 The following table presents the future operating lease payments and lease liability included on the condensed consolidated balance sheet related to the Company’s operating lease as of March 31, 2023 ( Year Ending December 31, 2023 (remaining nine months) 219 2024 118 Total 337 Less: imputed interest (13 ) Total lease liability 324 Less current portion (280 ) Non-current lease liability $ 44 |
Note 11 - Notes Payable
Note 11 - Notes Payable | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11. Notes Payable Notes payable as of March 31, 2023 December 31, 2022 ( March 31, December 31, 2023 1 2022 Note payable (a) $ 33 $ - Note payable (b) 1,760 - $ 1,793 $ - Less: current portion (80 ) - Notes payable – long-term portion $ 1,713 $ - ( 1 The notes payable were assumed by the Company effective upon the closing of the Merger with Viewpoint on February 3, 2023. (a) On July 19, 2019, first first $1 first 2024. March 31, 2023. three March 31, 2023, (b) On December 29, 2022, January 29, 2023, December 29, 2027. March 31, 2023, three March 31, 2023, The following table presents the future principal payments included on the condensed consolidated balance sheet related to the Company’s notes payable as of March 31, 2023 ( Years ending December 31: 2023 (remaining nine months) $ 68 2024 49 2025 52 2026 55 2027 1,569 Total $ 1,793 |
Note 12 - Revenue
Note 12 - Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 12. Revenue Sources of Revenue We have identified the following revenues disaggregated by revenue source: 1. Domestic – direct sales of products and services. 2. International – direct sales of products and services. 3. Grant revenue – contracts with governmental agencies for services. During the three March 31, 2023 2022, three March 31, 2023, not three March 31, 2022. Concentration of Customers The following are the Company's top customers, facilities, or physician practices that utilize multiple surgical facilities shown as a percentage of total sales: Three Months Ended March 31, Facilities and Customers 2023 % of total revenue 2022 % of total revenue GT Medical Technologies 23.7 % 13.4 % National Institutes of Health (1) 11.3 % 0 % El Camino, Los Gatos, & other facilities (2) 0 % 26.9 % ( 1 This revenue relates to grants received from the National Institutes of Health. ( 2 The head of the single largest physician practice also served as the Company’s medical director. As the medical director, this physician advised the Company Board of Directors and management, provided technical advice related to product development and research and development, and provided internal training to the Company sales staff and professional training to our sales staff and to other physicians. On September 20, 2022, not August September 2022 10 May 1, 2023. As of March 31, 2023, December 31, 2022, |
Note 13 - Segment Reporting
Note 13 - Segment Reporting | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. Segment Reporting The Company operates two reportable business segments: ● Brachytherapy – sales and manufacturing of Cesium- 131 ● Drug Operations – research and development and clinical operations related to the use of Lead- 203 212 The Company evaluates the performance of its segments and allocates resources to them based on their operating loss and potential market. The Company had no Summarized financial information concerning the Company’s reportable segments are as follows (in thousands): For the three months ended March 31, 2023 Brachytherapy Drug Operations Corporate Total Revenues $ 1,830 $ 233 $ - $ 2,063 Gross profit 254 233 - 487 Operating loss (1,842 ) (2,722 ) (6,663 ) (11,227 ) Interest income - - 374 374 Interest expense - 18 - 18 Depreciation and amortization 66 90 34 190 For the three months ended March 31, 2022 Brachytherapy Drug Operations Corporate Total Revenues $ 2,910 $ - $ $ 2,910 Gross profit 1,441 - 1,441 Operating loss (56 ) - (1,320 ) (1,376 ) Interest income - - 29 29 Depreciation and amortization 63 - 11 74 |
Note 14 - Merger
Note 14 - Merger | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 14. Merger On February 3, 2023, November 2022 Viewpoint is an alpha-particle radiopharmaceutical company in the alphaemitter market developing oncology therapeutics and complementary imaging agents. The Merger was completed to provide the Company with a new isotope in a larger market. The Company accounted for the transaction as a business combination in accordance ASC 805, Business Combinations one third not The Viewpoint purchase price consideration and provisional allocation to net assets acquired is presented below (in thousands except for share price): Fair value of consideration transferred Perspective Therapeutics common stock issued ( 136,545,075 0.40 $ 54,618 Assumption of Viewpoint stock options and warrants at fair value 7,836 Note receivable from Viewpoint forgiven 6,171 Total fair value of consideration transferred $ 68,625 Recognized amounts of identifiable net assets acquired Assets acquired Cash and cash equivalents $ 2,698 Grants receivable 95 Prepaid expenses 397 Property and equipment 5,050 Right of use asset 10 Intangible assets 50,000 Other assets 316 Total assets acquired 58,566 Liabilities assumed Accounts payable and accrued expenses 2,968 Lease liability 10 Accrued payroll and related taxes 1,642 Accrued vacation 333 Note payable 1,807 Deferred tax liability 10,500 Total liabilities acquired 17,260 Net assets acquired, excluding goodwill 41,306 Total purchase price consideration 68,625 Goodwill $ 27,319 Goodwill is calculated as the difference between the acquisition date fair value of the consideration and the preliminary values assigned to the assets acquired and liabilities assumed. Goodwill is not not The results of operations for Viewpoint since the closing date have been included in our condensed consolidated financial statements for the three March 31, 2023 three March 31, 2023, The pro forma financial information below represents the combined results of operations as if the acquisition had occurred on January 1, 2022, The information below reflects certain nonrecurring pro forma adjustments that were directly related to the business combination based on available information and certain assumptions that we believe are reasonable, including the following adjustments: 1. Excludes acquisition-related costs incurred by the Company totaling approximately $4.6 million for the three March 31, 2023 three March 31, 2022. 2. Excludes the deferred income tax benefit of approximately $10.5 million for the three March 31, 2023 three March 31, 2022. (in thousands) Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Revenue $ 2,063 $ 3,128 Net (loss) income (6,259 ) 1,597 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | Segments ASC 280 , Segment Reporting, |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of condensed consolidated financial statements in accordance with GAAP requires management of the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes of the Company including the fair value of net assets acquired in a business combination; the allowance for doubtful accounts receivable; net realizable value of the enriched barium inventory; the estimated useful lives used in calculating depreciation and amortization on the Company’s fixed assets, patents, trademarks, intangible assets and other assets; estimated amount and fair value of the asset retirement obligation related to the Company’s production facilities; equity method investment; and inputs to the Black-Scholes calculation used in determining the expense related to share-based compensation including volatility and estimated lives of options granted and impairment of long-lived assets including intangible assets and goodwill. Accordingly, actual results could differ from those estimates and affect the amounts reported in the financial statements. |
Business Combinations Policy [Policy Text Block] | Business Acquisition Accounting The Company applies the acquisition method of accounting for those that meet the criteria of a business combination. The Company allocates the purchase price of its business acquisition based on the fair value of identifiable tangible and intangible assets and liabilities. The difference between the total cost of the acquisition and the sum of the fair values of acquired tangible and identifiable intangible assets less liabilities is recorded as goodwill. Transaction costs are expensed as incurred in general and administrative expenses. If applicable, the Company records deferred taxes for any differences between the assigned values and tax basis of assets and liabilities. Estimated deferred taxes are based on available information concerning the tax basis of assets acquired and liabilities assumed at the acquisition date, although such estimates may |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP. The Company views its operations and manages its business in two operating segments. All long-lived assets of the Company reside in the U.S. |
Revenue [Policy Text Block] | Grant Revenue Recognition The Company enters into contracts with governmental agencies for services. These contracts are analyzed in order to determine if they should be accounted for under a revenue recognition model pursuant to Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, 958, Not 958, not 606, not 958, 958. |
Note 3 - Loss Per Share (Tables
Note 3 - Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | March 31, 2023 2022 Common stock warrants 6,033 2,646 Common stock options 37,870 6,926 Total potential dilutive securities 43,903 9,572 |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2023 2022 Raw materials $ 777 $ 752 Work in process 616 636 Finished goods 15 21 Total inventory, current $ 1,408 $ 1,409 |
Schedule of Inventory, Noncurrent [Table Text Block] | March 31, December 31, 2023 2022 Enriched barium, non-current $ 2,007 $ 2,121 Raw materials, non-current 262 275 Total inventory, non-current $ 2,269 $ 2,396 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2023 2 2022 Building $ 1,770 $ - Land 1,283 366 Equipment 6,909 4,581 Leasehold improvements 4,291 4,143 Other 1 291 225 Property and equipment 14,544 9,315 Less accumulated depreciation (7,811 ) (7,631 ) Property and equipment, net $ 6,733 $ 1,684 |
Note 6 - Goodwill and Other I_2
Note 6 - Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (in thousands) Balance, December 31, 2022 $ - Balance, March 31, 2023 $ 27,319 |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | March 31, 2023 Cost Accumulated Amortization Net Carrying Value Indefinite-lived intangible assets In-process research and development $ 50,000 $ - $ 50,000 Total $ 50,000 $ - $ 50,000 December 31, 2022 Cost Accumulated Amortization Net Carrying Value Indefinite-lived intangible assets In-process research and development $ - $ - $ - Total $ - $ - $ - |
Note 7 - Fair Value Measureme_2
Note 7 - Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | March 31, 2023 December 31, 2022 Carrying Value Total Fair Value Total Carrying Value Total Fair Value Total U.S. Treasury Bills $ - $ - $ 22,764 $ 22,764 |
Note 8 - Share-based Compensa_2
Note 8 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months 2023 2022 Cost of sales $ 36 $ 12 Research and development expenses 340 33 Sales and marketing expenses 101 (18 ) General and administrative expenses 891 130 Total share-based compensation $ 1,368 $ 157 |
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block] | Weighted Weighted Average Number of Exercise Contractual Intrinsic Options Outstanding Price Term (Years) Value Balance at December 31, 2022 10,806,200 (b) $ 0.56 7.93 $ - Granted 2,800,000 0.38 Options assumed (a) 24,263,424 0.17 Balance at March 31, 2023 37,869,624 $ 0.30 7.70 $ 12,989 Exercisable as March 31, 2023 35,121,848 $ 0.29 7.53 $ 12,330 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For the Three Months Ended March 31, 2023 Weighted average fair value $0.30 Options issued 2,800,000 Exercise price $0.38 to $0.38 Expected term (in years) 5 Risk-free rate 4.16% to 4.16% Volatility 106% to 106% |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Year Ending December 31, 2023 (remaining nine months) 219 2024 118 Total 337 Less: imputed interest (13 ) Total lease liability 324 Less current portion (280 ) Non-current lease liability $ 44 |
Note 11 - Notes Payable (Tables
Note 11 - Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, December 31, 2023 1 2022 Note payable (a) $ 33 $ - Note payable (b) 1,760 - $ 1,793 $ - Less: current portion (80 ) - Notes payable – long-term portion $ 1,713 $ - |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Years ending December 31: 2023 (remaining nine months) $ 68 2024 49 2025 52 2026 55 2027 1,569 Total $ 1,793 |
Note 12 - Revenue (Tables)
Note 12 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three Months Ended March 31, Facilities and Customers 2023 % of total revenue 2022 % of total revenue GT Medical Technologies 23.7 % 13.4 % National Institutes of Health (1) 11.3 % 0 % El Camino, Los Gatos, & other facilities (2) 0 % 26.9 % |
Note 13 - Segment Reporting (Ta
Note 13 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the three months ended March 31, 2023 Brachytherapy Drug Operations Corporate Total Revenues $ 1,830 $ 233 $ - $ 2,063 Gross profit 254 233 - 487 Operating loss (1,842 ) (2,722 ) (6,663 ) (11,227 ) Interest income - - 374 374 Interest expense - 18 - 18 Depreciation and amortization 66 90 34 190 For the three months ended March 31, 2022 Brachytherapy Drug Operations Corporate Total Revenues $ 2,910 $ - $ $ 2,910 Gross profit 1,441 - 1,441 Operating loss (56 ) - (1,320 ) (1,376 ) Interest income - - 29 29 Depreciation and amortization 63 - 11 74 |
Note 14 - Merger (Tables)
Note 14 - Merger (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Fair value of consideration transferred Perspective Therapeutics common stock issued ( 136,545,075 0.40 $ 54,618 Assumption of Viewpoint stock options and warrants at fair value 7,836 Note receivable from Viewpoint forgiven 6,171 Total fair value of consideration transferred $ 68,625 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Recognized amounts of identifiable net assets acquired Assets acquired Cash and cash equivalents $ 2,698 Grants receivable 95 Prepaid expenses 397 Property and equipment 5,050 Right of use asset 10 Intangible assets 50,000 Other assets 316 Total assets acquired 58,566 Liabilities assumed Accounts payable and accrued expenses 2,968 Lease liability 10 Accrued payroll and related taxes 1,642 Accrued vacation 333 Note payable 1,807 Deferred tax liability 10,500 Total liabilities acquired 17,260 Net assets acquired, excluding goodwill 41,306 Total purchase price consideration 68,625 Goodwill $ 27,319 |
Business Acquisition, Pro Forma Information [Table Text Block] | (in thousands) Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Revenue $ 2,063 $ 3,128 Net (loss) income (6,259 ) 1,597 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended |
Mar. 31, 2023 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 0% |
Number of Reportable Segments | 2 |
Number of Operating Segments | 2 |
Note 3 - Loss Per Share (Detail
Note 3 - Loss Per Share (Details Textual) - $ / shares | 3 Months Ended | ||
Feb. 03, 2023 | Mar. 31, 2023 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Assumed in Period, Gross (in shares) | [1] | 24,263,424 | |
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Assumed in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.17 | ||
Viewpoint Molecular Targeting, Inc. [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 3,387,100 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.27 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Assumed in Period, Gross (in shares) | 24,263,424 | 24,263,424 | |
Viewpoint Molecular Targeting, Inc. [Member] | Minimum [Member] | |||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Assumed in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.13 | ||
Viewpoint Molecular Targeting, Inc. [Member] | Maximum [Member] | |||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Assumed in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.30 | ||
[1]As a result of the Merger with Viewpoint, the Company assumed 24,263,424 option awards originally issued by Viewpoint into Perspective Therapeutic options with their original terms, effective upon the closing of the Merger on February 3, 2023. The share exchange ratio of 3.1642 was applied to convert Viewpoint's outstanding option awards for Viewpoint's common stock into option awards of Perspective Therapeutics common stock. The assumed options were fully vested upon closing of the Merger. |
Note 3 - Loss Per Share - Antid
Note 3 - Loss Per Share - Antidilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive securities (in shares) | 43,903 | 9,572 |
Warrant [Member] | ||
Antidilutive securities (in shares) | 6,033 | 2,646 |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive securities (in shares) | 37,870 | 6,926 |
Note 4 - Inventory - Current In
Note 4 - Inventory - Current Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Raw materials | $ 777 | $ 752 |
Work in process | 616 | 636 |
Finished goods | 15 | 21 |
Total inventory, current | $ 1,408 | $ 1,409 |
Note 4 - Inventory - Noncurrent
Note 4 - Inventory - Noncurrent Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Total inventory, non-current | $ 2,269 | $ 2,396 |
Enriched Barium Inventory [Member] | ||
Total inventory, non-current | 2,007 | 2,121 |
Raw Materials [Member] | ||
Total inventory, non-current | $ 262 | $ 275 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Feb. 03, 2023 | |
Depreciation, Total | $ 180,000 | $ 64,000 | |
Viewpoint Molecular Targeting, Inc. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 5,050,000 | $ 5,050,000 | |
Other [Member] | |||
Depreciation, Total | $ 0 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | [1] | Dec. 31, 2022 | |
Property and equipment, gross | $ 14,544 | $ 9,315 | ||
Less accumulated depreciation | (7,811) | (7,631) | ||
Property and equipment, net | 6,733 | 1,684 | ||
Building [Member] | ||||
Property and equipment, gross | 1,770 | 0 | ||
Land [Member] | ||||
Property and equipment, gross | 1,283 | 366 | ||
Equipment [Member] | ||||
Property and equipment, gross | 6,909 | 4,581 | ||
Leasehold Improvements [Member] | ||||
Property and equipment, gross | 4,291 | 4,143 | ||
Other [Member] | ||||
Property and equipment, gross | [2] | $ 291 | $ 225 | |
[1]Includes fair value of property and equipment acquired through the Merger with Viewpoint of approximately $5,050,000.[2]Plant and equipment, not placed in service are items that meet the capitalization threshold or which management believes will meet the threshold at the time of completion and which have yet to be placed into service as of the date of the balance sheet, and therefore, no depreciation expense has been recognized. |
Note 6 - Goodwill and Other I_3
Note 6 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Goodwill | $ 27,319 | $ 0 |
Note 6 - Goodwill and Other I_4
Note 6 - Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Balance | $ 27,319 | $ 0 |
Note 6 - Goodwill and Other I_5
Note 6 - Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 50,000 | $ 0 |
Accumulated Amortization | 0 | 0 |
In Process Research and Development [Member] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 50,000 | 0 |
Accumulated Amortization | $ 0 | $ 0 |
Note 7 - Fair Value Measureme_3
Note 7 - Fair Value Measurement - Carrying Values and Fair Values (Details) - Fair Value, Inputs, Level 1 [Member] - US Treasury Bill Securities [Member] - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
U.S. Treasury Bills | $ 0 | $ 22,764 |
Reported Value Measurement [Member] | ||
U.S. Treasury Bills | $ 0 | $ 22,764 |
Note 8 - Share-based Compensa_3
Note 8 - Share-based Compensation (Details Textual) - USD ($) | 3 Months Ended | |||
Feb. 03, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 798,432 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 3 months 7 days | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Assumed in Period, Gross (in shares) | [1] | 24,263,424 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 0 | 0 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 2,800,000 | 0 | ||
Share-based Compensation Arrangement By Share-based Payment Award Options Grants in Period Fair Value | $ 849,000 | $ 0 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period (in shares) | 0 | 113,575 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares) | 0 | 413,700 | ||
Viewpoint Molecular Targeting, Inc. [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Assumed in Period, Gross (in shares) | 24,263,424 | 24,263,424 | ||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Per Share (in shares) | 3.1642 | |||
[1]As a result of the Merger with Viewpoint, the Company assumed 24,263,424 option awards originally issued by Viewpoint into Perspective Therapeutic options with their original terms, effective upon the closing of the Merger on February 3, 2023. The share exchange ratio of 3.1642 was applied to convert Viewpoint's outstanding option awards for Viewpoint's common stock into option awards of Perspective Therapeutics common stock. The assumed options were fully vested upon closing of the Merger. |
Note 8 - Share-Based Compensa_4
Note 8 - Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based compensation | $ 1,368 | $ 157 |
Cost of Sales [Member] | ||
Share-based compensation | 36 | 12 |
Research and Development Expense [Member] | ||
Share-based compensation | 340 | 33 |
Selling and Marketing Expense [Member] | ||
Share-based compensation | 101 | (18) |
General and Administrative Expense [Member] | ||
Share-based compensation | $ 891 | $ 130 |
Note 8 - Share-Based Compensa_5
Note 8 - Share-Based Compensation - Summary of Stock Option (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |||
Balance, Options (in shares) | [1] | 10,806,200 | |||
Balance, Price (in dollars per share) | $ 0.56 | ||||
Balance, Life (Year) | 7 years 8 months 12 days | 7 years 11 months 4 days | |||
Balance, Value | $ 12,989 | $ 0 | |||
Granted, Options (in shares) | 2,800,000 | 0 | |||
Granted, Price (in dollars per share) | $ 0.38 | ||||
Options assumed, Options (in shares) | [2] | 24,263,424 | |||
Options assumed, Price (in dollars per share) | $ 0.17 | ||||
Balance, Options (in shares) | 37,869,624 | 10,806,200 | [1] | ||
Balance, Price (in dollars per share) | $ 0.30 | $ 0.56 | |||
Exercisable, Options (in shares) | 35,121,848 | ||||
Exercisable, Price (in dollars per share) | $ 0.29 | ||||
Exercisable, Life (Year) | 7 years 6 months 10 days | ||||
Exercisable, Value | $ 12,330 | ||||
[1]All of these awards vested on 2/3/2023 in connection with the Merger as the Merger was a “Change of Control” pursuant to the stock option plan.[2]As a result of the Merger with Viewpoint, the Company assumed 24,263,424 option awards originally issued by Viewpoint into Perspective Therapeutic options with their original terms, effective upon the closing of the Merger on February 3, 2023. The share exchange ratio of 3.1642 was applied to convert Viewpoint's outstanding option awards for Viewpoint's common stock into option awards of Perspective Therapeutics common stock. The assumed options were fully vested upon closing of the Merger. |
Note 8 - Share-based Compensa_6
Note 8 - Share-based Compensation - Assumptions (Details) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Weighted average fair value (in dollars per share) | $ 0.30 |
Options issued (in shares) | shares | 2,800,000 |
Expected term (in years) (Year) | 5 years |
Minimum [Member] | |
Exercise price (in dollars per share) | $ 0.38 |
Risk-free rate | 4.16% |
Volatility | 106% |
Maximum [Member] | |
Exercise price (in dollars per share) | $ 0.38 |
Risk-free rate | 4.16% |
Volatility | 106% |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Details Textual) | Dec. 31, 2022 USD ($) |
Stockholder Plaintiff Settlements [Member] | |
Loss Contingency Accrual | $ 200,000 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating Lease, Expense | $ 114,000 | $ 78,000 |
Viewpoint Molecular Targeting, Inc. [Member] | ||
Lease Monthly Cost | 8,000 | |
Cost of Sales [Member] | ||
Operating Lease, Expense | 50,000 | 49,000 |
General and Administrative Expense [Member] | ||
Operating Lease, Expense | $ 64,000 | $ 29,000 |
Note 10 - Leases - Future Opera
Note 10 - Leases - Future Operating Lease Payments and Lease Liability (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
2023 (remaining nine months) | $ 219 | |
2024 | 118 | |
Total | 337 | |
Less: imputed interest | (13) | |
Total lease liability | 324 | |
Less current portion | (280) | $ (276) |
Non-current lease liability | $ 44 | $ 116 |
Note 11 - Notes Payable (Detail
Note 11 - Notes Payable (Details Textual) - USD ($) | 3 Months Ended | ||||
Dec. 29, 2022 | Jul. 19, 2018 | Mar. 31, 2023 | Dec. 31, 2022 | ||
Notes Payable, Current | $ 80,000 | [1] | $ 0 | ||
Viewpoint Molecular Targeting, Inc. [Member] | Promissory Note [Member] | |||||
Debt Instrument, Face Amount | $ 100,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3% | ||||
Debt Instrument, Number of Payment Installment | 36 | ||||
Debt Instrument, Periodic Payment | $ 3,328 | ||||
Notes Payable, Current | 33,000 | ||||
Repayments of Debt | 6,000 | ||||
Viewpoint Molecular Targeting, Inc. [Member] | Promissory Note [Member] | Maximum [Member] | |||||
Interest Expense, Debt | 1,000 | ||||
Viewpoint Molecular Targeting, Inc. [Member] | Promissory Note for Purchasing Land and Building [Member] | |||||
Debt Instrument, Face Amount | $ 1,771,250 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.15% | ||||
Debt Instrument, Periodic Payment | $ 12,936 | ||||
Notes Payable, Current | 47,000 | ||||
Interest Expense, Debt | 18,000 | ||||
Repayments of Debt | $ 8,000 | ||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 1,522,549 | ||||
[1]The notes payable were assumed by the Company effective upon the closing of the Merger with Viewpoint on February 3, 2023. |
Note 11 - Notes Payable - Summa
Note 11 - Notes Payable - Summary of Notes Payable (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | [1] | Dec. 31, 2022 | |
Note payable | $ 1,793 | $ 0 | ||
Less: current portion | (80) | 0 | ||
Notes payable – long-term portion | 1,713 | 0 | ||
Promissory Note [Member] | ||||
Note payable | [2] | 33 | 0 | |
Promissory Note for Purchasing Land and Building [Member] | ||||
Note payable | [3] | $ 1,760 | $ 0 | |
[1]The notes payable were assumed by the Company effective upon the closing of the Merger with Viewpoint on February 3, 2023.[2]On July 19, 2019, Viewpoint entered in a promissory note agreement with the Iowa Economic Development Authority (“IEDA”) for $100,000 at 3% interest rate to be paid over 36 monthly payments of $3,328 beginning on the first day of the first month following Viewpoint closing on a $1 million equity round. Final payment will occur in the first quarter of fiscal 2024. The loan was granted as a form of financial assistance to Viewpoint from IEDA. The current portion of the outstanding loan was $33,000 as of March 31, 2023. For the three months ended March 31, 2023, the Company recorded less than $1,000 interest expense and $6,000 principal payments.[3]On December 29, 2022, Viewpoint obtained a promissory note in the amount of $1,771,250 for the purpose of purchasing land and a building in Coralville, Iowa. The note bears interest at 6.15% per annum. The note requires monthly principal and interest payments of $12,936 beginning on January 29, 2023, and a balloon last payment of $1,522,549 due on December 29, 2027. As of March 31, 2023, the current portion of the note payable was $47,000. For the three months ended March 31, 2023, the Company recorded $18,000 interest expense and $8,000 principal payments. |
Note 11 - Notes Payable - Matur
Note 11 - Notes Payable - Maturity of Notes Payable (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
2023 (remaining nine months) | $ 68 |
2024 | 49 |
2025 | 52 |
2026 | 55 |
2027 | 1,569 |
Total | $ 1,793 |
Note 12 - Revenue (Details Text
Note 12 - Revenue (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 | |
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Prostate Brachytherapy [Member] | |||
Concentration Risk, Percentage | 46% | 75% | |
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Product and Service, Other [Member] | |||
Concentration Risk, Percentage | 54% | 25% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | GT Medical Technologies, Inc. [Member] | |||
Concentration Risk, Percentage | 23.70% | 13.40% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Number of Major Customers | 1 | 1 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | GT Medical Technologies, Inc. [Member] | |||
Concentration Risk, Percentage | 11.10% | 15.10% | |
Geographic Distribution, Foreign [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0 | $ 0 |
Note 12 - Revenue - Concentrati
Note 12 - Revenue - Concentration of Customers (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
GT Medical Technologies, Inc. [Member] | |||
Concentration risk | 23.70% | 13.40% | |
National Institutes of Health [Member] | |||
Concentration risk | 11.30% | 0% | |
El Camino, Los Gatos, & Other Facilities [Member] | |||
Concentration risk | [1],[2] | 0% | 26.90% |
[1]The head of the single largest physician practice also served as the Company’s medical director. As the medical director, this physician advised the Company Board of Directors and management, provided technical advice related to product development and research and development, and provided internal training to the Company sales staff and professional training to our sales staff and to other physicians. On September 20, 2022, we received notice from our medical director of his resignation from such position and he has not placed any orders since our isotope supply resumed after a disruption in August and September 2022 as discussed in our Form 10-KT filed on May 1, 2023.[2]This revenue relates to grants received from the National Institutes of Health. |
Note 13 - Segment Reporting (De
Note 13 - Segment Reporting (Details Textual) | 3 Months Ended |
Mar. 31, 2023 | |
Number of Reportable Segments | 2 |
Note 13 - Segment Reporting - S
Note 13 - Segment Reporting - Summary of Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | $ 2,063 | $ 2,910 |
Gross profit | 487 | 1,441 |
Operating loss | (11,227) | (1,376) |
Interest income | 374 | 29 |
Interest expense | 18 | 0 |
Depreciation and amortization | 190 | 74 |
Operating Segments [Member] | Brachytherapy Segment [Member] | ||
Revenues | 1,830 | 2,910 |
Gross profit | 254 | 1,441 |
Operating loss | (1,842) | (56) |
Interest income | 0 | 0 |
Interest expense | 0 | |
Depreciation and amortization | 66 | 63 |
Operating Segments [Member] | Drug Operations Segment [Member] | ||
Revenues | 233 | 0 |
Gross profit | 233 | 0 |
Operating loss | (2,722) | 0 |
Interest income | 0 | 0 |
Interest expense | 18 | |
Depreciation and amortization | 90 | 0 |
Corporate, Non-Segment [Member] | ||
Revenues | 0 | |
Gross profit | 0 | |
Operating loss | (6,663) | (1,320) |
Interest income | 374 | 29 |
Interest expense | 0 | |
Depreciation and amortization | $ 34 | $ 11 |
Note 14 - Merger (Details Textu
Note 14 - Merger (Details Textual) - USD ($) | 3 Months Ended | ||||
Feb. 03, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Nov. 22, 2022 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | $ 6,170,000 | ||||
Financing Receivable, after Allowance for Credit Loss | $ 0 | $ 6,109,000 | |||
Revenue Not from Contract with Customer | 233,000 | $ 0 | |||
Operating Income (Loss) | (11,227,000) | (1,376,000) | |||
Deferred Income Tax Expense (Benefit) | (10,500,000) | 0 | |||
Viewpoint Molecular Targeting, Inc. [Member] | |||||
Operating Income (Loss) | (3,800,000) | ||||
Viewpoint Molecular Targeting, Inc. [Member] | Grant [Member] | |||||
Revenue Not from Contract with Customer | 233,000 | ||||
Isoray Note [Member] | Viewpoint Molecular Targeting, Inc. [Member] | |||||
Financing Receivable, after Allowance for Credit Loss | $ 6,000,000 | ||||
Interest Receivable | $ 170,000 | ||||
Viewpoint Molecular Targeting, Inc. [Member] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 136,545,075 | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 54,618,000 | ||||
Business Acquisition, Share Price (in dollars per share) | $ 0.40 | ||||
Business Combination, Acquisition Related Costs | 4,600,000 | 4,600,000 | |||
Deferred Income Tax Expense (Benefit) | (10,500,000) | $ (10,500,000) | |||
Viewpoint Molecular Targeting, Inc. [Member] | General and Administrative Expense [Member] | |||||
Business Combination, Acquisition Related Costs | $ 4,600,000 |
Note 14 - Merger - Estimated Pu
Note 14 - Merger - Estimated Purchase Consideration (Details) - Viewpoint Molecular Targeting, Inc. [Member] $ in Thousands | Feb. 03, 2023 USD ($) |
Perspective Therapeutics common stock issued (136,545,075 X $0.40) | $ 54,618 |
Assumption of Viewpoint stock options and warrants at fair value | 7,836 |
Note receivable from Viewpoint forgiven | 6,171 |
Total fair value of consideration transferred | $ 68,625 |
Note 14 - Merger - Estimated _2
Note 14 - Merger - Estimated Purchase Consideration (Details) (Parentheticals) - Viewpoint Molecular Targeting, Inc. [Member] | Feb. 03, 2023 $ / shares shares |
Business acquisition, shares (in shares) | shares | 136,545,075 |
Business acquisition, price per share (in dollars per share) | $ / shares | $ 0.40 |
Note 14 - Merger - Preliminary
Note 14 - Merger - Preliminary Purchase Price Allocation (Details) - USD ($) | Feb. 03, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Balance | $ 27,319,000 | $ 0 | |
Viewpoint Molecular Targeting, Inc. [Member] | |||
Cash and cash equivalents | $ 2,698,000 | ||
Grants receivable | 95,000 | ||
Prepaid expenses | 397,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 5,050,000 | $ 5,050,000 | |
Right of use asset | 10,000 | ||
Intangible assets | 50,000,000 | ||
Other assets | 316,000 | ||
Total assets acquired | 58,566,000 | ||
Accounts payable and accrued expenses | 2,968,000 | ||
Lease liability | 10,000 | ||
Accrued payroll and related taxes | 1,642,000 | ||
Accrued vacation | 333,000 | ||
Note payable | 1,807,000 | ||
Deferred tax liability | 10,500,000 | ||
Total liabilities acquired | 17,260,000 | ||
Net assets acquired, excluding goodwill | 41,306,000 | ||
Total purchase price consideration | 68,625,000 | ||
Balance | $ 27,319,000 |
Note 14 - Merger - Pro Forma Co
Note 14 - Merger - Pro Forma Computation of Earnings Per Share (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue | $ 2,063 | $ 3,128 |
Net (loss) income | $ (6,259) | $ 1,597 |