What Perspective Therapeutics, Inc. told the SEC could break it.

Perspective relies on single vendors across its alpha-particle therapy supply chain — nearly all Thorium-228 (212Pb precursor) comes solely from the DOE, with one vendor making resin chromatography columns and one vendor assembling/loading isotopes into its 212Pb generators — concentrating critical single points of failure.

“We rely on single vendors to provide supplies and services used in the development and production of our alpha-particle therapies. We obtain nearly all our supply of Thorium-228 (a precursor to 212 Pb) from a single supplier, the U.S. Department of Energy (DOE).”

Since the 2023 Isoray/Viewpoint merger, Perspective has focused on R&D for VMT-α-NET, VMT01, PSV359 and other programs, has no product revenue (apart from its discontinued brachytherapy business), and has incurred significant net losses, leaving it dependent on equity raises (ATM, private placements).

“we have engaged primarily in research and development activities related to VMT-α-NET, VMT01, PSV359 and our other programs, have not generated any revenue from product sales other than our discontinued brachytherapy business and have incurred significant net losses.”

Because some of Perspective's vendors, manufacturers and suppliers are in foreign countries, changes in U.S. trade policy — import restrictions, increased tariffs, and altered trade agreements — could disrupt its product supply and raise costs.

“Because some of our vendors, manufactures and suppliers are located in foreign countries, we are exposed to the possibility of product supply disruption and increased costs in the event of changes in the policies, laws, rule”