Perspective Therapeutics, Inc. — Call Transcript 2026

Thanks everyone for joining this session with Perspective Therapeutics. My name is Alec Stranahan. I'm Senior Biotech Analyst at Bank of America , covering Perspective, and I'm pleased to be joined today by Joel Sendek, Chief Financial Officer of Perspective. Thanks for being here, Joel. Thanks a lot, Alec. We really appreciate being invited to the conference. It's been a great day. Yeah. Great. Great to hear it. We've got, you know, 30 minutes here for our fireside. Maybe we can, you know, start just at a high level. Perspective is today one of the only vertically integrated targeted alpha therapy companies. You're developing RLTs for a variety of indications. I guess when you think about the moat that you're building around your technology and your clinical programs, where are the biggest sort of differentiation points, either on the tech side or in terms of your clinical assets, just to set the stage? Sure thing. You said we only had 30 minutes. I mean, I think we're gonna take 40 minutes on that question alone. No, it's at a very high level, I think we're, as you said, one of the only vertically integrated radiopharmaceutical companies our size right now. I certainly can't take credit for it. I've only been at the company nine months, but a lot of this is vision that's been executed over the last couple of years. It's only now coalescing in a way that enables us to really approach the next level in the immediate future. The reason is if you just look at our clinical profile, we have three compounds in clinical development right now for large indications and a fourth that we just announced at our Investor Day. That's, you know, by the end of the year, in a year's time or so, four clinical programs, one of which, VMT-α-NET could be in a registration trial within a year. I think that alone is really a major accomplishment in large markets. Number two, if you look at radiopharmaceutical specifically, a lot of investors are concerned about the supply chain, the distribution, and we've put as much effort and energy into figuring that out as almost as we have on the clinical programs that we have. Right now we have, we produce product out of two different sites, and we're expanding that to a state-of-the-art brand-new facility in Chicago that we should, we anticipate will be online also within a year. That's distribution on supply. We have agreements that will enable us to have supply over the next couple of years, certainly through our registration trial. On top of all that, we have an IP position on the individual technologies that we use, the compounds that we're developing, and if you tie it all up, we don't see another company in our space, certainly in our valuation, that's quite as attractive. That's great. I guess at this point, you've dosed over 100 patients across your clinical programs, as of your investor day a couple weeks ago, which I think just speaks to the manufacturing capabilities that you've built out in-house. Cash position provides runway into late 2027. I guess, how are you sort of thinking about the sequencing of capital deployment across your thre main programs, VMT-α-NET, VMT01, and the FAP program? You know, what is sort of the single most value-creating milestone in your view between now and, say, the next financing event? Yeah, sure. Yeah, I'm glad you brought that up because we're really proud of the work that we've done in order to get these drugs to this level. We have multiple value-creating events. Thanks to you guys, we have had tons of really good one-on-one meetings today. Naturally, maybe there was a hedge fund or two that asked about the next upcoming milestone. Could be, if my memory serves me correct. A couple. Yeah. The short answer to that is we're building for the long term by putting all these pieces in place in order to extract significant value for investors and bring new, effective therapies to patients. That's critically important. I would say if you wanted to pin me down and say one particular event this year that most investors I think are looking toward, it's the knowledge about how we're going to take VMT-α-NET from the current clinical setting into a pivotal trial. What does that design look like? How long will it be? When will it start? What can we do in that trial to ensure we'll have a successful outcome, both for investors in a pivotal trial, as well as the patients that can benefit from VMT-α-NET? We don't know. Don't ask me the answer to that because we don't know it right now. Yeah. That's certainly something that we hope to sort out between now and the end of the year or early next year. I mean, along the way, there are other, really other important milestones embedded in there, like data from cohort 2 in the VMT-αNET study. Certainly cohort 3, cohort 4 probably just started, so I don't know how much data we're gonna have there. And that's just on our lead compound, VMT-αNET. We also have the melanoma program, VMT-01, and 359, our FAP targeting agent that we are indicating to investors that we could have data there by the end of the year as well on both of those programs. The final thing is, like I mentioned before, is this distribution facility that we're building out in Chicago. We'd love to be able to get to the point where that facility is able to be, you know, shown to the outside world with some tours or something like that, but nothing to commit there yet right now. Okay, great. Maybe we can start with VMT-α-NET. I think this is, you know, reasonably so, this is where the majority of your investor day a couple weeks ago was spent, just given the amount of data that we have from the program and sort of the cadence of updates we're looking forward to. You know, I'd say you've been deliberately thoughtful about the regulatory strategy. I think it makes sense. Maybe you can just describe the approach to the dose escalation, sort of what your levels of comfort are between cohort 1, cohort 2, now you have cohort 3, and now also cohort 4. And sort of, you know, if there's any directional insights you're getting in terms of sort of the right staging post PRRT or before. Yeah. Good. Why don't I kind of describe for all those that aren't familiar what each cohort does. Effectively we're doing, for cohort 1, 2, and then to 3 or 4, we're doing dose escalation. Right now we're in cohort. The, the big cohort, is cohort 2. It's 46 patients. It's 5 mCi dosage times four, so four cycles, so total exposure of 20 mCi. We've reported on the first 23 of those 46 patients on efficacy. We've reported on all 46 every time we report at a medical meeting as far as the safety is concerned. Of those first 23 patients, if you look at it on an intent to treat basis or overall response rate, we're at 43%. That's 10 out of 23. I can do that even without a calculator, because I've said it like 5,000 times over the past couple of months. I'm not that good at math. If you look at it on a, if you just look at for SSTR2-positive patients, which is a subset that some people look at and some of our competitors look at it that way, our response rate's even higher. It's about 50%. If you stop right there, given the fact that the drug that's comparable in a comparable market, which is neuroendocrine tumors with a lutetium-based drug, that's Novartis' Lutathera, the on-label response rate's 13%. As we look at it internally and talking to KOLs who advise us, we are convinced that that dose right there, if we stop right there, would be suitable for registration, suitable for a phase III trial, if it works, registration and on the market and providing benefit to patients. The interesting thing is when we've disclosed all this data, including the safety profile, our safety profile is really, really good. We, if we look at in particular the renal, kidney, potential kidney tox, and we're not seeing that of any significant degree. We're looking at dysphagia, which has occurred in some competitive compounds. We're not seeing that at all. Certainly no grade 4 or grade 5 tox. That's enabling us to do some more investigation. You mentioned cohort 3 and cohort 4. For people that don't know, cohort 3 is a higher dose, a 20% higher dose. We use 6 mCi times four for a total of 24 mCi in that setting. We haven't announced any data on that, but that could be something that comes out later in the year. What we're looking for is maybe we can get to a response rate that's even higher than that 43%-50%, coupled with the safety profile that we would hope would remain benign. Simultaneous with that, we're also going to cohort 4. There's been some misinterpretation that maybe we're only going to cohort 4 after cohort 3, having seen something in cohort 3, because cohort 4 is actually back down to the 20 mCi cumulative dose. Cumulative. Yeah. It's, but it's not really a de-escalation from the cohort 3. It's another segue from cohort 2 with the same amount of cumulative radiation, but done in a front-loaded way, where you start with 6 mCi, then two fives, and then a four. The thinking behind that is for a PRRT-naive patient, they, we think, will likely be more able to accommodate in their tumor more radiation sooner. We can hit it harder, maybe achieve a higher response rate, and get better kidney clearance at the front end before the kidney has seen any radiation at all. That's the thinking, where you put an extra millicurie in the first dose and one less millicurie in the last dose. Obviously, just opened the study, have no data to talk about there. The beauty of this would be when we talk to the FDA, we can discuss not only the really good efficacy and safety data that we have from cohort 2, but how we can incorporate the findings from cohort 3 and cohort 4 into a potential registration plan. Okay. The thinking around that cohort 4 higher upfront dose is that the very first dose of radiation that a patient sees is typically the most efficacious, right? The safety actually comes from the cumulative exposure. You're maintaining that total cumulative exposure, but yeah, just front loading the efficacy piece. There, like I'm sure it's because you feel confident in cohort 2 that you can explore, you know, before you commit fully to the pivotal, these different, regimens. Yeah, that's exactly the point. I mean, the only downside to all of this is we'd like to experiment for the next 10 years on dosing iterations, and obviously we have limited capital. You talked before about the $271 million that we have in cash right now. We're very fortunate having done a nice financing earlier in the year to be in that position. On the other side, as the CFO, obviously we need to be, or I personally want to be as good of a steward of capital for investors as we possibly can be. We will have to make some decisions in the absence of, you know, full knowledge. The beauty of our relationship with the FDA right now is it's a very collaborative one. You know, we're not looking to gain alignment from different sides of the table, we're looking to collaborate to come up with a plan that makes sense for all parties, including not only the regulators and us, but the patients. As an example of that, when we originally embarked on the phase I/II study we're in now, we asked whether we can start out in a post-Lutathera setting, and we ended up in a pre-Lutathera setting with the FDA's blessing. That's an example that I think will translate well into the upcoming discussions that we're going to have. Okay. I guess when you think, like, to that point on the pre or post-Lutathera, what's sort of the decision set within that? Is it, you know, maintenance of the SSTR2, the target expression? Is it the, you know, the cumulative irradiation of the kidney? Is it the efficacy bar that you're expecting? Is it the study design head-to-head? Like, there's just a lot of things to think about. Yeah. What are sort of the priority within that? Well, a couple of things I'll mention there, we think the biggest market is the pre-Lutathera, not necessarily frontline, but PRRT-naive patients. That's where the biggest market is. That's where Lutathera is obviously right now, and that's, I think, gonna be our main thrust. Obviously, if we can come to a decision that enables us to get some sort of accelerated approval, we'll explore that. That's just something to talk about that we can't commit to certainly right now. That's the biggest market. When you talk about post-Lutathera, we really haven't investigated that too much. As you correctly point out, there was an investigator who mentioned that we had at our investor analyst day who mentioned some success in that setting. One of the beauties of that is maybe one of the things we haven't talked about yet is our whole theranostic approach. That's integral into how we develop these drugs, because we have a elemental twin to lead, 'cause lead-203 is our imaging isotope. What this enables us to do is to dose the drug or the imaging agent in a way where we can see whether it goes to the tumor, where it can have a therapeutic effect and how much also goes to the other tissue, such as the kidney, where it can have safety implications. If you do that in a post-Lutathera setting where patients have already received a radiopharmaceutical, you can get comfort that you can safely dose a therapeutic version of the theranostic of the imaging agent. In the absence of that, it would be very difficult to explore the post-Lutathera setting. That's a way where we can get comfort in capturing that market too, which wouldn't be our primary market, but certainly not a market that we would want to not consider. Okay. Okay. Maybe last one on α-NET, then we can talk about the other assets in the pipeline. One question that we get asked is kind of the bar for success or, like, which competitor compounds do you compare VMT-α-NET to? There's a few, and there's been, you know, changing in the landscape. Obviously, Lutathera's kinda always been there, a standard of care in the background. There's two studies, NETTER-1 and NETTER-2 for Lutathera. Yeah. There's just a little bit confusion still on what's the best, like, comparator study. I don't know if you've been asked that in your meetings or if you have any thoughts on which Lutathera study. Yeah, we just spent 30 minutes in our last one-on-one talking almost only about that. That's why I was almost a little bit late here because the conversation went on into the elevator, down the hallway, and all the way along here until we had to, you know, talk about this. You know, that's kind of an exaggeration. Yeah, there are a lot of ways to compare these things. I think just to put it in its most simple terms, look at the Lutathera label. They have a 13% response rate there. You know, we're talking about a 43%-50% response rate. I mean, that's a vast difference. You can cut that in different ways and say, "Well, the patient population isn't exactly the same. This subset's a little bit sicker. This subset is a little bit further on in its progression. This is a subset that tends to have higher responses." You know, you add all that, you mix all that in, and maybe they get a little bit narrower. Still, we're certainly showing a vast difference in our compound versus the standard of care. That's an on-market drug with a serving a market today, that's close to a billion-dollar run rate. You know, that's a big market where we're looking like comparing across trials, we're as good or maybe a lot better. That's on response rate. If you wanna look at PFS, we don't have that data. We're hopeful that we would look better there too. There are other drugs that are being developed, one by a competitor that presented data at ESMO that had a 60% response rate. That you could say comparing across trials would be better than our drug than the VMT-α-NET. We would argue that it's in the same range, given wide error bars and relatively small studies. What differentiates that drug, experimental drug to our experimental drug is the safety profile. You know, that drives back maybe to one of your early questions about the overall thrust of the company. We didn't in-license these drugs. We didn't get lucky and stumble upon a drug that kinda happened to work. All the constructs were made with a specific intention in mind, and one of the key elements of it is the chelator that we use that has two main impacts on the safety profile of the compound. The first is it yields a net neutral charge. The chelators that are used with other compounds tend to be either positive or negative, and therefore they get taken up by the kidney. With a net neutral charge, our construct is preferentially not reabsorbed, but it tends to be excreted instead. That is a major reason we think why we haven't seen any kind of material kidney tox. It has to do with the chelating agent. The other element of it is the daughter isotope, in our case bismuth, is almost entirely withheld within the chelating agent, and therefore it doesn't become an active metabolite that can yield untoward side effects. We eliminate, or mostly attempt to eliminate, that sort of downstream effect. If you look at the safety profile of our drugs versus others, it wasn't random that we're coming out a little bit better or maybe a lot better on the safety side. It was designed into the molecule that way. Okay. Yeah, that's the benefit of having everything in-house, including the manufacturing. Yep. Yeah You have a higher quality product. Yeah. Using a radioisotope like lead has got a preferential decay chain versus like an actinium-. Right um, as well, so. Yeah. Okay. Maybe we can shift to VMT-01. Yeah. I believe you're gonna have updates at ASCO for this program. you've shown previously, you know, clear tumor uptake, the drugs clearing from the blood, and not retained in normal tissue. It is going to the tumor, as you'd expect, so a favorable PK profile, no DLTs. How is this asset sort of shaping up? How's the study been going in terms of enrollment? Maybe if you could frame sort of what we should expect at ASCO. Sure. Maybe I'll just take a step back, and just in general, we'll have three posters at ASCO on our three clinical stage compounds. We presented a lot of data on our VMT-α-NET in particular at AACR, and also we gave brief updates at our investor day. I would not anticipate any kind of major card turning over of data for any of the compounds at ASCO. Yes, we'll have data there, but nothing, I think, that's going to be a major binary event, let's call it. Depending on what investors see at the poster, things can change. As far as VMT-01 is concerned, That compound right now we're testing at 3 mCi. As you know, we've had responses or one response, we're looking at at this point, the combination of that compound with nivolumab. That study you asked about enrollment, that's enrolling well, we're also looking at it as a single agent, trying to assess what the right dose is, because the compound did not have responses at a higher dose. We think that the combination with a checkpoint inhibitor could be the trick to unlock the combination efficacy. That would be at a higher rate than we've been able to see so far. We don't have that data yet, don't anticipate anything material at ASCO. We're guiding investors to maybe having that at a later time in the year. Okay. Got it. You also touched on the FAP program, that's PSV359. Right At your Analyst Day. This may be a little bit different in terms of the way that the drug was designed and kinda how the tumor acts or the target acts on the tumor. Pretty broad expression across PDAC sarcoma. You know, what gets you excited about this program? You know, what are sort of the upcoming updates to look forward to? Yeah. Thanks for asking that. It's, it's one that kinda gets overlooked a lot of times, but it possibly could be our most valuable agent. As is often the case with developmental stage biotechnology companies. What excites me personally about it as a CFO is the large markets. I mean, this is almost every solid tumor has some potential to get impacted by this drug. So I get really excited with my team. We've kinda modeled that out. On the other hand, we have to kinda prove it first, and that's what stage we're in right now. We're actively enrolling, adding patients as we speak. And what we hope to have, not at ASCO, but maybe by the end of the year, is some evidence of efficacy of that compound in the various solid tumors that we're testing it in as a single agent right now. Okay. Great. You recently nominated a fourth program- Yeah at your Analyst Day, PSV594. Yeah. Maybe talk about this target. You had imaging data it looked very specific. Yeah. I think the KOLs that you invited to the event were reasonably excited as well to see those images. Maybe you could talk us through sort of your excitement around this program and maybe sort of the origin story. No, I'm glad you brought that up about your particular question about the origin story I think is what I find most exciting. As I said before about the other constructs we have, these are all intentionally designed. We don't just randomly come up with a couple that we think will rise to the level of clinical development just because we feel like it. It's because we've done the necessary work. It's not a target that a lot of people have heard of. It's not necessarily a target that you'd automatically go to, like KRAS or something like that. That's exactly the type of heavy lifting that we wanna do to expose these targets that we think can be exquisitely targeted. Sorry about the reiteration of the same word. It gets back to what I was saying before about the theranostic element. The other thing I would say, not only are we analyzing and we will continue to come up with new drugs to new targets, but along the way, we don't stop until we do dozens of iterations using the theranostics and the dosimetry that I described before, until we find an agent that using our dosimetry techniques attaches or literally has an impact on the tumor while sparing the healthy tissue. As you saw in those images, and we do it first in animals, and then we go to the humans after that. It's a methodical process that leads us down the path, and we won't spend investor dollars on the big, expensive trials until all those boxes are checked. The beauty of it is that a lot of that front-end work goes in, and that's very different than non-radio targeted compounds, your traditional targeted oncology, because you can theoretically think that your drug is only going to go to tumor, but you don't really know what that side effect profile is going to be until you test it in patients. We have a really strong conviction of our drugs before they even go into the first clinical trial that they're going to be safer than they would've otherwise has been, because we've integrated that into our theranostics element. Plus, we have the proprietary chelator to add extra insurance to keep the compound safe. Yeah. Maybe in the last minute or so that we have, I wanna talk about your manufacturing. I feel like this is a real strength for the company and something you guys have been proactively investing in as you've been getting the clinical proof of concept from your pipeline. I've been to the Somerset location which is it's great to see sort of how the sausage is made, so to speak. Now you'll have Chicago, I think you're expanding to L.A., really canvassing the whole country. Maybe you could talk, a little bit about your manufacturing build-out, how you're kinda thinking about capital allocation to the fixed costs of implementing that infrastructure today. Could this be a revenue stream for you guys? Yeah. I mean, it's pretty, like, best in class manufacturing for lead. Yeah, it really is. Thanks for bringing that up. It could potentially be a revenue stream if we have excess capacity, and we're building it such that we might have the capacity on hand. If other people need it, look, we're proponents of the radiopharmaceutical business. If our competitors, so to speak, want access, we're happy to work with them to potentially provide that because we're advocates of the field that we're in. Yes, we allocate a significant amount of our capital, so much so that our PP&E by the end of this year will be over $100 million. I would say from a valuation perspective, as an ex analyst, I would calculate our EV on the basis of market cap less cash, less PP&E. That really shows you in a striking way how undervalued we are. Obviously, I'm biased in that respect. Yeah, we're building out a state-of-the-art facility in Chicago. We already have land and a building in L.A., by the time we're done in Texas and Houston, we'll be able to cover from a geographic perspective the entire United States relatively routinely with our drug, both for clinical trial and ultimately for commercialization. Okay, great. Great. Well, thanks for the great conversation, Joel. I think we're gonna have to leave it there for time, but really appreciate you attending the conference. Great to see the updates for the company and look forward to the rest of the year. Awesome. Thanks, Alec. Thank you.

Speaker 1: Thanks everyone for joining this session with Perspective Therapeutics. My name is Alec Stranahan. I'm Senior Biotech Analyst at Bank of America , covering Perspective, and I'm pleased to be joined today by Joel Sendek, Chief Financial Officer of Perspective. Thanks for being here, Joel. Thanks everyone for joining this session with Perspective Therapeutics. thanks everyone for joining this session with perspective therapeutics My name is Alec Stranahan. my name is alec stranahan I'm Senior Biotech Analyst at Bank of America , covering Perspective, and I'm pleased to be joined today by Joel Sendek, Chief Financial Officer of Perspective. i'm senior biotech analyst at bank of america covering perspective and i'm pleased to be joined today by joel sendek chief financial officer of perspective Thanks for being here, Joel. thanks for being here joel

Speaker 2: Thanks a lot, Alec. We really appreciate being invited to the conference. It's been a great day. Thanks a lot, Alec. thanks a lot alec We really appreciate being invited to the conference. we really appreciate being invited to the conference It's been a great day. it's been a great day

Speaker 1: Yeah. Great. Great to hear it. We've got, you know, 30 minutes here for our fireside. Maybe we can, you know, start just at a high level. Perspective is today one of the only vertically integrated targeted alpha therapy companies. You're developing RLTs for a variety of indications. I guess when you think about the moat that you're building around your technology and your clinical programs, where are the biggest sort of differentiation points, either on the tech side or in terms of your clinical assets, just to set the stage? Yeah. yeah Great. great Great to hear it. great to hear it We've got, you know, 30 minutes here for our fireside. we've got you know 30 minutes here for our fireside Maybe we can, you know, start just at a high level. maybe we can you know start just at a high level Perspective is today one of the only vertically integrated targeted alpha therapy companies. perspective is today one of the only vertically integrated targeted alpha therapy companies You're developing RLTs for a variety of indications. you're developing rlts for a variety of indications I guess when you think about the moat that you're building around your technology and your clinical programs, where are the biggest sort of differentiation points, either on the tech side or in terms of your clinical assets, just to set the stage? i guess when you think about the moat that you're building around your technology and your clinical programs where are the biggest sort of differentiation points either on the tech side or in terms of your clinical assets just to set the stage

Speaker 2: Sure thing. You said we only had 30 minutes. I mean, I think we're gonna take 40 minutes on that question alone. No, it's at a very high level, I think we're, as you said, one of the only vertically integrated radiopharmaceutical companies our size right now. I certainly can't take credit for it. I've only been at the company nine months, but a lot of this is vision that's been executed over the last couple of years. It's only now coalescing in a way that enables us to really approach the next level in the immediate future. The reason is if you just look at our clinical profile, we have three compounds in clinical development right now for large indications and a fourth that we just announced at our Investor Day. Sure thing. sure thing You said we only had 30 minutes. you said we only had 30 minutes I mean, I think we're gonna take 40 minutes on that question alone. i mean i think we're gonna take 40 minutes on that question alone No, it's at a very high level, I think we're, as you said, one of the only vertically integrated radiopharmaceutical companies our size right now. no it's at a very high level i think we're as you said one of the only vertically integrated radiopharmaceutical companies our size right now I certainly can't take credit for it. i certainly can't take credit for it I've only been at the company nine months, but a lot of this is vision that's been executed over the last couple of years. i've only been at the company nine months but a lot of this is vision that's been executed over the last couple of years It's only now coalescing in a way that enables us to really approach the next level in the immediate future. it's only now coalescing in a way that enables us to really approach the next level in the immediate future The reason is if you just look at our clinical profile, we have three compounds in clinical development right now for large indications and a fourth that we just announced at our Investor Day. the reason is if you just look at our clinical profile we have three compounds in clinical development right now for large indications and a fourth that we just announced at our investor day That's, you know, by the end of the year, in a year's time or so, four clinical programs, one of which, VMT-α-NET could be in a registration trial within a year. I think that alone is really a major accomplishment in large markets. Number two, if you look at radiopharmaceutical specifically, a lot of investors are concerned about the supply chain, the distribution, and we've put as much effort and energy into figuring that out as almost as we have on the clinical programs that we have. Right now we have, we produce product out of two different sites, and we're expanding that to a state-of-the-art brand-new facility in Chicago that we should, we anticipate will be online also within a year. That's distribution on supply. That's, you know, by the end of the year, in a year's time or so, four clinical programs, one of which, VMT-α-NET could be in a registration trial within a year. that's you know by the end of the year in a year's time or so four clinical programs one of which vmt-α-net could be in a registration trial within a year I think that alone is really a major accomplishment in large markets. i think that alone is really a major accomplishment in large markets Number two, if you look at radiopharmaceutical specifically, a lot of investors are concerned about the supply chain, the distribution, and we've put as much effort and energy into figuring that out as almost as we have on the clinical programs that we have. number two if you look at radiopharmaceutical specifically a lot of investors are concerned about the supply chain the distribution and we've put as much effort and energy into figuring that out as almost as we have on the clinical programs that we have Right now we have, we produce product out of two different sites, and we're expanding that to a state-of-the-art brand-new facility in Chicago that we should, we anticipate will be online also within a year. right now we have we produce product out of two different sites and we're expanding that to a state-of-the-art brand-new facility in chicago that we should we anticipate will be online also within a year That's distribution on supply. that's distribution on supply We have agreements that will enable us to have supply over the next couple of years, certainly through our registration trial. On top of all that, we have an IP position on the individual technologies that we use, the compounds that we're developing, and if you tie it all up, we don't see another company in our space, certainly in our valuation, that's quite as attractive. We have agreements that will enable us to have supply over the next couple of years, certainly through our registration trial. we have agreements that will enable us to have supply over the next couple of years certainly through our registration trial On top of all that, we have an IP position on the individual technologies that we use, the compounds that we're developing, and if you tie it all up, we don't see another company in our space, certainly in our valuation, that's quite as attractive. on top of all that we have an ip position on the individual technologies that we use the compounds that we're developing and if you tie it all up we don't see another company in our space certainly in our valuation that's quite as attractive

Speaker 1: That's great. I guess at this point, you've dosed over 100 patients across your clinical programs, as of your investor day a couple weeks ago, which I think just speaks to the manufacturing capabilities that you've built out in-house. Cash position provides runway into late 2027. I guess, how are you sort of thinking about the sequencing of capital deployment across your thre main programs, VMT-α-NET, VMT01, and the FAP program? You know, what is sort of the single most value-creating milestone in your view between now and, say, the next financing event? That's great. that's great I guess at this point, you've dosed over 100 patients across your clinical programs, as of your investor day a couple weeks ago, which I think just speaks to the manufacturing capabilities that you've built out in-house. i guess at this point you've dosed over 100 patients across your clinical programs as of your investor day a couple weeks ago which i think just speaks to the manufacturing capabilities that you've built out in-house Cash position provides runway into late 2027. cash position provides runway into late 2027 I guess, how are you sort of thinking about the sequencing of capital deployment across your thre main programs, VMT-α-NET, VMT01, and the FAP program? i guess how are you sort of thinking about the sequencing of capital deployment across your thre main programs vmt-α-net vmt01 and the fap program You know, what is sort of the single most value-creating milestone in your view between now and, say, the next financing event? you know what is sort of the single most value-creating milestone in your view between now and say the next financing event

Speaker 2: Yeah, sure. Yeah, I'm glad you brought that up because we're really proud of the work that we've done in order to get these drugs to this level. We have multiple value-creating events. Thanks to you guys, we have had tons of really good one-on-one meetings today. Naturally, maybe there was a hedge fund or two that asked about the next upcoming milestone. Could be, if my memory serves me correct. Yeah, sure. yeah sure Yeah, I'm glad you brought that up because we're really proud of the work that we've done in order to get these drugs to this level. yeah i'm glad you brought that up because we're really proud of the work that we've done in order to get these drugs to this level We have multiple value-creating events. we have multiple value-creating events Thanks to you guys, we have had tons of really good one-on-one meetings today. thanks to you guys we have had tons of really good one-on-one meetings today Naturally, maybe there was a hedge fund or two that asked about the next upcoming milestone. naturally maybe there was a hedge fund or two that asked about the next upcoming milestone Could be, if my memory serves me correct. could be if my memory serves me correct

Speaker 1: A couple. A couple. a couple

Speaker 2: Yeah. The short answer to that is we're building for the long term by putting all these pieces in place in order to extract significant value for investors and bring new, effective therapies to patients. That's critically important. I would say if you wanted to pin me down and say one particular event this year that most investors I think are looking toward, it's the knowledge about how we're going to take VMT-α-NET from the current clinical setting into a pivotal trial. What does that design look like? How long will it be? When will it start? What can we do in that trial to ensure we'll have a successful outcome, both for investors in a pivotal trial, as well as the patients that can benefit from VMT-α-NET? Yeah. yeah The short answer to that is we're building for the long term by putting all these pieces in place in order to extract significant value for investors and bring new, effective therapies to patients. the short answer to that is we're building for the long term by putting all these pieces in place in order to extract significant value for investors and bring new effective therapies to patients That's critically important. that's critically important I would say if you wanted to pin me down and say one particular event this year that most investors I think are looking toward, it's the knowledge about how we're going to take VMT-α-NET from the current clinical setting into a pivotal trial. i would say if you wanted to pin me down and say one particular event this year that most investors i think are looking toward it's the knowledge about how we're going to take vmt-α-net from the current clinical setting into a pivotal trial What does that design look like? what does that design look like How long will it be? how long will it be When will it start? when will it start What can we do in that trial to ensure we'll have a successful outcome, both for investors in a pivotal trial, as well as the patients that can benefit from VMT-α-NET? what can we do in that trial to ensure we'll have a successful outcome both for investors in a pivotal trial as well as the patients that can benefit from vmt-α-net We don't know. Don't ask me the answer to that because we don't know it right now. We don't know. we don't know Don't ask me the answer to that because we don't know it right now. don't ask me the answer to that because we don't know it right now

Speaker 1: Yeah. Yeah. yeah

Speaker 2: That's certainly something that we hope to sort out between now and the end of the year or early next year. I mean, along the way, there are other, really other important milestones embedded in there, like data from cohort 2 in the VMT-αNET study. Certainly cohort 3, cohort 4 probably just started, so I don't know how much data we're gonna have there. And that's just on our lead compound, VMT-αNET. We also have the melanoma program, VMT-01, and 359, our FAP targeting agent that we are indicating to investors that we could have data there by the end of the year as well on both of those programs. The final thing is, like I mentioned before, is this distribution facility that we're building out in Chicago. That's certainly something that we hope to sort out between now and the end of the year or early next year. that's certainly something that we hope to sort out between now and the end of the year or early next year I mean, along the way, there are other, really other important milestones embedded in there, like data from cohort 2 in the VMT-αNET study. i mean along the way there are other really other important milestones embedded in there like data from cohort 2 in the vmt-αnet study Certainly cohort 3, cohort 4 probably just started, so I don't know how much data we're gonna have there. certainly cohort 3 cohort 4 probably just started so i don't know how much data we're gonna have there And that's just on our lead compound, VMT-αNET. and that's just on our lead compound vmt-αnet We also have the melanoma program, VMT-01, and 359, our FAP targeting agent that we are indicating to investors that we could have data there by the end of the year as well on both of those programs. we also have the melanoma program vmt-01 and 359 our fap targeting agent that we are indicating to investors that we could have data there by the end of the year as well on both of those programs The final thing is, like I mentioned before, is this distribution facility that we're building out in Chicago. the final thing is like i mentioned before is this distribution facility that we're building out in chicago We'd love to be able to get to the point where that facility is able to be, you know, shown to the outside world with some tours or something like that, but nothing to commit there yet right now. We'd love to be able to get to the point where that facility is able to be, you know, shown to the outside world with some tours or something like that, but nothing to commit there yet right now. we'd love to be able to get to the point where that facility is able to be you know shown to the outside world with some tours or something like that but nothing to commit there yet right now

Speaker 1: Okay, great. Maybe we can start with VMT-α-NET. I think this is, you know, reasonably so, this is where the majority of your investor day a couple weeks ago was spent, just given the amount of data that we have from the program and sort of the cadence of updates we're looking forward to. You know, I'd say you've been deliberately thoughtful about the regulatory strategy. I think it makes sense. Maybe you can just describe the approach to the dose escalation, sort of what your levels of comfort are between cohort 1, cohort 2, now you have cohort 3, and now also cohort 4. And sort of, you know, if there's any directional insights you're getting in terms of sort of the right staging post PRRT or before. Okay, great. okay great Maybe we can start with VMT-α-NET. maybe we can start with vmt-α-net I think this is, you know, reasonably so, this is where the majority of your investor day a couple weeks ago was spent, just given the amount of data that we have from the program and sort of the cadence of updates we're looking forward to. i think this is you know reasonably so this is where the majority of your investor day a couple weeks ago was spent just given the amount of data that we have from the program and sort of the cadence of updates we're looking forward to You know, I'd say you've been deliberately thoughtful about the regulatory strategy. you know i'd say you've been deliberately thoughtful about the regulatory strategy I think it makes sense. i think it makes sense Maybe you can just describe the approach to the dose escalation, sort of what your levels of comfort are between cohort 1, cohort 2, now you have cohort 3, and now also cohort 4. maybe you can just describe the approach to the dose escalation sort of what your levels of comfort are between cohort 1 cohort 2 now you have cohort 3 and now also cohort 4 And sort of, you know, if there's any directional insights you're getting in terms of sort of the right staging post PRRT or before. and sort of you know if there's any directional insights you're getting in terms of sort of the right staging post prrt or before

Speaker 2: Yeah. Yeah. yeah Good. Why don't I kind of describe for all those that aren't familiar what each cohort does. Effectively we're doing, for cohort 1, 2, and then to 3 or 4, we're doing dose escalation. Right now we're in cohort. The, the big cohort, is cohort 2. It's 46 patients. It's 5 mCi dosage times four, so four cycles, so total exposure of 20 mCi. We've reported on the first 23 of those 46 patients on efficacy. We've reported on all 46 every time we report at a medical meeting as far as the safety is concerned. Of those first 23 patients, if you look at it on an intent to treat basis or overall response rate, we're at 43%. That's 10 out of 23. Good. good Why don't I kind of describe for all those that aren't familiar what each cohort does. why don't i kind of describe for all those that aren't familiar what each cohort does Effectively we're doing, for cohort 1, 2, and then to 3 or 4, we're doing dose escalation. effectively we're doing for cohort 1 2 and then to 3 or 4 we're doing dose escalation Right now we're in cohort. right now we're in cohort The, the big cohort, is cohort 2. the the big cohort is cohort 2 It's 46 patients. it's 46 patients It's 5 mCi dosage times four, so four cycles, so total exposure of 20 mCi. it's 5 mci dosage times four so four cycles so total exposure of 20 mci We've reported on the first 23 of those 46 patients on efficacy. we've reported on the first 23 of those 46 patients on efficacy We've reported on all 46 every time we report at a medical meeting as far as the safety is concerned. we've reported on all 46 every time we report at a medical meeting as far as the safety is concerned Of those first 23 patients, if you look at it on an intent to treat basis or overall response rate, we're at 43%. of those first 23 patients if you look at it on an intent to treat basis or overall response rate we're at 43% That's 10 out of 23. that's 10 out of 23 I can do that even without a calculator, because I've said it like 5,000 times over the past couple of months. I'm not that good at math. If you look at it on a, if you just look at for SSTR2-positive patients, which is a subset that some people look at and some of our competitors look at it that way, our response rate's even higher. It's about 50%. If you stop right there, given the fact that the drug that's comparable in a comparable market, which is neuroendocrine tumors with a lutetium-based drug, that's Novartis' Lutathera, the on-label response rate's 13%. I can do that even without a calculator, because I've said it like 5,000 times over the past couple of months. i can do that even without a calculator because i've said it like 5,000 times over the past couple of months I'm not that good at math. i'm not that good at math If you look at it on a, if you just look at for SSTR2- positive patients, which is a subset that some people look at and some of our competitors look at it that way, our response rate's even higher. if you look at it on a if you just look at for sstr2- positive patients which is a subset that some people look at and some of our competitors look at it that way our response rate's even higher It's about 50%. it's about 50% If you stop right there, given the fact that the drug that's comparable in a comparable market, which is neuroendocrine tumors with a lutetium-based drug, that's Novartis' Lutathera, the on-label response rate's 13%. if you stop right there given the fact that the drug that's comparable in a comparable market which is neuroendocrine tumors with a lutetium-based drug that's novartis' lutathera the on-label response rate's 13% As we look at it internally and talking to KOLs who advise us, we are convinced that that dose right there, if we stop right there, would be suitable for registration, suitable for a phase III trial, if it works, registration and on the market and providing benefit to patients. The interesting thing is when we've disclosed all this data, including the safety profile, our safety profile is really, really good. We, if we look at in particular the renal, kidney, potential kidney tox, and we're not seeing that of any significant degree. We're looking at dysphagia, which has occurred in some competitive compounds. We're not seeing that at all. Certainly no grade 4 or grade 5 tox. That's enabling us to do some more investigation. You mentioned cohort 3 and cohort 4. As we look at it internally and talking to KOLs who advise us, we are convinced that that dose right there, if we stop right there, would be suitable for registration, suitable for a phase III trial, if it works, registration and on the market and providing benefit to patients. as we look at it internally and talking to kols who advise us we are convinced that that dose right there if we stop right there would be suitable for registration suitable for a phase iii trial if it works registration and on the market and providing benefit to patients The interesting thing is when we've disclosed all this data, including the safety profile, our safety profile is really, really good. the interesting thing is when we've disclosed all this data including the safety profile our safety profile is really really good We, if we look at in particular the renal, kidney, potential kidney tox, and we're not seeing that of any significant degree. we if we look at in particular the renal kidney potential kidney tox and we're not seeing that of any significant degree We're looking at dysphagia, which has occurred in some competitive compounds. we're looking at dysphagia which has occurred in some competitive compounds We're not seeing that at all. we're not seeing that at all Certainly no grade 4 or grade 5 tox. certainly no grade 4 or grade 5 tox That's enabling us to do some more investigation. that's enabling us to do some more investigation You mentioned cohort 3 and cohort 4. you mentioned cohort 3 and cohort 4 For people that don't know, cohort 3 is a higher dose, a 20% higher dose. We use 6 mCi times four for a total of 24 mCi in that setting. We haven't announced any data on that, but that could be something that comes out later in the year. What we're looking for is maybe we can get to a response rate that's even higher than that 43%-50%, coupled with the safety profile that we would hope would remain benign. Simultaneous with that, we're also going to cohort 4. There's been some misinterpretation that maybe we're only going to cohort 4 after cohort 3, having seen something in cohort 3, because cohort 4 is actually back down to the 20 mCi cumulative dose. For people that don't know, cohort 3 is a higher dose, a 20% higher dose. for people that don't know cohort 3 is a higher dose a 20% higher dose We use 6 mCi times four for a total of 24 mCi in that setting. we use 6 mci times four for a total of 24 mci in that setting We haven't announced any data on that, but that could be something that comes out later in the year. we haven't announced any data on that but that could be something that comes out later in the year What we're looking for is maybe we can get to a response rate that's even higher than that 43%-50%, coupled with the safety profile that we would hope would remain benign. what we're looking for is maybe we can get to a response rate that's even higher than that 43%-50% coupled with the safety profile that we would hope would remain benign Simultaneous with that, we're also going to cohort 4. simultaneous with that we're also going to cohort 4 There's been some misinterpretation that maybe we're only going to cohort 4 after cohort 3, having seen something in cohort 3, because cohort 4 is actually back down to the 20 mCi cumulative dose. there's been some misinterpretation that maybe we're only going to cohort 4 after cohort 3 having seen something in cohort 3 because cohort 4 is actually back down to the 20 mci cumulative dose

Speaker 1: Cumulative. Cumulative. cumulative

Speaker 2: Yeah. It's, but it's not really a de-escalation from the cohort 3. It's another segue from cohort 2 with the same amount of cumulative radiation, but done in a front-loaded way, where you start with 6 mCi, then two fives, and then a four. The thinking behind that is for a PRRT-naive patient, they, we think, will likely be more able to accommodate in their tumor more radiation sooner. We can hit it harder, maybe achieve a higher response rate, and get better kidney clearance at the front end before the kidney has seen any radiation at all. That's the thinking, where you put an extra millicurie in the first dose and one less millicurie in the last dose. Obviously, just opened the study, have no data to talk about there. Yeah. yeah It's, but it's not really a de-escalation from the cohort 3. it's but it's not really a de-escalation from the cohort 3 It's another segue from cohort 2 with the same amount of cumulative radiation, but done in a front-loaded way, where you start with 6 mCi, then two fives , and then a four. it's another segue from cohort 2 with the same amount of cumulative radiation but done in a front-loaded way where you start with 6 mci then two fives and then a four The thinking behind that is for a PRRT-naive patient, they, we think, will likely be more able to accommodate in their tumor more radiation sooner. the thinking behind that is for a prrt-naive patient they we think will likely be more able to accommodate in their tumor more radiation sooner We can hit it harder, maybe achieve a higher response rate, and get better kidney clearance at the front end before the kidney has seen any radiation at all. we can hit it harder maybe achieve a higher response rate and get better kidney clearance at the front end before the kidney has seen any radiation at all That's the thinking, where you put an extra millicurie in the first dose and one less millicurie in the last dose. that's the thinking where you put an extra millicurie in the first dose and one less millicurie in the last dose Obviously, just opened the study, have no data to talk about there. obviously just opened the study have no data to talk about there The beauty of this would be when we talk to the FDA, we can discuss not only the really good efficacy and safety data that we have from cohort 2, but how we can incorporate the findings from cohort 3 and cohort 4 into a potential registration plan. The beauty of this would be when we talk to the FDA, we can discuss not only the really good efficacy and safety data that we have from cohort 2, but how we can incorporate the findings from cohort 3 and cohort 4 into a potential registration plan. the beauty of this would be when we talk to the fda we can discuss not only the really good efficacy and safety data that we have from cohort 2 but how we can incorporate the findings from cohort 3 and cohort 4 into a potential registration plan

Speaker 1: Okay. The thinking around that cohort 4 higher upfront dose is that the very first dose of radiation that a patient sees is typically the most efficacious, right? The safety actually comes from the cumulative exposure. You're maintaining that total cumulative exposure, but yeah, just front loading the efficacy piece. There, like I'm sure it's because you feel confident in cohort 2 that you can explore, you know, before you commit fully to the pivotal, these different, regimens. Okay. okay The thinking around that cohort 4 higher upfront dose is that the very first dose of radiation that a patient sees is typically the most efficacious, right? the thinking around that cohort 4 higher upfront dose is that the very first dose of radiation that a patient sees is typically the most efficacious right The safety actually comes from the cumulative exposure. the safety actually comes from the cumulative exposure You're maintaining that total cumulative exposure, but yeah, just front loading the efficacy piece. you're maintaining that total cumulative exposure, but yeah just front loading the efficacy piece There, like I'm sure it's because you feel confident in cohort 2 that you can explore, you know, before you commit fully to the pivotal, these different, regimens. there like i'm sure it's because you feel confident in cohort 2 that you can explore you know before you commit fully to the pivotal these different regimens

Speaker 2: Yeah, that's exactly the point. I mean, the only downside to all of this is we'd like to experiment for the next 10 years on dosing iterations, and obviously we have limited capital. You talked before about the $271 million that we have in cash right now. We're very fortunate having done a nice financing earlier in the year to be in that position. On the other side, as the CFO, obviously we need to be, or I personally want to be as good of a steward of capital for investors as we possibly can be. We will have to make some decisions in the absence of, you know, full knowledge. Yeah, that's exactly the point. yeah that's exactly the point I mean, the only downside to all of this is we'd like to experiment for the next 10 years on dosing iterations, and obviously we have limited capital. i mean the only downside to all of this is we'd like to experiment for the next 10 years on dosing iterations and obviously we have limited capital You talked before about the $271 million that we have in cash right now. you talked before about the $271 million that we have in cash right now We're very fortunate having done a nice financing earlier in the year to be in that position. we're very fortunate having done a nice financing earlier in the year to be in that position On the other side, as the CFO, obviously we need to be, or I personally want to be as good of a steward of capital for investors as we possibly can be. on the other side as the cfo obviously we need to be or i personally want to be as good of a steward of capital for investors as we possibly can be We will have to make some decisions in the absence of, you know, full knowledge. we will have to make some decisions in the absence of you know full knowledge The beauty of our relationship with the FDA right now is it's a very collaborative one. You know, we're not looking to gain alignment from different sides of the table, we're looking to collaborate to come up with a plan that makes sense for all parties, including not only the regulators and us, but the patients. As an example of that, when we originally embarked on the phase I/II study we're in now, we asked whether we can start out in a post-Lutathera setting, and we ended up in a pre-Lutathera setting with the FDA's blessing. That's an example that I think will translate well into the upcoming discussions that we're going to have. The beauty of our relationship with the FDA right now is it's a very collaborative one. the beauty of our relationship with the fda right now is it's a very collaborative one You know, we're not looking to gain alignment from different sides of the table, we're looking to collaborate to come up with a plan that makes sense for all parties, including not only the regulators and us, but the patients. you know we're not looking to gain alignment from different sides of the table we're looking to collaborate to come up with a plan that makes sense for all parties including not only the regulators and us but the patients As an example of that, when we originally embarked on the phase I/II study we're in now, we asked whether we can start out in a post-Lutathera setting, and we ended up in a pre-Lutathera setting with the FDA's blessing. as an example of that when we originally embarked on the phase i/ii study we're in now we asked whether we can start out in a post-lutathera setting and we ended up in a pre-lutathera setting with the fda's blessing That's an example that I think will translate well into the upcoming discussions that we're going to have. that's an example that i think will translate well into the upcoming discussions that we're going to have

Speaker 1: Okay. I guess when you think, like, to that point on the pre or post-Lutathera, what's sort of the decision set within that? Is it, you know, maintenance of the SSTR2, the target expression? Is it the, you know, the cumulative irradiation of the kidney? Is it the efficacy bar that you're expecting? Is it the study design head-to-head? Like, there's just a lot of things to think about. Okay. okay I guess when you think, like, to that point on the pre or post-Lutathera, what's sort of the decision set within that? i guess when you think like to that point on the pre or post-lutathera what's sort of the decision set within that Is it, you know, maintenance of the SSTR2, the target expression? is it you know maintenance of the sstr2 the target expression Is it the, you know, the cumulative irradiation of the kidney? is it the you know the cumulative irradiation of the kidney Is it the efficacy bar that you're expecting? is it the efficacy bar that you're expecting Is it the study design head-to-head? is it the study design head-to-head Like, there's just a lot of things to think about. like there's just a lot of things to think about

Speaker 2: Yeah. Yeah. yeah

Speaker 1: What are sort of the priority within that? What are sort of the priority within that? what are sort of the priority within that

Speaker 2: Well, a couple of things I'll mention there, we think the biggest market is the pre-Lutathera, not necessarily frontline, but PRRT-naive patients. That's where the biggest market is. That's where Lutathera is obviously right now, and that's, I think, gonna be our main thrust. Obviously, if we can come to a decision that enables us to get some sort of accelerated approval, we'll explore that. That's just something to talk about that we can't commit to certainly right now. That's the biggest market. When you talk about post-Lutathera, we really haven't investigated that too much. As you correctly point out, there was an investigator who mentioned that we had at our investor analyst day who mentioned some success in that setting. Well, a couple of things I'll mention there, we think the biggest market is the pre-Lutathera, not necessarily frontline, but PRRT-naive patients. well a couple of things i'll mention there we think the biggest market is the pre-lutathera not necessarily frontline but prrt-naive patients That's where the biggest market is. that's where the biggest market is That's where Lutathera is obviously right now, and that's, I think, gonna be our main thrust. that's where lutathera is obviously right now and that's i think gonna be our main thrust Obviously, if we can come to a decision that enables us to get some sort of accelerated approval, we'll explore that. obviously if we can come to a decision that enables us to get some sort of accelerated approval we'll explore that That's just something to talk about that we can't commit to certainly right now. that's just something to talk about that we can't commit to certainly right now That's the biggest market. that's the biggest market When you talk about post-Lutathera, we really haven't investigated that too much. when you talk about post-lutathera we really haven't investigated that too much As you correctly point out, there was an investigator who mentioned that we had at our investor analyst day who mentioned some success in that setting. as you correctly point out there was an investigator who mentioned that we had at our investor analyst day who mentioned some success in that setting One of the beauties of that is maybe one of the things we haven't talked about yet is our whole theranostic approach. That's integral into how we develop these drugs, because we have a elemental twin to lead, 'cause lead-203 is our imaging isotope. What this enables us to do is to dose the drug or the imaging agent in a way where we can see whether it goes to the tumor, where it can have a therapeutic effect and how much also goes to the other tissue, such as the kidney, where it can have safety implications. One of the beauties of that is maybe one of the things we haven't talked about yet is our whole theranostic approach. one of the beauties of that is maybe one of the things we haven't talked about yet is our whole theranostic approach That's integral into how we develop these drugs, because we have a elemental twin to lead, 'cause lead-203 is our imaging isotope. that's integral into how we develop these drugs because we have a elemental twin to lead 'cause lead-203 is our imaging isotope What this enables us to do is to dose the drug or the imaging agent in a way where we can see whether it goes to the tumor, where it can have a therapeutic effect and how much also goes to the other tissue, such as the kidney, where it can have safety implications. what this enables us to do is to dose the drug or the imaging agent in a way where we can see whether it goes to the tumor where it can have a therapeutic effect and how much also goes to the other tissue such as the kidney where it can have safety implications If you do that in a post-Lutathera setting where patients have already received a radiopharmaceutical, you can get comfort that you can safely dose a therapeutic version of the theranostic of the imaging agent. In the absence of that, it would be very difficult to explore the post-Lutathera setting. That's a way where we can get comfort in capturing that market too, which wouldn't be our primary market, but certainly not a market that we would want to not consider. If you do that in a post-Lutathera setting where patients have already received a radiopharmaceutical, you can get comfort that you can safely dose a therapeutic version of the theranostic of the imaging agent. if you do that in a post-lutathera setting where patients have already received a radiopharmaceutical you can get comfort that you can safely dose a therapeutic version of the theranostic of the imaging agent In the absence of that, it would be very difficult to explore the post-Lutathera setting. in the absence of that it would be very difficult to explore the post-lutathera setting That's a way where we can get comfort in capturing that market too, which wouldn't be our primary market, but certainly not a market that we would want to not consider. that's a way where we can get comfort in capturing that market too which wouldn't be our primary market but certainly not a market that we would want to not consider

Speaker 1: Okay. Okay. Maybe last one on α-NET, then we can talk about the other assets in the pipeline. One question that we get asked is kind of the bar for success or, like, which competitor compounds do you compare VMT-α-NET to? There's a few, and there's been, you know, changing in the landscape. Obviously, Lutathera's kinda always been there, a standard of care in the background. There's two studies, NETTER-1 and NETTER-2 for Lutathera. Okay. okay Okay. okay Maybe last one on α-NET , then we can talk about the other assets in the pipeline. maybe last one on α-net then we can talk about the other assets in the pipeline One question that we get asked is kind of the bar for success or, like, which competitor compounds do you compare VMT-α-NET to? one question that we get asked is kind of the bar for success or like which competitor compounds do you compare vmt-α-net to There's a few, and there's been, you know, changing in the landscape. there's a few and there's been you know changing in the landscape Obviously, Lutathera's kinda always been there, a standard of care in the background. obviously lutathera's kinda always been there a standard of care in the background There's two studies, NETTER-1 and NETTER-2 for Lutathera. there's two studies netter-1 and netter-2 for lutathera

Speaker 2: Yeah. Yeah. yeah

Speaker 1: There's just a little bit confusion still on what's the best, like, comparator study. I don't know if you've been asked that in your meetings or if you have any thoughts on which Lutathera study. There's just a little bit confusion still on what's the best, like, comparator study. there's just a little bit confusion still on what's the best like comparator study I don't know if you've been asked that in your meetings or if you have any thoughts on which Lutathera study. i don't know if you've been asked that in your meetings or if you have any thoughts on which lutathera study

Speaker 2: Yeah, we just spent 30 minutes in our last one-on-one talking almost only about that. That's why I was almost a little bit late here because the conversation went on into the elevator, down the hallway, and all the way along here until we had to, you know, talk about this. You know, that's kind of an exaggeration. Yeah, there are a lot of ways to compare these things. I think just to put it in its most simple terms, look at the Lutathera label. They have a 13% response rate there. Yeah, we just spent 30 minutes in our last one-on-one talking almost only about that. yeah we just spent 30 minutes in our last one-on-one talking almost only about that That's why I was almost a little bit late here because the conversation went on into the elevator, down the hallway, and all the way along here until we had to, you know, talk about this. that's why i was almost a little bit late here because the conversation went on into the elevator down the hallway and all the way along here until we had to you know talk about this You know, that's kind of an exaggeration. you know that's kind of an exaggeration Yeah, there are a lot of ways to compare these things. yeah there are a lot of ways to compare these things I think just to put it in its most simple terms, look at the Lutathera label. i think just to put it in its most simple terms look at the lutathera label They have a 13% response rate there. they have a 13% response rate there You know, we're talking about a 43%-50% response rate. I mean, that's a vast difference. You can cut that in different ways and say, "Well, the patient population isn't exactly the same. This subset's a little bit sicker. This subset is a little bit further on in its progression. This is a subset that tends to have higher responses." You know, you add all that, you mix all that in, and maybe they get a little bit narrower. Still, we're certainly showing a vast difference in our compound versus the standard of care. That's an on-market drug with a serving a market today, that's close to a billion-dollar run rate. You know, we're talking about a 43% - 50% response rate. you know we're talking about a 43% - 50% response rate I mean, that's a vast difference. i mean that's a vast difference You can cut that in different ways and say, "Well, the patient population isn't exactly the same. you can cut that in different ways and say "well the patient population isn't exactly the same This subset's a little bit sicker. this subset's a little bit sicker This subset is a little bit further on in its progression. this subset is a little bit further on in its progression This is a subset that tends to have higher responses." You know, you add all that, you mix all that in, and maybe they get a little bit narrower. this is a subset that tends to have higher responses." you know you add all that you mix all that in and maybe they get a little bit narrower Still, we're certainly showing a vast difference in our compound versus the standard of care. still we're certainly showing a vast difference in our compound versus the standard of care That's an on-market drug with a serving a market today, that's close to a billion-dollar run rate. that's an on-market drug with a serving a market today that's close to a billion-dollar run rate You know, that's a big market where we're looking like comparing across trials, we're as good or maybe a lot better. You know, that's a big market where we're looking like comparing across trials, we're as good or maybe a lot better. you know that's a big market where we're looking like comparing across trials we're as good or maybe a lot better That's on response rate. If you wanna look at PFS, we don't have that data. We're hopeful that we would look better there too. There are other drugs that are being developed, one by a competitor that presented data at ESMO that had a 60% response rate. That you could say comparing across trials would be better than our drug than the VMT-α-NET. We would argue that it's in the same range, given wide error bars and relatively small studies. What differentiates that drug, experimental drug to our experimental drug is the safety profile. You know, that drives back maybe to one of your early questions about the overall thrust of the company. We didn't in-license these drugs. That's on response rate. that's on response rate If you wanna look at PFS, we don't have that data. if you wanna look at pfs we don't have that data We're hopeful that we would look better there too. we're hopeful that we would look better there too There are other drugs that are being developed, one by a competitor that presented data at ESMO that had a 60% response rate. there are other drugs that are being developed one by a competitor that presented data at esmo that had a 60% response rate That you could say comparing across trials would be better than our drug than the VMT-α-NET. that you could say comparing across trials would be better than our drug than the vmt-α-net We would argue that it's in the same range, given wide error bars and relatively small studies. we would argue that it's in the same range given wide error bars and relatively small studies What differentiates that drug, experimental drug to our experimental drug is the safety profile. You know, that drives back maybe to one of your early questions about the overall thrust of the company. what differentiates that drug experimental drug to our experimental drug is the safety profile. you know that drives back maybe to one of your early questions about the overall thrust of the company We didn't in-license these drugs. we didn't in-license these drugs We didn't get lucky and stumble upon a drug that kinda happened to work. All the constructs were made with a specific intention in mind, and one of the key elements of it is the chelator that we use that has two main impacts on the safety profile of the compound. The first is it yields a net neutral charge. The chelators that are used with other compounds tend to be either positive or negative, and therefore they get taken up by the kidney. With a net neutral charge, our construct is preferentially not reabsorbed, but it tends to be excreted instead. That is a major reason we think why we haven't seen any kind of material kidney tox. We didn't get lucky and stumble upon a drug that kinda happened to work. we didn't get lucky and stumble upon a drug that kinda happened to work All the constructs were made with a specific intention in mind, and one of the key elements of it is the chelator that we use that has two main impacts on the safety profile of the compound. all the constructs were made with a specific intention in mind and one of the key elements of it is the chelator that we use that has two main impacts on the safety profile of the compound The first is it yields a net neutral charge. the first is it yields a net neutral charge The chelators that are used with other compounds tend to be either positive or negative, and therefore they get taken up by the kidney. the chelators that are used with other compounds tend to be either positive or negative and therefore they get taken up by the kidney With a net neutral charge, our construct is preferentially not reabsorbed, but it tends to be excreted instead. with a net neutral charge our construct is preferentially not reabsorbed but it tends to be excreted instead That is a major reason we think why we haven't seen any kind of material kidney tox. that is a major reason we think why we haven't seen any kind of material kidney tox It has to do with the chelating agent. The other element of it is the daughter isotope, in our case bismuth, is almost entirely withheld within the chelating agent, and therefore it doesn't become an active metabolite that can yield untoward side effects. It has to do with the chelating agent. it has to do with the chelating agent The other element of it is the daughter isotope, in our case bismuth, is almost entirely withheld within the chelating agent, and therefore it doesn't become an active metabolite that can yield untoward side effects. the other element of it is the daughter isotope in our case bismuth is almost entirely withheld within the chelating agent and therefore it doesn't become an active metabolite that can yield untoward side effects We eliminate, or mostly attempt to eliminate, that sort of downstream effect. If you look at the safety profile of our drugs versus others, it wasn't random that we're coming out a little bit better or maybe a lot better on the safety side. It was designed into the molecule that way. We eliminate, or mostly attempt to eliminate, that sort of downstream effect. we eliminate or mostly attempt to eliminate that sort of downstream effect If you look at the safety profile of our drugs versus others, it wasn't random that we're coming out a little bit better or maybe a lot better on the safety side. if you look at the safety profile of our drugs versus others it wasn't random that we're coming out a little bit better or maybe a lot better on the safety side It was designed into the molecule that way. it was designed into the molecule that way

Speaker 1: Okay. Yeah, that's the benefit of having everything in-house, including the manufacturing. Okay. okay Yeah, that's the benefit of having everything in-house, including the manufacturing. yeah that's the benefit of having everything in-house including the manufacturing

Speaker 2: Yep. Yeah Yep. yep Yeah yeah

Speaker 1: You have a higher quality product. You have a higher quality product. you have a higher quality product

Speaker 2: Yeah. Yeah. yeah

Speaker 1: Using a radioisotope like lead has got a preferential decay chain versus like an actinium-. Using a radioisotope like lead has got a preferential decay chain versus like an actinium-. using a radioisotope like lead has got a preferential decay chain versus like an actinium-

Speaker 2: Right Right right

Speaker 1: um, as well, so. um, as well, so. um as well so

Speaker 2: Yeah. Yeah. yeah

Speaker 1: Okay. Maybe we can shift to VMT-01. Okay. okay Maybe we can shift to VMT-01. maybe we can shift to vmt-01

Speaker 2: Yeah. Yeah. yeah

Speaker 1: I believe you're gonna have updates at ASCO for this program. you've shown previously, you know, clear tumor uptake, the drugs clearing from the blood, and not retained in normal tissue. I believe you're gonna have updates at ASCO for this program. you've shown previously, you know, clear tumor uptake, the drugs clearing from the blood, and not retained in normal tissue. i believe you're gonna have updates at asco for this program you've shown previously you know clear tumor uptake the drugs clearing from the blood and not retained in normal tissue It is going to the tumor, as you'd expect, so a favorable PK profile, no DLTs. How is this asset sort of shaping up? How's the study been going in terms of enrollment? Maybe if you could frame sort of what we should expect at ASCO. It is going to the tumor, as you'd expect, so a favorable PK profile, no DLTs. it is going to the tumor as you'd expect so a favorable pk profile no dlts How is this asset sort of shaping up? how is this asset sort of shaping up How's the study been going in terms of enrollment? how's the study been going in terms of enrollment Maybe if you could frame sort of what we should expect at ASCO. maybe if you could frame sort of what we should expect at asco

Speaker 2: Sure. Maybe I'll just take a step back, and just in general, we'll have three posters at ASCO on our three clinical stage compounds. We presented a lot of data on our VMT-α-NET in particular at AACR, and also we gave brief updates at our investor day. I would not anticipate any kind of major card turning over of data for any of the compounds at ASCO. Yes, we'll have data there, but nothing, I think, that's going to be a major binary event, let's call it. Sure. sure Maybe I'll just take a step back, and just in general, we'll have three posters at ASCO on our three clinical stage compounds. maybe i'll just take a step back and just in general we'll have three posters at asco on our three clinical stage compounds We presented a lot of data on our VMT-α-NET in particular at AACR, and also we gave brief updates at our investor day. we presented a lot of data on our vmt-α-net in particular at aacr and also we gave brief updates at our investor day I would not anticipate any kind of major card turning over of data for any of the compounds at ASCO. i would not anticipate any kind of major card turning over of data for any of the compounds at asco Yes, we'll have data there, but nothing, I think, that's going to be a major binary event, let's call it. yes we'll have data there but nothing i think that's going to be a major binary event let's call it Depending on what investors see at the poster, things can change. As far as VMT-01 is concerned, That compound right now we're testing at 3 mCi. As you know, we've had responses or one response, we're looking at at this point, the combination of that compound with nivolumab. That study you asked about enrollment, that's enrolling well, we're also looking at it as a single agent, trying to assess what the right dose is, because the compound did not have responses at a higher dose. We think that the combination with a checkpoint inhibitor could be the trick to unlock the combination efficacy. Depending on what investors see at the poster, things can change. depending on what investors see at the poster things can change As far as VMT-01 is concerned, That compound right now we're testing at 3 mCi. as far as vmt-01 is concerned that compound right now we're testing at 3 mci As you know, we've had responses or one response, we're looking at at this point, the combination of that compound with nivolumab. as you know we've had responses or one response we're looking at at this point the combination of that compound with nivolumab That study you asked about enrollment, that's enrolling well, we're also looking at it as a single agent, trying to assess what the right dose is, because the compound did not have responses at a higher dose. that study you asked about enrollment that's enrolling well we're also looking at it as a single agent trying to assess what the right dose is because the compound did not have responses at a higher dose We think that the combination with a checkpoint inhibitor could be the trick to unlock the combination efficacy. we think that the combination with a checkpoint inhibitor could be the trick to unlock the combination efficacy That would be at a higher rate than we've been able to see so far. We don't have that data yet, don't anticipate anything material at ASCO. We're guiding investors to maybe having that at a later time in the year. That would be at a higher rate than we've been able to see so far. that would be at a higher rate than we've been able to see so far We don't have that data yet, don't anticipate anything material at ASCO. we don't have that data yet don't anticipate anything material at asco We're guiding investors to maybe having that at a later time in the year. we're guiding investors to maybe having that at a later time in the year

Speaker 1: Okay. Got it. You also touched on the FAP program, that's PSV359. Okay. okay Got it. got it You also touched on the FAP program, that's PSV359. you also touched on the fap program that's psv359

Speaker 2: Right Right right

Speaker 1: At your Analyst Day. This may be a little bit different in terms of the way that the drug was designed and kinda how the tumor acts or the target acts on the tumor. Pretty broad expression across PDAC sarcoma. You know, what gets you excited about this program? You know, what are sort of the upcoming updates to look forward to? At your Analyst Day. at your analyst day This may be a little bit different in terms of the way that the drug was designed and kinda how the tumor acts or the target acts on the tumor. this may be a little bit different in terms of the way that the drug was designed and kinda how the tumor acts or the target acts on the tumor Pretty broad expression across PDAC sarcoma. pretty broad expression across pdac sarcoma You know, what gets you excited about this program? you know what gets you excited about this program You know, what are sort of the upcoming updates to look forward to? you know what are sort of the upcoming updates to look forward to

Speaker 2: Yeah. Thanks for asking that. It's, it's one that kinda gets overlooked a lot of times, but it possibly could be our most valuable agent. Yeah. yeah Thanks for asking that. thanks for asking that It's, it's one that kinda gets overlooked a lot of times, but it possibly could be our most valuable agent. it's it's one that kinda gets overlooked a lot of times but it possibly could be our most valuable agent As is often the case with developmental stage biotechnology companies. What excites me personally about it as a CFO is the large markets. I mean, this is almost every solid tumor has some potential to get impacted by this drug. So I get really excited with my team. We've kinda modeled that out. On the other hand, we have to kinda prove it first, and that's what stage we're in right now. We're actively enrolling, adding patients as we speak. And what we hope to have, not at ASCO, but maybe by the end of the year, is some evidence of efficacy of that compound in the various solid tumors that we're testing it in as a single agent right now. As is often the case with developmental stage biotechnology companies. as is often the case with developmental stage biotechnology companies What excites me personally about it as a CFO is the large markets. what excites me personally about it as a cfo is the large markets I mean, this is almost every solid tumor has some potential to get impacted by this drug. i mean this is almost every solid tumor has some potential to get impacted by this drug So I get really excited with my team. so i get really excited with my team We've kinda modeled that out. we've kinda modeled that out On the other hand, we have to kinda prove it first, and that's what stage we're in right now. on the other hand we have to kinda prove it first and that's what stage we're in right now We're actively enrolling, adding patients as we speak. we're actively enrolling adding patients as we speak And what we hope to have, not at ASCO, but maybe by the end of the year, is some evidence of efficacy of that compound in the various solid tumors that we're testing it in as a single agent right now. and what we hope to have not at asco but maybe by the end of the year is some evidence of efficacy of that compound in the various solid tumors that we're testing it in as a single agent right now

Speaker 1: Okay. Great. You recently nominated a fourth program- Okay. okay Great. great You recently nominated a fourth program- you recently nominated a fourth program-

Speaker 2: Yeah Yeah yeah

Speaker 1: at your Analyst Day, PSV594. at your A nalyst Day, PSV594. at your a nalyst day psv594

Speaker 2: Yeah. Yeah. yeah

Speaker 1: Maybe talk about this target. You had imaging data it looked very specific. Maybe talk about this target. maybe talk about this target You had imaging data it looked very specific. you had imaging data it looked very specific

Speaker 2: Yeah. Yeah. yeah

Speaker 1: I think the KOLs that you invited to the event were reasonably excited as well to see those images. Maybe you could talk us through sort of your excitement around this program and maybe sort of the origin story. I think the KOLs that you invited to the event were reasonably excited as well t o see those images. i think the kols that you invited to the event were reasonably excited as well t o see those images Maybe you could talk us through sort of your excitement around this program and maybe sort of the origin story. maybe you could talk us through sort of your excitement around this program and maybe sort of the origin story

Speaker 2: No, I'm glad you brought that up about your particular question about the origin story I think is what I find most exciting. As I said before about the other constructs we have, these are all intentionally designed. We don't just randomly come up with a couple that we think will rise to the level of clinical development just because we feel like it. It's because we've done the necessary work. It's not a target that a lot of people have heard of. It's not necessarily a target that you'd automatically go to, like KRAS or something like that. That's exactly the type of heavy lifting that we wanna do to expose these targets that we think can be exquisitely targeted. Sorry about the reiteration of the same word. No, I'm glad you brought that up about your particular question about the origin story I think is what I find most exciting. no i'm glad you brought that up about your particular question about the origin story i think is what i find most exciting As I said before about the other constructs we have, these are all intentionally designed. as i said before about the other constructs we have these are all intentionally designed We don't just randomly come up with a couple that we think will rise to the level of clinical development just because we feel like it. we don't just randomly come up with a couple that we think will rise to the level of clinical development just because we feel like it It's because we've done the necessary work. it's because we've done the necessary work It's not a target that a lot of people have heard of. it's not a target that a lot of people have heard of It's not necessarily a target that you'd automatically go to, like KRAS or something like that. it's not necessarily a target that you'd automatically go to like kras or something like that That's exactly the type of heavy lifting that we wanna do to expose these targets that we think can be exquisitely targeted. that's exactly the type of heavy lifting that we wanna do to expose these targets that we think can be exquisitely targeted Sorry about the reiteration of the same word. sorry about the reiteration of the same word It gets back to what I was saying before about the theranostic element. The other thing I would say, not only are we analyzing and we will continue to come up with new drugs to new targets, but along the way, we don't stop until we do dozens of iterations using the theranostics and the dosimetry that I described before, until we find an agent that using our dosimetry techniques attaches or literally has an impact on the tumor while sparing the healthy tissue. As you saw in those images, and we do it first in animals, and then we go to the humans after that. It gets back to what I was saying before about the theranostic element. it gets back to what i was saying before about the theranostic element The other thing I would say, not only are we analyzing and we will continue to come up with new drugs to new targets, but along the way, we don't stop until we do dozens of iterations using the theranostics and the dosimetry that I described before, until we find an agent that using our dosimetry techniques attaches or literally has an impact on the tumor while sparing the healthy tissue. the other thing i would say not only are we analyzing and we will continue to come up with new drugs to new targets but along the way we don't stop until we do dozens of iterations using the theranostics and the dosimetry that i described before until we find an agent that using our dosimetry techniques attaches or literally has an impact on the tumor while sparing the healthy tissue As you saw in those images, and we do it first in animals, and then we go to the humans after that. as you saw in those images and we do it first in animals and then we go to the humans after that It's a methodical process that leads us down the path, and we won't spend investor dollars on the big, expensive trials until all those boxes are checked. The beauty of it is that a lot of that front-end work goes in, and that's very different than non-radio targeted compounds, your traditional targeted oncology, because you can theoretically think that your drug is only going to go to tumor, but you don't really know what that side effect profile is going to be until you test it in patients. We have a really strong conviction of our drugs before they even go into the first clinical trial that they're going to be safer than they would've otherwise has been, because we've integrated that into our theranostics element. Plus, we have the proprietary chelator to add extra insurance to keep the compound safe. It's a methodical process that leads us down the path, and we won't spend investor dollars on the big, expensive trials until all those boxes are checked. it's a methodical process that leads us down the path and we won't spend investor dollars on the big expensive trials until all those boxes are checked The beauty of it is that a lot of that front-end work goes in, and that's very different than non-radio targeted compounds, your traditional targeted oncology, because you can theoretically think that your drug is only going to go to tumor, but you don't really know what that side effect profile is going to be until you test it in patients. the beauty of it is that a lot of that front-end work goes in and that's very different than non-radio targeted compounds your traditional targeted oncology because you can theoretically think that your drug is only going to go to tumor but you don't really know what that side effect profile is going to be until you test it in patients We have a really strong conviction of our drugs before they even go into the first clinical trial t hat they're going to be safer than they would've otherwise has been, because we've integrated that into our theranostics element. we have a really strong conviction of our drugs before they even go into the first clinical trial t hat they're going to be safer than they would've otherwise has been because we've integrated that into our theranostics element Plus, we have the proprietary chelator to add extra insurance to keep the compound safe. plus, we have the proprietary chelator to add extra insurance to keep the compound safe

Speaker 1: Yeah. Maybe in the last minute or so that we have, I wanna talk about your manufacturing. I feel like this is a real strength for the company and something you guys have been proactively investing in as you've been getting the clinical proof of concept from your pipeline. I've been to the Somerset location which is it's great to see sort of how the sausage is made, so to speak. Now you'll have Chicago, I think you're expanding to L.A., really canvassing the whole country. Maybe you could talk, a little bit about your manufacturing build-out, how you're kinda thinking about capital allocation to the fixed costs of implementing that infrastructure today. Could this be a revenue stream for you guys? Yeah. yeah Maybe in the last minute or so that we have, I wanna talk about your manufacturing. maybe in the last minute or so that we have i wanna talk about your manufacturing I feel like this is a real strength for the company and something you guys have been proactively investing in as you've been getting the clinical proof of concept from your pipeline. i feel like this is a real strength for the company and something you guys have been proactively investing in as you've been getting the clinical proof of concept from your pipeline I've been to the Somerset location w hich is it's great to see sort of how the sausage is made, so to speak. i've been to the somerset location w hich is it's great to see sort of how the sausage is made so to speak Now you'll have Chicago, I think you're expanding to L.A., really canvassing the whole country. now you'll have chicago i think you're expanding to l.a really canvassing the whole country Maybe you could talk, a little bit about your manufacturing build-out, how you're kinda thinking about capital allocation to the fixed costs of implementing that infrastructure today. maybe you could talk a little bit about your manufacturing build-out how you're kinda thinking about capital allocation to the fixed costs of implementing that infrastructure today Could this be a revenue stream for you guys? could this be a revenue stream for you guys

Speaker 2: Yeah. Yeah. yeah

Speaker 1: I mean, it's pretty, like, best in class manufacturing for lead. I mean, it's pretty, like, best in class manufacturing for lead. i mean it's pretty like best in class manufacturing for lead

Speaker 2: Yeah, it really is. Thanks for bringing that up. It could potentially be a revenue stream if we have excess capacity, and we're building it such that we might have the capacity on hand. If other people need it, look, we're proponents of the radiopharmaceutical business. Yeah, it really is. yeah it really is Thanks for bringing that up. thanks for bringing that up It could potentially be a revenue stream if we have excess capacity, and we're building it such that we might have the capacity on hand. it could potentially be a revenue stream if we have excess capacity and we're building it such that we might have the capacity on hand If other people need it, look, we're proponents of the radiopharmaceutical business. if other people need it look we're proponents of the radiopharmaceutical business If our competitors, so to speak, want access, we're happy to work with them to potentially provide that because we're advocates of the field that we're in. Yes, we allocate a significant amount of our capital, so much so that our PP&E by the end of this year will be over $100 million. I would say from a valuation perspective, as an ex analyst, I would calculate our EV on the basis of market cap less cash, less PP&E. If our competitors, so to speak, want access, we're happy to work with them to potentially provide that because we're advocates of the field that we're in. if our competitors so to speak want access we're happy to work with them to potentially provide that because we're advocates of the field that we're in Yes, we allocate a significant amount of our capital, so much so that our PP&E by the end of this year will be over $100 million. yes we allocate a significant amount of our capital so much so that our pp&e by the end of this year will be over $100 million I would say from a valuation perspective, as an ex analyst, I would calculate our EV on the basis of market cap less cash, less PP&E. i would say from a valuation perspective as an ex analyst i would calculate our ev on the basis of market cap less cash less pp&e That really shows you in a striking way how undervalued we are. Obviously, I'm biased in that respect. Yeah, we're building out a state-of-the-art facility in Chicago. We already have land and a building in L.A., by the time we're done in Texas and Houston, we'll be able to cover from a geographic perspective the entire United States relatively routinely with our drug, both for clinical trial and ultimately for commercialization. That really shows you in a striking way how undervalued we are. that really shows you in a striking way how undervalued we are Obviously, I'm biased in that respect. obviously i'm biased in that respect Yeah, we're building out a state-of-the-art facility in Chicago. yeah we're building out a state-of-the-art facility in chicago We already have land and a building in L.A., by the time we're done in Texas and Houston, we'll be able to cover from a geographic perspective the entire United States relatively routinely with our drug, both for clinical trial and ultimately for commercialization. we already have land and a building in l.a by the time we're done in texas and houston we'll be able to cover from a geographic perspective the entire united states relatively routinely with our drug both for clinical trial and ultimately for commercialization

Speaker 1: Okay, great. Great. Well, thanks for the great conversation, Joel. I think we're gonna have to leave it there for time, but really appreciate you attending the conference. Great to see the updates for the company and look forward to the rest of the year. Okay, great. okay great Great. great Well, thanks for the great conversation, Joel. well thanks for the great conversation joel I think we're gonna have to leave it there for time, but really appreciate you attending the conference. i think we're gonna have to leave it there for time but really appreciate you attending the conference Great to see the updates for the company and look forward to the rest of the year. great to see the updates for the company and look forward to the rest of the year

Speaker 2: Awesome. Thanks, Alec. Awesome. awesome Thanks, Alec. thanks alec

Speaker 1: Thank you. Thank you. thank you