CATXPerspective Therapeutics, Inc.
Pharmaceutical Preparations
- Revenue
- —
- Operating margin
- —
- EBITDA
- −$110M
- 25% YoY
- Market cap
- $131M
- Employees
- 12,000
- Net debt / EBITDA
- —
- −$47M net debt
- AI in 10-K
- 0.8
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes625% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentYes75% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeYes$120 · 4th pctBottom quartile of its SIC industry
- Quiet on AINo0.8 per 10K words · 30th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$131M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$2M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $10M | $0 | $1M | — | — | |
| Operating income | −$3M | −$9M | −$41M | −$91M | −$114M | 25% |
| Net income | −$3M | −$11M | −$47M | −$79M | −$103M | 30% |
| Operating cash flow | −$3M | −$10M | −$37M | −$18M | −$82M | 351% |
| Capex | $381K | $282K | $1M | $54M | $13M | 77% |
| Stock-based comp | $386K | $983K | $4M | $5M | $9M | 66% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Nov 7, 2022 | DEFM14A | Isoray, Inc. | $3.32 | — |
| Oct 25, 2022 | PREM14A | Isoray, Inc. | $3.32 | — |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Sep 23, 2026 | Lantheus Holdings, Inc. | SCHEDULE 13D/A | 7.7% | Passive |
| Sep 4, 2026 | Lantheus Holdings, Inc. | SCHEDULE 13D/A | 10.0% | Passive |
| Mar 8, 2024 | Lantheus Holdings, Inc. | SC 13D/A | 19.9% | Passive |
| Feb 1, 2024 | Lantheus Holdings, Inc. | SC 13D | 10.7% | Active |
Insider trading
- Open-market buys, 12 mo
- $42K · 2
- Open-market sells, 12 mo
- $2M · 7
- Net
- −$2M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 110 | — |
| FY2024 | — | — | 128 | — |
| FY2023 | — | — | 160 | — |