Actinium Narrows Q3 Loss by 56% on R&D, G&A Cuts

TL;DR

**ATNM is burning less cash, but without product revenue, it's still a long-term bet on pipeline success.**

AI Summary

Actinium Pharmaceuticals, Inc. reported a net loss of $5.131 million for the three months ended September 30, 2025, a significant improvement from the $11.568 million net loss in the same period of 2024, representing a 55.7% reduction. For the nine months ended September 30, 2025, the net loss was $27.947 million, down from $31.591 million in 2024, a 11.5% decrease. Total revenue for the three and nine months ended September 30, 2025, was $90 thousand, primarily from grant revenue, compared to no revenue in the prior year periods. Research and development expenses decreased substantially to $4.248 million for the three months ended September 30, 2025, from $9.774 million in 2024, a 56.5% reduction. General and administrative expenses also fell to $1.534 million from $2.827 million, a 45.7% decrease. The company's cash and cash equivalents declined to $53.391 million as of September 30, 2025, from $72.904 million at December 31, 2024, reflecting net cash used in operating activities of $19.291 million for the nine-month period.

Why It Matters

Actinium's significant reduction in net loss and operating expenses signals improved financial discipline, which is crucial for a clinical-stage biopharmaceutical company. This could extend their cash runway, providing more time to advance their targeted radiotherapies without immediate dilution concerns for investors. For employees, this might indicate a more stable operational environment, while customers and the broader market could benefit from continued development of innovative cancer treatments. In a competitive landscape, efficient capital deployment is key to outperforming peers and attracting further investment.

Risk Assessment

Risk Level: medium — The company reported a net loss of $27.947 million for the nine months ended September 30, 2025, and a cash and cash equivalents balance of $53.391 million. While operating expenses decreased, the absence of significant product revenue and continued net losses indicate ongoing reliance on existing capital, posing a medium-term liquidity risk without future funding or product commercialization.

Analyst Insight

Investors should monitor Actinium's progress in clinical trials and potential partnership developments closely. The reduced burn rate is positive, but the lack of substantial revenue means future value hinges entirely on successful drug development and commercialization. Consider this a speculative investment based on pipeline potential.

Financial Highlights

debt To Equity

3.07

revenue

$90K

operating Margin

-6325.56%

total Assets

$56.151M

total Debt

$42.367M

net Income

-$5.131M

eps

-$0.16

gross Margin

N/A

cash Position

$53.391M

revenue Growth

N/A

Revenue Breakdown

Key Numbers

• $5.131M — Net Loss (Q3 2025) (55.7% decrease from $11.568M in Q3 2024)
• $27.947M — Net Loss (9M 2025) (11.5% decrease from $31.591M in 9M 2024)
• $90K — Total Revenue (9M 2025) (Increase from $0 in 9M 2024, primarily from grant revenue)
• $4.248M — R&D Expenses (Q3 2025) (56.5% decrease from $9.774M in Q3 2024)
• $1.534M — G&A Expenses (Q3 2025) (45.7% decrease from $2.827M in Q3 2024)
• $53.391M — Cash & Cash Equivalents (Sept 30, 2025) (Decrease from $72.904M at Dec 31, 2024)
• $19.291M — Net Cash Used in Operating Activities (9M 2025) (Decrease from $27.321M in 9M 2024)
• 31,195,891 — Common Shares Outstanding (As of November 14, 2025)

Key Players & Entities

• Actinium Pharmaceuticals, Inc. (company) — registrant
• SEC (regulator) — filing oversight
• $5.131 million (dollar_amount) — net loss for Q3 2025
• $11.568 million (dollar_amount) — net loss for Q3 2024
• $27.947 million (dollar_amount) — net loss for nine months ended Sept 30, 2025
• $31.591 million (dollar_amount) — net loss for nine months ended Sept 30, 2024
• $90 thousand (dollar_amount) — total revenue for Q3 and nine months ended Sept 30, 2025
• $4.248 million (dollar_amount) — R&D expenses for Q3 2025
• $9.774 million (dollar_amount) — R&D expenses for Q3 2024
• $53.391 million (dollar_amount) — cash and cash equivalents as of Sept 30, 2025

FAQ

Risk Factors

• Regulatory Approval Delays [high — regulatory]: The company's ability to bring its radiotherapies to market is heavily dependent on obtaining regulatory approvals from bodies like the FDA. Delays or failures in this process, which are common in the pharmaceutical industry, could significantly impact the company's timeline and financial viability.
• Dependence on Future Funding [high — financial]: Actinium Pharmaceuticals has a history of net losses and negative cash flows from operations, with $19.291 million used in operating activities for the nine months ended September 30, 2025. The company's cash and cash equivalents decreased to $53.391 million from $72.904 million at the end of 2024, indicating a need for continued financing to fund its research and development activities.
• Clinical Trial Success [high — operational]: The success of Actinium's product candidates hinges on positive outcomes in clinical trials. Adverse results or unexpected side effects in ongoing or future trials could halt development and lead to significant financial write-offs.
• Competition in Radiotherapy [medium — market]: The field of targeted radiotherapies is competitive, with other companies also developing novel treatments. Actinium faces competition from established pharmaceutical companies and emerging biotechs, which could affect market share and pricing power.
• Radioisotope Supply Chain [medium — operational]: The company's strategy involves expanding capabilities in radioisotope production, including Ac-225. Disruptions in the supply chain for critical radioisotopes or challenges in scaling up in-house manufacturing could impede product development and commercialization.
• Accumulated Deficit [medium — financial]: As of September 30, 2025, the company has an accumulated deficit of $403.773 million. While this is a common characteristic of development-stage biopharmaceutical companies, it highlights the significant losses incurred to date and the long path to profitability.
• Intellectual Property Protection [medium — legal]: The company relies on its approximately 250 issued and pending patents worldwide for its competitive advantage. Maintaining and defending this intellectual property against infringement or challenges is crucial for its long-term value.
• Scalability of Manufacturing [low — operational]: Scaling up manufacturing processes for radiotherapies, especially for clinical trials and potential commercialization, presents significant operational challenges. Ensuring consistent quality and sufficient supply will be critical.

Industry Context

Actinium Pharmaceuticals operates in the highly competitive and capital-intensive biopharmaceutical sector, specifically focusing on targeted radiotherapies for advanced cancers. The industry is characterized by long development cycles, significant R&D investment, and stringent regulatory hurdles. Key trends include the increasing demand for personalized medicine and novel cancer treatments, driving innovation in areas like radiopharmaceuticals. However, companies like Actinium face challenges in securing funding, demonstrating clinical efficacy, and navigating complex manufacturing and supply chains for specialized isotopes.

Regulatory Implications

The company's success is heavily contingent on obtaining regulatory approvals from agencies such as the FDA for its product candidates. Delays or rejections in the approval process can significantly impact timelines and financial resources. Furthermore, compliance with evolving regulations regarding drug development, manufacturing, and marketing is critical for continued operation and market access.

What Investors Should Do

1. Monitor R&D Spend and Burn Rate
2. Evaluate Clinical Trial Progress
3. Assess Revenue Generation Strategy
4. Analyze Cash Position and Funding Needs
5. Review Competitive Landscape

Key Dates

• 2025-09-30: End of Q3 2025 — Reported net loss of $5.131 million, a significant improvement from the prior year, with total revenue of $90 thousand primarily from grants.
• 2025-09-30: End of Nine Months 2025 — Reported net loss of $27.947 million, down 11.5% from the prior year, with $90 thousand in revenue and $19.291 million in net cash used in operating activities.
• 2025-09-30: Cash and Cash Equivalents — Stood at $53.391 million, a decrease from $72.904 million at December 31, 2024, indicating cash burn.
• 2024-12-31: End of Fiscal Year 2024 — Company had $72.904 million in cash and cash equivalents.
• 2024-09-30: End of Q3 2024 — Reported a net loss of $11.568 million with no revenue, and R&D expenses of $9.774 million.
• 2024-09-30: End of Nine Months 2024 — Reported a net loss of $31.591 million and $27.321 million in net cash used in operating activities.

Glossary

Radiotherapies

Treatments that use radiation to kill cancer cells. (This is the core focus of Actinium Pharmaceuticals' product development pipeline.)

Ac-225

Actinium-225, a radioactive isotope used in targeted alpha therapies for cancer treatment. (Actinium Pharmaceuticals is developing technologies and collaborations related to Ac-225 for its pipeline candidates.)

Accumulated Deficit

The total cumulative net losses of a company since its inception, minus any cumulative net income. (Indicates the company has incurred significant losses in its development efforts, with a deficit of $403.773 million as of September 30, 2025.)

Stock-based compensation

Compensation provided to employees in the form of stock options or shares, recognized as an expense. (This expense is a non-cash item that impacts net loss but is added back in cash flow from operations. It was $9.180 million for the nine months ended September 30, 2025.)

Right-of-use assets

Assets recognized under lease accounting standards, representing the right to use an asset for the lease term. (These assets, related to operating and finance leases, are part of the company's balance sheet, totaling $1.227 million as of September 30, 2025.)

Net loss per common share

The portion of a company's profit or loss allocated to each outstanding share of common stock. (For the nine months ended September 30, 2025, the net loss per share was $0.90, reflecting the company's profitability status.)

Weighted average common shares outstanding

The average number of common shares outstanding during a reporting period, used for EPS calculations. (This metric is crucial for calculating earnings per share and was 31,195,891 for the nine months ended September 30, 2025.)

Deferred Revenue

Revenue that has been received by a company but not yet earned, typically from advance payments for services or products to be delivered in the future. (The company has $35,000,000 in long-term deferred license revenue, which represents future revenue recognition.)

Year-Over-Year Comparison

Compared to the prior year's comparable periods, Actinium Pharmaceuticals has demonstrated significant improvements in its financial performance. For the three months ended September 30, 2025, the net loss decreased by 55.7% to $5.131 million, and for the nine months, it decreased by 11.5% to $27.947 million. This reduction in losses is partly due to a substantial decrease in R&D expenses (56.5% in Q3) and G&A expenses (45.7% in Q3). Notably, the company generated $90 thousand in revenue in the current year's periods, a significant increase from zero revenue in the prior year, primarily from grant revenue. However, cash reserves have declined, with cash and cash equivalents falling from $72.904 million at the end of 2024 to $53.391 million as of September 30, 2025, reflecting continued operational cash burn.

Key Financial Figures

• $0.001 — ich registered Common stock, par value $0.001 ATNM NYSE American Indicate by check

Filing Documents

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– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 1 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 4.

Controls and Procedures

Controls and Procedures 44

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 45 Item 1A.

Risk Factors

Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 83 Item 3. Defaults Upon Senior Securities 83 Item 4. Mine Safety Disclosures 83 Item 5. Other Information 83 Item 6. Exhibits 84

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

UNAUDITED FINANCIAL STATEMENTS

ITEM 1. UNAUDITED FINANCIAL STATEMENTS The accompanying condensed consolidated financial statements have been prepared by Actinium Pharmaceuticals, Inc., or the Company, and are unaudited. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position at September 30, 2025 and December 31, 2024, and the results of operations and cash flows for the three months and nine months ended September 30, 2025 and 2024, respectively, have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company's audited financial statements for the year ended December 31, 2024 in the Company's Annual Report on Form 10-K. The results of operations for the three months and nine months ended September 30, 2025 are not necessarily indicative of the operating results for the full year. 1 Actinium Pharmaceuticals, Inc. Condensed Consolidated Balance Sheets (Unaudited) (amounts in thousands, except share and per share data) September 30, 2025 December 31, 2024 (Unaudited) Assets Current Assets: Cash and cash equivalents $ 53,391 $ 72,904 Prepaid expenses and other current assets 975 1,602 Total Current Assets 54,366 74,506 Property and equipment, net of accumulated depreciation of $ 1,030 and $ 891 226 364 Restricted cash – long term 332 324 Operating leases right-of-use assets 1,215 1,685 Finance leases right-of-use assets 12 20 Total Assets $ 56,151 $ 76,899 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable and accrued expenses $ 6,224 $ 7,568 Operating leases current liability 599 569 Finance leases current liabil

financial statements

financial statements. 2 Actinium Pharmaceuticals, Inc. Condensed Consolidated Statements of Operations (Unaudited) (amounts in thousands, except share and per share data) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Revenue Revenue $ - $ - $ - $ - Other revenue 90 - 90 - Total revenue 90 - 90 - Operating expenses: Research and development, net of reimbursements 4,248 9,774 16,827 25,234 General and administrative 1,534 2,827 13,096 9,382 Total operating expenses 5,782 12,601 29,923 34,616 Loss from operations ( 5,692 ) ( 12,601 ) ( 29,833 ) ( 34,616 ) Other income: Interest income - net 561 1,033 1,886 3,025 Total other income 561 1,033 1,886 3,025 Net loss $ ( 5,131 ) $ ( 11,568 ) $ ( 27,947 ) $ ( 31,591 ) Net loss per common share – basic and diluted $ ( 0.16 ) $ ( 0.37 ) $ ( 0.90 ) $ ( 1.06 ) Weighted average common shares outstanding – basic and diluted 31,195,891 31,071,297 31,195,891 29,692,001 See accompanying notes to the condensed consolidated

financial statements

financial statements. 3 Actinium Pharmaceuticals, Inc. Condensed Consolidated Statement of Changes in Stockholders' Equity For the Period from January 1, 2025 to September 30, 2025 (Unaudited) (amounts in thousands, except share amounts) Common Stock Additional Paid-In Accumulated Stockholders' Shares Amount Capital Deficit Equity Balance, January 1, 2025 31,195,891 $ 31 $ 408,553 $ ( 375,826 ) $ 32,758 Stock-based compensation - - 8,874 - 8,874 Net loss - - - ( 15,938 ) ( 15,938 ) Balance, March 31, 2025 31,195,891 $ 31 $ 417,427 $ ( 391,764 ) $ 25,694 Stock-based compensation - - 197 - 197 Net loss - - - ( 6,878 ) ( 6,878 ) Balance, June 30, 2025 31,195,891 $ 31 $ 417,624 $ ( 398,642 ) $ 19,013 Stock-based compensation - - 109 - 109 Restricted stock units withheld to cover tax obligations - - ( 207 ) - ( 207 ) Net loss - - - ( 5,131 ) ( 5,131 ) Balance, September 30, 2025 31,195,891 $ 31 $ 417,526 $ ( 403,773 ) $ 13,784 See accompanying notes to the condensed consolidated

financial statements

financial statements. 4 Actinium Pharmaceuticals, Inc. Condensed Consolidated Statement of Changes in Stockholders' Equity For the Period from January 1, 2024 to September 30, 2024 (Unaudited) (amounts in thousands, except share amounts) Common Stock Additional Paid-In Accumulated Stockholders' Shares Amount Capital Deficit Equity Balance, January 1, 2024 27,634,213 $ 28 $ 373,934 $ ( 337,583 ) $ 36,379 Stock-based compensation - - 1,378 - 1,378 Sale of common stock, net of offering costs 1,752,050 1 14,694 - 14,695 Issuance of common stock from exercise of stock options 10,148 - 75 - 75 Net loss - - - ( 8,670 ) ( 8,670 ) Balance, March 31, 2024 29,396,411 $ 29 $ 390,081 $ ( 346,253 ) $ 43,857 Stock-based compensation - - 1,374 - 1,374 Sale of common stock, net of offering costs 1,154,191 2 9,955 - 9,957 Net loss - - - ( 11,353 ) ( 11,353 ) Balance, June 30, 2024 30,550,602 $ 31 $ 401,410 $ ( 357,606 ) $ 43,835 Stock-based compensation 13,394 - 1,337 - 1,337 Sale of common stock, net of offering costs 631,895 - 4,604 - 4,604 Net Loss - - - ( 11,568 ) ( 11,568 ) Balance, September 30, 2024 31,195,891 $ 31 $ 407,351 $ ( 369,174 ) $ 38,208 5 Actinium Pharmaceuticals, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (amounts in thousands) For the Nine Months Ended September 30, 2025 2024 Cash flows used in operating activities: Net loss $ ( 27,947 ) $ ( 31,591 ) Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation expense 9,180 4,089 Depreciation and amortization expenses 615 607 Changes in operating assets and liabilities: Prepaid expenses and other current assets 627 726 Accounts payable and accrued expenses ( 1,343 ) ( 758 ) Operating lease liabilities ( 423 ) ( 394 ) Net cash used in operating activities ( 19,291 ) ( 27,321 ) Cash flows u

financial statements

financial statements. 6 Actinium Pharmaceuticals, Inc. Notes to Condensed Consolidated Financial Statements (Unaudited) Note 1 - Description of Business and Summary of Significant Accounting Policies Nature of Business - Actinium Pharmaceuticals, Inc. is a pioneer in the development of differentiated, targeted radiotherapies intended to meaningfully improve outcomes for patients with advanced cancers. The Company is focused on developing highly innovative, first-in-class product candidates. To support its objective of achieving industry leading, cost-effective product development to maximize value creation from its innovative pipeline, the Company is working to expand the scope of its capabilities to include radioisotope production of Ac-225 via collaborations for its Ac-225 technology and in-house manufacturing of pipeline candidates to support clinical trials. The Company is deploying its technologies, capabilities and intellectual property with approximately 250 issued and pending patents worldwide, to develop next-generation radiotherapies focused on solid tumors, hematology and conditioning for cellular therapies. Basis of Presentation - Unaudited Interim Financial Information - The accompanying unaudited interim condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information, and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the "SEC") with respect to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements furnished reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the

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