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Investor Call ESMO 2025 Presentation October 20, 2025 NYSE AMERICAN: CATX
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2 This presentation contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Statements in this presentation that are not statements of historical fact are forward-looking statements. Words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “estimate,” “believe,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, though not all forward-looking statements contain these identifying words. Forward-looking statements in this presentation include statements concerning, among other things, the Company's clinical development plans and the expected timing thereof; the expected timing for availability and release of data; the Company’s timing and expectations regarding regulatory communications, submissions and approvals; expectations regarding the potential market opportunities for the Company’s product candidates; the Company’s expected cash runway; the potential size of the commercial market for the Company’s product candidates; the Company’s expectations, beliefs, intentions, and strategies regarding the future; the Company’s intentions to improve important aspects of care in cancer treatment; and other statements that are not historical fact. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the Company’s actual results to differ materially from the results described in or implied by the forward-looking statements, including, without limitation, the potential that regulatory authorities may not grant or may delay approval for the Company’s product candidates; uncertainties and delays relating to the design, enrollment, completion and results of clinical trials; unanticipated costs and expenses; early clinical trials may not be indicative of the results in later clinical trials; clinical trial results may not support regulatory approval or further development in a specified indication or at all; actions or advice of regulatory authorities may affect the design, initiation, timing, continuation and/or progress of clinical trials or result in the need for additional clinical trials; the Company may not be able to maintain regulatory approval for the Company’s product candidates; delays, interruptions or failures in the manufacture and supply of the Company’s product candidates; the size and growth potential of the markets for the Company’s product candidates, and the Company’s ability to service those markets; the Company’s cash and cash equivalents may not be sufficient to support its operating plan for as long as anticipated; the Company’s expectations, projections and estimates regarding expenses, future revenue, capital requirements and the availability of and the need for additional financing; the Company’s ability to obtain additional funding to support its clinical development programs; the availability or potential availability of alternative products or treatments for conditions targeted by the Company that could affect the availability or commercial potential of its product candidates; the ability of the Company to manage growth; whether the Company can maintain its key employees; the ability of the Company to build out its manufacturing facilities and satisfy manufacturing-related regulatory requirements; whether there is sufficient training and use of the Company’s products and product candidates; the market acceptance and recognition of the Company’s products and product candidates; the Company’s ability to maintain and enforce its intellectual property rights; whether the Company can maintain its therapeutic isotope supply agreement with the DOE; the Company’s ability to maintain and increase its supply, manufacturing and distribution capabilities; whether the Company will continue to comply with the procedures and regulatory requirements mandated by the FDA for additional trials, Phase 1 and 2 approvals and Fast Track approvals; the impact of the government shutdown on the Company's business operations; and any changes in applicable laws and regulations. Certain factors that may cause the Company’s actual results to differ materially from those expressed or implied in the forward- looking statements in this presentation are described under the heading “Risk Factors” in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), in the Company’s other filings with the SEC, and in the Company’s future reports to be filed with the SEC and available at www.sec.gov. Forward-looking statements contained in this presentation are made as of this date. Unless required to do so by law, the Company undertakes no obligation to publicly update or revise any forward- looking statements whether as a result of new information, future events or otherwise. Legal Disclaimers
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3 Developing the Next Generation of Targeted Therapies Robust Manufacturing Infrastructure • Radioisotope supply strengthened by integrated supply chain • Patient coverage via distributed manufacturing infrastructure • Ready-to-administer products provided to treatment sites on day of scheduled treatment Innovative Platform Technology • Targeting moieties designed for high tumor specificity • Ideal isotope (212Pb): Potent tumor cell killing with reduced off-target effect • Proprietary chelator designed to optimize biodistribution Pipeline with Broad Potential • Three clinical-stage programs • Multiple read-outs and milestones expected through mid-2026 and beyond • De-risking via theranostics approach: Patients imaged pre-treatment
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4 Program (Target) Target Disease Candidate evaluation Human Clinical Imaging Phase 1/2 Registration Enabling Study Status VMT-⍺-NET (SSTR2) Neuroendocrine Tumors (NETs) Cohort 2: Completed recruitment Cohort 3: Recruited DLT cohort Other SSTR2 Expressing Tumors Under evaluation VMT01/02 (MC1R) Melanoma (MC1R Imaging & Therapy) Enrolling 3.0 mCi Enrolling 3.0 mCi PSV359 (FAP-α) Multiple Solid Tumors Enrolling 5.0 mCi PSV4XX (PSMA) Prostate (PSMA Imaging & Therapy) Under evaluation Undisclosed Program 5 Multiple Solid Tumors Under evaluation Undisclosed Program 6 Multiple Solid Tumors Under evaluation Undisclosed Program 7 Multiple Solid Tumors Under evaluation Pre-Targeting Platform Multiple Solid Tumors Under evaluation Broad Proprietary Pipeline Three lead programs in clinic with multiple programs in preclinical development Monotherapy Combination with Nivolumab
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Neuroendocrine Tumors: VMT-⍺-NET Targeting the somatostatin receptor to treat rare neuroendocrine- type cancers
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6 Background and key takeaways DLT=dose limiting toxicities • NETs remain a critical unmet medical need despite the availability of approved radioligand therapy Lutathera − Lutathera approved with 13% ORR as seen in the NETTER-1 registrational trial in patients with NETs expressing SSTR2 − Achieved rapid enrollment into our Phase 1/2 study [ 212 Pb]VMT-α-NET in patients with NETs expressing SSTR2 − Cohort 3 DLT population fully enrolled in ~3 months • Data from the interim readout at ESMO of our Phase 1/2 study of [ 212 Pb]VMT-α-NET in patients with NETs expressing SSTR2 (consistent with NETTER-1 criteria) − ORR of 44% (7 of 16 patients) at median follow-up of 41 weeks − 14 of the 16 (88%) patients whose tumors were all SSRT2+ remain progression free and on study − Treatment well-tolerated with no grade 4 or 5 TEAEs and no treatment-related discontinuations − Demonstrate the potential for greater efficacy over Lutathera, and supports a potential registration study • Patients continue to achieve late objective responses as the trial progresses − Additional patients expected to reach 9 months of follow up by early 2026 and mid-2026 • Concurrent evaluation of 6 mCi provides potential to establish a broader therapeutic window − Cohort fully recruited for DLT observation with 8 patients as of September 30, 2025 • NETTER-1 trial informs a potential registration study of [ 212 Pb]VMT-α-NET in NETs patients whose tumors were all SSTR2+ • Ongoing evaluation of potential expansion into other SSTR2+ tumor types including breast and SCLC
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7 Whole body SPECT scan of NET patient imaged with [203Pb]VMT-𝛼𝛼-NET Neuroendocrine Tumors: VMT-⍺-NET Targeting the somatostatin receptor to treat neuroendocrine and other cancers Unmet Need Disease Overview Program Overview 1Wu P, He D, Chang H, Zhang X. Epidemiologic trends of and factors associated with overall survival in patients with neuroendocrine tumors over the last two decades in the USA. Endocr Connect. 2023;12(12):e230331. Published 2023 Nov 23. doi:10.1530/EC-23-0331; 2LUTATHERA PI; 3Navalkissoor et al (2019) • Neuroendocrine cells are specialized cells that secrete hormones and other bioactive substances • Most neuroendocrine tumors highly express somatostatin receptor type 2 (SSTR2) • Often grow in the pancreas or other areas of the gut; also widely expressed in a broad range of tumors including SCLC, breast cancer, meningioma, head & neck cancer • ~12K new diagnoses annually in the US; ~170,000 people are living with this diagnosis in the US1 • Existing radiopharmaceutical treatment LUTATHERA® (Novartis) has an overall response rate (ORR) of only 13–17%, and no overall survival (OS) benefit2 • Broad acknowledgment that targeted alpha therapies are needed to improve care3 • Fast Track Designation for SSTR2+ NETs regardless of prior treatment response • Ongoing CATX-sponsored therapeutic dose-finding trial currently recruiting in PRRT-naïve setting throughout the US • Investigator initiated clinical research in PRRT- refractory patients
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8 Trial Design: [212Pb]VMT-⍺-NET Phase 1/2a For Neuroendocrine Tumors 1. Graves S. et al, [212Pb]Pb-VMT-α-NET dosimetry in patients with advanced SSTR2 positive tumors in the VMT-α-NET-T101 trial . SNNMMI 2025 For additional details regarding trial parameters, including criteria for patient selection, please refer to https://clinicaltrials.gov/study/NCT05636618 Expansion Cohort [212Pb]VMT-⍺-NET RP2D mCi x 4 Dose-finding phase Expansion phase Expansion into additional indications Recommended Phase 2 Dose (RP2D) Recruitment Complete Cohort 1 [212Pb]VMT-⍺-NET n = 2 / 2.5 mCi x 4 Recruitment Completed Cohort 2 [212Pb]VMT-⍺-NET n = 7 / 5.0 mCi x 4 Opened in June 2025 Cohort 3 [212Pb]VMT-⍺-NET n = 8 / 6.0 mCi x 4 Cohort 4 (Optional) [212Pb]VMT-⍺-NET n = 3 – 8 / TBD Intermediate doses or de-escalation possible for Cohort 2 – 4 Added slots: (recruited 46 total) Pre-agreed FDA interaction before dosing next cohort Trial Parameters Dose-finding Population Key Study Features Study Endpoints Advanced/Unresectable or metastatic NETs Progressive disease on prior therapy PRRT naïve FDA approved SSTR2 PET/CT avid disease on ≥ 1 lesion Bayesian Optimal Interval Phase I/II (BOIN-12) design based on iterative probability monitoring Dosimetry to be assessed using [203Pb]VMT-α-NET1 No subsequent therapies while free from progression and in follow-up Primary: To determine safety and tolerability and the RP2D holistically based on Incidence and severity of DLT, Objective Response Rate (ORR), and Dosimetry (when performed) Secondary: ORR, BOR, DOR, PFS by RECIST v1.1, OS, PK
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9 Confidence building in compelling overall clinical profile *Subsequent to the DCO, an additional patient was treated in Cohort 3 DCO Date April 30, 2025 September 12, 2025 Number of treated patients 42 (2 in C1, 40 in C2) 55 (2 in C1, 46 in C2, 7 in C3)* Median follow-up 14 weeks 28 weeks Number of Cohort 2 patients with ≥ 9 months of f/u 7 23 Safety & Tolerability No treatment-related discontinuations 10 out of 42 patients experienced G3 TEAE (24%) No G4 or G5 TEAEs No treatment-related discontinuations 16 out of 55 patients experienced G3 TEAE (29%) No G4 or G5 TEAEs Anti-tumor activity Confirmed responses 3 out of 7 regardless of SSTR2 expression profile (43%) 2 out of 5 with only SSTR2+ tumors (40%) 8 out of 23 regardless of SSTR2 expression profile (35%) 7 out of 16 with only SSTR2+ tumors (44%) Remaining on treatment 5 out of 7 regardless of SSTR2 expression profile (71%) 18 out of 23 regardless of SSTR2 expression profile (78%) 14 out of 16 with only SSTR2+ tumors (88%) Data continue to mature on a favorable trajectory
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Next steps and concluding remarks
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25 [212Pb]VMT-α-NET was well-tolerated and demonstrated appreciable anti-tumor activity 1Halfdanarson TR et al, Presentation at ESMO 2025. Data cut off date September 12 2025 Superior tolerability profile demonstrated with [212Pb]VMT-α-NET1 • Continues to show a differentiated safety profile versus Lutathera with more patients and longer treatment durations − 55 patients with median follow-up of 28.3 weeks (0-97 weeks) • Potential for development in combination with established cancer medicines Appreciable activity was observed at this interim point in the study1 • Meaningful number of additional efficacy-evaluable patients increases confidence in observation • Patients continue to achieve late objective responses as the trial progresses − 23 patients in Cohort 2 had ≥ 9 months of follow up − Time to best response still emerging • More patients expected to reach the end of treatment period by early-2026 and mid-2026 • Majority of patients remain on study (78%) Clinical profile supports a potential registration study at current dose level and could improve further
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26 Key learnings for registrational study and next steps • Focus patient population: patients whose tumors are all SSTR2+ (consistent with NETTER-1) − 7 responders out of 16 (44%) at median follow-up of 41 weeks • 5 mCi already shows compelling overall clinical profile at this interim point in the study and could improve further • Concurrent evaluation of 6 mCi provides flexibility in development − Cohort 3 (6 mCi per dose) was opened in June and 8 patients were dosed as of September 30, 2025 • Ongoing evaluation of potential expansion into other SSTR2+ tumor types including breast, SCLC
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27 Upcoming data milestones 2025 Early 2026 Mid 2026 Late 2026 2027 and beyond VMT-⍺-NET (SSTR2) Presentation at ESMO and Triple (anti-tumor activity data from a subset of Cohort 2 patients) Anti-tumor activity data from nearly all Cohort 2 patients Initial anti-tumor activity data from first 8 Cohort 3 patients First landmark analysis on all Cohort 2 patients 24 months follow-up for all patients recruited to date VMT01/02 (MC1R) Enrollment update for 3.0 mCi mono and combo Initial anti-tumor activity data PSV359 (FAP-α) Enrollment update for 5.0 mCi Initial anti-tumor activity data
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Q & A
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Appendix
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30 Funding into late 2026 Strong Financial Position Cash, cash equivalents and short-term investments as of September 30, 2025 ~$174 million Share count as of September 30, 2025 ~74.3 million Outstanding common stock warrants & options as of September 30, 2025 ~10.9 million Based on our current plans, which include advancing current clinical programs, progressing multiple pre-IND assets towards clinical trials, as well as building out regional manufacturing sites, we expect to have sufficient funding into late 2026.1 1Based on preliminary, un-audited estimates of cash, cash equivalents and short-term investments as of September 30, 2025
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31 NETs Trials 1USPI; 2DOI: 10.1056/NEJMoa1607427; 3NANETS 2021; 4DOI: 10.1016/S0140-6736(24)00701-3; 5ESMO 2025; 6ENETS 2025; 7ESMO 2025; 8ASCO 2024 No head-to-head studies between the products have been conducted. Given the different study designs and methods, cross-trial comparisons cannot be made. The information on this slide is not intended to promote the products referenced herein or otherwise influence healthcare prescribing decisions. The safety and efficacy of the agents under investigation have not been established. There is no guarantee that the investigational agents will receive regulatory approval or become commercially available for the uses being investigated. 177Lu-DOTATATE 177Lu-DOTATATE 177Lu-EDOTREOTIDE5 212Pb-DOTAMTATE7 225Ac-DOTATATE8 Study NETTER-11,2 Randomized 2:1 (+/-octreotide) N = 229 NETTER-24 Randomized 2:1 (+/-octreotide) N = 226 COMPETE Randomized 2:1 (vs everolimus) N = 309 Phase II Single arm N=35 ACTION-1 Phase Ib/III Phase Ib: Single arm N=17 Dose Level (administered) 4 x Q8W | 200 mCi 4 x Q8W | 200 mCi 4x Q3 months | 200 mCi 4 x Q8W | 67.6 µCi/kg 4 x Q8W | 3.2 uCi/kg (Ph 3 dose is fixed 10.2 MBq) Patient Population SSTR2+, GEP-NETs SSTR2+, GEP-NETs SSTR2+, GEP-NETs SSTR2+, GEP-NETs SSTR2+, GEP-NETS Prior PRRT 0% 0% 0% 0% 100% Median time from dx 3.8 years 1.9 months n/a 3.8 years 5 years Performance Status Karnofsky Performance Scale Median was 90 Karnofsky Performance Scale 83% at 90-100 n/a n/a ECOG 0 (59%), 1 (41%) Histology Well differentiated G1 (66%), G2 (35%) Well differentiated G2 (73%), G3 (27%) Well differentiated G1 (21/28%), G2 (79/72%) Well differentiated G1 (23%), G2 (66%), G3/unknown (11%) Well differentiated G1 (47%), G2 (53%) Median PFS 28.4 vs 8.5 months 3 22.8 vs 8.5 months 23.9 vs 14.1 months 72.3% at 36 months NE (95% CI: 12 months, NE) ORR (CR/PR) 13% (1%/12%) vs. 4% (0%/4%) 43% (5%/38%) vs. 9% (0%/9%) 21.9% vs 4.2% 60% 29.4% confirmed 41.2% (6%/35%) w/ unconfirmed AEs (>20%) Nausea, vomiting, fatigue, diarrhea, abdominal pain, multiple laboratory abnormalities Nausea, diarrhea Nausea, asthenia Fatigue, nausea, alopecia, appetite↓, diarrhea, abdominal pain, lymphopenia, vomiting, weight↓, dysphagia Nausea, fatigue, weight↓, hyperglycemia, abdominal pain, constipation, vomiting, multiple laboratory abnormalities Grade 3+ (>10%) Lymphopenia (44%), GGT↑ (20%) TEAE: 35% TEAE: 48% 6 (individual events not specified) TEAE: 54% Lymphopenia (26%) Renal events (17.1%) TEAE: 53% Anemia (18%), lymphocyte count↓ (18%), creatinine clearance↓ (12%) Other notes 5 177Lu treated patients withdrew due to renal-related events Nephrotoxicities 13 (8.8%) vs. (2.0%) 1 G2 SAE of myelodysplastic syndrome Dysphagia treated with Botox injection or minimally invasive surgery 4 patients experienced TEAEs leading to dose modification, hold, and/or delay