What happened
Shares of Point Biopharma Global (PNT) were up 11.4% Monday afternoon after the healthcare company reported its first-quarter earnings and made an announcement about a collaboration with a manufacturer. The stock is up more than 46% so far this year.
So what
Point is a radiopharmaceutical company that develops radioglands to fight cancer. Radioglands are precision nuclear medicine that may recognize and treat disease. The company, prior to announcing its quarterly report, said it was partnering with Ionetix, which manufactures isotopes, to create Ionetix Alpha.
The new company will be a subsidiary of Ionetix and will focus on the commercial-grade production of therapeutic isotopes, such as actinium-225. Point said it has pledged $10 million toward the new company. The deal was made to address a key bottleneck for Point in obtaining actinium-225 to allow it to run future trials.
The first-quarter results themselves had little substantial news. The company didn't have any revenue, and it lost $16.5 million in the quarter, or $0.16 in earnings per share (EPS), compared to a loss of $16.4 million, or $0.18 in EPS in the same quarter a year ago. The company reported it had $519 million, enough to fund operations into 2026.
Now what
Point is a clinical-stage company with no revenue, so the company is a long-term investment opportunity with plenty of risk.
It recently received fast-track designation from the Food and Drug Administration (FDA) for 177Lu-PNT2002 for the treatment of metastatic castration-resistant prostate cancer (mCRPC). Enrollment in the therapy's phase 3 trial is complete, and the company said it expects top-line data in the second half of the year.
Its other active trial is PNT2004 in a phase 1 trial as a pan-cancer program targeting the fibroblast activation protein-a (FAP-a).
