Executive Summary

Q2 2024 delivered $0.53M in grant revenue, a net loss of $11.7M (basic/diluted EPS $(0.18)), and cash, cash equivalents and short-term investments of $292.9M at quarter-end; management highlighted continued clinical execution and manufacturing buildout to support upcoming readouts .
Operating expenses rose 43%+ YoY (R&D +73% YoY; G&A +11% YoY) as the company accelerated clinical activity; sequentially, R&D rose while G&A edged lower, and total net loss improved vs Q1 2024 despite higher R&D .
Cash runway was reiterated/updated to extend into mid-2026, supported by the $292.9M cash balance and prior financings; discontinued Brachytherapy operations remain classified as discontinued ops post-April 2024 divestiture .
Potential stock catalysts: further VMT-α-NET dose-escalation/expansion decisions, initial/updated readouts across programs, and ongoing regional manufacturing capacity additions enabling broader clinical supply and future commercialization .

What Went Well and What Went Wrong

What Went Well
- Clinical execution remained on track; Q2 update underscored program progress with completed DLT observation in VMT-α-NET Cohort 2 and continued VMT01 dosing toward upcoming data disclosures. CEO: “The team has been steadfast in moving our two clinical programs towards initial readouts in the coming months and preparing for success” .
- Balance sheet strength: $292.9M cash and investments at Q2-end; runway expected into mid‑2026 supporting clinical and manufacturing plans .
- Manufacturing network buildout continues (multi-site strategy), positioning for expanded clinical supply and future demand; later 2024/early 2025 updates show additional facility activations and equipment purchases scaling capacity .
What Went Wrong
- Elevated OpEx to drive trials expanded net losses vs prior year; Q2’24 OpEx rose to $14.8M (R&D $9.3M, +73% YoY; G&A $5.5M, +11% YoY), reflecting higher clinical and personnel costs .
- Grant revenue declined YoY in the quarter ($0.53M vs $0.59M), underscoring lack of commercial revenue and continued dependence on external funding while in early clinical stage .
- Discontinued operations (Brachytherapy divested in April 2024) continued to weigh in period comps; the segment is classified as discontinued operations, complicating YoY P&L comparisons .

Financial Results

All figures USD thousands unless noted; continuing operations unless noted.

Metric	Q2 2023	Q1 2024	Q2 2024
Grant Revenue ($)	$588	$325	$526
R&D Expense ($)	$5,370	$7,452	$9,275
G&A Expense ($)	$4,987	$5,878	$5,514
Total Operating Expenses ($)	$10,342	$13,330	$14,789
Operating Loss ($)	$(9,754)	$(13,005)	$(14,263)
Net Loss ($)	$(11,106)	$(12,284)	$(11,704)
Basic & Diluted EPS ($)	$(0.40)	$(0.02)	$(0.18)

Note: Q2 2024 EPS and 2023 comparatives reflect a 1-for-10 reverse split effective June 14, 2024; Q1 2024 release did not include the same retroactive adjustment, so EPS is not directly comparable sequentially .

Balance sheet and liquidity

Metric	12/31/2023	6/30/2024
Cash, Cash Equivalents & Short-term Investments ($)	$9,238	$292,869
Total Stockholders’ Equity ($)	$75,179	$340,997

Estimates vs. Actuals (S&P Global)

Consensus EPS and revenue estimates for Q2 2024 were not available via S&P Global at time of writing due to request limits; we will update when accessible. As a result, no estimate comparison is shown. Values would be retrieved from S&P Global if available.

KPIs (operational highlights)

Completed DLT observation for VMT‑α‑NET Cohort 2 during Q2; continued dosing in VMT01 with planned updates in 2H24 .
Ongoing buildout of regional manufacturing capacity to support clinical supply and future demand .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Corporate	“Sufficient funding for operations and capital investments into the first quarter of 2026” (Q1 update)	“Sufficient funding into mid‑2026” (Q2 update)	Raised runway

No revenue, margin, OpEx, OI&E, tax, or dividend guidance was provided; management focuses on cash runway and clinical/operations milestones .

Earnings Call Themes & Trends

Note: No public Q2 2024 earnings call transcript located; themes synthesized from Q1, Q2, and Q3 earnings press releases.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q2 2024)	Trend
Clinical execution (VMT‑α‑NET)	FDA Fast Track; ongoing dose-escalation in Phase 1/2a; Q1 highlighted progress and safety oversight	DLT observation completed in Cohort 2; planning next steps; continued momentum toward data	Improving trial cadence and visibility
Clinical execution (VMT01 melanoma)	Cohort 1 & 2 dosing; secured nivolumab supply via BMY collab; safety profile acceptable to date	Continued dosing; positioning for updated results in 2H24	Steady progress
Manufacturing buildout	Acquired Somerset, NJ facility; fitting out and licensing plans (Q1)	Advancing multi-site manufacturing strategy; subsequent updates show activations/equipment orders (Q3)	Capacity expanding
Pipeline expansion (PSV359 / PSMA / Pre-targeting)	New FAP‑α target (PSV359) disclosed; pre-targeting platform licensed; PSMA platform via Mayo (Q1)	Expect to advance multiple pre‑IND assets in next 12–18 months (Q2; reiterated in Q3)	Broadening modalities
Corporate finance/runway	Cash $180.6M (3/31/24) and ATM activity; runway to Q1’26 (Q1)	Cash $292.9M (6/30/24); runway into mid‑2026 (Q2)	Strengthened balance sheet
Portfolio focus	Brachytherapy divested in April 2024; classified as discontinued operations	Discontinued ops still present in P&L comps (Q2)	Streamlined to radiopharma

Management Commentary

“The team has been steadfast in moving our two clinical programs towards initial readouts in the coming months and preparing for success.” – Thijs Spoor, CEO (Q2 release) .
Strategy emphasizes parallel progress across clinical development and manufacturing scale-up to serve major centers, with multiple facilities under development (subsequent Q3 detail) .

Q&A Highlights

No Q2 2024 earnings call transcript was available in our document corpus or public sources reviewed; no Q&A disclosures identified for this period [Search 2024/08 windows returned no transcript; ListDocuments returned none].

Estimates Context

S&P Global consensus estimates for Q2 2024 (EPS and revenue) were not available at time of writing due to access limits, so we cannot present vs-consensus comparisons. We will update this section when S&P Global data is accessible. Estimates would be sourced from S&P Global.

Key Takeaways for Investors

Liquidity is a differentiator: $292.9M in cash/investments and runway into mid‑2026 provide capacity to execute multiple readouts without near-term financing risk .
Clinical catalysts: VMT‑α‑NET dose-escalation/expansion decisions and VMT01 updates in 2H24/early 2025 can be stock-moving events; monitor regulatory interactions and safety/efficacy signals .
Manufacturing scale-up supports trial execution and future commercialization readiness; further facility activations and equipment deliveries underpin the medium-term operational thesis .
Expense trajectory reflects investment phase; expect R&D to remain elevated as sites, drug product, and internal buildout continue; sequential cost discipline in G&A is a watch-point for operating leverage over time .
Portfolio focus post-brachytherapy divestiture simplifies the story to radiopharmaceutical therapeutics and theranostics, with additional pre‑IND assets (FAP‑α, PSMA, pre‑targeting) offering optionality .
Absence of commercial revenue and reliance on grant revenue continue to center the thesis on clinical milestones and capital allocation; results will primarily be judged on data progression, regulatory steps, and operational execution .

Supporting documents read in full:

Q2 2024 8-K (Item 2.02) and attached financials/press content .
Prior quarter 8-Ks for trend/context (Q1 2024, Q3 2024) – –.
Company press releases (Q2 2024 results and scheduling notice) .

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