Breaking Down Actinium Pharmaceuticals, Inc. (ATNM) Financial Health: Key Insights for Investors

You're looking at Actinium Pharmaceuticals, Inc. (ATNM) right now, and the financial picture is a high-stakes biotech equation where clinical risk directly maps to cash runway, so let's cut through the noise. Their Q3 2025 earnings, reported in November, showed a net loss of $5.1 million on just $90,000 in revenue, translating to a loss of $0.16 per share. That burn rate is the price of development, but the real pressure point is the pipeline; the stock price, hovering around $1.27, still reflects the August 2024 FDA requirement for an additional randomized trial to prove an overall survival benefit for their lead candidate, Iomab-B, despite the Phase 3 SIERRA trial hitting its durable Complete Remission endpoint with a p-value of <0.0001. With a cash and cash equivalents balance of $53.391 million as of September 30, 2025, the company has time, but the investment thesis hinges entirely on their ability to secure a strategic partner for Iomab-B or on the success of their Actimab-A and Iomab-ACT programs-that's the defintely a long-term catalyst you need to analyze.

Revenue Analysis

You're looking at Actinium Pharmaceuticals, Inc. (ATNM) because you know the targeted radiotherapies (RLT) market is exploding, but a clinical-stage biotech's financials are defintely a different beast than a mature company's. The direct takeaway here is simple: Actinium's revenue for the 2025 fiscal year is minimal, non-commercial, and a reflection of its deep-in-development status. It's not about sales yet; it's about grant funding and intellectual property (IP) management.

For the nine months ended September 30, 2025, Actinium Pharmaceuticals, Inc. reported total revenue of only $90,000 (USD 0.09 million). This figure is consistent with the revenue reported for the third quarter of 2025 alone, which also stood at $90,000. This is a classic biotech revenue profile: almost all of it falls under the umbrella of 'Other revenue' and is derived primarily from a government-sponsored grant for research and development (R&D) activities. There were no commercial product sales during this period.

Here's the quick math on the near-term revenue picture. While the nine-month revenue of $90,000 represents a significant percentage increase from the $0 reported in the comparable 2024 period, the absolute dollar change is negligible. This isn't a growth story yet; it's a stable funding stream that helps offset R&D burn. For context, analysts are still forecasting $0 in total revenue for the full 2025 fiscal year on average, which underscores that the market sees the grant revenue as non-core to the long-term valuation.

The contribution of different business segments to overall revenue is straightforward-it's essentially a single segment story right now. The company's focus is on advancing its pipeline, so the revenue is entirely tied to the R&D side of the house, specifically:

• Grant Revenue: Payments for reimbursed R&D costs, including overhead and an administrative fee.
• Deferred License Revenue: A non-cash liability of $35.0 million in long-term deferred license revenue sits on the balance sheet, but this is recognized over time, not as a lump-sum cash inflow.

The most significant change in the revenue stream isn't a new product, but the strategic prioritization of the lead candidate, ATNM-400, a first-in-class, pan-tumor Actinium-225 alpha-emitter. This shift is what will eventually drive the commercial revenue stream, but that's a 2026-and-beyond story. For 2025, the lack of any revenue from collaborative arrangements-it was $0 for the nine months ended September 30, 2025-shows they are funding their own clinical path for now, or the collaboration deals haven't hit the revenue recognition phase. You need to understand who is betting on this long-term vision; for a deeper dive on the institutional money, check out Exploring Actinium Pharmaceuticals, Inc. (ATNM) Investor Profile: Who's Buying and Why?

To summarize the current revenue generation:

Profitability Metrics

You're looking at Actinium Pharmaceuticals, Inc. (ATNM) and seeing a string of negative numbers, which is the reality for nearly all clinical-stage biopharmaceutical companies. The direct takeaway here is that Actinium Pharmaceuticals, Inc. currently generates $\mathbf{\$0}$ in commercial revenue, which means all its traditional profitability margins are technically $\mathbf{0.0\%}$ or heavily negative, but the real story is in its expense management and burn rate.

For the nine months ended September 30, 2025, the company reported $\mathbf{\$0}$ in total revenue, which consequently sets the Gross Profit Margin at $\mathbf{0.0\%}$ and the Operating and Net Profit Margins at an unquantifiable negative percentage. A successful commercial-stage biotech, by contrast, often sees Gross Profit Margins north of $\mathbf{65\%}$, with some, like Axsome Therapeutics, hitting margins as high as $\mathbf{90.31\%}$ in 2025, which is the eventual target for Actinium Pharmaceuticals, Inc..

Here's the quick math on the current burn, based on the September 30, 2025, unaudited financials (amounts in thousands):

The Trailing Twelve Months (TTM) Net Loss as of June 2025 stood at $\mathbf{(\$41,036)}$ thousand, showing a consistent, expected loss profile as the company pushes its lead candidates, Iomab-B and Actimab-A, through trials.

Operational Efficiency and Cost Trends

You need to look past the negative Net Loss and focus on the operational efficiency, specifically how the company is managing its Research & Development (R&D) spend versus its general overhead. For a clinical-stage company, R&D is the essential investment, not a cost to be cut. In the nine months ended September 30, 2025, Actinium Pharmaceuticals, Inc.'s total operating expenses were $\mathbf{\$29,923}$ thousand [cite: 14 in step 1].

The good news is that the majority of this spend is focused on the pipeline. Here's the breakdown of how the money is being deployed:

• R&D Expenses (9M 2025): $\mathbf{\$16,827}$ thousand [cite: 14 in step 1].
• R&D as % of Total Operating Expenses: $\mathbf{56.2\%}$.

This $\mathbf{56.2\%}$ allocation to R&D is a healthy sign, indicating that the company is prioritizing the clinical development of its radiotherapies over excessive administrative costs. Also, the nine-month total operating expenses of $\mathbf{\$29,923}$ thousand in 2025 are actually lower than the comparable $\mathbf{\$34,616}$ thousand reported for the nine months ended September 30, 2024, suggesting a successful effort in cost management and operational streamlining, which is defintely a positive trend [cite: 14 in step 1].

Industry Profitability Comparison

Comparing Actinium Pharmaceuticals, Inc.'s margins directly to a large, commercial pharmaceutical firm is misleading; it's like comparing a startup to a Fortune 500 company. The average operating margin for the broader pharmaceutical sector (TTM) is around $\mathbf{21.75\%}$, but that includes fully commercialized giants. Actinium Pharmaceuticals, Inc. is not there yet.

The key comparison is the business model, not the current margin. Actinium Pharmaceuticals, Inc. is in the high-risk, high-reward phase where your investment is buying into the intellectual property (IP) and the clinical data, not current earnings. The company's negative margins are the cost of pursuing a potential blockbuster drug. The market is currently valuing this potential, as evidenced by a Price-to-Book (P/B) ratio of $\mathbf{2.1x}$, which is actually below the US Biotechs industry average of $\mathbf{2.5x}$, suggesting the stock may be undervalued relative to its book assets compared to its peers [cite: 8 in step 1].

If you want to dive deeper into the valuation and strategic frameworks, you can read the full analysis at Breaking Down Actinium Pharmaceuticals, Inc. (ATNM) Financial Health: Key Insights for Investors.

Debt vs. Equity Structure

For investors, the most critical takeaway is that Actinium Pharmaceuticals, Inc. (ATNM) is a virtually unleveraged company, meaning it carries almost no traditional debt. This financing strategy places the entire burden of funding its clinical-stage research and development (R&D) on equity and non-debt liabilities.

As of the third quarter of the 2025 fiscal year, the company's financial structure is exceptionally clean. Its total long-term and short-term debt is negligible, with some analyses showing it as effectively $0. To be defintely precise, while some minor obligations exist, the company's total debt is far below the threshold that would concern a credit analyst. This is a rare position for a clinical-stage biotech.

Here's the quick math on the balance sheet for the period ending September 30, 2025:

• Total Stockholders' Equity: $13.784 million
• Total Debt (Long-Term + Short-Term): Near $0
• Total Liabilities: $42.367 million

The total liabilities number looks large, but it's crucial to understand what it hides. A significant portion-around $35 million-is actually Long-term license revenue deferred, which is cash received upfront from a partner for a licensing deal, not a loan to be repaid. It's unearned revenue, not interest-bearing debt.

The Debt-to-Equity (D/E) ratio is a clean 0%. This is incredibly conservative when you compare it to the Biotechnology industry average, which typically sits around 0.17 (or 17.09%). A D/E of zero means there is no financial leverage risk from interest payments or principal repayment, so the company is not at risk of default. Still, it also means the company hasn't utilized debt to accelerate growth, which can be a double-edged sword for a high-growth sector.

Actinium Pharmaceuticals, Inc.'s financing balance is straightforward: they fund their pipeline through equity issuances and strategic licensing agreements. They have not had any recent debt issuances, credit ratings, or refinancing activity because they don't have a debt load to manage. This reliance on equity, while safe, does lead to shareholder dilution over time to cover R&D costs, but it keeps the balance sheet rock-solid. You can read more about their long-term goals here: Mission Statement, Vision, & Core Values of Actinium Pharmaceuticals, Inc. (ATNM).

Liquidity and Solvency

You're looking at Actinium Pharmaceuticals, Inc. (ATNM)'s balance sheet to figure out if they have enough cash to fund their promising pipeline, and that's the right place to start. For a clinical-stage biotech like ATNM, liquidity isn't about profit; it's about runway-how long can they operate before needing more capital? The short answer is they have strong immediate liquidity, but the cash burn is defintely a factor.

As of the most recent reporting periods for the 2025 fiscal year, Actinium Pharmaceuticals, Inc.'s liquidity positions look exceptionally strong on paper. The Current Ratio sits at approximately 7.96, and the Quick Ratio is very close behind at about 7.81. For context, a ratio of 1.0 is considered healthy, so these numbers show a substantial cushion of current assets relative to short-term liabilities. This is a massive strength.

Here's the quick math on their working capital (current assets minus current liabilities). As of June 30, 2025, the company reported total current assets of approximately $61.03 million (or $61,029 thousand) and total current liabilities of just $8.31 million (or $8,314 thousand). This leaves a positive working capital of roughly $52.72 million. This trend of high working capital is typical for a pre-commercial biotech that has recently raised capital, and it gives them operational flexibility.

Still, you need to look past the ratios and check the cash flow statement, which tells the real story of how that capital is being used. For the nine months ending September 30, 2025, Actinium Pharmaceuticals, Inc. showed a clear cash-burn profile, which is expected for a development-stage company. Cash flows from operating activities were a net outflow. Specifically, the net cash outflow from operating activities was $6.32 million in the third quarter of 2025 alone. For the six months ended June 30, 2025, the net loss used in operating activities was approximately $12.97 million.

The cash flow trends break down like this:

• Operating Cash Flow: Consistently negative, reflecting the high costs of research and development (R&D) for their lead candidates like Actimab-A and Iomab-ACT. This is the primary driver of cash usage.
• Investing Cash Flow: Minimal. For the six months ended June 30, 2025, there were essentially no major capital expenditures, with only a small amount for property and equipment.
• Financing Cash Flow: This is where capital is typically raised. The six-month period ending June 30, 2025, showed a net change in cash, cash equivalents, and restricted cash of a negative $12.97 million, indicating the cash used in operations was not offset by new financing activities during that period.

The key liquidity concern is the rate of cash consumption. While the company had approximately $53.39 million in cash and equivalents as of September 30, 2025, a continued quarterly burn rate of around $6 million to $7 million means this cash reserve is finite. The strength is the high ratio, but the risk is the steady depletion. Keep a close eye on their next financing round to ensure the runway extends past 2026. You can find more of our analysis on this topic here: Breaking Down Actinium Pharmaceuticals, Inc. (ATNM) Financial Health: Key Insights for Investors.

Valuation Analysis

You're looking at Actinium Pharmaceuticals, Inc. (ATNM) and wondering if the market has it right. As a clinical-stage biotech, traditional metrics like the Price-to-Earnings (P/E) ratio are essentially useless, so we have to focus on book value and analyst projections. The quick takeaway is that Wall Street sees a massive upside, suggesting the stock is currently undervalued, but you must be a realist about the risks inherent in an unproven pipeline.

The core of the valuation story here is that the company is pre-revenue, which means its TTM (Trailing Twelve Months) P/E ratio as of November 2025 is a negative -0.9324. A negative P/E ratio is the market telling you the company is not profitable yet, which is defintely the case for a firm focused on developing targeted radiotherapies like Iomab-B and Actimab-A. This is a growth-stock calculation, not a value-stock one. You are buying future potential, not current earnings.

When earnings are negative, we pivot to the Price-to-Book (P/B) ratio, which compares the stock price to the company's net asset value. Actinium Pharmaceuticals, Inc.'s P/B ratio is approximately 2.1x. Here's the quick math: this ratio is below the US Biotechs industry average of about 2.5x, which suggests the stock is trading at a discount relative to its peers' balance sheet strength. The Enterprise Value-to-EBITDA (EV/EBITDA) ratio, another common metric, is not applicable (N/A) because the TTM EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) as of mid-2025 was negative, around ($43,432) thousand USD. You can't divide by a negative number for a meaningful multiple.

The stock price trend has been volatile, as you'd expect from a biotech with key clinical milestones. Over the last 52 weeks, the stock price has decreased by -25.73%, with a 52-week range between $1.029 and $2.410. As of mid-November 2025, the stock is trading around $1.30 per share. This downward trend is a clear near-term risk, but it also creates the opportunity for a significant rebound if their late-stage assets clear regulatory hurdles.

The analyst consensus is where the 'undervalued' argument gains its strongest footing. The two Wall Street analysts covering the stock have a consensus rating of 'Buy' or 'Strong Buy'. Their average 12-month price target is a robust $4.50, which forecasts an enormous upside of over 254% from the current price. What this estimate hides, however, is the binary nature of biotech-a clinical trial failure can wipe out that upside instantly. The company does not pay a dividend, with a $0.00 payout and a 0.00% yield, so don't expect income here; this is purely a capital appreciation play.

To be fair, the strong analyst conviction is based on the potential of their pipeline, particularly the Iomab-B program. For a deeper dive into who is betting on this upside, you should be Exploring Actinium Pharmaceuticals, Inc. (ATNM) Investor Profile: Who's Buying and Why?

Risk Factors

You're looking at Actinium Pharmaceuticals, Inc. (ATNM), a fascinating but high-risk play in targeted radiotherapies. The direct takeaway? This is a clinical-stage biotech, so its financial health is still completely tied to its pipeline success, not commercial revenue. You need to map out the next 18 months based on their cash burn and regulatory milestones. One failure sinks the ship; one approval changes everything.

Financial and Strategic Headwinds

The most immediate risk is financial viability. As a pre-commercial company, Actinium Pharmaceuticals has a history of net losses, reporting a net loss of $27.9 million for the nine months ended September 30, 2025. This is an improvement from the prior year, but it still represents a significant cash outlay against essentially no commercial sales-revenue for the same period was only $90,000 from grants/licensing. They are a going concern, meaning they rely on their cash reserves and future financing to operate.

Here's the quick math: As of September 30, 2025, the company held $53.4 million in cash and equivalents. Cash used in operating activities was $19.3 million for the nine months ended September 30, 2025. While they have sufficient near-term liquidity, they will defintely require additional capital to advance their pipeline, which introduces significant financing risk and potential shareholder dilution. They need a big win soon.

• Financing Risk: Need capital beyond current forecast.
• Liquidity: Cash balance of $53.4 million (Q3 2025).
• Burn Rate: Net loss of $27.9 million in nine months.

Operational and Regulatory Hurdles

The core of the business is product development, and that brings a host of operational and regulatory risks. Their lead candidates, like Iomab-B and Actimab-A, are all in clinical or preclinical stages, meaning any trial failure or regulatory setback-like the FDA disagreeing with their plans-could materially impact their prospects. This is the biggest single risk for any biotech.

Operationally, they are highly dependent on external parties. They rely heavily on third-party manufacturers, clinical partners, and a small internal workforce of only about 25 full-time employees. Plus, their supply chain is fragile, relying on limited suppliers for key radioactive isotopes, which are essential for their targeted radiotherapies. A hiccup in isotope production could halt a trial instantly.

Mitigation Strategies and Opportunities

To be fair, management is taking clear steps to mitigate these risks. Strategically, they have partnered with Immedica Pharma AB for the commercialization of Iomab-B in Europe, the Middle East, and North Africa (EUMENA). This deal provided a crucial upfront payment of $35 million and offers potential milestones of up to $417 million, which significantly bolsters their balance sheet and extends their runway. This is a smart move to de-risk the European market.

They also have a Cooperative Research and Development Agreement (CRADA) with the National Cancer Institute (NCI) for Actimab-A, which shifts some clinical trial execution and development expenses to the NCI, providing a material balance sheet sparing impact. Furthermore, they implemented a strategic workforce optimization in 2025, cutting staff by 14% to align resources with prioritized pipeline projects and improve operational efficiency. These actions show a commitment to extending their cash runway and focusing on their most promising assets. You can learn more about their long-term focus here: Mission Statement, Vision, & Core Values of Actinium Pharmaceuticals, Inc. (ATNM).

Growth Opportunities

You're looking for a clear map of Actinium Pharmaceuticals, Inc. (ATNM)'s future, and honestly, the picture is one of high-risk, high-reward, typical of a biotech transitioning from a pure research company to a clinical-stage powerhouse. The entire investment thesis hinges on their targeted radiotherapies, specifically the Actinium-225 (Ac-225) alpha-emitter platform, which is the core growth driver.

The company is not yet revenue-generating in a meaningful way; for the nine months ended September 30, 2025, total revenue was a mere $0.09 million, with a net loss of $27.95 million. This is a development story, not a sales story yet. But the market is looking at the future, projecting an annual revenue growth rate of 69.4% per year, which is a massive signal of blockbuster potential if the pipeline delivers. The consensus Earnings Per Share (EPS) forecast for the full fiscal year 2025 is a loss of -$1.26, reflecting the heavy investment in R&D.

Here's the quick math on their runway: as of June 30, 2025, they reported cash and cash equivalents of approximately $59.93 million (rounded from $59,928 thousand). Management has stated this gives them a cash runway into mid-2027, which is crucial operating flexibility to hit key clinical milestones.

Pipeline Expansion and Growth Drivers

Actinium Pharmaceuticals, Inc. is strategically expanding its pipeline into three multi-billion-dollar market opportunities: myeloid malignancies, solid tumors, and cell & gene therapy conditioning. This diversification beyond Acute Myeloid Leukemia (AML) is a smart move to de-risk the portfolio and multiply their shot on goal. This is not a one-product company anymore.

• ATNM-400: This new, non-PSMA targeting Ac-225 radiotherapy is a major bet on solid tumors, specifically prostate, non-small cell lung cancer (NSCLC), and breast cancer. Preclinical data in 2025 showed superior tumor control compared to Lu-177-PSMA-617, the active agent in a competing blockbuster drug.
• Actimab-A: Positioned as a potential backbone therapy in AML, this program is advancing with a planned pivotal Phase 2/3 trial in relapsed/refractory AML. More importantly, they are combining it with PD-1 checkpoint inhibitors like KEYTRUDA® and OPDIVO® for solid tumors, opening a huge new market.
• Iomab-ACT: This is their play in the cell and gene therapy space, aiming to be a universal targeted conditioning agent to improve outcomes for therapies like CAR-T and potentially sickle cell disease.

Strategic Initiatives and Competitive Edge

The company's competitive advantage is rooted in two key areas: their proprietary alpha-emitter technology and their strategic partnerships. Alpha-emitters like Ac-225 are more potent and have a shorter range than beta-emitters, meaning more focused cell kill and less systemic toxicity-that's the scientific edge.

Their intellectual property is robust, with approximately 250 issued and pending patents worldwide. This patent wall protects their core technology. Also, the strategic initiatives in 2025 are designed to control their destiny:

The move to establish in-house manufacturing is defintely a long-term advantage, reducing reliance on external supply chains for the critical Ac-225 isotope. This is a crucial step in controlling costs and ensuring supply when (and if) their products reach commercialization. If you want a deeper dive on the financials, you can read the full breakdown at Breaking Down Actinium Pharmaceuticals, Inc. (ATNM) Financial Health: Key Insights for Investors.