What changed in this filing

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Item 1. Financial Statements

2023-05-15 compared with 2022-11-14 · 211 added, 282 removed, 326 unchanged (60% of the section changed)

3 unchanged sentences

In the opinion of management, all adjustments (which include

only normal recurring adjustments) necessary to present fairly the financial position at September 30, 2022 and December 31, 2021, and

the results of operations and cash flows for the three and nine months ended September 30, 2022 and 2021, 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, 2021 in the Company’s Annual Report on Form 10-K.

The results of operations for the three and nine months

ended September 30, 2022 are not necessarily indicative of the operating results for the full year.

only normal recurring adjustments) necessary to present fairly the financial position at March 31, 2023 and December 31, 2022, and the

results of operations and cash flows for the three months ended March 31, 2023 and 2022, 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, 2022 in the Company’s Annual Report on Form 10-K.

The results of operations for the three months ended March 31, 2023 are not

necessarily indicative of the operating results for the full year.

Actinium Pharmaceuticals, Inc.

1 unchanged sentence

(amounts in thousands, except share and per share

September 30,

Current Assets:

1 unchanged sentence

Restricted cash - current

Security deposit

Prepaid expenses and other current assets

7 unchanged sentences

Accounts payable and accrued expenses

Other revenue deferred– current liability

Operating leases current liability

2 unchanged sentences

Long-term license revenue deferred

Long-term operating leases obligations

Long-term finance leases obligations

Long-term operating lease obligations

Total Liabilities

16 unchanged sentences

Three Months Ended

September 30,

Nine Months Ended

September 30,

Other revenue

8 unchanged sentences

Total other income

Net loss per common share – basic and diluted

Weighted average common shares outstanding – basic and diluted

Net loss per share of common stock – basic and diluted

Weighted average shares of common stock outstanding – basic and diluted

See accompanying notes to the condensed consolidated

3 unchanged sentences

in Stockholders’ Equity

For the Three and Nine Months Ended September

For the Period from January 1, 2023 to March

(amounts in thousands, except share amounts)

3 unchanged sentences

Stock-based compensation

Sale of common stock, net of offering costs

Issuance of common stock from exercise of stock options

Balance, March 31, 2023

$ ( 299,802 )

Stock-based compensation

Sale of common stock, net of issuance costs

Balance, June 30, 2022

$ ( 268,644 )

Stock-based compensation

Sale of common stock, net of issuance costs

Balance, September 30, 2022

$ ( 278,118 )

See accompanying notes to the condensed consolidated

3 unchanged sentences

in Stockholders’ Equity

For the Three and Nine Months Ended September

For the Period from January 1, 2022 to March

(amounts in thousands, except share amounts)

3 unchanged sentences

Stock-based compensation

Sale of common stock, net of costs

Balance, March 31, 2022

$ ( 260,877 )

Stock-based compensation

Sale of common stock, net of issuance costs

Exercise of stock options

Balance, June 30, 2021

$ ( 241,315 )

Stock-based compensation

Sale of common stock, net of issuance costs

Balance, September 30, 2021

$ ( 247,738 )

See accompanying notes to the condensed consolidated

3 unchanged sentences

(amounts in thousands)

Nine Months Ended

September 30,

Cash Flows From Operating Activities:

Three Months Ended

Cash Flows Used In Operating Activities:

Adjustments to reconcile net loss to net cash used in operating activities:

Stock-based compensation expense

Depreciation and amortization expense

Depreciation & amortization expenses

Changes in operating assets and liabilities:

1 unchanged sentence

Accounts payable and accrued expenses

Other revenue deferred– current liability

Long-term license revenue deferred

Other liability

Operating lease right-of-use assets

Operating lease liabilities

Net Cash Provided By/Used In Operating Activities

Net Cash Used In Operating Activities

Cash Flows Used In Investing Activities:

1 unchanged sentence

Net Cash Used In Investing Activities

Cash Flows From Financing Activities:

Cash Flows Provided By / Used In Financing Activities:

Payments on finance leases

Sales of shares of common stock, net of costs

Proceeds from exercise of stock options

Net Cash Provided By Financing Activities

Proceeds from the exercise of stock options

Net Cash Provided By / Used In Financing Activities

Net change in cash, cash equivalents, and restricted cash

4 unchanged sentences

Cash paid for income taxes

Supplemental disclosure of non-cash investing and financing activity:

Acquisition of equipment financed by security deposit

See accompanying notes to the condensed consolidated

6 unchanged sentences

Actinium Pharmaceuticals, Inc.

(the “Company” or “Actinium”) is a clinical-stage, biopharmaceutical company focused

on developing and potentially commercializing targeted radiotherapies for patients with unmet needs.

The Company applies its proprietary

technology platform consisting of over 195 patents, know-how and clinical experience in approximately 600 patients to develop novel therapies

for blood cancer and solid tumor indications.

Its clinical and preclinical development programs utilize multiple isotopes including Actinium-225,

Iodine-131 and Lutetium-177 directed at multiple validated cancer targets including CD45, CD33, CD38, CD47, HER2 and HER3 for targeted

conditioning prior to cell and gene therapies including bone marrow transplant and cancer therapeutics as single agents or in combination

with other therapeutic modalities.

Its lead drug candidate, Iomab-B, has met the primary endpoint of the pivotal Phase 3 SIERRA Trial

with a high degree of statistical significance (p<0.0001) and the Company will report additional data from the SIERRA trial by the

Its second most advanced drug candidate, Actimab-A, is being studied in a Phase 1 combination trial with the chemotherapy

regimen CLAG-M and has reported median overall survival of 12 months, 53 % 1-year overall survival and 32 % 2-year overall survival in patients

with relapsed or refractory AML who have adverse cytogenetics such as a TP53 mutation or have failed targeted therapies.

Data from this

trial will be presented in an oral presentation at the American Society of Hematology Annual Meeting & Symposium in December 2022.

is a biopharmaceutical company developing targeted radiotherapies to deliver cancer-killing radiation with

cellular level precision to treat patients with high unmet medical needs.

Basis of Presentation -

The accompanying unaudited 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 condensed financial information, and pursuant

to 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 condensed consolidated financial statements reflect all adjustments (consisting of normal recurring

adjustments) which are, in the opinion of management, necessary for a fair statement of the results for the condensed periods presented.

Condensed results are not necessarily indicative of the results for the full year.

These unaudited condensed consolidated financial statements

should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual

Report on Form 10-K for the year ended December 31, 2021.

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.

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 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 results for the interim periods presented.

Interim results are not necessarily indicative of the results for the full year.

unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements

and notes thereto contained in the Company’s annual report on Form 10-K for the year ended December 31, 2022.

Principles of Consolidation

4 unchanged sentences

Use of Estimates -

The preparation of these unaudited condensed consolidated financial statements in conformity with U.S.

GAAP requires management to make

estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements

and the reported amounts of expenses during the reporting period.

The preparation of these unaudited interim condensed consolidated financial statements in conformity with U.S.

GAAP requires management

to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial

statements and the reported amounts of expenses during the reporting period.

Actual results could differ from those estimates.

Impact of COVID–19

Pandemic on Financial Statements - The global health crisis caused by the novel coronavirus (“COVID-19”) pandemic and

its resurgences has and may continue to negatively impact global economic activity, which, despite progress in vaccination efforts, remains

uncertain and cannot be predicted with confidence.

In addition, the Omicron variants of COVID-19, including subvariants BA.4 and BA.5,

which appear to be the most transmissible variants to date, have spread globally.

The full impact of the Omicron variants, or any subsequent

variants, cannot be predicted at this time, and could depend on numerous factors, including vaccination rates among the population, the

effectiveness of COVID-19 vaccines and boosters against the Omicron variants and subsequent variants and the response by governmental

bodies and regulators.

Many countries around

the world have continued to impose quarantines and restrictions on travel and mass gatherings to slow the spread of the virus.

Accordingly, the Company’s ability to continue to operate its business may also be limited.

Such events may result in a period

of business, supply and drug product manufacturing disruption, and in reduced operations, any of which could materially affect the

Company’s business, financial condition and results of operations.

In response to COVID-19, the Company implemented hybrid

working for its office-based staff, while its research staff has been actively working in its laboratory throughout the pandemic and

thus far, has not experienced a significant disruption or delay in its operations as it relates to the clinical development,

preclinical research or manufacturing of its drug candidates.

Although the Company is adhering to health and safety protocols,

an outbreak of COVID-19 at the Company’s facilities could nonetheless cause shutdowns of facilities and a reduction in its

workforce, which could cause a disruption or delay in such operations.

A continuation or worsening of the levels of market

disruption and volatility seen in the recent past could have an adverse effect on the Company’s ability to access capital,

which could in the future negatively affect the Company’s liquidity.

In addition, a recession or market correction resulting

from the spread of COVID-19 could materially affect the Company’s business and the value of the Company’s common

Additionally, COVID-19 may

result in delays in receiving approvals from local and foreign regulatory authorities, delays in necessary interactions with IRB’s

or Institutional Review Boards, local and foreign regulators, ethics committees and other important agencies and contractors due to limitations

in employee resources or forced furlough of government employees.

To date, COVID-19 has not had a direct financial impact on the Company.

The Company continues to monitor the impacts of COVID-19 on the global economy and on its business operations.

However, at this time,

it is difficult to predict how long the potential operational impacts of COVID-19 will last or to what degree further disruption might

impact the Company’s operations and financial results .

Cash, Cash Equivalents

2 unchanged sentences

The following is a summary

of cash, cash equivalents and restricted cash at September 30, 2022 and December 31, 2021:

(amounts in thousands)

September 30,

of cash, cash equivalents and restricted cash at March 31, 2023 and December 31, 2022:

(in thousands)

Cash and cash equivalents

2 unchanged sentences

Cash, cash equivalents and restricted cash

Restricted cash relates to certificates of deposit held as collateral

for letters of credit issued in connection with the Company’s leases of corporate office spaces.

Company has operating and finance leases for corporate office space, office equipment and furniture located at the corporate office space.

Leases with an initial term of 12 months or less are not recorded on the balance sheet;

lease expense for these leases is recognized on

a straight-line basis over the lease term.

The Company entered into a lease for corporate office space effective June 1, 2022 and paid

a security deposit to the landlord.

A certificate of deposit was provided as collateral for a letter of credit issued with this office

space during 2022 and at that time, the security deposit was returned to the Company.

Restricted cash relates to

certificates of deposit held as collateral for letters of credit issued in connection with the Company’s leases of corporate office

Company has operating and finance leases for corporate office space and office equipment located at the corporate office space.

with an initial term of 12 months or less are not recorded on the balance sheet;

lease expense for these leases is recognized on a straight-line

basis over the lease term.

Fair Value Measurement

- Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction

between market participants.

A fair value hierarchy has been established for valuation inputs that gives the highest priority to quoted

prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.

Revenue Recognition -

44 unchanged sentences

- The Company follows the accounting guidance for collaboration agreements with third parties, which requires that certain transactions

between the Company and collaborators be recorded in its consolidated statements of operations and comprehensive loss on either a gross

basis or net basis, depending on the characteristics of the collaborative relationship, and requires enhanced disclosure of collaborative

relationships.

The Company evaluates its collaboration agreements for proper classification in its consolidated statements of operations

and comprehensive loss based on the nature of the underlying activity.

When the Company has concluded that it has a customer relationship

with one of its collaborators, the Company follows the guidance of ASC 606 .

between the Company and collaborators be recorded in its consolidated statements of operations on either a gross basis or net basis, depending

on the characteristics of the collaborative relationship, and requires enhanced disclosure of collaborative relationships.

evaluates its collaboration agreements for proper classification in its consolidated statements of operations based on the nature of the

underlying activity.

When the Company has concluded that it has a customer relationship with one of its collaborators, the Company follows

the guidance of ASC 606 .

Grant Revenue –

The Company has a grant from a government-sponsored entity for research and development related activities that provides for payments

for reimbursed costs, which includes overhead and general and administrative costs as well as an administrative fee.

The Company recognizes

revenue from grants as it performs services and all conditions are met under this arrangement.

Associated expenses are recognized when

incurred as research and development expense.

The Company had a grant from a government-sponsored entity for research and development related activities that provided for payments

for reimbursed costs, which included overhead and general and administrative costs as well as an administrative fee.

The Company recognized

revenue from grants as it performed services under this arrangement.

Associated expenses were recognized when incurred as research and

development expense.

Revenue and related expenses are presented gross in the consolidated statements of operations.

54 unchanged sentences

Net Loss Per Common Share

- Basic loss per common share is computed by dividing the net loss available to common stockholders by the weighted average number

of shares of common stock outstanding during the reporting period.

- Basic loss per common share is computed by dividing the net loss available to common stockholders by the weighted average number of

shares of common stock outstanding during the reporting period.

For periods of net loss, diluted loss per share is calculated similarly

1 unchanged sentence

For the three and nine months ended

September 30, 2022 and 2021, the Company’s potentially dilutive shares, which include outstanding common stock options, restricted

stock units and warrants, have not been included in the computation of diluted net loss per share as the result would have been anti-dilutive.

(amounts in thousands)

September 30,

March 31, 2023 and 2022, the Company’s potentially dilutive shares, which include outstanding common stock options, restricted stock

units and warrants, have not been included in the computation of diluted net loss per share as the result would have been anti-dilutive.

(in thousands)

Restricted Stock Units

Recently Adopted Accounting

Pronouncements – In May 2021, FASB issued ASU 2021-04, Earnings Per Share (topic 260), Debt — Modifications and Extinguishments

(Subtopic 470-50), Compensation – Stock Compensation (Topic 718) and Derivatives and Hedging – Contracts in an Entity’s

Own Equity (Subtopic 815-40) – Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified

Written Call Options , which provides guidance of a modification or an exchange of a freestanding equity-classified written call option

that remains equity classified after modification or exchange as (1) an adjustment to equity and, if so, the related earnings per share

(EPS) effects, if any, or (2) an expense and, if so, the manner and pattern of recognition.

The amendments in this ASU are effective January

1, 2022, including interim periods.

The Company adopted this standard effective January 1, 2022 and the standard did not have a material

effect on the Company’s financial statements.

In November 2021, the FASB

issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance , which provides

guidance on disclosure requirements to entities other than not-for-profit entities about transaction with a government that are accounted

for by applying a grant or contribution accounting model by analogy.

ASU 2021-10 requires an entity to make annual disclosures related

to (1) the nature of the transactions and the related accounting policy used to account for the government transactions, (2) quantification

and disclosure of amounts related to the government transactions included in balance sheet and income statement financial statement line

items, and (3) significant terms and conditions of the government transactions, including commitments and contingencies.

The amendments

of ASU 2021-10 are effective January 1, 2022, including interim periods.

The Company adopted this standard effective January 1, 2022,

and the standard did not have a material impact on the Company’s financial statements.

Recently Issued Accounting

Pronouncements – In October 2021, FASB issued ASU 2021-08, Business Combinations (Topic 805), Account for Contract Assets

and Contract Liabilities from Contracts with Customers , which provides guidance on accounting for contract assets and contract liabilities

acquired in a business combination in accordance with ASC 606.

To achieve this, an acquirer may assess how the acquiree applied ASC 606

to determine what to record for the acquired revenue contracts.

Generally, this should result in an acquirer recognizing and measuring

the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial

Pronouncements – In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business

Entities about Government Assistance , which provides guidance on disclosure requirements to entities other than not-for-profit entities

about transaction with a government that are accounted for by applying a grant or contribution accounting model by analogy.

requires an entity to make annual disclosures related to (1) the nature of the transactions and the related accounting policy used to

account for the government transactions, (2) quantification and disclosure of amounts related to the government transactions included

in balance sheet and income statement financial statement line items, and (3) significant terms and conditions of the government transactions,

including commitments and contingencies.

The amendments of ASU 2021-10 are effective January 1, 2022, including interim periods.

Early adoption is permitted, including

adoption in an interim period.

The Company will evaluate the impact of ASU 2021-08 on any future business combinations the Company may

enter in the future.

adopted this standard effective January 1, 2022, and the standard did not have a material impact on the Company’s financial statements.

In October 2021, FASB issued

ASU 2021-08, Business Combinations (Topic 805), Account for Contract Assets and Contract Liabilities from Contracts with Customers ,

which provides guidance on accounting for contract assets and contract liabilities acquired in a business combination in accordance with

To achieve this, an acquirer may assess how the acquiree applied ASC 606 to determine what to record for the acquired revenue

Generally, this should result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities

consistent with how they were recognized and measured in the acquiree’s financial statements.

The amendments of ASU 2021-08 are

effective January 1, 2023, including interim periods.

The Company will evaluate the impact of ASU 2021-08 on any future business combinations

the Company may enter in the future.

In May 2021, FASB issued ASU

2021-04, Earnings Per Share (topic 260), Debt — Modifications and Extinguishments (Subtopic 470-50), Compensation – Stock

Compensation (Topic 718) and Derivatives and Hedging – Contracts in an Entity’s Own Equity (Subtopic 815-40) – Issuer’s

Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options , which provides guidance

of a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification

or exchange as (1) an adjustment to equity and, if so, the related earnings per share (EPS) effects, if any, or (2) an expense and, if

so, the manner and pattern of recognition.

The amendments in this ASU are effective January 1, 2022, including interim periods.

adopted this standard effective January 1, 2022 and the standard did not have a material effect on the Company’s financial statements.

Note 2 - Commitments and Contingencies

10 unchanged sentences

Note 3 - Leases

The Company entered into a lease for corporate office space, effective

June 1, 2022.

The lease has a term of 5 years 2 months , with an expiration date of July 30, 2027 , and a current annual rate of $ 0.6 million.

The Company is also responsible for certain other costs, such as insurance, utilities and maintenance.

As of September 30, 2022, the Company

has two operating leases for corporate office space and two finance leases for office equipment and furniture located in one of the corporate

office spaces.

In addition, the Company has auxiliary corporate office space that it rents on a month-to-month basis;

this rental is accounted

for as an operating lease with the same term as the Company’s main office.

The components of lease expense

are as follows:

The Company determines if

an arrangement is a lease at inception.

This determination generally depends on whether the arrangement conveys to the Company the right

to control the use of a fixed asset for a period of time in exchange for consideration.

Control of an underlying asset is conveyed to

the Company if the Company obtains the rights to direct the use of and to obtain substantially all of the economic benefits from using

the underlying asset.

The Company has lease agreements which include lease and non-lease components, which the Company has elected to

account for as a single lease component for all classes of underlying assets.

Lease expense for variable lease components are recognized

when the obligation is probable.

The Company made an accounting policy election to exclude from balance sheet reporting those leases with

initial terms of 12 months or less.

Right-of-use assets and liabilities

are recognized at commencement date based on the present value of lease payments over the lease term.

ASC 842 requires a lessee to discount

its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental

borrowing rate.

As an implicit interest rate was not readily determinable in the Company’s leases, the incremental borrowing rate

was used based on the information available at commencement date in determining the present value of lease payments.

The lease term for all of

the Company’s leases includes the non-cancellable period of the lease plus any additional periods covered by either a Company option

to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate)

the lease controlled by the lessor.

Options for lease renewals have been excluded from the lease term (and lease liability) for the majority

of the Company’s leases as the reasonably certain threshold is not met.

The Company entered into a

lease for corporate office space effective June 1, 2022.

The lease has a term of 5 years 2 months , with an expiration date on July 30,

2027 and current annual rent of $ 0.6 million.

The Company is also responsible for certain other costs, such as insurance, utilities and

At March 31, 2023, for capitalization purposes under ASC842, the Company has this operating lease and a finance lease for

office equipment.

During the three months ended March 31, 2023, the Company spent $ 0.3 million in improvements at its corporate office

space, which has been included in the value of the operating right-to-use asset as of March 31, 2023.

The components of lease expense are as follows:

Three months ended

Nine Months ended

(amounts in thousands)

September 30,

(in thousands)

Operating lease expense

3 unchanged sentences

Total finance lease cost

Supplemental cash flow information

related to leases are as follows:

Supplemental cash flow information related to leases

are as follows:

Cash flow information:

Nine Months ended

(amounts in thousands)

September 30,

Three months ended

(in thousands)

Cash paid for amounts included in the measurement of lease liabilities:

7 unchanged sentences

Weighted average remaining lease terms are as follows

at September 30, 2022:

at March 31, 2023:

Weighted average remaining lease term:

5 unchanged sentences

The Company’s incremental borrowing rate

was based on the term of the lease, the economic environment of the lease and reflect the rate the Company would have had to pay to borrow

was based on the term of the lease, the economic environment of the lease and reflects the rate the Company would have had to pay to borrow

on a secured basis.

5 unchanged sentences

are as follows:

(amounts in thousands)

(in thousands)

Year ending December 31,

2022 (excluding nine months ended September 30, 2022)

2023 (excluding three months ended March 31, 2023)

Total lease payments

12 unchanged sentences

for succeeding modules is not recognized until all contingencies are resolved, inclusive of the third party’s ability to terminate

Other revenue recognized during the three months and nine months ended September 30, 2022 was $ 0.0 million and $ 0.9 million,

respectively, and for the three months and nine months ended September 30, 2021 was $ 0.0 million and $ 0.9 million, respectively.

The Company has a grant from

a government-sponsored entity for research and development related activities that provide for payments for reimbursed costs, which includes

overhead and general and administrative costs as well as an administrative fee.

The Company recognizes revenue from grants as it performs

services under this arrangement.

Associated expenses are recognized when incurred as research and development expense.

Other revenue recognized

during the three months and nine months ended September 30, 2022 was $ 0.0 million and $ 0.1 million, respectively.

Other revenue recognized

during the three and nine months ended September 30, 2021 was $ 0.2 million.

The consideration is recognized as revenue over each module and revenue of $ 0.8 million was recognized during the three months

ended March 31, 2022.

There was no other revenue recognized from a collaboration during the three months ended March 31, 2023.

The Company had a grant

from a government-sponsored entity for research and development related activities that provides payments for reimbursed costs,

which included overhead and general and administrative costs, as well as an administrative fee.

The Company recognized revenue from

grants as it performed services under this arrangement.

Associated expenses are recognized when incurred as research and development

Other revenue recognized from this grant for the three months ended March 31, 2022 was $ 0.1 million.

corresponding revenue for the three months ended March 31,

On April 7, 2022, the Company

17 unchanged sentences

liabilities primarily consist of advanced payments from licensees.

Other revenue deferred – current liability was $ 0.1 million at

September 30, 2022 and $ 0.9 million at December 31, 2021.

Long-term license revenue deferred was $ 35.0 million at September 30, 2022;

there was no long-term license revenue deferred at December 31, 2021.

This deferred revenue will be recognized upon European Union regulatory

approval of Iomab B.

There was no Other revenue deferred – current liability at March

31, 2023 and December 31, 2022.

Long-term license revenue deferred was $ 35.0 million at March 31, 2023 and December 31, 2022;

this deferred

revenue will be recognized upon European Union regulatory approval of Iomab-B.

Note 5 - Equity

3 unchanged sentences

common stock are offered pursuant to a shelf registration statement on Form S-3 filed with the SEC on August 7, 2020.

As of December 31,

2021, the Company had sold 6.7 million shares of common stock, resulting in gross proceeds of $ 59.1 million and net proceeds of $ 57.0

For the nine months ended September 30, 2022, the Company sold 3.0 million shares of common stock, resulting in gross proceeds

of $ 18.9 million and net proceeds of $ 18.3 million.

For the nine months ended September 30, 2021, the Company sold 4.5 million shares

of common stock, resulting in gross proceeds of $ 35.6 million and net proceeds of $ 34.5 million.

On June 28, 2022, the Company

entered into an Amendment and Restated Capital on Demand™ Sales Agreement (the “A&R Sales Agreement”) with JonesTrading

On June 28, 2022,

the Company entered into an Amended and Restated Capital on Demand™ Sales Agreement (the “A&R Sales Agreement”)

with JonesTrading and B.

Riley Securities, Inc.

Riley Securities”).

The A&R Sales Agreement modifies the original Capital on Demand™

Sales Agreement to include B.

The A&R Sales Agreement modifies the original

Capital on Demand™ Sales Agreement to include B.

Riley Securities as an additional sales agent thereunder.

For the three months ended

March 31, 2023, the Company sold 0.1 million shares of common stock, resulting in gross proceeds and net proceeds of $ 0.8 million.

the three months ended March 31, 2022, there were no sales of common stock.

Stock Options

The following is a summary

of stock option activity for the nine months ended September 30, 2022:

(amounts in thousands, except for per-share amounts)

of stock option activity for the three months ended March 31, 2023:

(in thousands, except for per-share amounts)

Number of Shares

Outstanding, January 1, 2023

Outstanding, September 30, 2022

Exercisable, September 30, 2022

During the nine months ended

September 30, 2022, the Company granted options to purchase 1.9 million shares of common stock with an exercise price ranging from $ 4.96

to $ 8.46 per share, a term of 10 years, and a vesting period of 4 years.

The options have an aggregated fair value of $ 6.6 million

that was calculated using the Black-Scholes option-pricing model.

Variables used in the Black-Scholes option-pricing model include:

discount rate range from 1.52% to 3.45% (2) expected life of 6 years, (3) expected volatility range from 78.8% to 80.2%, and (4) zero

expected dividends.

Outstanding, March 31, 2023

Exercisable, March 31, 2023

During the three months ended

March 31, 2023, the Company granted new employees options to purchase 11 thousand shares of common stock with an exercise price ranging

from $10.20 to $11.60 per share, a term of 10 years, and a vesting period of 4 years.

The options have an aggregated fair value of

$ 82 thousand that was calculated using the Black-Scholes option-pricing model.

Variables used in the Black-Scholes option-pricing model

(1) discount rate range from 3.59% to 4.21% (2) expected life of 6 years, (3) expected volatility range from 81.3% to 81.4%,

and (4) zero expected dividends.

The fair values of all options

issued and outstanding are being amortized over their respective vesting periods.

The unrecognized compensation expense at September 30,

The unrecognized compensation expense at March 31, 2023

was $ 9.0 million related to unvested options, which is expected to be expensed over a weighted average of 3.1 years.

During the nine

months ended September 30, 2022 and 2021, the Company recorded compensation expense related to stock options of $ 1.6 million and $ 1.0

million, respectively.

During the three

months ended March 31, 2023 and 2022, the Company recorded compensation expense related to stock options of $ 0.8 million and $ 0.4 million,

respectively.

Restricted Stock Units

The Company issued 300 thousand

restricted stock units (“RSUs”) in August 2022 to an employee.

These RSUs were immediately vested on the date of the grant,

however, shares under the RSUs will not be issued until the earlier of a change of control event, the termination of the recipient’s

continuous service status for any reason other than by the Company for cause, or the third anniversary of the date of the grant.

value of the RSUs, $ 1.8 million, was determined based on the stock price of $ 5.85 on the date of the grant and is being recognized over

three years .

The unrecognized compensation expense at September 30, 2022 of $ 1.7 million is expected to be expensed over 2.9 years.

the three months and nine months ended September 30, 2022, the Company recorded compensation expense related to RSUs of $ 0.1 million.

The following is a summary

of restricted stock unit activity for the three months ended March 31, 2023:

(in thousands, except for per-share amount)

Grant date Fair Value

Per Share ($)

Outstanding, January 1, 2023

Outstanding, March 31, 2023

The RSUs vest at the earliest

of a change of control event, the termination of the recipient’s continuous service status for any reason other than by the Company

for cause and the third anniversary of the date of the grant.

The fair value of the RSUs, $ 1.9 million, was determined based on the stock

prices on the dates of the grants and is being recognized over three years .

The unrecognized compensation expense at December 31, 2022

of $ 1.6 million is expected to be expensed over 2.4 years.

During the three months ended March 31, 2023, the Company recorded compensation

expense related to RSUs of $ 0.2 million.

There was no compensation expense related to RSUs for the three months ended March 31, 2022.

Following is a summary of

warrant activity for the nine months ended September 30, 2022:

warrant activity for the three months ended March 31, 2023:

(in thousands, except for per-share amounts)

1 unchanged sentence

Outstanding, January 1, 2023

Cancelled/Expired

Outstanding, September 30, 2022

Exercisable, September 30, 2022

On August 2, 2022, warrants

to purchase an aggregate of 0.6 million shares of common stock expired.

These warrants were issued on August 2, 2017, when the Company

completed an underwritten offering of 0.7 million shares of common stock and warrants to purchase 0.6 million shares of common stock at

a price of $ 22.50 per share and related warrant.

The warrants were exercisable for a period of 5 years at an exercise price of $ 31.50

Outstanding, March 31, 2023

Exercisable, March 31, 2023

Note 6 - Subsequent Event

Since September 30, 2022, the

Company has sold 0.3 million shares of common stock under its A&R Sales Agreement, resulting in net proceeds of $ 2.7 million.

Since March 31, 2023, the

Company has sold 0.6 million shares of common stock under its A&R Capital on Demand Sales Agreement, resulting in net proceeds of

$ 5.6 million.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements