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Item 2. Management’s Discussion and Analysis

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Description of Business

Actinium Pharmaceuticals,

is a clinical-stage, biopharmaceutical company applying its proprietary platform technology and clinical experience to develop novel

targeted radiotherapies for patients with unmet needs.

Our targeted radiotherapies combine the cell-killing ability of radiation via a

radioisotope payload with a targeting agent, such as a monoclonal antibody, to deliver radiation in a precise manner inside the body to

specific, targeted cells such as cancer cells, to potentially achieve greater efficacy with lower toxicity than with cytotoxic chemotherapy

or external beam radiation.

Targeted radiotherapies also enable broader application of radiation than external beam radiation as they

can be used in the treatment of both solid tumors and blood cancers, which generally cannot be treated with external radiation given their

diffuse nature.

CD45 and CD33 are both expressed

in multiple hematologic cancers, which are known to be highly sensitive to radiation.

Our clinical programs against these targets are

focused on two primary areas:

(1) targeted conditioning prior to a bone marrow transplant (“BMT”), adoptive cell therapy (“ACT”)

such as CAR-T or gene therapy with Iomab-B and (2) targeted radiotherapy combinations with Actimab-A and other therapeutic agents.

Our most advanced clinical development program is Iomab-B, a CD45 targeting

radiotherapy being developed to enable patients with blood cancers and other conditions to receive cellular and gene therapies.

is being studied in the pivotal Phase SIERRA trial to enable a bone marrow transplant (“BMT”) in patients with active, relapsed

or refractory acute myeloid leukemia (“r/r AML”) age 55 and above, a patient population not considerable eligible for BMT,

which is the only potentially curative treatment option, with current approaches.

On October 31, 2022, we announced

that Iomab-B met the primary endpoint of the SIERRA trial with a high degree of statistical significance (p<0.0001).

Additional data

from the SIERRA trial will be reported by year end 2022 including survival data.

trial was conducted in patients 55 years of age or older with r/r AML who typically cannot access a potentially lifesaving BMT as

they are deemed unfit and thus unable to tolerate standard chemotherapy-based conditioning.

Trial results showed that with Iomab-B conditioning,

these patients have increased access to a BMT with a clinically meaningful duration of complete remission, along with a favorable safety

profile, potentially establishing a new treatment option for the majority of the 10,000 r/r AML patients in the U.S.

who are deemed

unfit for BMT with current approaches.

Our second most advanced clinical

program is Actimab-A, a CD33 targeting radiotherapy that we are developing as a therapeutic to be used in combination with our treatment

modalities to leverage the potential synergistic mechanism of targeted radiation.

Actimab-A is being studied in a Phase 1/2 combination

trial with the salvage regimen CLAG-M in patients with r/r AML fit for intensive therapy and in a Phase 1/2 combination trial with Venetoclax,

a targeted therapy, in patients with r/r AML who are both fit and unfit for intensive therapy.

On November 3, 2022, we announced that Phase 1 results from the Actimab-A

CLAG-M trial were accepted for oral presentation at the American Society of Hematology (“ASH”) Annual Meeting & Symposium

on December 10, 2022.

The study enrolled patients with r/r AML with a median age of 63, 2 lines of prior therapies (range:

67% had adverse cytogenetics with 52% having a TP53 mutation.

Prior treatment included BMT in 57% and prior Venetoclax therapy in 57%

This patient population has dismal survival outcomes and outside of this novel combination clinical trial, would not be treated

There was a 67% overall response rate (“ORR”) across all dose cohorts and an 83% ORR at the recommended Phase

2 dose (“RP2D”).

Overall, 72% of patients achieving a Complete Remission (“CR”) or Complete Remission with incomplete

count recovery (“CRi”) were minimal residual disease (“MRD”) negative and 83% of patients receiving the RP2D were

MRD negative.

Median overall survival was 12-months with a 53% 1-year overall survival rate and 32% 2-year overall survival rate.

context for this analysis, the median OS in patients who relapse post Venetoclax is less than 3 months and the median OS in patients who

relapse with a TP53 mutation is less than 2 months.

More detailed information will be presented in an oral presentation at ASH in December.

Data from our Actimab-A Venetoclax combination trial has been accepted

for poster presentation at ASH.

This trial is exploring the potential mechanistic synergy we elucidated in preclinical models, that depleting

Mcl-1 via targeted radiation from Actimab-A can re-sensitize or reduce resistance to Venetoclax.

We have observed responses including

a CR in early-dose cohorts.

This trial is ongoing with dose escalation and scheduling optimization ongoing.

We expect to present proof

of concept from the Phase 1 portion of this study in 2023.

We are studying Iomab-ACT, a low dose version of Iomab-B, for conditioning

prior to CAR-T cellular therapy in collaboration with Memorial Sloan Kettering Cancer Center, which is funded by a National Institutes

of Health (“NIH”) grant.

We have completed treatment of an initial cohort of 3 patients and will expand to a second cohort.

We expect to present proof of concept data from this study in 2023.

Our clinical pipeline has

emanated from our Antibody Warhead Enabling (“AWE”) technology platform, which is protected by over 195 issued and pending

patents, trade secrets and know-how that we are applying to the development of targeted radiotherapies for blood and solid tumor indications,

independently and with collaborators.

We are also utilizing our AWE technology platform to advance our research objectives focused on

developing next-generation targeted radiotherapies with our expanded research and development organization and research laboratories leveraging

our drug development experience.

We are advancing a pipeline

of clinical-stage development programs that we believe can improve patient access to potentially curative treatments and improve patient

To the best of our knowledge, we are developing the most advanced multi-indication, clinical-stage radiotherapy pipeline for

targeted conditioning.

In addition, we believe we have the most experience with Actinium-225 based alpha therapies with approximately

150 patients treated across six Phase 1 and Phase 2 clinical trials.

Our product development strategy

is actively informed by clinical data with our drug candidates Iomab-B, Actimab-A and Iomab-ACT in approximately 600 patients and 19 clinical

trials, including the Pivotal Phase 3 SIERRA trial for Iomab-B, 12 prior clinical trials with Iomab-B at the Fred Hutchinson Cancer Research

Center, 6 trials with Actimab-A and the MSKCC/NIH trial with Iomab-ACT.

We are applying our clinical experience to address unmet patient

needs with our programs:

Targeted Conditioning Programs

for Cell and Gene Therapy :

Iomab-B and Iomab-ACT are intended to potentially enable improved access and outcomes to cell-based therapies

with curative potential, including BMT, ACT and gene therapy.

Conditioning in the context of BMT, ACT or gene therapy is the act of depleting

certain blood and immune-forming cells, including bone marrow stem cells and, in some cases, cancer cells prior to transplanting new cells

into a patient.

Currently, conditioning is accomplished using a combination of cytotoxic chemotherapeutic agents and external radiation.

These non-targeted conditioning regimens are highly toxic and may prevent a patient from receiving a potentially curative therapy and

hinder outcomes.

We believe our targeted conditioning agents have the potential to increase patient access and outcomes by way of their

ability to selectively deplete targeted cells while sparing normal healthy cells, resulting in potentially lower systemic and off-target

We intend to develop our targeted conditioning programs for BMT, ACT and gene therapy applications for malignant and non-malignant

diseases and believe that multiple radioisotopes may be utilized including alpha and beta emitters.

Actinium-225 Based Therapeutic

Backbone Therapy Program in AML :

Our Actimab-A program demonstrates our leadership

in the clinical development of Ac-225 therapeutics, as we focus this industry leading alpha-isotope based radiotherapy program as a backbone

therapy for novel combinations in r/r AML.

Actimab-A is the first radiotherapeutic for r/r AML and has the unique value proposition

of broad applicability, a differentiated mechanism of action, and targeted precision that is well-tolerated with minimal toxicity.

Specifically,

Actimab-A targets CD33, which is expressed in virtually all AML patients regardless of cytogenetics or mutations and enables potent alpha

radiation to be directed against radiosensitive AML cells that have no known resistance or repair mechanism when hit with the Ac-225 isotope

payload that causes double stranded breaks in DNA.

We believe that Actimab-A in combination with chemotherapy, targeted agents or immunotherapy,

in r/r AML as a backbone therapy, represents a significant opportunity to improve patient outcomes in AML and are developing our product

candidates according to this strategy.

Platform Collaborations and Preclinical Programs :

We are leveraging our clinical experience, robust intellectual property and radiotherapy know-how through research collaborations and

our own preclinical development programs.

Through our research collaborations, such as with Astellas, we are advancing into solid tumors

Here we can utilize the ability of radioisotopes to be used for diagnostic purposes as well as therapeutics, which is referred

to as theranostics.

We are also exploring novel targeted radiotherapies in solid tumors and blood cancers such as HER3 expressing solid

tumors in collaboration with AVEO and combinations with immunotherapies such as CD47 immune checkpoint inhibitors with EpicentRx.

Acute Myeloid Leukemia and Relapsed or Refractory

AML is a blood cancer that

arises when hematopoietic progenitor cells fail to differentiate into functioning mature cells and begin to proliferate rapidly, crowding

functional mature cells out of the bone marrow.

AML is the most common acute leukemia with approximately 21,000 patients expected to be

diagnosed in the U.S.

It is also one of the most lethal blood cancers with the lowest 5-year survival.

The median age of diagnosis

is 68 years of age and more than 50% of patients are over the age of 50.

Treatment for AML is determined by a patient’s fitness

or ability to tolerate treatment intensity.

Initial treatment is classified as intensive therapy with curative intent or lower intensity

conditioning with non-curative intent.

Chemotherapy regimens such as cytarabine and daunorubicin known as “7+3” are examples

of intensive regimens, while azacytidine or other hypomethylating agents (“HMAs”) are examples of lower intensity treatment.

Multiple targeted agents have been approved since 2017, including Venetoclax, FLT3 inhibitors, IDH inhibitors, hedgehog pathway inhibitors

and mylotarg.

An estimated 60% of patients are fit and able to tolerate intensive therapy while 40% are unfit and can only receive less

intensive therapy that does not have curative intent.

Approximately 50% of patients ultimately relapse or develop refractory disease including

primary induction failure, where a patient never achieves a remission.

The only curative treatment option for relapsed or refractory AML

Development Strategy for Relapsed and

Refractory AML

We are developing Iomab-B

and Actimab-A to holistically address the unmet needs of both fit and unfit patients with AML, initially targeting the estimated 10,000

patients with relapsed or refractory disease.

These patients are largely treated in approximately 100 centers and a majority of the BMTs

are done in the top 50 centers.

There is virtually total overlap between the top 50 BMT centers and top 100 AML treatment centers.

developing two targeted radiotherapies for this indication, we believe we can address a significant number of patients at various stages

of their disease and treatment journey.

We also believe we can produce operating leverage through synergies in supply chain and commercialization

across both drug candidates.

In addition, we believe both Iomab-B and Actimab-A have potential to be used in other blood cancer indications.

Iomab-B enables patients with

r/rr AML with active disease, who cannot tolerate intensive therapy and who otherwise would not be considered for BMT, to receive a potentially

curative BMT.

The SIERRA trial demonstrated the ability of Iomab-B conditioning to enable 100% of patients to proceed to BMT and achieve

rapid engraftment resulting in significantly higher rates of patients with Complete Remissions and durable Complete Remissions.

The tolerable

safety profile of Iomab-B and efficacy as shown in SIERRA trial could transform the treatment paradigm for r/r AML.

For r/r AML patients requiring

salvage therapy, we believe combinations based on our Actimab-A alpha therapy have the potential to improve patient outcomes.

We are combining

Actimab-A with CLAG-M for patients fit for intensive therapy in a Phase 1 trial conducted at the Medical College of Wisconsin (“MCW”).

This novel combination trial enrolled patients who otherwise would not be considered for CLAG-M and added Actimab-A to precisely target

and kill any residual AML cells following treatment with CLAG-M.

The Actimab-A CLAG-M combination has a manageable safety profile and

produced high response rates, high rates of MRD negativity and 53% 1- year and 32% 2-year median overall survival in a cohort of heavily

pretreated patients with adverse cytogenetics, including 52% of patients who had a TP53 mutation.

These survival outcomes represent a

significant improvement over current dismal survival rates in these very hard to treat patients and support continued development.

We are also studying Actimab

in combination with Venetoclax for patients who are both unfit and fit for intensive therapy.

Venetoclax is approved in combination with

HMAs, and we believe Actimab-A has a more synergistic mechanism and that its targeted nature can produce better patient outcomes than

Venetoclax HMA combinations.

We are currently conducting a multi-center Phase 1/2 trial of this novel combination and are optimizing the

dosing regimen for the anticipated Phase 2 portion of the trial.

Iomab-B (I-131 apamistamab),

our lead candidate and targeted conditioning agent is comprised of the anti-CD45 monoclonal antibody known as apamistamab (formerly BC8)

and the radioisotope Iodine-131 (“I-131”).

Iomab-B is a first-in-class targeted radiotherapy intended to improve patient access

to potentially curative BMT by simultaneously and rapidly depleting blood cancer, immune and bone marrow stem cells that uniquely express

CD45 is an antigen expressed on leukemia, lymphoma and myeloma cancer cells, but is not expressed outside of the hematopoietic,

or blood-forming system.

This unique expression on blood cancer and immune cells enables simultaneous depletion of both cell types, making

CD45 an optimal antigen for targeted conditioning applications.

CD45 is a cell surface antigen with an average expression of 200,000 copies

per cell, however, it only internalizes at a rate of 10-15%.

We believe our targeted radiotherapy approach is the most effective method

to target CD45 positive cells, as the radioisotope payload linear energy transfer can readily ablate a targeted cell without requiring

payload internalization like an antibody drug conjugate or without relying on biological effector function processes like a naked antibody.

Developed at the Fred Hutchinson Cancer Research Center, a pioneer in the field of BMT, Iomab-B is supported by data in six disease indications

including leukemias, lymphomas and multiple myeloma, which afflict over 100,000 patients annually.

Studied in over 400 patients, prior

studies with Iomab-B have demonstrated nearly universal access to BMT, increased survival and tolerability in multiple clinical trials

including the recently completed pivotal Phase 3 SIERRA trial in patients with active leukemic blasts >5%, relapsed or refractory

acute myeloid leukemia age 55 and above.

Pivotal Phase 3 SIERRA Trial

The pivotal Phase 3 SIERRA

(Study of Iomab-B in Elderly relapsed or refractory AML) is a 153-patient, randomized, multi-center clinical trial, studying Iomab-B compared

to the control arm of physician's choice of salvage therapy.

Patients with active, r/r AML are not considered eligible for BMT with current

approaches and the SIERRA trial is the only randomized Phase 3 trial to offer BMT as a treatment option for this patient population.

SIERRA trial compares outcomes of patients randomized to receive Iomab-B and a BMT (the “study arm”) to those patients randomized

to receive physician’s choice of salvage therapy (the “control arm”).

The control arm is also defined as conventional

care, as no standard of care exists for this patient population and includes over 20 agents that may be used as single agents or in combination

including Venetoclax, a targeted Bcl-2 inhibitor, Midostaurin and Sorafenib, targeted FLT3 inhibitors, hypomethylating agents and cytotoxic

chemotherapies.

Patients who fail to achieve a Complete Remission (“CR”) on the control arm are ineligible to proceed to a

BMT, but the trial design permits these patients to “cross over” to receive the study arm treatment if they meet the eligibility

The primary endpoint of the SIERRA trial is durable Complete Remission (“dCR”) of 180 days and the secondary endpoints

are Overall Survival (“OS”) and Event Free Survival (“EFS”).

On October 31, 2022, we announced

positive topline results from the SIERRA trial that Iomab-B met the study’s dCR primary endpoint with a high degree of statistical

significance (p<0.0001).

Additional data from the SIERRA trial is expected to be presented by year-end 2022.

Data from full patient

enrollment in the SIERRA trial (153 patients), was previously presented at the Transplantation & Cellular Therapy (TCT) Tandem Meetings

of ASTCT and CIBMTR, the combined annual meetings of the American Society for Transplantation and Cellular Therapy (ASTCT) and the Center

for International Blood & Marrow Transplant Research (CIBMTR) in April 2022 and at ASH highlighting that 100% of patients (66/66)

on the study arm that received a therapeutic dose of Iomab-B received a BMT, with a median time to BMT of 30 days, and all patients achieved

neutrophil and platelet engraftment in a median time of 18 days despite a high median blast count of 30%.

On the control arm, only 18%

of patients (14/77) achieved remission after salvage therapy, and then received a BMT with a median time to BMT of 67 days and median

blast count of 20%.

Of the 82% of patients failing to achieve a complete remission (“CR”) with conventional care (63/77),

40 patients were eligible and elected to cross over to receive Iomab-B followed by transplant.

These patients are considered as having

failed the primary endpoint of the study.

All crossover patients who received the therapeutic dose of Iomab-B (40/40) received a BMT,

with a median time to BMT of 24 days and they achieved engraftment in a median time of 19 days despite high median blast count of 35%

at time of crossover.

It was also reported that 100-day TRM of the study or Iomab-B arm was 09% (6/65) of patients that received a BMT

compared to 14% of patients (2/14) who received a BMT after salvage therapy on the control arm.

These data support the value proposition

of Iomab-B enabling patients access to BMT who would not otherwise be eligible and potentially better outcomes.

Actinium intends to submit

a Biologics License Application (BLA) in 2023, seeking approval for Iomab-B to address patients age 55+ with r/r AML who cannot access

BMT with currently available therapies.

Iomab-B has been granted Orphan Drug Designation from the U.S.

Pharmaceuticals, Inc.

(“Actinium”) is a biopharmaceutical company developing targeted radiotherapies to deliver

cancer-killing radiation with cellular level precision to treat patients with high unmet medical needs.

Our vision is to build a

specialty, hospital focused, radiotherapeutics company that develops and markets medicines for relapsed or refractory cancer

patients who are treated primarily in large quaternary care hospitals and their catchment areas.

We intend to leverage the clinical

data of our lead product candidates, Iomab-B and Actimab-A, to improve outcomes in patients with relapsed or refractory acute

myeloid leukemia (“r/r AML”) by launching two radiotherapy drugs over the next several years to address the significant

need for better outcomes from treatment with therapeutics or from undergoing a bone marrow transplant (“BMT”).

We also intend to further

advance Iomab-B outside of acute myeloid leukemia (“AML”) based on promising data as a disease control and conditioning agent

for various other blood cancers.

Based on early promising clinical trial results, we are also working on a lower dose, next generation

conditioning program, Iomab-ACT, for rapidly growing cell and gene therapies.

Our Clinical Pipeline

AML is an aggressive, heterogeneous

disease that is difficult-to-treat.

Most AML patients develop relapsed or refractory disease within one year of being afflicted and have

an extremely poor prognosis and dismal survival.

Currently, a BMT is the only curative regimen available for AML patients, however, access

is limited to AML patients who are fit enough to withstand the challenges associated with this treatment.

The majority of AML patients

are considered not transplantable in routine clinical practice as they are not fit enough to withstand the rigors of the patient journey

which includes therapy to attain a remission, conditioning regimens to destroy diseased marrow, challenge of the transplant itself or

post-transplant complications.

Our Iomab-B and Actimab-A

product candidates potentially fill the major unmet medical needs in r/r AML in a complementary fashion as they are directed at different

parts of the patient journey.

Iomab-B is being developed as a targeted bridging therapy candidate that we believe could provide both disease

control and conditioning in one agent.

We believe results from a Phase 3 trial demonstrate the possibility for unprecedented access to

a BMT and improved survival in unfit patients who are currently not considered transplantable in routine clinical practice.

We are developing

Actimab-A as a targeted therapy candidate for fit patients that has demonstrated an extension in survival in a proof-of-concept study

and is poised for advanced development in collaboration with the NCI, or National Cancer Institute.

Together, we believe these two product

candidates could provide us the opportunity to transform the treatment of AML, especially in the relapsed and refractory segment which

represents over 50% of AML patients.

We announced in October 2022

that Iomab-B met the primary endpoint of durable Complete Remission (“dCR”) with a high degree of statistical significance

(p<0.0001) in the pivotal Phase 3 Study of Iomab-B in Elderly Relapsed or Refractor AML, or “SIERRA trial.” In February

2023, we announced full trial results, demonstrating unprecedented transplant access and improved outcomes in patients with relapsed/refractory

AML, with double 1-year and median overall survival (“OS”) compared to control arm patients.

These data were presented at

the 2023 Tandem Meetings aka the Transplantation & Cellular Therapy Meetings of the American Society for Transplantation and Cellular

Therapy (“ASTCT”) and the Center for International Blood & Marrow Transplant Research (“CIBMTR”).

these results from the SIERRA trial may provide the opportunity, if we are able to obtain FDA approval, to establish Iomab-B as a new

standard of care.

The results from the SIERRA

trial were recently presented and discussed at major oncology medical and nursing congresses, which is helping to broaden the awareness

of Iomab-B among members of the relevant medical and scientific communities as we prepare for potential commercialization if we achieve

FDA approval.

On April 27, 2023, the results from the SIERRA trial were also showcased at the European Society for Blood and Marrow Transplantation

(“EBMT”) 49 th Annual Meeting, which is well-attended by the European transplant community.

On April 28, 2023, we

announced that two posters that detailed clinical findings from the SIERRA trial sites were presented at the 48 th Annual Oncology

Nursing Society (“ONS”) Congress.

We believe that the scientific community present at such events took note of the successful

administration of Iomab-B infusions at various BMT centers, which was done without increasing radiation exposure risks to treating nursing

On May 11, 2023, we announced that these results were also accepted for oral presentation at the European Hematology Association

(“EHA”) 2023 Hybrid Congress to be held in Frankfurt, Germany on June 8-11, 2023.

We are working towards completing

and submitting our Biologics License Application (“BLA”) for Iomab-B to the U.S.

Food and Drug Administration (“FDA”)

and has patent protection into 2037.

If approved, we expect our

initial commercial launch will target the leading 50-100 BMT and medical centers that perform the vast majority of BMTs in the United

In the European Union (“EU”), we received favorable feedback from the European Medicines Agency (“EMA”)

via their scientific advice program that the trial design, primary endpoint and planned statistical analysis from the SIERRA trial are

acceptable as the basis for a Marketing Authorization Application, or MAA.

Additionally, the EMA commented that it does not anticipate

the need for further standalone preclinical toxicology or safety studies.

Overall, transplant procedures in the EU are approximately fifty

percent higher than in the United States with a similar market dynamic, with a majority of BMT volume being conducted in a concentrated

number of leading medical centers.

In April 2022, we entered into a license and supply agreement with Immedica Pharma AB, or Immedica,

pursuant to which Immedica licensed the exclusive product rights for commercialization of Iomab-B in the European Economic Area, Middle

East and North Africa.

including Algeria, Andorra, Bahrain, Cyprus, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya.

Morocco, Oman, Palestine, Qatar, San Marino, Saudi Arabia, Switzerland, Syria, Tunisia, Turkey, the United Arab Emirates, the United Kingdom,

the Vatican City and Yemen.

Upon signing, we were entitled to an upfront payment of $35 million from Immedica, which we received in May

Under the terms of the agreement, we are eligible to receive regulatory and commercial milestone payments and we are entitled to

receive royalties in the mid-20 percent range on net sales of the product in certain countries that may result from the License Agreement.

We will continue to be responsible for certain clinical development activities and the manufacturing of Iomab-B and will retain commercialization

rights in the U.S.

in the second half of 2023 and if approved, we intend to commercialize Iomab-B in the U.S.

We are committed to bringing

Iomab-B to patients globally and are working with Immedica AB (“Immedica”), our European, Middle East and North Africa (“EUMENA”)

partner, for the subsequent marketing authorization application (“MAA”) of Iomab-B with the European Medicines Agency (“EMA”).

Europe represents a large commercial market opportunity with approximately twice as many transplants performed in Europe compared to the

Actimab-A is being developed

under what we believe to be the current industry-leading clinical-study program utilizing the potent alpha radiation emitting isotope

Actinium-225 (“Ac-225”) with clinical data in approximately 150 patients treated over 6 clinical trials.

The potent linear

energy transfer emitted by Ac-225 has no known resistance mechanism.

Actimab-A is being developed in combination with other regimens to

exploit mechanistic synergies and leverage the mutation-agnostic mechanism of action of Ac-225 with the objective of establishing it as

a backbone therapy in AML, an extremely heterogenous disease.

We believe our Actimab-A +

CLAG-M therapeutic combination trial results in r/r AML provide validation of this approach, which such results were presented at the

American Society of Hematology (“ASH”) 2022 Annual Meeting & Exposition in December 2022.

Phase 1 results from the Actimab-A

+ CLAG-M combination trial showed high response rates and minimal residual disease (“MRD”) negativity, translating to a survival

benefit of 53% and 32% at one and two years in patients who are typically expected to live two to four months.

At the same meeting, we

shared Phase 1 data showing that the combination of Actimab-A + venetoclax was well-tolerated with responses, including a Complete Remission

(“CR”) and a partial response in early dose escalation cohorts.

We believe the promise of these results may pave the way for

the NCI Cooperative Research and Development Agreement (“CRADA”), announced on February 6, 2023, to develop Actimab-A for

the treatment of patients with AML and other hematologic malignancies.

To explore the potential for

a broader development opportunity with our Actimab-A program, we are studying the potential use of Actimab-A in solid tumor indications

through our R&D efforts.

CD33-expressing myeloid derived suppressor cells (“MDSCs") are present within the tumor microenvironment

and exert immunosuppressive effects.

On April 18, 2023, we presented preclinical data at the Association for Cancer Research (“AACR”)

Annual Meeting that depicted Actimab-A’s role in the tumor microenvironment to overcome immunosuppression driven by MDSCs.

that our findings thus far show Actimab-A’s potential to selectively deplete MDSCs in lung and colorectal cancer.

Actimab-A also

demonstrated superior depletion of human MDSCs compared to Mylotarg, a CD33-targeted antibody-drug conjugate (“ADC”) in colorectal

cancer (p<0.01), highlighting the powerful cytotoxicity and potential therapeutic benefit of radiotherapy compared to naked antibodies

We believe that the data we have gathered to-date continues to support our objective to demonstrate the potential for Actimab-A

to be a backbone therapy to broadly improve antitumor activity of immunotherapies and other therapeutic modalities.

Our differentiated R&D

efforts are further exemplified by our next-generation Iomab-ACT conditioning program for rapidly growing cell and gene therapies, as

well as our solid tumor and immunotherapy collaborations with Astellas Pharma Inc.

(“Astellas”), AVEO Oncology/LG Chem (“LG

Chem”) and EpicentRx, Inc.

(“EpicentRx”).

We have several ongoing programs in solid tumors at the pre-clinical stage

with investigational new drug (“IND”) enabling studies underway.

Our platform has been used

to develop a pipeline of novel radiotherapeutic assets to drive company growth.

Preclinical pharmacology studies with our targeted radiotherapeutics

such as HER3-ARC, HER2-ARC or CD33-ARC have shown strong improvement in tumor growth inhibition in various preclinical tumor models as

single agents or in combination with immunotherapy such as magrolimab, an anti-CD47 monoclonal antibody.

These results have prompted the

team to spearhead efforts in multiple solid tumor programs.

Actinium’s lead solid

tumor program is a targeted radiotherapy against HER3, a pan-cancer target that is overexpressed in several solid tumor indications with

high unmet need.

We have aligned our R&D strategy of advancing solid tumors into the clinic with our Actimab-A program.

presented pre-clinical data at the AACR 2023 Annual Meeting, highlighting this opportunity.

We believe the results support further testing

to evaluate the anti-tumor effects of HER3-targeted radiotherapy.

HER3 conjugated to either alpha-emitting Ac-225 or beta-emitting Lutetium-177

(“Lu-177”) displayed anticancer activity in ovarian and colorectal cancer preclinical models.

The consistent overexpression

of HER3 in multiple solid tumor types, including ovarian, renal, prostate, urothelial, breast, and lung cancers suggests broad utility

of a HER3-targeted agent in a clinical setting, which we intend to explore further.

In addition, our intellectual property (“IP”)

portfolio includes over 200 issued patents and pending patent applications worldwide

We are actively working on

launching an early access program (“EAP”) for Iomab-B and intend to file a BLA by year-end while preparing for a U.S.

launch, if such BLA is approved by FDA, and working with our partner Immedica to support the Marketing Authorization Application (“MAA”)

and, if approved by EMA, commercialization in the EU.

Late-stage Actimab-A development is expected to begin in the second half of 2023

under the NCI CRADA.

With the approximately $94.5 million cash on hand as of March 31, 2023, we expect to fund operations through 2025

as we continue to drive ahead with realizing our five-year plan.

Market Opportunity

The market opportunity for

Iomab-B and Actimab-A, as depicted in the diagram below, exists in AML and for cellular therapy conditioning in various blood cancers.

We believe that Iomab-B and Actimab-A can fill the major unmet medical needs in r/r AML in a complementary fashion as they are utilized

in different parts of the patient treatment journey.

The incidence of AML is approximately 21,000 patients per year, with a prevalence

of approximately 70,000 in the U.S., (approximately 27,500 new patients per year in Europe) and the disease has an outsized economic impact

relative to its population size.

Over 50% of patients diagnosed with AML will develop relapsed or refractory disease, with a median age

of 68 years at diagnosis.

Despite 10 new approved therapies since 2017, no significant advancements have been made toward a cure and there

is an important unmet medical need for better therapeutics, which provide the opportunity for Actimab-A.

Actimab-A is a targeted radiotherapy

for fit patients that has demonstrated an impressive improvement in survival in a proof-of-concept study and is poised for advanced development

in collaboration with the NCI.

Using Actimab-A in combination with chemotherapy or a targeted therapy, we have the potential opportunity

to treat both newly diagnosed or r/r AML patients, with the potential addressable population comparable to the prevalence of patients

Today, less than 20% of AML

patients are able to access a BMT, currently the only potentially curative option.

These patients are usually younger, fit, and able to

withstand the challenges associated with this treatment, leaving the large majority of AML patients ineligible for transplant.

This provides

an opportunity for Iomab-B, which has demonstrated the ability to enable unfit patients to benefit from a BMT.

Thus Iomab-B can potentially

expand the market from the approximately 400 r/r AML patients who are transplanted currently to approximately 8,000 unfit patients that

could be eligible for transplant.

Iomab-B has demonstrated the ability to improve BMT access with extended survival and potentially curative

outcomes in several other hematological diseases outside of AML.

Several clinical trials in over 300 patients with myelodysplastic syndromes

(“MDS”), acute lymphocytic leukemia (“ALL”), Hodgkin’s lymphoma (“HL”), Non-Hodgkin lymphoma

(“NHL”) and multiple myeloma (“MM”) have demonstrated the same value proposition as in AML.

This data provides

a potential opportunity to expand the market for Iomab-B beyond AML via label expansion.

In the U.S., there are approximately 185,000

patients diagnosed annually with blood cancers (e.g., leukemia, lymphoma, and myeloma) that are treatable with BMT, of which, approximately

20,000 are transplanted, leaving greater than 165,000 patients who could potentially benefit from transplant.

These patients do not receive

a BMT today primarily because they are unfit with active disease and are not considered eligible, as they cannot tolerate the rigors of

therapy required to induce a remission and the conditioning agents required to ablate the marrow prior to a BMT.

Beyond BMT, the opportunity

exists for better conditioning in other areas of cellular therapy such as CAR-T as well as gene therapies.

The pipeline of CAR-T and gene

therapies has rapidly expanded, with the addressable patient population expected to nearly double in the next one to five years and reach

approximately 93,000 patients in the U.S.

by 2030 based on the current pipeline of cellular therapies.

The CAR-T market size in terms

of dollars is estimated to grow at a CAGR of approximately 11% over the next 5 plus years.

The addressable market for Iomab-ACT is in

line with the patient population for cellular therapy as all patients receive conditioning of some type prior to these treatments.

will continue to develop Iomab-ACT, our lower dose, next generation conditioning program for rapidly growing cell and gene therapies based

on early promising results, ultimately with the value proposition of improving overall access and outcomes for patients who need cellular

or gene therapies.

Actinium’s strategy

is to build a fully integrated, specialty radiotherapeutics company focused on the top 100 cancer hospitals using the power of our platform

to deliver new treatment options for patient populations living with high unmet medical needs in hematology and oncology.

We believe our

focus on relapsed and refractory disease in cancer indications with high unmet medical need, with limited or no competition, and where

the primary delivery of care occurs in large comprehensive cancer care centers, is the appropriate strategy for our company.

killing power of linear energy transfer delivered via radiotherapeutics is unmatched by other technologies and we believe relapsed, refractory

disease is an area where radiotherapeutics can succeed over other approaches.

However, radiotherapeutics must be delivered on a just-in-time

basis, and commercial and supply chain barriers are higher than with other types of medicines.

The validity of our approach is demonstrated

by our product development strategy as well as the commercial and operating model that we are building for our lead product candidates,

Iomab-B and Actimab-A.

We intend to transform the

treatment of AML with our Iomab-B and Actimab-A product candidates, each of which has demonstrated extension of survival in the most difficult-to-treat

patients who are typically expected to survive for two to four months.

The r/r AML segment comprises over 50% of all AML patients.

a therapeutic agent, and Iomab-B for induction and conditioning, can be used in a complementary fashion as depicted in the diagram below.

Based on solid clinical evidence with these product candidates, we intend to develop and commercialize these two radiotherapy drugs, starting

with Iomab-B in 2024 and Actimab-A in 2027, if approved, to improve survival in patients with r/r AML.

Iomab-B and Actimab-A have the potential

to significantly improve r/r AML outcomes in a complementary manner

The operating model required to achieve our vision

is attractive for several reasons, including the concentrated point of care;

the top 50 transplant centers account for approximately 75%

of BMTs and the top 100 hospitals treat over 50 percent of r/r AML patients.

Further, there is significant overlap in the healthcare providers

and ecosystem required to diagnose, treat and care for r/r AML patients within these hospitals, which will enable us to deploy a relatively

small commercial organization and operate a supply chain without the need for large investments.

Our product pipeline is targeting a broader

opportunity in conditioning via label expansion of Iomab-B into BMT for other blood cancers and with Iomab-ACT, our next generation conditioning

program for rapidly growing cell and gene therapies.

Further, our solid tumor programs are initially directed at relapsed or refractory

cancers, a stage of disease where treatment is again concentrated in large hospitals, which account for a significant portion of patients.

We believe our strategy will enable us to build a successful company with high operating efficiencies and is feasible to achieve without

requiring a commercial partner.

Our strategic priorities are to:

Establish Iomab-B as the standard of care to improve BMT access and survival outcomes in r/r AML patients who are currently not considered transplantable in routine clinical practice:

We intend to file a BLA in the second half of 2023 based on the positive results from the Pivotal Phase 3 SIERRA trial and leverage our operating track record at key cancer centers to build an organization that can effectively commercialize Iomab-B.

By virtue of the SIERRA trial, we have established operations at 24 leading BMT centers that represent about 30% of transplant volume in the U.S.

and have strong working partnership with Key Opinion Leaders and their teams.

The SIERRA results demonstrating unprecedented access to BMT and outcomes along with our commitment to operational excellence provides a strong foundation for our commercial team in the U.S.

We will also work with our partner Immedica to file the MAA for the EU and support Iomab-B’s potential approval and launch with our expertise, as well as supply drug product for commercialization.

Advance Actimab-A in combinations as a backbone therapy for r/r AML:

We intend to progress late-stage development of Actimab-A to leverage its mutation-agnostic mechanism of action and exploit synergies in combination with other treatments to develop it as an AML backbone therapy.

This approach is validated by proof-of-concept data from our Actimab-A + CLAG-M combination trial in r/r AML, which included 57% of patients who had failed venetoclax and are expected to live two to four months on average.

The results demonstrated high response rates overall and in these venetoclax failed patients’ median OS was 59% at one year and thirty-two percent at two years.

Our collaboration with the NCI under the CRADA could provide broad support for late-stage development of Actimab-A + CLAG-M and also other clinical trials to broaden use of Actimab-A.

Actimab-A, if approved, would enable us to launch a second product that is complementary to Iomab-B and fulfill our ambition of transforming the treatment outcomes of r/r AML and expand our commercial footprint into the remaining top 100 cancer care centers outside of the leading BMT hospitals.

Expand the Iomab-B label and revenue stream via life cycle management:

We intend to leverage data from several clinical trials that demonstrate the ability of Iomab-B to improve BMT access and outcomes in five additional hematologic indications.

These data in MDS, ALL, HL, NHL and MM provide the foundation to expand the label for Iomab-B and increase its market potential.

In AML, we would seek label expansion into haploidentical transplants, earlier lines of treatment and younger patients below the age of 55, the cutoff in the SIERRA trial.

As much as possible, we would seek to use investigator sponsored trials as the primary strategy for label expansion in order to maximize capital utilization.

Further expand our conditioning franchise by developing Iomab-ACT for cell and gene therapies:

We plan to develop Iomab-ACT to be used for either lymphodepletion or reduced intensity conditioning prior to CAR-T and gene therapies.

Similar to BMT, access and outcomes of patients who might benefit from these therapies is limited by sub-optimal chemotherapy-based conditioning agents.

The number of patients potentially eligible for Iomab-ACT is growing with increased availability of commercial cell and gene therapy products, as well as the expanding number of indications.

We are studying Iomab-ACT in conditioning prior to CAR-T cellular therapy via a National Institutes of Health (“NIH”) funded clinical trial with Memorial Sloan Kettering Cancer Center (“MSKCC”).

We expect to present proof-of-concept data from this study in the second half of 2023 and announce further development of this program in the CAR-T space.

Leverage our R&D capabilities and technological prowess to advance our solid tumor programs and partnerships:

We intend to continue to direct our R&D effort to advance our solid tumor programs into the clinic and support life cycle management for Iomab-B and Actimab-A.

Our solid tumor programs and technological capabilities are validated by our partnerships with Astellas, LG Chem, and EpicentRx, which are focused on solid tumors and immunotherapies.

Our R&D capability is demonstrated by our patent portfolio with over 200 issued and pending patent applications worldwide which include protection for Iomab-B into 2037.

Our IP portfolio also includes several patent families to manufacture Ac-225 in a cyclotron and includes valuable know-how.

● In keeping with our strategic vision over the

next five years, we plan to first focus on ensuring an Iomab-B approval and successful launch into core BMT centers to support commercial

We intend to expand the Iomab-B label and revenue stream while progressing the development of Actimab-A by leveraging the NCI

We will progress the development of Iomab-ACT to proof-of-concept and explore potential partnerships as a means to achieve commercialization.

Our solid tumor programs will progress toward the clinic as we continue to build out our commercial footprint into the top 100 hospitals

leaving us positioned to develop them in line with our vision.

With commercial dynamics aligning favorably for a successful Iomab-B launch

and with late-stage development of Actimab-A in collaboration with the NCI, we plan to deliver on our mission to transform the treatment

of AML and patient outcomes, and create a highly differentiated, specialty radiotherapeutics company focused on the top 100 large hospitals.

Our Product Pipeline

We have strategically focused our development

efforts in areas where there is a significant unmet medical need.

We are developing a portfolio of novel radiotherapeutics that has the

potential to positively impact the outcomes of people living with hard-to-treat diseases such as r/r AML via both a therapeutic and induction/conditioning

Outside of AML, our pipeline development offers the opportunity to enhance the value proposition of cell and gene therapies with

our targeted conditioning programs.

AML Focused Programs – Iomab-B

and Actimab-A

Our Iomab-B and Actimab-A product candidates are

focused on addressing the major unmet medical needs in r/r AML in a complementary manner and are directed at different parts of the patient

Iomab-B – Targeted Radiotherapeutic

for Induction and Conditioning.

A potential new standard of care enabling a curative BMT in currently non-transplantable r/r AML patients

with poor survival prognosis

Opportunity to Change the Current Paradigm

for Accessing a BMT and Improving Outcomes

The current approach in preparing patients for

a BMT is to first induce a remission with therapeutic agents to reduce the disease burden and then suppress or destroy the patient’s

immune system, including the diseased bone marrow, with conditioning regimens prior to transplanting the healthy donor hematopoietic stem

cells, which are expected to restore normal bone marrow function following engraftment.

As this approach requires patients to withstand

multiple challenges from non-targeted therapies, which include chemotherapy agents and/or total body irradiation that are highly toxic,

BMT is typically limited to FIT patients.

Iomab-B is a targeted therapy that provides both disease control and conditioning in one agent

and is well-tolerated even by UNFIT patients who typically are not transplanted in routine practice today.

The SIERRA trial was designed

to demonstrate that UNFIT patients with active disease could be administered Iomab-B and proceed directly to a BMT without the need for

inducing a remission and that this approach could result in improved survival and curative outcomes.

As seen by the positive results of

the SIERRA trial detailed below, Iomab-B represents an exciting new paradigm in the management of AML patients and establishes a potential

new standard of care especially for UNFIT patients in the relapsed or refractory setting.

A similar approach has also been tried in the

Phase 3 ASAP trial but with FIT patients.

However, to avoid confusion between the potential of the approaches used in the ASAP and SIERRA

trials, important distinctions between these trials are depicted in the graphic below.

The ASAP trial sought to demonstrate non-inferiority

between two non-novel approaches and found that outcomes similar to those of current practice could be achieved without first getting

a patient into remission before taking them to BMT by giving them sequential conditioning or treating them twice with non-targeted chemotherapy

agents that are typically used in this setting.

The ASAP approach is limited to only FIT patients

as the UNFIT patients treated in SIERRA could not tolerate ASAP’s highly toxic sequential conditioning approach.

Sequential conditioning

is not novel as a similar trial to ASAP was conducted by the UK National Cancer Research Institute in 2019, which did not show any benefit

from this approach in high-risk AML and MDS patients (Craddock et al.

Augmented Reduced Intensity Regimen Does Not Improve Postallogeneic

Transplant Outcomes in Acute Myeloid Leukemia.

J Clin Oncol.

The SIERRA trial results therefore can change the paradigm in

transplant because non-transplantable patients in routine clinical practice can benefit from a transplant with Iomab-B and have superior

While both approaches in these trials support increased access to BMT, only Iomab-B is applicable to the unfit patients who

comprise approximately 80%of r/r AML patients and can potentially expand the market for transplant.

Schetelig et al.

Results from the Randomized

Phase III ASAP Trial.

Pivotal Phase 3 SIERRA Trial for Iomab-B ( 131 Iodine-apamistamab)

The SIERRA trial was designed to demonstrate the

ability of Iomab-B to overcome challenges related to patient access to curative BMT.

Unfortunately, approximately 30% of patients with

AML have primary refractory disease while 50% relapse quickly after achieving initial remission.

Getting these patients with primary r/r

AML into remission is very challenging due to characteristics such as age, comorbidities, and disease features such as high-risk mutations

that contribute to lack of response to salvage therapies and limit treatment options.

Patients must be able to overcome several challenges

related to curative BMT.

The first access challenge is that the patient needs to be in complete remission prior to BMT.

The current clinical

practice is not to transplant patients with active AML as outcomes are poor due to high relapse rates.

The National Comprehensive Cancer

Network (“NCCN”) guidelines also recommend treatment to achieve remission prior to transplant in patients with relapsed AML.

The second challenge to access is tolerance to current conditioning regimens.

For older patients, myeloablative regimens are not an option

due to intense toxicity and mortality.

The third challenge is the ability to achieve post-BMT remission and successful engraftment.

conditioning can lead to graft failure, which is associated with very high mortality.

Patients who fail to achieve a CR post-transplant

have extremely poor outcomes and a survival of a few weeks.

The fourth challenge relates to BMT tolerability and post-BMT complications.

The conditioning and immunosuppressive regimens given to these patients put them at high risk for infectious complications and toxicity.

In the SIERRA trial, Iomab-B addresses all four of these challenges.

Access to BMT is improved as CR is not needed pre-BMT given effective

disease control and targeted myeloablation.

With better post-BMT engraftment, CR and lower complications, the SIERRA trial also addressed

the challenges related to improved outcomes through Iomab-B.

The SIERRA results, presented in the late-breaker

session at the 2023 Tandem Meetings:

Transplantation & Cellular Therapy Meetings of the ASTCT and the CIBMTR, support Iomab-B’s

value proposition of enabling both improved access and outcomes of a BMT, thereby providing a significant curative option for r/r patients,

a segment that represents approximately 50% of all AML patients and the majority not transplanted today.

The design of the SIERRA trial

is provided in the figure below.

A Novel, Pivotal Phase 3 Study of

Iomab-B in r/r AML

The pivotal Phase 3 SIERRA trial is a 153-patient,

randomized, multi-center, controlled trial of Iomab-B in patients aged 55 and above with active r/r AML, who were heavily pre-treated

and had high-risk characteristics.

Patients enrolled had blast counts of 5% or greater in the marrow or circulating blasts suggestive

of active AML.

In this study, Iomab-B was compared to the control arm that allowed physician’s choice of over 20 available agents,

including chemotherapies and/or targeted therapies such as venetoclax (BCL-2 inhibitor), FLT3 inhibitors, IDH inhibitors and Mylotarg,

reflecting current best treatment practices attempting to get patients to CR.

The control arm included recently approved AML therapies

that were added to the SIERRA protocol as they became available.

The crossover arm was designed in SIERRA for an equipoise that offered

Iomab-B to patients failing to achieve a CR on the control arm with an intent to rescue them by taking them to transplant.

Of note, SIERRA

had highly restrictive optionality for post-transplant maintenance.

Patients with active, r/r AML are not considered eligible for BMT

with current approaches and the SIERRA trial was the only randomized Phase 3 trial to offer BMT as a treatment option for this patient

These patients would not be offered BMT in standard practice and therefore have dismal survival outcomes of two to three months.

The primary endpoint of the SIERRA trial was dCR of 180 days and the secondary endpoints are OS and Event-Free Survival (“EFS”).

The comparison of OS in subjects randomized to the control arm who crossed over to receive Iomab-B versus all others in the control group

was an exploratory efficacy endpoint.

As seen in the graphic below,

the primary endpoint of 6-month dCR was met with a high degree of statistical significance (p<0.0001).

75% of patients (44/59) receiving

Iomab-B achieved an initial remission 30 days after their BMT compared to 6.3% of patients (4/64) in the control arm.

22% of the patients

receiving Iomab-B maintained dCR lasting 180 days or more despite limited optionality for post-transplant maintenance, while none of the

patients on the control arm achieved dCR.

The current standard practice is to administer post-transplant maintenance therapy to reduce

chances of relapse.

The results presented below are on a per protocol basis, which means that only data that was in strict adherence to

the protocol without any deviations was considered for the analysis.

It is important to note that the p-value of the primary endpoint

in the Intent-to-Treat (“ITT”) analysis was <0.0001, the same as the per protocol analysis.

SIERRA Results:

Iomab-B Meets Primary Endpoint

with High Significance (p<0.0001)

As demonstrated in the OS graph below, patients

who achieved 6-month dCR had 92.3% 1-year survival and 59.9% 2-year survival.

Median OS had not been reached in these patients.

worth noting that two years in CR is a significant milestone in this patient population, highly indicative of long-term survival and a

possible curative outcome.

Overall Survival for Patients who Achieved

6-month dCR with Iomab-B

OS was one of the secondary

endpoints of the study.

The Kaplan-Meier plot in the inset of the graph below shows ITT OS results between the Iomab-B arm and the control

Due to the crossover design, ITT analysis of OS was confounded by the early crossover of patients (within 28 days) from the control

arm to the Iomab-B arm (57.1%).

The effective rescue of these crossover patients by Iomab-B led to an outsized contribution of the Iomab-B

effect on control arm patients.

As a result, median OS in the Iomab-B arm was similar to that in the control arm and this secondary endpoint

was not met in the ITT analysis.

In order to isolate the true impact of Iomab-B

on OS, one of the exploratory efficacy endpoints was the comparison of OS in subjects randomized to the control arm who crossed over to

receive Iomab-B versus all others in the control arm, as well as the control arm patients who did not crossover versus the Iomab-B arm.

The Kaplan-Meier plot of OS in the graphic below shows that this exploratory analysis demonstrated the clear benefit of Iomab-B over the

The median OS for the Iomab-B group was 6.4 months which was double the 3.2 months for the non-crossover patients in the

Patients who crossed over from the control arm to receive Iomab-B had a median OS of 7.1 months demonstrating further the

ability of Iomab-B to treat patients who are non-treatable by conventional means.

A similar pattern favoring the Iomab-B group was

seen across the pre-defined subgroups, where 1-year OS for Iomab-B was 26.1% compared with 13.1% for the non-crossover control arm.

1-year OS for patients in the crossover arm was 35.8%.

This clearly demonstrates the OS benefit of Iomab-B over the control arm and two

to three-fold improvement in survival outcomes possible with its use.

Kaplan-Meier Plot of Overall Survival ‒

Iomab-B, Crossover, and Non-Crossover Control Arm

Iomab-B produced a significant and clinically

meaningful improvement in the secondary endpoint of EFS, with a 78% reduction in the probability of an event (Hazard Ratio=0.22, p<0.0001

for both per protocol and ITT basis).

EFS at 180 days for the Iomab-B arm was 28% compared to 0.2% for the control arm.

In the SIERRA

trial, an event is defined as one of the following:

a patient not achieving CR/CRp or crossing over, patient not receiving BMT, a patient

relapsing or death.

In the figure below comparing EFS with Iomab-B

versus the control arm, the initial vertical drop in the curve in the Iomab-B arm represents those patients who did not achieve a remission

after Iomab-B or those who did not proceed to transplant, while the initial vertical drop in the curve in the control arm mainly represents

patients who did not achieve a remission with salvage therapy and either crossed over to Iomab-B or went onto best supportive care.

Event-Free Survival with Iomab-B Versus Control

The table below shows relevant adverse events

in transplanted Iomab-B patients.

In these patients, incidence of sepsis was four times lower in the Iomab-B arm than the control arm

In addition, rates of other treatment related adverse events were lower in favor of Iomab-B, including febrile neutropenia

50.0%), mucositis (15.2% vs.

21.4%) and acute graft versus host disease (“GVHD”) (26.1% vs.

Grade ≥3 Treatment-Emergent Adverse Events

in Transplanted Patients Through Day 100 Post-HCT

With current treatment practice, patients who

have r/r AML with active disease, utilizing current conditioning agents have poor outcomes and very low survival rates.

Using an Iomab-B

led regimen, an unprecedented number of patients were able to access transplant and were able to do so with active disease, eliminating

need for achieving a CR in order to transplant the patient.

Thus, patients are also able to access BMT faster with Iomab-B, in less than

half the time compared to conventional care.

Iomab-B represents an exciting new paradigm with the potential to establish a new standard

of care in r/r AML setting, making it possible for most patients to get to a successful transplant with Iomab-B with a portion of these

patients having a long-term survival benefit.

As shown below, with an Iomab-B led regimen, the majority of patients who are non-transplantable

in routine clinical practice can be successfully transplanted, administering myeloablative radiation with reduced intensity conditioning

tolerability to ultimately achieve transformative survival outcome, changing the treatment paradigm for r/r AML patients.

Iomab-B – New Paradigm to Upend BMT

Access and Improve r/r AML Outcomes

Future Development and Life Cycle Management

The results of the Pivotal Phase 3 SIERRA trial

validate the value proposition of Iomab-B, and we believe it could establish unprecedented access to transplant (currently the only curative

option) with better safety and tolerability and improved outcomes, all of which could potentially make Iomab-B the new standard of care

for patients with r/r AML.

We are actively working to launch an EAP and successfully file a BLA in the second half of 2023, and if approved,

we anticipate the commercial launch for Iomab-B in 2024.

We intend to commercialize Iomab-B in the U.S.

The commercial opportunity is supported by favorable dynamics, summarized by the “Three Ps and Two Cs”:

With its promising profile, Iomab-B provides the opportunity for unprecedented BMT access and better outcomes for patients, with favorable safety and tolerability

Our goal is to help physicians make BMT an option for a vast majority of r/r AML patients who currently are unable to access transplant without disruption to current practice.

Patients are able to return to their referring physicians for post-BMT follow-up, long-term care

Iomab-B potentially unlocks value through getting patients safely to effective, potentially curative transplants, with improved outcomes and a manageable safety and tolerability profile

Competition :

While there have been multiple new product approvals in AML over the last several years, they primarily focus on addressing genetic mutations, with limited competition in conditioning to increase access to BMT.

We do not see direct or indirect visible competition for Iomab-B in the 5-to-10-year horizon to impair the commercial success of Iomab-B

Concentrated Call Points :

The commercialization for Iomab-B will benefit from a concentrated market.

The top 50 centers perform 75% of BMTs and tend to be concentrated in metropolitan areas.

These factors allow for commercialization delivered by a focused 35–50-person commercial organization.

The favorable commercial dynamics for Iomab-B

are further supported by the strong foundation of core competencies developed during the successful execution of the SIERRA

trial at leading high-volume BMT centers.

We established and actively managed end-to-end supply chain, never missing a patient dose, and

were able to treat 60% more patients than expected due to the high number of crossover patients.

We focused on operational excellence

at the point of care, working in partnership with leading Key Opinion Leaders and their teams to successfully execute SIERRA at a wide

array of centers.

As a result, we have broad reach across leading BMT centers that account for 30% of BMT volume, which speaks to the

concentration of the BMT market.

The positive SIERRA results of unprecedented access and outcomes along with our commitment to operational

excellence provide a strong foundation for our commercial team.

In April 2022, Actinium licensed the EUMENA commercial

rights for Iomab-B to Immedica, an independent pharmaceutical company headquartered in Sweden.

Immedica has significant know-how and experience

in commercializing niche and specialty care products across Europe and the Middle East, with extensive regulatory and commercial expertise

and capabilities.

Actinium will continue to be responsible for certain clinical development activities and Iomab-B manufacturing and will

retain commercialization rights in the U.S.

and rest of the world.

Our Iomab-ACT program is intended

for targeted conditioning prior to ACT or gene therapy and uses the same I-131-apamistamab construct as Iomab-B at varying doses.

doses of one-eighth to one-sixth of the myeloablative dose, it is applicable for lymphodepletion prior to CAR-T or certain gene therapy

applications where stem cell myeloablation is not necessary.

At higher doses it is applicable for gene therapy applications where stem

cell myeloablation is necessary.

We believe our Iomab-ACT program is highly differentiated when compared to Fludarabine and Cyclophosphamide

(“Flu/Cy”) or other chemotherapy-based regimens that are used as the standard of practice today for lymphodepletion prior

CD45 is an antigen expressed on certain immune cell types that are relevant to the mechanism of CAR-T therapies including lymphocytes,

regulatory T-cells and macrophages that have been associated with clinical responses that may limit the safety, efficacy and durability

of response of these CAR-T therapies including cytokine release syndrome (“CRS”) and neurotoxicity.

Some of these limitations

may be attributable to the chemotherapy-based conditioning agents that are being used prior to CAR-T therapies.

Unlike chemotherapy, Iomab-ACT

is targeted in nature and due to this CD45-directed targeting, we expect we can improve CAR-T cell expansion, potentially resulting in

responses that are more durable, but also resulting in reduced CAR-T related toxicities.

Importantly, we expect the Iomab-ACT program

construct to enable lymphodepletion through a single-dose, outpatient administration versus Flu/Cy or other chemotherapy-based lymphodepletion

regimens that can require multiple infusion cycles over several days.

Because of this potentially superior profile, the Iomab-ACT construct

could result in improved access to CAR-T therapy and better outcomes.

Currently, there an estimated ~7,200 BMTs for AML in EUMENA, two times

that of the U.S., performed in a concentrated of number of centers.

The incidence rate of AML in Europe is 3.7 per 100,000, or ~27,500

new patients per year.

Actinium received an upfront payment of $35 million USD with the potential for an additional $417 million USD in

regulatory and sales milestones and mid-twenty percent royalties.

Iomab-B has been granted Orphan Drug Designation by the EMA and has

received positive Scientific Advice from EMA that the SIERRA trial can support a marketing authorization with filing expected in 2024.

Background on Iomab-B

Iomab-B is a first-in-class targeted radiotherapy consisting of apamistamab,

an anti-CD45 mouse antibody conjugated to radioactive iodine 131 (“I-131”) designed to deliver targeted myeloablative radiation

to malignant and hematopoietic cells prior to allogeneic BMT.

CD45 is uniquely expressed on blood cancer, immune and bone marrow stem

cells at high levels.

Targeting CD45 enables delivery of high radiation doses directly to the bone marrow, with a median of 16 gray and

as high as 44.6 gray in the SIERRA trial, while minimizing radiation exposure to vital organs such as lungs, heart and gastrointestinal

tract, thereby producing myeloablative outcomes with an overall better safety profile and the tolerability of a reduced intensity regimen.

I-131 is a beta- and gamma-emitting radioisotope that works on the cell surface and does not need to be internalized.

Developed at the

Fred Hutchinson Cancer Research Center (“FHCRC”), Iomab-B has been studied in multiple disease indications including leukemias,

lymphomas, MDS, and MM.

Over 300 patients received Iomab-B through prior studies, demonstrating the potential for unprecedented access

to BMT, improved survival and tolerability, and we intend to leverage these data as we plan for label expansion of Iomab-B.

been granted Orphan Drug Designation from the FDA and has patent protection into 2037.

Actimab-A – CD33 targeting radiotherapeutic

– mutation agnostic mechanism of action has potential as combination backbone therapy in highly radiosensitive, mutation rich AML

Our Actimab-A ( 225 Ac-lintuzumab

satetraxetan) program is focused on developing combinations with other AML treatment regimens with mechanistic synergies to establish

Actimab-A as a backbone therapy, leveraging the mutation-agnostic mechanism of action of Actimab-A.

There is no known resistance mechanism

to targeted radiotherapies, making Actimab-A an attractive candidate for a variety of combinations.

The scientific rationale is to use

CLAG-M, a powerful chemotherapy regimen routinely used to treat patients with r/r AML, and then use Actimab-A for its precision targeting

ability that produces double-strand-DNA breaks that lead to cancer cell death to clear out residual disease.

Actimab-A has demonstrated

clinically significant survival benefit in a proof-of-concept study and is poised for advanced development in collaboration with the NCI.

Actimab-A + CLAG-M Phase 1 Study Results

In collaboration with the Medical College of Wisconsin,

the Actimab-A + CLAG-M Phase 1 trial was conducted in r/r AML patients.

These patients had a median age of 63, failed two or more lines

of therapy, which includes 57% having received prior treatment with venetoclax, a BCL-2 inhibitor.

67% of these patients had adverse cytogenetics,

52% had a TP53 mutation, and 57% had a prior BMT.

Median OS is typically two to four months for this patient population, with a median

OS of less than 3 months for patients who relapsed following venetoclax and a median OS less than 2 months for those with a TP53 mutation.

These trial results were presented

as an oral presentation at the ASH Annual Meeting in December 2022.

In this difficult-to-treat r/r AML population, the results demonstrate

its high potential.

We reported 1-year survival of 53% and 2-year survival of 32%, which are as much as double what can be expected with

currently available therapies.

The trial showed an Overall Response Rate (“ORR”) of 65% across all dose cohorts, 52% complete

remission rate, and a 75% MRD negativity rate.

As highlighted in the figure below, the results are highly encouraging and show that the

high rates of responses and MRD negativity are translating to a meaningful survival benefit in these difficult-to-treat patients, who

would otherwise have dismal outcomes.

Actimab-A + CLAG-M – Impressive Response

and Survival Benefit in r/r AML

Actimab-A + CLAG-M Compared to CLAG-M Alone

Efficacy of CLAG-M has been reported in older

studies (Halpern and Walter.

CLAG-M with dose-escalated mitoxantrone for adults with acute myeloid leukemia.

Oncotarget 2018 and Mushtaq

Comparison of Salvage Chemotherapy Regimens in Relapsed/Refractory Acute Myeloid Leukemia.

ASH 2018) in patients with r/r AML,

however, almost all of these studies were conducted in the pre-targeted therapy era where no patients enrolled had prior venetoclax-based

therapy, thus efficacy data of CLAG-M in the current era, in patients exposed to prior venetoclax, or with other high-risk features, is

When combined with Actimab-A, the combination has demonstrated a clinically significant survival benefit in a proof-of-concept

study irrespective of prior targeted treatment.

Relapsed or refractory AML after failing venetoclax-based therapy is associated with dismal

survival outcomes, with a median OS of less than 3 months.

In comparison, the combination trial of Actimab-A + CLAG-M led to 1-year survival

of 59% and 2-year survival of 32% in patients who failed prior venetoclax-based therapy, which compares very favorably to the traditional

outcomes in these patients.

Actimab-A + venetoclax Phase 1/2 Study Results

We are conducting a

Phase 1/2 multi-center trial combining Actimab-A + venetoclax in both fit and unfit patients 18 years and older with r/r AML led by

UCLA Medical Center.

Data from our Actimab-A + venetoclax combination trial was presented at the 2022 ASH Annual Meeting.

demonstrated preclinically that combinations of Actimab-A and venetoclax have mechanistic synergies.

Overexpression of MCL-1, an

anti-apoptotic protein, is associated with resistance to venetoclax in AML.

Actimab-A kills tumors cells with DNA double-strand

breaks and downregulates MCL-1, which can (re-)sensitize AML cells or reduce tumor resistance to venetoclax.

The Actimab-A +

venetoclax combination has been well-tolerated with responses, including a CR and a partial response in early dose escalation

In our ongoing clinical trial, we are exploring the optimal dose of Actimab-A, as well as the dosing regimen of the

We expect to present proof-of-concept of this study in the second half of 2023.

Further Development for Actimab-A

On February 6, 2023, we announced that we entered

into a CRADA with the NCI, part of the NIH, to develop Actimab-A for the treatment of patients with AML and other hematologic malignancies.

The NCI will serve as the regulatory sponsor for any clinical trials mutually approved by both parties to study Actimab-A, and the CRADA

will provide extensive support for and accelerate the development of Actimab-A alone or in combination with chemotherapy, immunotherapy,

targeted agents and other novel combinations.

The CRADA studies will be overseen by the NCI in collaboration with Actinium’s clinical

development team, where Actinium has the right to review and approval all protocols and has full right to all data.

This broad collaboration

may accelerate our Actimab-A development efforts with access to NCI’s vast network of over 2,000 clinical trial sites and its Myelomatch

Later this year, we will provide updates on our progress as we move into late-stage development with Actimab-A + CLAG-M, as well

as other developments with our venetoclax combination trial as part of our backbone development strategy.

We are exploring the broader

opportunity with our Actimab-A program and the potential use of Actimab-A in solid tumor indications through our R&D efforts.

CD33-expressing

MDSCs are present within the tumor microenvironment and exert immunosuppressive effects, and we believe that Actimab-A can play an important

role in the tumor microenvironment by depleting MDSCs in a targeted manner.

On April 19, 2023, we presented data at the AACR Annual Meeting,

that we believe support the potential role of Actimab-A to overcome immunosuppression by MDSCs in the tumor microenvironment.

our preclinical findings show promise with regard to Actimab-A’s ability to selectively deplete CD33-expressing MDSCs in both lung

and colorectal cancer, which we intend to explore further via clinical development.

Actimab-A also demonstrated superior depletion of

human MDSCs compared to Mylotarg, a CD33-targeted ADC in colorectal cancer (p<0.01), highlighting the powerful cytotoxicity and potential

therapeutic benefit of radiotherapy compared to naked antibodies or ADCs.

MDSCs are ubiquitous across multiple cancer indications and

with the substantial number of immunotherapies in development or currently in clinical use, we believe our data may support the potential

for Actimab-A, if ultimately approved for commercialization for such indication, to be a backbone therapy that could broadly improve antitumor

activity of immunotherapies such as checkpoint inhibitors and T and NK cell therapies and other therapeutic modalities in multiple solid

tumor indications.

Background on Actimab-A

Actimab-A is an anti-CD33

antibody linked to the potent alpha-emitting radioisotope Ac-225.

Actimab-A targets CD33, which is expressed in virtually all malignant

cells in patients with AML regardless of cytogenetics or mutations and enables potent alpha radiation to be directed against radiosensitive

These cells have no known resistance or repair mechanisms when hit with the alpha particles from the Ac-225 isotope payload

that cause double stranded DNA breaks.

We believe Actimab-A is the first radiotherapeutic for r/r AML and has the unique value proposition

of broad applicability, a differentiated mechanism of action, and targeted precision that is well-tolerated with minimal toxicity.

CD33 development program is driven by data obtained from approximately 150 AML patients in 6 trials and demonstrated single agent activity

with high response rates, but was also associated with prolonged neutropenia.

A combination strategy was considered appropriate given

the changing treatment landscape of AML;

hence, based on presumed mechanistic synergies, an investigator-initiated trial of Actimab-A

+ CLAG-M and a company-sponsored Actimab-A + venetoclax were developed and patients were enrolled into these studies.

Conditioning Focused Programs

We will further expand the Iomab-B franchise by

focusing on lifecycle management for label enhancement and indication expansion.

Iomab-B data in five additional hematologic indications

(i.e., MDS, ALL, HL, NHL, and MM) provide the foundation to explore indication expansion opportunities to increase the total addressable

market for Iomab-B.

Across early trials at the FHCRC, Iomab-B demonstrated similar improved access to BMT and outcomes.

We will leverage

these data with strong results from the pivotal Phase 3 SIERRA trial to execute a comprehensive life cycle management strategy to further

expand Iomab-B’s role in a variety of malignant and non-malignant hematological disorders.

We will continue to develop the Iomab-B

franchise to potentially address a broader market opportunity to address the over 165,000 patients diagnosed with cancers (e.g., leukemia,

lymphoma, and myeloma), who could potentially benefit from transplant, but are unable to access one today.

Iomab-ACT is comprised of apamistamab, the same

anti-CD45 antibody as Iomab-B, but utilizes lower, nonmyeloablative levels of I-131 to achieve lymphodepletion for cellular therapies

such as CAR-T or reduced intensity conditioning for gene therapies.

We intend to continue to develop the Iomab-ACT program designed specifically

for use prior to CAR-T and gene therapies, ultimately with a value proposition of improving overall access and outcomes for patients who

need cellular or gene therapies.

Preclinical data showed a single, low-dose of

Iomab-ACT demonstrated lymphodepletion and as CD45 positive immune cells are implicated in major CAR-T side effects, i.e., cytokine release

syndrome ("CRS") and immune effector cell–associated neurotoxicity syndrome (“ICANS"), Iomab-ACT has the potential

to be developed as a conditioning agent for CAR-T therapies.

CRS and ICANS remain two most common toxicities of CAR-T therapies with severe

cases (>Grade 3) seen in >20% of patients and fatality rates between 0-10%.

Due to its effect on host monocytes/macrophages, we

believe conditioning with Iomab-ACT will potentially reduce the incidence of CRS and ICANS.

Unlike chemotherapy, Iomab-ACT is targeted in

nature, and we expect it to potentially promote improved CAR-T cell expansion, resulting in responses that are higher and more durable.

We believe our Iomab-ACT program is highly differentiated when compared to fludarabine and cyclophosphamide (“Flu/Cy”) or

other chemotherapy-based regimens that are used as standard practice today for lymphodepletion prior to cell therapy.

We are studying

Iomab-ACT in a clinical collaboration with Memorial Sloan Kettering Cancer Center (“MSKCC”) for targeted conditioning

prior to administration of MSKCC’s 19-28z CD19, targeting CAR-T in patients with relapsed or refractory B-cell acute

lymphoblastic leukemia (“ALL”) or diffuse large B-cell lymphoma (“DLBCL”).

We received grant funding from

the National Institute of Health (“NIH”) to fund this trial with MSKCC being a co-recipient on this grant.

first of its kind study to use an ARC-based conditioning regimen with CAR-T therapy.

The hypothesized rationale for this study is

that Iomab-ACT will exert an anti-tumor effect on the chemotherapy-refractory B-ALL cells that are sensitive to radiation, resulting

in reduced disease burden and simultaneously deplete CD45 expressing immune cells implicated in CAR-T related toxicities, resulting

in an optimal homeostatic environment for the CAR-T cells.

The study will evaluate the feasibility of using a targeted radiotherapy

based conditioning regimen with CAR-T therapy and will evaluate safety measures including incidence of CRS and neurotoxicity and

efficacy measures, including responses and survival outcomes.

We expect proof of concept data from this study in 2023.

In addition, we are working

in collaboration with the University of California Davis to utilize Iomab-ACT conditioning with a novel anti-HIV autologous gene therapy.

We continue to identify additional gene therapies for which Iomab-ACT can be used for targeted conditioning with the goal of collaborating

with multiple academic or industry developers to establish Iomab-ACT as a non-chemotherapy universal targeted conditioning solution.

Actinium-225 Based Therapeutic Backbone Therapy

Program in AML

Our CD33 Alpha program is

evaluating the clinical utility of Actimab-A, comprised of the anti-CD33 mAb lintuzumab linked to the potent alpha-emitting radioisotope

Actinium-225 (“Ac-225”).

CD33 is expressed in the majority of patients with AML and myelodysplastic syndrome (“MDS”)

as well as approximately one-third of patients with multiple myeloma.

Ac-225 emits four alpha particles and can kill a cell with one alpha-particle

hit, making it one of the most powerful cell-killing agents with no know resistance mechanism to the double strand DNA breaks it can cause.

We source Ac-225 from the Department of Energy’s Oak Ridge National Laboratory.

Our CD33 development program is driven by data obtained

from over 150 treated patients, including results from a Phase 1/2 trial that studied Actimab-A as a single agent at multiple

dose levels in 58 patients with newly diagnosed AML, which was completed in 2018, as well as trials studying Actimab-A in combination

with other agents.

We believe that radiation

delivered internally via a targeting moiety can be synergistic when used in combination with chemotherapy, targeted agents and immunotherapy

based on mechanistic rationales supported by our own clinical data, preclinical research and scientific and clinical evidence in the literature.

We have prioritized our efforts and resources in favor of combination trials for our CD33 program development strategy, rather than single

agent trials at this time as we believe Actimab-A can be a backbone therapy in AML when combined with other therapeutic modalities.

CD33 development program encompasses the following ongoing trials:

Actimab-A + CLAG-M

Actimab-A combined with CLAG-M

has been studied in a Phase 1 combination trial that was conducted in collaboration with the Medical College of Wisconsin

in patients age 18 and above with r/r AML.

CLAG-M (cladribine, cytarabine, filgrastim and mitoxantrone) is a salvage chemotherapy regimen

routinely used to treat patients with r/r AML.

Data from the Phase 1 combination trial of Actimab-A + CLAG-M has been accepted for an

oral presentation at ASH in December 2022.

Patients enrolled on this study were a median of 63 years of age and were heavily pretreated

with a median of 2 lines of prior treatment (range:

1-5) with 55% of patients receiving prior Venetoclax therapy and 55% receiving a prior

Patients had high-risk cytogenetics with 67% having adverse features including 52% having a TP53 mutation.

In addition, 52% of patients

had secondary AML.

Patients with r/r AML with a TP53 mutation have an expected median OS of 2 months and r/r AML patients who relapse

after Venetoclax therapy have an expected survival of 2.4 months.

Patients with these characteristics would not typically be considered

for CLAG-M therapy outside of this clinical trial of the novel Actimab-A combination.

In the 21 patients evaluable

for a response who received Actimab-A CLAG-M, median 1-year overall survival is 53% and 2-year overall survival is 32%.

These survival

results are in conjunction with a 72% rate of minimal residual disease (“MRD) negativity.

In patients receiving the recommended

Phase 2 dose, an 83% overall response rate (“ORR”) and 75% MRD negativity rate was achieved.

Based on these positive results,

we are working to develop a regulatory and development pathway for the Actimab-A CLAG-M combination and will be evaluating potential registration-enabling strategies.

In addition, we believe this Actimab-A + CLAG-M combination study has provided proof of principle that the addition

of Actimab-A to other AML therapies can lead to well-tolerated regimens with improved responses and survival, which supports our Actimab-A

backbone therapy strategy for patients with AML.

Actimab-A + Venetoclax

We are also conducting a Phase

1/2 trial combining Actimab-A with the Bcl-2 inhibitor Venetoclax in both fit and unfit patients age 18 and above with relapsed or refractory

This multi-center trial is being led by UCLA Medical Center.

This combination is supported by mechanistic evidence in preclinical

studies using Venetoclax -resistant AML tumor cell lines.

In these models, we have demonstrated that Actimab-A can deplete Mcl-1 and Bcl-XL,

two proteins implicated in mediating resistance to Venetoclax, in addition to causing potentially lethal double-stranded DNA breaks in

these CD33 expressing cells.

Furthermore, in vivo studies in animal models of Venetoclax-resistant AML demonstrated robust tumor regression

and improved survival in cohorts receiving the Actimab-A Venetoclax combination compared to Venetoclax alone.

The rationale for this clinical

study is that the addition of Actimab-A will;

1) have a direct anti-tumor effect via double-stranded DNA breaks and 2) deplete Mcl-1 and

Bcl-XL making the AML cells more susceptible to Venetoclax.

The Actimab-A Venetoclax combination has been well tolerated with responses,

including a CR and a partial response in early dose escalation cohorts.

We are continuing dose escalation and evaluating the appropriate

dose sequence to determine our strategy for the Phase 2 portion of this study.

Additional data from this novel combination is expected

by year-end 2022 and proof of concept in early 2023.

Antibody Warhead Enabling Technology Platform

Our proprietary AWE technology

platform is supported by intellectual property, know-how and trade secrets that cover the generation, development, methods of use and

manufacture of targeted radiotherapies and certain of their components.

Our AWE technology patent portfolio presently includes 43 patent

families comprised of over 195 issued patents and pending patent applications, of which 10 are issued and 37 are pending in the United

States, and 144 are issued or pending internationally.

The effective lives of the issued patents in our portfolio, or patents that may

issue from the pending applications in our portfolio, ranges from expirations between 2024 and 2042.

Our technology enables the direct

labeling, or conjugation and labeling, of a biomolecular targeting agent to a radionuclide warhead and its development and use as a therapeutic

regimen for the treatment of diseases such as cancer.

Our AWE intellectual property covers various methods of use in multiple diseases,

including indication, dose and scheduling, radionuclide warhead, and therapeutic combinations.

We have particular expertise in utilizing

Iomab-ACT in collaboration with MSKCC, for conditioning prior to CAR-T therapy for patients with relapsed or refractory B-cell acute

lymphoblastic leukemia (“B-ALL”) or diffuse large B-cell lymphoma (“DLBCL”).

This study funded by a NIH

grant is the first-of-its-kind study to use a radiotherapeutic-based conditioning regimen with CAR-T therapy.

We have completed

treatment of an initial cohort of three patients and will expand to a second cohort.

This study was presented at the ASH Annual

Meeting in December 2022 as a trial-in-progress.

We expect to present proof-of-concept data from this study in the second half of

2023 and look forward to sharing more on our Iomab-ACT trial with MSKCC, along with future development plans in the CAR-T space.

R&D and Preclinical Programs

Our R&D efforts yield

differentiated, high-value programs that demonstrate our experience across multiple validated cancer targets and isotopes and cover broad

areas of focus leveraging our clinical development experience across hematology, targeted conditioning, solid tumors, and next generation

radiotherapies.

Our programs also inform the advancement of our Iomab-B, Actimab-A, and Iomab-ACT programs.

We have utilized our technology

platform to develop our clinical portfolio in hematology – Iomab-B and Actimab-A, in conditioning for transplant and as a therapeutic,

respectively.

Our research collaborations with Astellas, LG Chem (formerly AVEO Oncology), and EpicentRx establish our work with immunotherapies

and in solid tumors.

We are working on several preclinical programs which include novel approaches to established targets such as HER2

and HER3, as well as novel targets that show immense potential for radiotherapeutic approaches.

Underpinning our development programs

is our expanded patent portfolio of over 200 issued patents and pending patent applications worldwide.

Our platform has been used to develop a pipeline of novel radiotherapeutic

assets to drive company growth.

Preclinical pharmacology studies with our targeted radiotherapeutics such as HER3-ARC, HER2-ARC or CD33-ARC

have shown strong improvement in tumor growth inhibition in various preclinical tumor models as single agents or in combination with immunotherapy

such as magrolimab, an anti-CD47 monoclonal antibody.

These results have prompted the team to spearhead efforts in multiple solid tumor

Actinium’s lead solid

tumor program is a targeted radiotherapy against HER3, a pan-cancer target that is overexpressed in several solid tumor indications with

high unmet need.

The HER3-targeted radiotherapeutic agent showed potent tumor cell cytotoxicity, enhanced antitumor effects and significantly

improved survival with an Ac-225 radiolabeled HER3 antibody compared to a naked HER3 antibody in a preclinical non-small cell lung cancer

(“NSCLC”) model.

We have also demonstrated the direct impact of targeted radiotherapy in modulating immune signals such as

calreticulin upregulation to enhance tumor cell killing.

Further, we have leveraged the immunomodulatory effect(s) of targeted radiotherapy

in combination with CD47 targeting agents such as magrolimab for sustained tumor growth inhibition in mouse models of AML and NSCLC.

We have also aligned our R&D

strategy of advancing solid tumors with HER3 into the clinic with our Actimab-A program.

On April 19, 2023, we announced encouraging preclinical

proof-of-concept data at the AACR 2023 Annual Meeting showcasing the anti-tumor effects of HER3-targted radiotherapy using multiple

therapeutic radionuclides in preclinical models of high unmet need malignancies.

Actinium’s HER3-ARC conjugated to either Ac-225

or Lu-177 showed highly significant tumor growth suppression (p<0.0001) in an ovarian cancer model compared to bevacizumab, an anti-VEGF

monoclonal antibody indicated in ovarian cancer.

Data presented also showed promising antitumor activity in a preclinical model of colorectal

cancer, a highly aggressive malignancy, including a significant reduction in tumor growth (p<0.0001), when dosed with 225Ac-HER3-ARC.

Actinium's HER3-targeted radiotherapy displayed strong anticancer activity when conjugated to either alpha-emitting Actinium-225 or beta-emitting

Lutetium-177 in models of two high unmet need cancers, highlighting its therapeutic potential for HER3+ malignancies.

The consistent overexpression

of HER3 in multiple solid tumor types, including ovarian, renal, prostate, urothelial, breast, and lung cancers suggests broad utility

of a HER3-targeted agent in a clinical setting.

We continue to expand on capabilities and technologies across therapeutic

modalities, linker technologies and in vivo cancer models, and build visibility through presentations at key conferences and publications

in journals of high impact.

Our R&D efforts are centered on the advancement of our key programs with a robust “fast-to-clinic”

approach in niche indications.

Underpinning our development programs is our expanded patent portfolio of over 200 issued patents and pending

patent applications worldwide.

Our Platform Technology

Our proprietary technology

platform is built on the core competency to produce targeted radiotherapeutics, and coupled with our know-how and IP, establishes our

company in the development of isotope-agnostic, multi-targeted products that may address the treatment of hard-to-treat diseases.

clinical and preclinical programs, we have utilized multiple isotopes including Ac-225, I-131 and Lu-177 directed at multiple targets

in oncology and hematology such as CD45, CD33, HER3, among others.

Our targeted radiotherapies combine the cell-killing ability of radiation

via a radioisotope payload with a targeting agent, such as a monoclonal antibody.

In addition to developing targeted radiotherapies,

we also own patents related to the manufacturing of Ac-225 in a cyclotron.

We have expertise in utilizing the alpha emitting isotope Ac-225

including clinical experience in treating approximately 150 patients with our alpha-emitter-based therapies, “gold standard”

linker technology and five issued patents in the U.S.

and 49 patents internationally related to the manufacturing or Ac-225 in a cyclotron,

which we believe has the potential to produce higher quantities of highly pure Ac-225 than current methods.

When appropriate, we are well-positioned

to leverage this technology to produce Ac-225.

Intellectual Property

Our proprietary technology platform is supported

by IP, know-how and trade secrets that cover the generation, development, methods of use and manufacture of targeted radiotherapies and

their select components.

Our IP covers various methods of use in multiple diseases, including indication, dose and scheduling, radionuclide

warhead, and therapeutic combinations.

As of March 2023, we have expanded our patent

portfolio to over 200 issued patents and pending patent applications worldwide, which we believe constitutes a valuable business asset.

Our IP includes 45 patent families, including key patents that relate primarily to our radiotherapeutic candidates.

Our patent portfolio

includes 12 issued patents and 39 pending patent applications in the U.S., and 151 that are issued or pending internationally.

The effective

lives of the issued patents in our portfolio, or patents that may issue from the pending applications in our portfolio, ranges from expirations

between 2024 and 2043.

For our Iomab-B product candidate, we have four

issued patents in the U.S.

and issued patents in Canada, Europe and Japan that relate to the composition.

The basic patent terms of these

patents expire in 2036 and 2037.

Related patent applications are also currently pending in the U.S.

and internationally.

we own both U.S.

and international pending patent applications that relate to the use of Iomab-B or Iomab-ACT in the treatment of cancers

and non-malignant conditions.

Our patents also cover key areas of our business

such as manufacturing key components of our product candidate, Actimab-A, including Ac-225 in a cyclotron.

We have expertise in utilizing

the alpha emitting isotope Ac-225 including clinical experience in treating approximately 150 patients with our alpha-emitter-based therapies,

“gold standard” linker technology and 5 issued patents in the United States and 49 patents internationally related to the

manufacturing or Ac-225 in a cyclotron, which we believe has the potential to produce higher quantities of Ac-225 than currently utilized

Our research is focused on

applying our AWE technology platform to the development of radiation conjugates and to execute on research collaborations.

efforts employ a multidisciplinary approach leveraging our team’s knowledge and experience in cancer cell biology, radiochemistry,

radiation sciences, immunology and oncology drug development.

We intend to focus on generating targeted radiotherapies using our existing

intellectual property, evaluating assets for in-licensing to complement our existing clinical pipeline and securing collaborations and

partnerships with biopharmaceutical companies.

By adding research and development capabilities to our clinical development and clinical

supply chain capabilities, we seek to enable the rapid translation of radiotherapies.

Our AWE technology platform

is being utilized in our ongoing research collaboration with Astellas to arm select targeting agents owned by Astellas with the alpha-emitting

radioisotope Ac-225 for the development of theranostics for solid tumor indications, which combine the ability of radioisotopes to be

used for both diagnostic and therapeutic purposes.

We are also collaborating

with AVEO Oncology (“AVEO”) to develop a targeted radiotherapy against ErbB3, also known as HER3, with the Ac-225 isotope

for solid tumor indications.

HER3 is overexpressed in several solid tumor indications with high unmet needs, including colorectal, gastric,

head and neck, breast, ovarian, melanoma, prostate and bladder cancers with HER3 agents under development demonstrating activity in preclinical

and clinical studies.

To our knowledge, this is the first HER3 targeting radiotherapy in development.

AVEO is developing high affinity

antibodies including HER3 targeting AV-203, which has demonstrated preclinical activity across a number of solid tumor indications and

was studied in a Phase 1 open-label trial in patients with advanced solid tumors where it was found to be safe and generally well tolerated.

In April 2022, we presented data at the AACR Annual Meeting showing potent tumor cell cytotoxicity, enhanced antitumor effects and significantly

improved survival with an Ac-225 radiolabeled HER3 antibody compared to a naked HER3 antibody in a preclinical NSCLC model.

We are continuing

to explore the feasibility of this approach as part of the partnership.

We are collaborating with

EpicentRx to evaluate Actimab-A in combination with EpicentRx’s RRx-001in AML.

EpicentRx’s RRx-001, currently under investigation

in a Phase 3 trial for Small Cell Lung Cancer and in other oncology and non-oncology indications, is a versatile next generation small

molecule immunotherapeutic that targets the CD47-SIRPα axis and the NLRP3 inflammasome to alter the tumor microenvironment

and optimize immune response.

This collaboration will explore the mechanistic synergy of RRx-001’s CD47–SIRPα downregulation

with Actinium’s targeted radiotherapy calreticulin upregulation to increase the immune detection and destruction of cancer cells.

Preclinical experiments have begun exploring this combination in AML models.

We intend to leverage our experience with CD47 targeting

agents such as magrolimab in this collaboration.

Based on Actimab-A and RRx-001 both being clinical-stage assets, we believe there is

a potentially faster pathway to clinical trials with this novel combination, particularly if the preclinical safety and efficacy profile

are in line with what was observed with Actimab-A and magrolimab.

We also utilized AWE to create

a HER2-targeting radiotherapy using the antibody Trastuzumab with either Ac-225 or Lu-177 radioisotopes to study in combination with

magrolimab for solid tumors.

Anti-CD47 monotherapies, such as magrolimab, have not shown meaningful responses in clinical studies in

solid tumors.

We hypothesized that radiation directed at HER2 expressing cells would upregulate cell surface calreticulin, a pro-phagocytic

“eat me” signal, that when combined with an anti-CD47 blockade therapy would enhance antitumor activity.

The combination

of the Ac-225 or Lu-117 Trastuzumab with magrolimab slowed tumor growth in animal models of solid tumors compared to either the radiolabeled

Trastuzumab or magrolimab as single agents.

We are continuing to evaluate this combination in additional tumor models, and we intend

to continue to study this combination with the goal of advancing to human clinical trials.

Recent Developments

Impact of COVID–19 Pandemic

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 the response by governmental bodies and regulators.

Given the ongoing and dynamic nature of the circumstances, it is difficult to predict the impact of the COVID-19 pandemic on our business.

Many countries around the

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

our ability to continue to operate our 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 our business, financial condition and results

of operations.

In response to COVID-19, we implemented hybrid working for our office-based staff, while our research staff has been actively

working in our laboratory throughout the pandemic and thus far have not experienced a significant disruption or delay in our operations

as it relates to the clinical development, preclinical research or manufacturing of our drug candidates.

Although we are adhering to health

and safety protocols, an outbreak of COVID-19 at our facilities could nonetheless cause shutdowns of facilities and a reduction in our

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

Certain government-imposed precautionary measures may have been

relaxed in certain countries or states, but there is no assurance that more strict measures will be put in place again due to a resurgence

in COVID-19 cases, including those involving new variants of the coronavirus, which may be more contagious and deadly than prior strains.

Therefore, the COVID-19 pandemic, may further divert the attention and efforts of the medical community to coping with COVID-19, and may

disrupt the marketplace in which we operate and may have a material adverse effect on our operations.

A continuation or worsening

of the levels of market disruption and volatility seen in the recent past could have an adverse effect on our ability to access capital,

which could in the future negatively affect our liquidity.

In addition, a recession or market correction resulting from the spread of

COVID-19 could materially affect our business and the value of our common stock.

We believe our earlier stage

CD33 clinical trials will continue to recruit and enroll patients given the acute nature of relapsed or refractory AML.

The continuation

of the pandemic could adversely affect our planned clinical trial operations, including our ability to conduct the trials on the expected

timelines and recruit and retain patients and principal investigators and site staff who, as healthcare providers, may have heightened

exposure to COVID-19 if their geography is impacted by the pandemic.

Further, the continuation and/or resurgence of the COVID-19 pandemic

could result in delays in our clinical trials due to prioritization of hospital resources toward the pandemic, restrictions in travel,

potential unwillingness of patients to enroll in trials at this time, or the inability of patients to comply with clinical trial protocols

if quarantines or travel restrictions impede patient movement or interrupt healthcare services.

In addition, we rely on independent clinical

investigators, contract research organizations and other third-party service providers to assist us in managing, monitoring and otherwise

carrying out our preclinical studies and clinical trials, and the pandemic may affect their ability to devote sufficient time and resources

to our programs or to travel to sites to perform work for us, which may result in delays or hinder our ability to collect data from our

clinical trials.

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 our company.

We continue to monitor the impacts of COVID-19 on the global economy and on our business

However, the ultimate impact of COVID-19 on our business operations and financial results during 2022 will depend on, among

other things, the ultimate severity and scope of the pandemic, including the new variants of the virus, the possible imposition of governmental

and private travel restrictions and public concerns about public gatherings will ease, the rate at which historically large increases

in unemployment rates will decrease, if at all, and whether, and the speed with which the economy recovers.

We are not able to fully quantify

the impact that these factors will have on our financial results during 2022 and beyond.

“gold standard” linker technology and five issued patents in the U.S.

and 49 patents internationally related to the manufacturing

or Ac-225 in a cyclotron, which we believe has the potential to produce higher quantities of Ac-225 than currently utilized methods.

patents will expire in the years 2024 through 2027.

In addition, we also own U.S.

and international patents and pending patent applications

that relate to the manufacturing of Actimab-A and its use in the treatment of cancers.

Results of Operations –

Three Months Ended September 30, 2022 Compared to Three Months Ended September 30, 2021

Three Months Ended March 31, 2023 Compared to Three Months Ended March 31, 2022

The following table sets forth,

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Three Months Ended

September 30,

(amounts in thousands)

Other revenue

Total revenue

Operating expenses:

Research and development, net of reimbursements

General and administrative

Total operating expenses

Other income:

Interest income – net

Total other income

We recorded no commercial

revenue for the three months ended September 30, 2022 and September 30, 2021.

Other revenue

We determined that certain collaborations with a third-party are within

the scope of Topic ASC 606, Revenue Recognition from Contracts with Customers, or ASC 606.

The collaboration agreement is made

up of multiple modules related to various research activities.

While the third party has the option to terminate the agreement at the

conclusion of any module, we identified a single performance obligation to provide research services within each module for which we receive

monetary consideration.

Other revenue recognized during the three months ended September 30, 2022 was $45 thousand.

No revenue associated

with this collaboration was recognized during the three months ended September 30, 2021.

The National Institutes of Health, or NIH, awarded us a Small Business

Technology Transfer cost reimbursable grant to support a clinical collaboration with Memorial Sloan Kettering Cancer Center, or MSK, to

study Iomab-ACT for targeted conditioning to achieve lymphodepletion prior to administration of a CD19-targeted CAR T-cell therapy developed

No revenue associated with this grant was recognized during the three months ended September 30, 2022.

We recognized other revenue

during the three months ended September 30, 2021 of $0.2 million.

Research and development, net of reimbursements

Research and development expenses

of $6.8 million for the three months ended September 30, 2022 increased $2.1 million from $4.7 million for the three months ended September

The increase was primarily due to increased CMC activity, higher expenses related to our research activities at our laboratory

space, as well as higher expenses due to an increase in the number of employees.

General and administrative

expenses of $3.1 million for the three months ended September 30, 2022 increased $1.1 million from $2.0 million for the three months ended

September 30, 2021.

The increase was primarily attributable to increased non-cash equity compensation of $0.5 million, and increased compensation

due to an increase in the number of employees.

Other income is comprised

of net interest income in both reporting periods.

The amount for the three months ended September 30, 2022 of $325 thousand increased

from $46 thousand for the three months ended September 30, 2021 due to a higher average balance and higher interest rates.

Net loss of $9.5 million for

the three months ended September 30, 2022 increased by $3.1 million from $6.4 million for the three months ended September 30, 2021, primarily

due to the increases in research and development expenses and general and administrative expenses.

Results of Operations – Nine Months Ended September 30, 2022

Compared to Nine Months Ended September 30, 2021

The following table sets forth,

for the periods indicated, data derived from our statements of operations:

Nine Months Ended

September 30,

(amounts in thousands)

(in thousands)

Other revenue

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We recorded no commercial

revenue for the nine months ended September 30, 2022 and September 30, 2021.

revenue for the three months ended March 31, 2023 and March 31, 2022.

Other revenue

We determined that certain

collaborations with a third-party are within the scope of ASC 606.

Other revenue related to these collaborations recognized during the

nine months ended September 30, 2022 and September 30, 2021 was $0.9 million in each reporting period.

We recognized other revenue

related to our NIH Small Business Technology Transfer grant during the nine months ended September 30, 2022 and September 30, 2021 of

$0.1 million and $0.2 million, respectively.

Our contract liabilities are recorded within Other revenue deferred

– current liability or Long-term license revenue deferred in our condensed consolidated balance sheets depending on the short-term

or long-term nature of the payments to be recognized.

Our contract 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.

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.

Research and development, net of reimbursements

collaborations with a third-party are within the scope of Topic ASC 606, Revenue Recognition from Contracts with Customers, or

The collaboration agreement is made up of multiple modules related to various research activities.

While the third party has

the option to terminate the agreement at the conclusion of any module, we identified a single performance obligation to provide research

services within each module for which we receive monetary consideration.

The consideration is recognized to 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 National Institutes of

Health awarded us a Small Business Technology Transfer cost reimbursable grant to support a clinical collaboration with Memorial Sloan

Kettering Cancer Center, or MSK, to study Iomab-ACT, our CD45-targeting Antibody Radio-Conjugate, for targeted conditioning to achieve

lymphodepletion prior to administration of a CD19-targeted CAR T-cell therapy developed at MSK.

We recognized other revenue from this

grant for the three months ended March 31, 2022 of $0.1 million.

There was no other revenue recognized from a grant from a government-sponsored

entity for the three months ended March 31, 2023.

On April 7, 2022, we

entered into a license and supply agreement with Immedica Pharma AB, or Immedica, pursuant to which Immedica licensed the exclusive product

rights for commercialization of Iomab-B in the European Economic Area, Middle East and North Africa (EUMENA) including Algeria, Andorra,

Bahrain, Cyprus, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Monaco, Morocco, Oman, Palestine, Qatar, San Marino, Saudi

Arabia, Switzerland, Syria, Tunisia, Turkey, the United Arab Emirates, the United Kingdom, the Vatican City and Yemen.

Upon signing, we

were entitled to an upfront payment of $35 million from Immedica, which was received in May 2022.

Under the terms of the License Agreement,

we are eligible to receive regulatory and commercial milestone payments and are entitled to receive royalties in the mid-20 percent range

on net sales of the product in certain countries that may result from the License Agreement.

We will continue to be responsible for certain

clinical development activities and the manufacturing of Iomab-B and will retain commercialization rights in the U.S.

and rest of the

Our contract liabilities are

recorded within Other revenue deferred – current liability or Long-term license revenue deferred in our condensed consolidated balance

sheets depending on the short-term or long-term nature of the payments to be recognized.

Our contract liabilities primarily consist of

advanced payments from licensees.

There was no Other revenue deferred-current liability at March 31, 2023 and December 31, 2022.

license revenue deferred was $35.0 million at March 31, 2023 and December 31, 2022, resulting from the receipt from Immedica;

this deferred

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

Research and Development Expense, net of reimbursements

Research and development expenses

of $15.8 million for the nine months ended September 30, 2022 increased $3.2 million from $12.6 million for the nine months ended September

The increase was due to increased CMC activity, higher expenses related to our research activities at our laboratory space and

government grant program and increased compensation of $0.5 million resulting from an increased number of employees.

General and administrative

expenses of $8.0 million for the nine months ended September 30, 2022 increased $2.6 million from $5.4 million for the nine months ended

September 30, 2021.

The increase was primarily attributable to increased compensation of $1.1 million, increased non-cash equity compensation

of $0.5 million, higher professional fees and consulting fees including recruitment costs, and higher legal fees.

of $7.8 million for the three months ended March 31, 2023 increased $3.4 million from $4.4 million for the three months ended March 31,

Higher research and development expenses were primarily due to increased CMC activity related to the planned BLA filing for Iomab-B

in the second half of 2023, as well as increased compensation of $1.1 million resulting from higher headcount.

The CMC expenses associated

with the planned BLA filing are expected to be one-time in nature and incurred in the first half of 2023, with a decrease in CMC expenses

expected in the second half of 2023 with submission of the BLA for Iomab-B.

General and administrative expense

General and administrative expenses of $3.7 million for the three months

ended March 31, 2023 increased by $2.0 million from $1.7 million for the three months ended March 31, 2022.

Higher expenses were primarily

due to higher professional and consulting fees, as well as legal fees, which as we detail in our subsequent risk factors herein, were

related to obtaining a permanent injunction against a former employee who violated the non-compete provision of their employment agreement,

increased compensation of $0.3 million and non-cash equity compensation of $0.5 million.

Other income is comprised

of net interest income in both reporting periods.

The amount for the nine months ended September 30, 2022 of $443 thousand increased from

$152 thousand for the nine months ended September 30, 2021 due to a higher average balance and higher interest rates.

Net loss of $22.4 million for the nine months ended September 30, 2022

increased by $5.6 million from $16.8 million for the nine months ended September 30, 2021, due to the increases in research and development

expenses and general and administrative expenses.

The amount for the three months ended March 31, 2023 of $0.5 million increased from

$35 thousand for the three months ended March 31, 2022 due to a higher average interest rate, as well as a higher average cash balance.

Net loss of $11.0 million

for the three months ended March 31, 2023 increased by $5.9 million from $5.1 million for the three months ended March 31, 2022 primarily

due to higher research and development expenses, of which certain CMC expenses are expected to be one-time in nature and incurred in the

first half of 2023, as well as general and administrative expenses.

Liquidity and Capital Resources

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our operations primarily through sales of shares of our stock.

The following tables sets forth selected cash flow information for the

The following table sets forth selected cash flow information for the

periods indicated:

Nine Months Ended

September 30,

(amounts in thousands)

Cash provided by/used in operating activities

Three Months Ended

(in thousands)

Cash used in operating activities

Cash used in investing activities

Cash provided by financing activities

Cash provided by / used in financing activities

Net change in cash, cash equivalents and restricted cash

Net cash provided by operating

activities for the nine months ended September 30, 2022 of $16.4 million increased by $32.2 million from a use of funds of $15.8 million

in the prior-year period.

This increase was due to the receipt of the $35.0 million up-front payment from Immedica.

Net cash used in operating

activities for the three months ended March 31, 2023 of $15.1 million increased by $9.3 million from $5.8 million in the prior-year period,

primarily as a result of a higher net loss of $5.9 million, and compared to the prior-year period, a reduction in accounts payable and

accrued expenses of $2.5 million and an increase in prepaid expenses of $1.9 million.

Net cash used in investing

activities of $0.4 million for the nine months ended September 30, 2022 and $0.1 million for the prior-year period are primarily due to

the acquisition of equipment for our laboratory.

activities was $76 thousand and $7 thousand for the three months ended March 31, 2023 and 2022, respectively, due to the purchase of equipment.

Net cash provided by financing

activities for the nine months ended September 30, 2022 of $18.2 million and for the nine months ended September 30, 2021 of $34.4 million

was primarily from the sale of shares of our common stock.

We entered into a lease for

corporate office space effective June 1, 2022 and paid a security deposit to the landlord.

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.

We are also responsible for certain other costs, such

as insurance, utilities and maintenance.

In July, 2022 a certificate of deposit was provided as collateral for a letter of credit and

the security deposit was returned.

activities for the three months ended March 31, 2023 was $0.8 million from the sale of common stock.

During the three months ended March

31, 2022, net cash used in financing activities was $22 thousand of payments of finance leases.

In August 2020 we entered

into a Capital on Demand™ Sales Agreement with JonesTrading Institutional Services LLC, or JonesTrading, pursuant to which we may

sell, from time to time, through or to JonesTrading, up to an aggregate of $200 million of our common stock.

Shares of common stock are

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

On June 28, 2022, we entered into

an Amendment and Restated Capital on Demand™ Sales Agreement, or the A&R Sales Agreement, with JonesTrading and B.

Riley Securities,

Riley Securities.

The A&R Sales Agreement modifies the original Capital on Demand™ Sales Agreement to include B.

Riley Securities as an additional sales agent thereunder.

As of December 31, 2021, we

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

months ended September 30, 2022, we 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, we sold 4.5 million shares of common stock, resulting in gross proceeds

of $35.6 million and net proceeds of $34.5 million.

into the Capital on Demand™ Sales Agreement with JonesTrading Institutional Services LLC, or JonesTrading, pursuant to which we

may sell, from time to time, through or to JonesTrading, up to an aggregate of $200 million of our common stock.

On June 28, 2022, we

entered into an Amended and Restated Capital on Demand™ Sales Agreement, or the Amended Sales Agreement, with JonesTrading and

Riley Securities, Inc.

The Amended Sales Agreement modifies the original Capital on Demand™ Sales Agreement to include B.

as an additional sales agent thereunder.

Shares of common stock are offered pursuant to our shelf registration statement on Form S-3 filed

with the SEC on August 7, 2020.

For the three months ended March 31, 2023, we sold 0.1 million shares of common stock, resulting in gross

proceeds and net proceeds of $0.8 million.

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

As of the date of filing this

report, we expect that our existing resources will be more than sufficient to fund our planned operations for more than 12 months following

report, we expect that our existing resources will be sufficient to fund our planned operations for more than 12 months following

the date of this report.

16 unchanged sentences

for the year ended December 31, 2022.

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

34 unchanged sentences

for collaboration agreements, which requires that certain transactions between us and collaborators be recorded in our 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.

We evaluate our collaboration agreements for proper classification in

our consolidated statements of operations and comprehensive loss based on the nature of the underlying activity.

When we conclude that

we have a customer relationship with one of our collaborators, we follow the guidance of ASC 606 .

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.

We evaluate our collaboration agreements for proper classification in our consolidated statements

of operations based on the nature of the underlying activity.

When we conclude that we have a customer relationship with one of our collaborators,

we follow the guidance of ASC 606 .

Grant Revenue

We 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.

We recognized revenue from the grant as we 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.

License Revenue

41 unchanged sentences

are expensed as incurred.

These costs include the costs of manufacturing drug product, the costs of clinical trials, costs of employees

and associated overhead, and depreciation and amortization costs related to facilities and equipment.

Research and development reimbursements

are recorded by us as a reduction of research and development costs.

These costs include the costs of manufacturing drug components and final drug product, the costs of clinical

trials, costs of employees and associated overhead, and depreciation and amortization costs related to facilities and equipment.

and development reimbursements are recorded by us as a reduction of research and development costs.

Share-Based Payments

5 unchanged sentences

Accounting Standards Recently Adopted

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.

this standard effective January 1, 2022 and the standard did not have a material effect on our financial statements.

In November 2021, the FASB

10 unchanged sentences

did not have a material impact on our financial statements.

Accounting Standards Recently Issued

In October 2021, FASB issued

6 unchanged sentences

1, 2023, including interim periods.

Early adoption is permitted, including adoption in an interim period.

We will evaluate the impact

of ASU 2021-08 on any future business combinations that we may enter in the future.

Recent Developments

On August 10, 2022, our

Board of Directors adopted the Third Amendment to Actinium Pharmaceuticals, Inc.

2019 Stock Plan, which provided for the future issuance

of restricted stock units under the Company’s 2019 Stock Plan.

We will evaluate the impact of ASU 2021-08 on any future business combinations that we may enter in

In May 2021, the Financial

Accounting Standards Board, or 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.

We adopted this standard effective January 1, 2022 and the standard did not have a material effect

on our financial statements.

Subsequent Event

Since September 30, 2022, we have

Since March 31, 2023, we have

sold 0.6 million shares of common stock under our A&R 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 2. Management’s Discussion and Analysis