What changed in this filing

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Item 1. Financial Statements

2023-08-14 compared with 2023-05-15 · 97 added, 89 removed, 448 unchanged (29% of the section changed)

3 unchanged sentences

In the opinion of management, all adjustments (which include

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

results of operations and cash flows for the three months ended March 31, 2023 and 2022, respectively, have been made.

Certain information

and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted

in the United States of America have been condensed or omitted.

only normal recurring adjustments) necessary to present fairly the financial position at June 30, 2023 and December 31, 2022, and the

results of operations and cash flows for the three months and six months ended June 30, 2023 and 2022, respectively, have been made.

information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally

accepted in the United States of America have been condensed or omitted.

It is suggested that these financial statements be read in conjunction

1 unchanged sentence

31, 2022 in the Company’s Annual Report on Form 10-K.

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

necessarily indicative of the operating results for the full year.

The results of operations for the three months and six months ended June 30,

2023 are not necessarily indicative of the operating results for the full year.

Actinium Pharmaceuticals, Inc.

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Condensed Consolidated Statements of Operations

(amounts in thousands, except share and per share

(In thousands, except share and per share data)

Three Months Ended

Six Months Ended

Other revenue

8 unchanged sentences

Total other income

Net loss per share of common stock – basic and diluted

Weighted average shares of common stock outstanding – basic and diluted

Net loss per common share – basic and diluted

Weighted average common shares outstanding – basic and diluted

See accompanying notes to the condensed consolidated

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in Stockholders’ Equity

For the Period from January 1, 2023 to March

For the Period from January 1, 2023 to June

(amounts in thousands, except share amounts)

Stockholders’

Balance, January 1, 2023

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$ ( 299,802 )

Stock-based compensation

Sale of common stock, net of offering costs

Issuance of common stock from exercise of stock options

Balance, June 30, 2023

$ ( 314,983 )

See accompanying notes to the condensed consolidated

3 unchanged sentences

in Stockholders’ Equity

For the Period from January 1, 2022 to March

(amounts in thousands, except share amounts)

Stockholders’

For the Three and Six Months Ended June 30,

(In thousands, except share amounts)

Balance, January 1, 2022

3 unchanged sentences

$ ( 260,877 )

Stock-based compensation

Sale of common stock, net of issuance costs

Balance, June 30, 2022

$ ( 268,644 )

See accompanying notes to the condensed consolidated

3 unchanged sentences

(amounts in thousands)

Three Months Ended

Cash Flows Used In Operating Activities:

Six Months Ended

Cash Flows From Operating Activities:

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

3 unchanged sentences

Prepaid expenses and other current assets

Payment of security deposit

Accounts payable and accrued expenses

Other liability

Other revenue deferred – current liability

Long-term license revenue deferred

Operating lease right-of-use assets

Operating lease liabilities

Net Cash Used In Operating Activities

Net Cash Used In/Provided By Operating Activities

Cash Flows Used In Investing Activities:

1 unchanged sentence

Net Cash Used In Investing Activities

Cash Flows Provided By / Used In Financing Activities:

Cash Flows Provided By Financing Activities:

Payments on finance leases

1 unchanged sentence

Proceeds from the exercise of stock options

Net Cash Provided By / Used In Financing Activities

Net Cash Provided By Financing Activities

Net change in cash, cash equivalents, and restricted cash

12 unchanged sentences

- Actinium Pharmaceuticals, Inc.

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

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

develops targeted radiotherapies to meaningfully improve survival for patients with relapsed or refractory

disease who have failed existing oncology therapies.

Basis of Presentation -

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The following is a summary

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

of cash, cash equivalents and restricted cash at June 30, 2023 and December 31, 2022:

(in thousands)

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Restricted cash relates to

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

a certificate of deposit held as collateral for a letter of credit issued in connection with the Company’s lease of corporate office

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

60 unchanged sentences

Grant Revenue –

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

The Company had a grant from the National Institutes of Health (“NIH”) 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.

7 unchanged sentences

in specified territories using the Company’s trademarks.

The terms of this arrangement includes payment to the Company for a combination

The terms of this arrangement include payment to the Company for a combination

of one or more of the following:

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For the three and nine months ended

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

June 30, 2023 and 2022, the Company’s potentially dilutive shares, which include outstanding common stock options, restricted stock

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

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

The Company entered into a

lease for corporate office space effective June 1, 2022.

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

2027 and current annual rent of $ 0.6 million.

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

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

office equipment.

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

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

The components of lease expense are as follows:

The Company entered into a lease for corporate office space effective

June 1, 2022.

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

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

As of June 30, 2023, the Company

has two leases, a corporate office lease and an office equipment lease.

Both of these leases have been capitalized in accordance with

During the six months ended June 30, 2023, the Company spent $ 0.5 million on improvements at its corporate office space, which

has been included in the value of the operating right-to-use asset as of June 30, 2023.

The components of lease expense

are as follows:

Three months ended

Six months ended

(in thousands)

4 unchanged sentences

Total finance lease cost

Supplemental cash flow information related to leases

are as follows:

Supplemental cash flow information

related to leases are as follows:

Cash flow information:

Three months ended

Six months ended

(in thousands)

8 unchanged sentences

Weighted average remaining lease terms are as follows

at March 31, 2023:

at June 30, 2023:

Weighted average remaining lease term:

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Year ending December 31,

2023 (excluding three months ended March 31, 2023)

2023 (excluding six months ended June 30, 2023)

Total lease payments

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

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

ended March 31, 2022.

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

The Company had a grant

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

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

The Company recognized revenue from

grants as it performed services under this arrangement.

Associated expenses are recognized when incurred as research and development

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

corresponding revenue for the three months ended March 31,

The consideration is recognized as revenue over each module and revenue of $ 0.9 million was recognized during the six months

ended June 30, 2022.

There was no other revenue recognized from a collaboration during the six months ended June 30, 2023.

The Company had a grant from

the National Institutes of Health for research and development related activities that provides payments for reimbursed costs, which included

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

The Company recognized revenue from grants as it performed

services under this arrangement.

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

Other revenue recognized

from this grant for the six months ended June 30, 2022 was $ 0.1 million.

There was no corresponding revenue for the six months ended June

On April 7, 2022, the Company

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liabilities primarily consist of advanced payments from licensees.

There was no Other revenue deferred – current liability at March

There was no Other revenue deferred – current liability at June

30, 2023 and December 31, 2022.

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

Long-term license revenue deferred was $ 35.0 million at June 30, 2023 and December 31, 2022;

this deferred

13 unchanged sentences

Riley Securities as an additional sales agent thereunder.

For the three months ended

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

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

For the six months ended June

30, 2023, the Company sold 1.3 million shares of common stock, resulting in gross proceeds of $ 10.9 million and net proceeds of $ 10.6

For the six months ended June 30, 2022, the Company sold 2.7 million shares of common stock, resulting in gross proceeds of $ 17.2

million and net proceeds of $ 16.7 million.

Stock Options

The following is a summary

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

of stock option activity for the six months ended June 30, 2023:

(in thousands, except for per-share amounts)

Number of Shares

Outstanding, January 1, 2023

Outstanding, March 31, 2023

Exercisable, March 31, 2023

During the three months ended

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

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

The options have an aggregated fair value of

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

Variables used in the Black-Scholes option-pricing model

Outstanding, June 30, 2023

Exercisable, June 30, 2023

During the six months ended

June 30, 2023, the Company granted stock options to new employees to purchase 151 thousand shares of common stock with an exercise price

ranging from $8.05 to $11.60 per share, a term of 10 years, and a vesting period of 4 years.

The options have an aggregated fair

value of $ 1.0 million that was calculated using the Black-Scholes option-pricing model.

Variables used in the Black-Scholes option-pricing

model include:

(1) discount rate range from 3.5% to 4.21% (2) expected life of 6 years, (3) expected volatility range from 81.1% to 81.6% ,

2 unchanged sentences

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

The unrecognized compensation expense at March 31, 2023

The unrecognized compensation expense at June 30, 2023

was $ 9.0 million related to unvested options, which is expected to be expensed over a weighted average of 3.0 years.

During the three

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

respectively.

During the six months

ended June 30, 2023 and 2022, the Company recorded compensation expense related to stock options of $ 1.7 million and $ 0.8 million, respectively.

Restricted Stock Units

The following is a summary

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

of restricted stock unit, or RSU, activity for the six months ended June 30, 2023:

(in thousands, except for per-share amount)

2 unchanged sentences

Outstanding, January 1, 2023

Outstanding, March 31, 2023

Outstanding, June 30, 2023

The RSUs vest at the earliest

2 unchanged sentences

The fair value of the RSUs, $ 2.0 million, was determined based on the stock

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

The unrecognized compensation expense at December 31, 2022

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

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

expense related to RSUs of $ 0.2 million.

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

prices on the dates of the grants and each RSU grant is being recognized over its respective three-year period.

The unrecognized compensation

expense at June 30, 2023 of $ 1.4 million is expected to be expensed over a weighted average of 2.2 years.

During the six months ended

June 30, 2023, the Company recorded compensation expense related to RSUs of $ 0.3 million.

There was no compensation expense related to

RSUs for the six months ended June 30, 2022.

Following is a summary of

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

warrant activity for the six months ended June 30, 2023:

(in thousands, except for per-share amounts)

Number of Shares

Outstanding, January 1, 2023

Outstanding, March 31, 2023

Exercisable, March 31, 2023

Note 6 - Subsequent Event

Since March 31, 2023, the

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

$ 5.6 million.

Outstanding, June 30, 2023

Exercisable, June 30, 2023

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

What changed 10-Q

Item 1. Financial Statements