ATNMNYSEPharmaceutical PreparationsUS GAAP · USD

Actinium Pharmaceuticals, Inc.

Actinium Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on developing targeted radiotherapeutics for cancer, with its core programs built around the alpha-emitting isotope Ac-225. Its lead assets include Actimab-A for myeloid malignancies, Iomab-B for conditioning before cell therapy or transplant, Iomab-ACT for CAR-T conditioning, and ATNM-400 for additional oncology applications. The company also has a proprietary manufacturing effort aimed at producing Ac-225 more efficiently through cyclotron-based methods. Actinium has not yet generated commercial product revenue and remains dependent on clinical progress, partnerships, grants, and capital markets funding.

Revenue0.1m USD
+11.1 %y/y
Operating profit (EBIT)-36.2m USD
+13.9 %y/y
EBIT margin-40,274.4%
+11,726.8 ppy/y
Net income-33.9m USD
+11.4 %y/y
Free cash flow-24.7m USD
+25.4 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-60-40-20020m USD2020: EBIT -22 m USD20202021: 1.1 m USD2021: EBIT -25 m USD20212022: 1.0 m USD2022: EBIT -34 m USD20222023: 0.08 m USD2023: EBIT -52 m USD20232024: 0.08 m USD2024: EBIT -42 m USD20242025: 0.09 m USD2025: EBIT -36 m USD20250.09-36
RevenueOperating profit (EBIT)

Business

Share of revenue
Clinical-stage radiotherapeutic drug candidates70 %

Investigational oncology therapies designed to deliver radioactive payloads to cancer targets such as CD33 and CD45.

Conditioning and transplant-support programs15 %

Products intended to prepare patients for CAR-T therapy or stem cell transplant by depleting diseased or immune cells.

Isotope manufacturing technology10 %

Cyclotron-based Ac-225 production methods and related know-how used to support internal programs and future supply.

Collaborative research and grant-funded development5 %

NIH- and NCI-supported studies and partnered development work that help advance clinical programs.

Customers

Actinium's direct customers are not commercial end-users yet, because the company is still in clinical development and has no product sales. Its near-term stakeholders are hospitals, cancer centers, investigators, and clinical trial sites that administer its radiotherapeutic candidates under research protocols. The company also works with government and academic collaborators such as the National Cancer Institute, Memorial Sloan Kettering Cancer Center, and the NIH through grants and CRADAs. If approved, its eventual buyers would likely include oncology treatment centers, transplant programs, and commercial partners that can market and distribute the therapies in specific territories.

Clinical trial hospitals and cancer centers

They receive and administer Actimab-A, Iomab-B, and related investigational doses for oncology trials and early access studies.

Academic and government research collaborators

Institutions such as NCI and MSK support protocol development, clinical studies, and grant-funded research around conditioning and AML.

Potential licensing and commercialization partners

Third parties with sales forces and distribution systems may commercialize approved products in selected territories.

Future oncology treatment providers

If approved, hospitals and transplant centers would buy the therapies for AML, MDS, and cell-therapy conditioning use.

Strategy

Actinium's strategy is to advance a small number of differentiated radiotherapeutic programs through clinical proof-of-concept and then use partnerships to broaden development and commercialization. The company is trying to position Actimab-A as a backbone therapy in myeloid malignancies by combining it with chemotherapy, targeted agents, and cellular therapies. It is also building an internal Ac-225 manufacturing capability to reduce supply risk, lower cost, and support both current trials and future scale-up. In parallel, Actinium is using collaborations such as the NCI CRADA and the MSK work on Iomab-ACT to expand the clinical data package and increase partnering optionality.

Advance Actimab-A clinical developmentShort term

Actimab-A is the company's main value driver and needs clinical validation in AML and other myeloid malignancies.

Build Ac-225 manufacturing capabilityMedium term

In-house isotope supply can reduce cost, improve reliability, and support future clinical and commercial demand.

Expand partnering and territory-based commercializationMedium term

The company lacks a commercial sales infrastructure and may need partners to monetize approved products efficiently.

Geography

Actinium is headquartered in the United States and its current operating footprint is centered on U.S.-based clinical development, manufacturing planning, and regulatory interactions. The company retains commercialization rights for Iomab-B in the U.S. and the rest of the world, while Immedica holds exclusive rights in certain EUMENA countries. Its clinical and research network includes major U.S. cancer hospitals and U.S. government collaborators, which makes domestic regulatory execution especially important. Internationally, the company has patent coverage in Canada, Europe, and Japan, and its future commercial model may rely on territory-by-territory partnering outside the U.S.

Risks

Actinium is a clinical-stage company with no commercial product revenue, so its business depends on successful trial outcomes, regulatory approvals, and financing access. Development risk is high because radiotherapeutics are complex to manufacture, ship, and administer, and the company relies on short-lived isotopes that must be delivered just in time. Regulatory delays, including FDA or NIH disruptions and government shutdowns, can slow trials and grant-funded work, while competition from other biotech and pharma companies may reduce partnering or commercialization opportunities. The company also faces patent uncertainty, hazardous-material handling risk, and execution risk around building its own Ac-225 manufacturing capability and retaining specialized personnel.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Clinical development failure1Regulatory delays and agency disruption2Financing dependence3Manufacturing and isotope supply risk4Competitive pressure5Hazardous materials and safety liability6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Clinical development failureImpact: CriticalLikelihood: High

    Actimab-A, Iomab-B, Iomab-ACT, and ATNM-400 are investigational and may not show sufficient efficacy or safety.

    Exposure: Lead oncology programs

  2. Regulatory delays and agency disruptionImpact: HighLikelihood: High

    FDA, NIH, and other government actions can slow trial starts, reviews, and grant activity.

    Exposure: CRADA studies and future approvals

  3. Financing dependenceImpact: HighLikelihood: High

    The company has no product revenue and has historically funded operations through equity issuance and grants.

    Exposure: Corporate liquidity

  4. Manufacturing and isotope supply riskImpact: HighLikelihood: Medium

    Radiotherapeutics require reliable Ac-225 production and just-in-time delivery to hospitals.

    Exposure: Clinical supply chain

  5. Competitive pressureImpact: MediumLikelihood: Medium

    Other biotech and pharmaceutical companies are developing competing oncology and radiopharmaceutical programs.

    Exposure: Partnering and market adoption

  6. Hazardous materials and safety liabilityImpact: MediumLikelihood: Medium

    Radioactive and biological materials increase compliance burden and potential liability.

    Exposure: R&D and manufacturing operations

Accounting

Judgemental items
Grant revenue recognition

NIH cost-reimbursable grants are recognized as work is performed, so timing affects quarterly revenue.

Impact: Can create uneven other revenue and margin presentation

License and milestone accounting

The Immedica agreement includes an upfront payment plus potential milestones and royalties tied to future events.

Impact: Revenue timing depends on regulatory and commercial achievements

Equity financing and dilution

The company has funded operations through stock sales and at-the-market programs.

Impact: Affects share count, cash runway, and per-share metrics

R&D expense timing

Clinical trial, manufacturing build-out, and collaboration costs are expensed as incurred.

Impact: Quarterly operating loss can swing with trial activity

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026