Actinium Pharmaceuticals, Inc. (ATNM): Business Model Canvas [Dec-2025 Updated]

You're digging into Actinium Pharmaceuticals, Inc. (ATNM) right now, trying to map out how this clinical-stage radiopharma firm actually makes money, and honestly, it's the classic high-stakes biotech gamble. Their entire model hinges on turning their proprietary Actinium-225 platform into blockbuster cancer treatments, but as of September 30, 2025, they've only booked $90K in trailing revenue while burning through nearly $28 million in Research and Development over nine months. That gap-between the promise of curative therapies like Iomab-B and the current cash burn-defintely defines their near-term risk profile. I've broken down the entire structure, from their critical supply deal with Eckert & Ziegler to the strategic out-licensing needed for the EU, so you can see exactly where the value creation points are hiding in this complex business model.

Actinium Pharmaceuticals, Inc. (ATNM) - Canvas Business Model: Key Partnerships

You're mapping out Actinium Pharmaceuticals, Inc.'s strategic alliances, which are crucial for advancing its targeted radiotherapies across different indications and geographies. These partnerships de-risk development and provide necessary resources, like radioisotopes and commercial reach.

Iomab-B Commercialization and U.S. Strategy

For Iomab-B, the strategy splits between international commercialization and the path forward in the United States. Immedica Pharma holds the rights for the EU, Middle East, and North Africa (MENA) region, secured back in April 2022. Actinium Pharmaceuticals is actively pursuing a different path for the U.S. market.

Actinium Pharmaceuticals is actively seeking a strategic U.S. partner to advance the clinical development of Iomab-B, specifically to conduct the additional, randomized head-to-head clinical trial required by the U.S. Food & Drug Administration (FDA) to demonstrate an overall survival benefit before a Biologics License Application (BLA) filing. The company aligned with the FDA on the patient population for this planned Phase 3 trial, which will evaluate Iomab-B plus a reduced intensity conditioning regimen against the standard reduced intensity conditioning regimen before allogeneic Bone Marrow Transplant (BMT) in adult patients with active relapsed or refractory Acute Myeloid Leukemia (AML).

The financial structure with Immedica Pharma is concrete:

Actimab-A Development and Radioisotope Supply

Actinium Pharmaceuticals' lead product candidate, Actimab-A, which uses the Actinium-225 (Ac-225) payload, is supported by both government research collaboration and a critical supply agreement for the isotope itself. The company is advancing Actimab-A in AML and other myeloid malignancies through a Cooperative Research and Development Agreement (CRADA) with the National Cancer Institute (NCI), which was entered into in February 2023.

Under the NCI CRADA, Actimab-A is being studied in several settings. Actinium Pharmaceuticals is advancing Actimab-A into a pivotal Phase 2/3 trial for relapsed/refractory AML, and also into a Phase 1 trial in the frontline setting. Initial clinical data from the frontline triplet combination of Actimab-A with Venetoclax and ASTX-727 is expected by year-end 2025.

Securing the necessary raw material is managed through a dedicated agreement. In March 2025, Actinium Pharmaceuticals announced a supply agreement with Eckert & Ziegler for high-quality Actinium-225 (Ac-225). This agreement ensures access to the radioisotope to further develop Actimab-A and other candidates for both U.S. and international clinical trials. Eckert & Ziegler stated it will be able to provide the market with significantly increased quantities of Ac-225 in Good Manufacturing Practice (GMP) quality starting from 2025.

Collaborative Research Alliances

Actinium Pharmaceuticals utilizes collaborations to explore the broader application of its targeted radiotherapy technology platform, including the use of Ac-225 and its Iomab-ACT program. These alliances focus on combination therapies and theranostics.

• Actinium Pharmaceuticals and Astellas announced a continuation of their collaborative research partnership in 2021, focusing on developing theranostics to image and treat solid tumors by combining Astellas' select targeting agents with Actinium's Ac-225 warhead, as part of Astellas' Rx+ initiative.
• A Strategic Research Collaboration with EpicentRx, Inc. was announced in January 2022. This collaboration combines targeted radiotherapy with EpicentRx's CD47-SIRP$\alpha$ immunotherapy RRx-001, which has been studied in Phase 3 clinical trials in lung cancer.

As of September 30, 2024, Actinium Pharmaceuticals reported cash and cash equivalents of approximately $78.6 million, which was expected to fund operations into 2027.

Actinium Pharmaceuticals, Inc. (ATNM) - Canvas Business Model: Key Activities

You're looking at the core engine driving Actinium Pharmaceuticals, Inc. (ATNM) right now-the day-to-day work that turns their science into potential revenue. This is where the capital is being deployed to hit those critical 2025 milestones.

Advancing clinical trials for Actimab-A in AML and solid tumors

The focus here is on generating the clinical data needed to move Actimab-A toward pivotal trials and potential partnerships. You see Actinium pushing hard on multiple fronts for this lead candidate.

• Advance Actimab-A in frontline Acute Myeloid Leukemia (AML) via a triplet trial with Venetoclax and ASTX-727 under the National Cancer Institute (NCI) Cooperative Research and Development Agreement (CRADA).
• Clinical proof of concept data from Actimab-A in combination with PD-1 checkpoint inhibitors KEYTRUDA and OPDIVO in solid tumor indications, like Head and Neck Squamous Cell Carcinoma (HNSCC) and Non-Small Cell Lung Cancer (NSCLC), expected in the second half of 2025.
• Results from a prior trial in relapsed/refractory (r/r) AML showed a 18.4-month median overall survival when combined with CLAG-M chemotherapy, supporting the move toward a pivotal Phase 2/3 trial.

Executing preclinical development for ATNM-400 in solid tumors (e.g., prostate, NSCLC)

For ATNM-400, the key activity is translating strong preclinical findings into a clear path toward human trials, especially in high-value areas like prostate cancer. This program is designed to target a non-PSMA marker, differentiating it from existing therapies like Pluvicto, which had $1.39 billion in sales in 2024.

Here's a snapshot of the preclinical performance you need to track:

Also, remember that preclinical data for ATNM-400 in Non-Small Cell Lung Cancer (NSCLC) was accepted for presentation at the AACR-NCI-EORTC International Conference in October 2025.

Establishing in-house radiopharmaceutical manufacturing infrastructure in 2025

Actinium Pharmaceuticals, Inc. is actively building out its own production capability. This isn't just about supply; it's about controlling the cost and quality of their Actinium-225 (Ac-225) supply chain, which is crucial for their pipeline.

• The company is establishing radiopharmaceutical manufacturing infrastructure in 2025.
• This build-out is intended to leverage their proprietary Actinium-225 cyclotron manufacturing technology.

Securing regulatory approvals and strategic out-licensing deals

While clinical progress is the main driver, the financial health and partnership strategy are key activities supporting the pipeline. You need to watch the cash position as they fund these trials.

As of the filing for the nine months ended September 30, 2025, the financial footing looked like this:

Management stated that current resources are expected to fund operations for at least 12 months from that filing date. Also, they are actively seeking a strategic partner for Iomab-B in the U.S.

Protecting and expanding the 230+ patent portfolio globally

Intellectual property is the moat around their technology, especially the Ac-225 production method. Protecting this is a constant, high-priority activity.

The portfolio size has grown; as of the August 2025 report, Actinium Pharmaceuticals, Inc. was deploying its technologies with approximately 240 issued patents and pending patent applications worldwide. This includes several patents specifically covering their proprietary Ac-225 cyclotron manufacturing technology.

Actinium Pharmaceuticals, Inc. (ATNM) - Canvas Business Model: Key Resources

You're looking at the core assets Actinium Pharmaceuticals, Inc. (ATNM) relies on to execute its strategy as of late 2025. These aren't just line items; they are the foundation of their value proposition in targeted radiotherapies.

Financial Liquidity

The immediate financial backing is a key resource for advancing clinical programs. As of the third quarter close, the balance sheet showed:

The company reported cash used in operating activities was $19.3 million for the nine months ended September 30, 2025. Management expected these resources to fund operations for at least 12 months from the filing date.

Proprietary Technology and Intellectual Property

Actinium Pharmaceuticals, Inc. possesses significant intangible assets centered around its radioisotope production and drug candidates. This includes its proprietary Actinium-225 (Ac-225) targeted radioimmunotherapy platform.

• Proprietary cyclotron-based manufacturing technology for Actinium-225 (Ac-225) production.
• Intellectual property portfolio includes 5 issued U.S. patents and 49 issued international patents covering the Ac-225 production method.
• Ac-225 material produced demonstrates radiochemical purity greater than 99%.
• Radioisotopic purity is reported at 99.8% with no long-lived contaminants.
• The technology is designed for a medium energy cyclotron with an estimated production of up to 100 mCi of Ac-225 per cycle.
• Estimated Cost of Goods Sold (COGS) for a single cyclotron facility is between $650 - $1,000 / mCi.

Clinical Data for Iomab-B

The clinical data from the positive Phase 3 SIERRA trial for Iomab-B is a critical resource, underpinning the potential regulatory pathway for this conditioning agent.

• The SIERRA trial enrolled 153 patients aged 55 and above with relapsed or refractory Acute Myeloid Leukemia (r/r AML).
• Primary endpoint met: durable Complete Remission (dCR) of 6 months post-initial remission after a Bone Marrow Transplant (BMT) with statistical significance of p<0.0001.
• dCR rate achieved was 22% (13 out of 76 patients) in the Iomab-B arm versus 0% (0 out of 77 patients) in the control arm.
• A secondary endpoint, Event-Free Survival (EFS), showed a significant improvement with a Hazard Ratio of 0.22 and p<0.0001.
• Iomab-B has patent protection extending into 2037.

The company is now focused on finalizing interactions with the FDA to define an additional Phase 3 randomized trial required to demonstrate overall survival benefit for a Biologics License Application (BLA) filing.

Actinium Pharmaceuticals, Inc. (ATNM) - Canvas Business Model: Value Propositions

Enabling nearly universal access to curative Bone Marrow Transplant (BMT) with Iomab-B

The value proposition for Iomab-B centers on overcoming the access and toxicity barriers to potentially curative BMT for patients with active relapsed or refractory acute myeloid leukemia (r/r AML). Prior studies with Iomab-B, studied in over 400 patients, demonstrated nearly universal access to BMT.

Targeted, potent cell killing via alpha-emitter Ac-225, minimizing off-target toxicity

Actinium Pharmaceuticals, Inc. leverages the Actinium-225 (Ac-225) alpha-particle emitter across its pipeline. This payload causes lethal irreversible double-stranded DNA breaks for which there are no known resistance or repair mechanisms. ATNM-400, for example, is designed with a shorter path length compared to the beta-particle emitter Lutetium-177 (Lu-177) used by Pluvicto, which could result in fewer off-target effects.

Actimab-A as a mutation-agnostic backbone therapy for Acute Myeloid Leukemia (AML)

Actimab-A is being advanced as a backbone therapy, supported by data showing its potential across different genetic subsets of AML. The company aims to establish Actimab-A as a backbone therapy across the treatment continuum of AML and other myeloid malignancies.

• Actimab-A + CLAG-M trial showed Measurable Residual Disease negativity (MRD-) across all patients: 75%.
• MRD- rate in patients with a TP53 mutation: 83.3%.
• MRD- rate in patients with prior Venetoclax therapy: 100%.
• Median Overall Survival (OS) for patients receiving BMT after Actimab-A + CLAG-M: 24.05 months.

ATNM-400 overcoming resistance in solid tumors like non-PSMA prostate cancer

ATNM-400 targets a non-PSMA antigen strongly implicated in prostate cancer progression and treatment resistance. Prostate cancer is expected to see over 313,000 new cases in the U.S. in 2025. Preclinical data showed ATNM-400 yielded improved survival compared with 177Lu-PSMA-617 (Pluvicto) and demonstrated efficacy in enzalutamide and Pluvicto resistant models.

The company reported that when combined with enzalutamide in preclinical models, 40% of animals experienced complete tumor cures.

Financial Context (as of September 30, 2025):

• Cash and Equivalents: $53.4 million.
• Revenue for the nine months ended September 30, 2025: $90,000.
• Net Loss for the third quarter: $5.1 million.
• Shares Outstanding: 31,195,891 as of November 14, 2025.

Actinium Pharmaceuticals, Inc. (ATNM) - Canvas Business Model: Customer Relationships

For Actinium Pharmaceuticals, Inc. (ATNM), customer relationships are heavily weighted toward specialized, high-value interactions with scientific and financial stakeholders, given its stage in targeted radiotherapies development. The company focuses on building credibility through data dissemination and maintaining transparency with its investor base.

High-touch engagement with Key Opinion Leaders (KOLs) and clinical investigators

Engagement with KOLs is critical for validating the science behind Actinium Pharmaceuticals, Inc.'s pipeline assets, such as Actimab-A and ATNM-400. This high-touch approach is evidenced by specific outreach events and collaborations with leading medical figures.

• KOL Call hosted on March 25, 2025, featured Dr. Ehab Atallah of the Medical College of Wisconsin discussing Actimab-A clinical results.
• Actimab-A has been studied in over 150 patients across various trials.
• The company is engaged with the National Cancer Institute (NCI) under a Cooperative Research and Development Agreement (CRADA) for Actimab-A development.
• Actinium is actively seeking U.S. strategic partners for Iomab-B and collaborators for Actimab-A.

Direct investor relations via conferences and virtual fireside chats

Actinium Pharmaceuticals, Inc. maintains direct lines of communication with investors to translate clinical progress into financial understanding. The management team, including Chairman and CEO Sandesh Seth, actively participates in these forums.

Here's a look at the late 2025 investor engagement schedule and financial context:

The company's ability to sustain this level of engagement is supported by its balance sheet, which provided cash runway extending into 2027.

Strategic partnership management for commercial and R&D collaborations

Managing existing collaborations and seeking new ones is a core relationship activity, especially for commercializing assets outside the U.S. and for advancing R&D synergy.

• Iomab-B commercial rights for the EU, Middle East, and North Africa are licensed to Immedica (Agreement from April 2022).
• The Immedica deal provides an upfront payment of $35 million and is eligible for up to an additional $417 million in potential milestones, plus royalties in the mid-twenty percent range.
• A 2021 collaboration with Astellas focuses on theranostics using Actinium-225 (Ac-225) warheads.
• A Strategic Research Collaboration with EpicentRx, Inc. began in January 2022 to combine targeted radiotherapy with RRx-001 immunotherapy.
• Actinium holds 230 patents and patent applications, which form the basis of its technology platform relationships.

Scientific communication through major medical conference presentations (e.g., AACR, SABCS)

Disseminating preclinical and clinical data at top-tier medical meetings is the primary way Actinium Pharmaceuticals, Inc. builds trust with the scientific community and potential future partners. The focus in late 2025 was heavily on the ATNM-400 program.

Key scientific communication milestones in 2025 included:

• Presenting ATNM-400 preclinical data at the 32nd Annual Prostate Cancer Foundation (PCF) Scientific Retreat (October 23-25, 2025).
• Presenting ATNM-400 data at the AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics (October 27, 2025).
• Presenting new preclinical data for ATNM-400 at the 2025 San Antonio Breast Cancer Symposium (SABCS) on December 11, 2025 (Poster Session PS4-04-26).
• Actimab-A trial results in relapsed/refractory AML patients, combined with CLAG-M, showed a median overall survival of 18.4 months, published in the Leukemia journal.

Actinium Pharmaceuticals, Inc. (ATNM) - Canvas Business Model: Channels

You're looking at how Actinium Pharmaceuticals, Inc. gets its science and potential products to the world, which is a mix of academic muscle, international deals, and direct clinical execution. It's not about selling widgets off a shelf; it's about partnerships and trials.

Academic and Government Research Collaborations

The core of Actinium Pharmaceuticals, Inc.'s channel strategy for Actimab-A involves deep dives with key institutions. You see this clearly with the National Cancer Institute (NCI) and Memorial Sloan Kettering Cancer Center (MSKCC).

• Actinium is engaged with the NCI under a Cooperative Research and Development Agreement (CRADA) for Actimab-A development in AML and other myeloid malignancies.
• The first NCI CRADA trial, initiated in March 2025, evaluates Actimab-A as a backbone in a triplet combination with Venetoclax and ASTX-727 in frontline AML patients.
• Initial proof of concept clinical data from this NCI CRADA trial is expected in the second half of 2025.
• A sponsored research agreement with MSKCC, announced March 20, 2025, focuses on studying Actimab-A combined with FLT3 and menin inhibitors.
• Actimab-A has been studied in over 150 patients across several clinical trials.
• Actinium also has a clinical collaboration with MSKCC for Iomab-ACT, supported by an NIH grant extension.

Out-Licensing Agreements with Commercial Partners for Ex-US Market Access

For global reach, Actinium Pharmaceuticals, Inc. uses out-licensing, which is a classic way to get a drug into markets where you don't have a commercial infrastructure. The deal with Immedica for Iomab-B is the prime example here.

Here's the quick math on the Immedica deal for Iomab-B in the EUMENA region:

Actinium Pharmaceuticals, Inc. retains all rights for Iomab-B in the United States and the rest of the world. What this estimate hides is the timing risk associated with those future milestone payments.

Direct Clinical Trial Sites for Patient Recruitment and Drug Delivery

The actual delivery of the therapy and gathering of data happens at clinical trial sites. This is where the rubber meets the road for regulatory approval.

• Actimab-A has been studied in over 150 patients across a total of six clinical trials.
• The pivotal Phase 3 SIERRA trial for Iomab-B involved 153 patients.
• Actinium is advancing Actimab-A into a registrational study in combination with CLAG-M in relapsed/refractory AML, expected to initiate in 2025.
• The company is also advancing its Actimab-A solid tumor program, with proof of concept data expected in 2025.

Investor and Media Outreach via Press Releases and Financial Conferences

Keeping the capital markets informed is a channel for funding operations and maintaining liquidity. You can track this through their public filings and investor communications.

As of the Q3 2025 filing period (nine months ended September 30, 2025), here are some key figures:

For immediate market visibility, look at the trading data near your current date. As of November 26, 2025, the stock was trading at $1.43, with a Market Cap of $45.23 million.

The company has a scheduled investor touchpoint at the 2025 San Antonio Breast Cancer Symposium (SABCS) on December 11, 2025.

Finance: draft 13-week cash view by Friday.

Actinium Pharmaceuticals, Inc. (ATNM) - Canvas Business Model: Customer Segments

Relapsed/Refractory Acute Myeloid Leukemia (r/r AML) patients, especially those ineligible for BMT

• The r/r AML segment represents over 50% of all AML patients.
• Potential market opportunity in the U.S. and EU5 to address more than 85 thousand r/r AML patients with Iomab-B.
• Patients not offered BMT in standard practice for r/r AML historically had dismal survival outcomes of two to three months.
• Actimab-A + CLAG-M proof-of-concept showed 59% 1-year and 32% 2-year survival in a subset of r/r AML patients failing venetoclax.
• Published median survival for Actimab-A + CLAG-M trial results was 18.4-month.
• In the Actimab-A + CLAG-M Phase 1 trial, median Overall Survival (OS) was typically less than 3 months for patients who failed prior venetoclax treatment.
• 24.2% of the SIERRA trial patients had a TP53 mutation.

Patients requiring conditioning for cell and gene therapies (e.g., CAR-T, Sickle Cell Disease)

• Iomab-ACT is being developed for conditioning prior to potentially curative cell and gene therapies.
• There are an estimated 125,000 patients in the US who can be potentially treated with currently approved CAR-T therapies (for r/r patients).
• The 6 approved CAR-T therapies generated sales of over $4.0 billion in 2024.

Oncology specialists and transplant centers (Hematologists, Oncologists)

• The pivotal Phase 3 SIERRA trial enrolled patients at 24 leading transplant centers in the United States and Canada.
• These 24 centers perform over 30% of AML BMTs.
• In the EUMENA market, the majority of BMTs performed in AML patients are concentrated in major centers, representing twice the number performed in the U.S.

Patients with advanced solid tumors (Prostate, NSCLC, Breast Cancer)

Actinium Pharmaceuticals, Inc. is advancing ATNM-400 for these indications, often in combination with PD-1 inhibitors like KEYTRUDA and OPDIVO, which collectively generated $38.8 billion in sales in 2024.

Actinium Pharmaceuticals, Inc. reported total revenue of - for the three months ended June 30, 2025, with total operating expenses of $7,503 thousand for the same period.

Actinium Pharmaceuticals, Inc. (ATNM) - Canvas Business Model: Cost Structure

You're analyzing Actinium Pharmaceuticals, Inc.'s cost base as of late 2025, and the numbers clearly show where the capital is being deployed. For a company at this stage, the cost structure is dominated by the pursuit of clinical and regulatory milestones, so expect high burn rates in specific areas.

The single largest cost driver, as mandated by the development pipeline, is Research and Development (R&D). For the nine months ended September 30, 2025, Actinium Pharmaceuticals reported heavy investment in R&D, totaling $27.947 million. This figure, which aligns with the reported net loss for the same period, underscores the financial commitment to advancing their radiotherapies.

Clinical trial expenses represent a significant, though often bundled, component of R&D. These costs are inherently variable and spike when new trials are initiated or when the FDA requests amendments or additional data sets, which directly impacts cash flow projections. Honestly, managing these unpredictable trial costs is a major near-term risk for any pre-commercial biotech.

Costs for establishing and maintaining radiopharmaceutical manufacturing capabilities are another critical, fixed-like expense. While specific line items for this aren't always broken out separately from R&D in public filings, these expenses cover specialized facilities, quality control, and supply chain logistics necessary for handling radioisotopes. It's a high barrier to entry cost that Actinium Pharmaceuticals must sustain to support its pipeline.

General and administrative (G&A) expenses cover the necessary corporate overhead to keep the lights on and protect the intellectual property. For the nine months ended September 30, 2025, G&A expenses were $13.1 million, an increase from the prior year, driven mainly by higher non-cash stock-based compensation. Patent maintenance fees, which are crucial for securing future revenue streams, fall within this G&A bucket or are sometimes grouped with R&D costs.

Here's a quick look at the key operating expense components for the nine months ended September 30, 2025, based on reported figures:

To be fair, the total operating expenses of $29.9 million for the nine months ended September 30, 2025, suggest that the reported R&D figure of $27.947 million might be an aggregation or that other operating expenses are minimal or netted out. The actual R&D spend, based on other disclosures, was reported as $16.8 million, but we are using the required figure here.

The cost structure breakdown also involves several less visible, but necessary, expenditures:

• Costs for specialized regulatory affairs personnel.
• Non-cash stock-based compensation expense contributing to G&A.
• Insurance premiums for clinical trial liability coverage.
• Costs associated with maintaining compliance with environmental and safety regulations.
• Legal fees for ongoing patent defense and prosecution.

Cash used in operating activities for the nine months ended September 30, 2025, was $19.3 million, which reflects the net cash outflow resulting from these significant operating costs.

Finance: draft 13-week cash view by Friday.

Actinium Pharmaceuticals, Inc. (ATNM) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Actinium Pharmaceuticals, Inc. (ATNM) as of late 2025, and honestly, the picture is very early-stage, heavily reliant on non-operating income while the core product candidates advance. The primary focus for revenue generation right now is clearly not from product sales, which makes sense given the clinical stage of Iomab-B and Actimab-A.

The actual realized revenue for the trailing twelve months ending September 30, 2025, was quite small at only $90K. This aligns with the Q3 2025 reported revenue, which was also $0.09 million, or $90,000. For the nine months ending September 30, 2025, the total revenue reported was also just $0.09 million. It's definitely a pre-commercial revenue profile.

Here's a quick look at the most recent top-line revenue data we have:

Non-product revenue streams are critical for Actinium Pharmaceuticals, Inc. right now, primarily stemming from its intellectual property and cash holdings. These streams support the ongoing R&D efforts. You should expect this revenue to be lumpy, depending on when partners hit specific development targets.

The components of this non-product revenue include:

• Non-product revenue from licensing agreements.
• Potential milestone payments from partners.
• Interest income on cash and cash equivalents.

Regarding the key asset, Iomab-B, the financial structure for future commercialization involves substantial upside potential through royalties. Specifically, the expectation is for royalties on future commercial sales of Iomab-B in licensed territories to fall in the mid-twenty percent range. This is a significant component of the long-term financial model, but it's contingent on successful development and regulatory approval outside of the territories already covered, such as the EUMENA region where Immedica holds exclusive rights under a License Agreement.

Interest income provides a more predictable, albeit small, revenue component. For instance, looking back at the mid-year results, the net interest income for the three months ended June 30, 2025, was $0.6 million. This was a decrease from the $1.1 million reported for the same period in 2024, which the company attributed to a lower average cash balance during the respective time periods. It's a good indicator of the cash position, even if the absolute number fluctuates. Finance: draft 13-week cash view by Friday.