UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended ~~June 30, 2022~~March 31, 2023


☐			Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ______to ______.

Commission file number: 001-39311

POINT BIOPHARMA GLOBAL INC.

(Exact name of registrant as specified in its charter)


Delaware		85-0800493
(State or other jurisdiction of		(IRS Employer Identification No.)
incorporation or organization)

4850 West 78th Street
Indianapolis,	IN	46268
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (317) 543-9957

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

PNT

The

Nasdaq

Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☒

Emerging growth company

☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock, par value $0.0001 per share – ~~90,124,962~~105,693,356 shares outstanding as of ~~August 8, 2022.~~May 10, 2023.

Table of Contents

INDEX


PART I. FINANCIAL INFORMATION			1
Item 1. Unaudited Interim Condensed Consolidated Financial Statements:			1
Interim Condensed Consolidated Balance Sheets – ~~June~~ 3 0 ~~, 2022~~March 31, 2023 (unaudited) and December 31, ~~2021~~2022			1
Unaudited Interim Condensed Consolidated Statements of Operations – Three ~~and Six~~ Months ended ~~June~~ 3 0 ,March 31, 2023 and March 31, 2022 ~~and~~ ~~June~~ 3 0 ~~, 2021~~			2
Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss – Three ~~and Six~~ Months ended ~~June 30,~~March 31, 2023 and March 31, 2022 ~~and June 30, 2021~~			3
Unaudited Interim Condensed Consolidated Statements of Stockholders’ Equity - ~~Six~~ Three Months ended ~~June~~ 3 0 ~~, 2022~~March 31, 2023 and March 31, 2022 ~~June~~ 3 0 ~~, 202~~1			4
Unaudited Interim Condensed Consolidated Statements of Cash Flows – ~~Six~~Three Months ended ~~June~~ 3 0 ,March 31, 2023 and March 31, 2022 ~~and~~ ~~June~~ 3 0 ~~, 2021~~			5
Notes to Unaudited Interim Condensed Consolidated Financial Statements			6
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			1817
Item 3. Quantitative and Qualitative Disclosures about Market Risk			2825
Item 4. Controls and Procedures			2826
PART II. OTHER INFORMATION			3027
Item 1. Legal Proceedings			3027
Item 1A. Risk Factors			3027
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			3027
Item 3. Defaults Upon Senior Securities			3027
Item 4. Mine Safety Disclosures			3027
Item 5. Other Information			3027
Item 6. Exhibits			3128
SIGNATURES			3229

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1 – FINANCIAL STATEMENTS

POINT Biopharma Global Inc.

Interim Condensed Consolidated Balance Sheets

(In U.S. dollars)


		June 30, 2022			March 31, 2023
		(Unaudited)	December 31, 2021		(Unaudited)	December 31, 2022
		$	$		$	$
ASSETS	ASSETS			ASSETS
Current assets	Current assets			Current assets
Cash and cash equivalents	Cash and cash equivalents	78,108,242	238,815,991	Cash and cash equivalents	111,139,617	286,428,371
Short-term investments	Short-term investments	121,324,415	—	Short-term investments	318,893,583	238,783,470
Prepaid expenses and other current assets	Prepaid expenses and other current assets	5,472,394	5,030,565	Prepaid expenses and other current assets	4,546,707	5,610,889
Total current assets	Total current assets	204,905,051	243,846,556	Total current assets	434,579,907	530,822,730

Non-current assets	Non-current assets			Non-current assets
Long-term investments	Long-term investments	4,898,296	—	Long-term investments	89,170,335	16,119,430
Property, plant and equipment, net	Property, plant and equipment, net	24,441,275	19,412,086	Property, plant and equipment, net	34,773,967	31,380,576
Total non-current assets	Total non-current assets	29,339,571	19,412,086	Total non-current assets	123,944,302	47,500,006

Total assets	Total assets	234,244,622	263,258,642	Total assets	558,524,209	578,322,736

LIABILITIES & STOCKHOLDERS' EQUITY	LIABILITIES & STOCKHOLDERS' EQUITY			LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities	Current liabilities			Current liabilities
Accounts payable	Accounts payable	8,066,604	1,738,470	Accounts payable	15,918,532	7,703,150
Accrued liabilities	Accrued liabilities	10,220,720	5,990,516	Accrued liabilities	16,615,066	19,094,454
Deferred revenue				Deferred revenue	16,518,934	23,242,290
Income taxes payable	Income taxes payable	509,403	250,978	Income taxes payable	28,795,306	29,698,546
Total current liabilities	Total current liabilities	18,796,727	7,979,964	Total current liabilities	77,847,838	79,738,440

Deferred tax liability		65,592	65,592
Long-term income taxes payable				Long-term income taxes payable	1,452,356	1,452,356
Deferred revenue, net of current portion				Deferred revenue, net of current portion	7,444,239	10,178,147
Total liabilities	Total liabilities	18,862,319	8,045,556	Total liabilities	86,744,433	91,368,943

Commitments and contingencies (note 12)		0	0
Commitments and contingencies (Note 11)				Commitments and contingencies (Note 11)

Stockholders’ equity	Stockholders’ equity			Stockholders’ equity
Common Stock, par value $0.0001 per share, 430,000,000 authorized, 90,124,962 and 90,121,794 issued and outstanding as of June 30, 2022 and December 31, 2021, respectively		9,012	9,012
Common Stock, par value $0.0001 per share, 430,000,000 authorized, 105,682,677 and 105,649,741 issued and outstanding as of March 31, 2023 and December 31, 2022, respectively				Common Stock, par value $0.0001 per share, 430,000,000 authorized, 105,682,677 and 105,649,741 issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	10,568	10,565
Additional paid-in capital	Additional paid-in capital	315,961,198	314,488,782	Additional paid-in capital	449,546,931	448,391,574
Accumulated deficit		(100,245,529)	(59,284,708)
Retained earnings				Retained earnings	22,477,834	39,008,505
Accumulated other comprehensive loss	Accumulated other comprehensive loss	(342,378)	—	Accumulated other comprehensive loss	(255,557)	(456,851)
Total stockholders’ equity	Total stockholders’ equity	215,382,303	255,213,086	Total stockholders’ equity	471,779,776	486,953,793

Total liabilities and stockholders’ equity	Total liabilities and stockholders’ equity	234,244,622	263,258,642	Total liabilities and stockholders’ equity	558,524,209	578,322,736

See accompanying Notes to the Unaudited Interim Condensed Consolidated Financial Statements

Table of Contents

POINT Biopharma Global Inc.

Unaudited Interim Condensed Consolidated Statements of Operations

(In U.S. dollars)


		For the three months ended				For the six months ended					For the three months ended
		June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021			March 31, 2023		March 31, 2022
											$		$
Revenue										Revenue

Other revenue										Other revenue	9,457,264		—
Total revenue										Total revenue	9,457,264		—
		$		$		$		$
Operating expenses	Operating expenses									Operating expenses
Research and development	Research and development	20,813,882		6,700,862		33,314,730		10,970,160		Research and development	26,910,472		12,500,848
General and administrative	General and administrative	4,080,401		1,949,552		7,888,343		3,414,244		General and administrative	5,010,129		3,807,942
Total operating expenses	Total operating expenses	24,894,283		8,650,414		41,203,073		14,384,404		Total operating expenses	31,920,601		16,308,790
Loss from operations	Loss from operations	(24,894,283)		(8,650,414)		(41,203,073)		(14,384,404)		Loss from operations	(22,463,337)		(16,308,790)

Other income (expenses)	Other income (expenses)									Other income (expenses)
Finance income (costs)		509,700		(2,863)		557,673		(5,662)
Investment income										Investment income	5,764,214		47,973
Foreign currency loss	Foreign currency loss	(12,259)		(27,599)		(43,900)		(34,806)		Foreign currency loss	(70,190)		(31,641)
Total other income (expenses)	Total other income (expenses)	497,441		(30,462)		513,773		(40,468)		Total other income (expenses)	5,694,024		16,332

Loss before provision for income taxes		(24,396,842)		(8,680,876)		(40,689,300)		(14,424,872)
Provision for income taxes		(183,405)		(123,782)		(271,521)		(164,207)
Loss before income taxes										Loss before income taxes	(16,769,313)		(16,292,458)
Income tax benefit (provision)										Income tax benefit (provision)	238,642		(88,116)
Net loss	Net loss	(24,580,247)		(8,804,658)		(40,960,821)		(14,589,079)		Net loss	(16,530,671)		(16,380,574)

Net loss per basic and diluted common share:	Net loss per basic and diluted common share:									Net loss per basic and diluted common share:
Basic and diluted net loss per common share	Basic and diluted net loss per common share	$	(0.27)	$	(0.15)	$	(0.45)	$	(0.26)	Basic and diluted net loss per common share	$	(0.16)	$	(0.18)
Basic and diluted weighted average common shares outstanding	Basic and diluted weighted average common shares outstanding	90,124,295		57,582,025		90,123,288		57,116,747		Basic and diluted weighted average common shares outstanding	105,660,655		90,122,269

See accompanying Notes to the Unaudited Interim Condensed Consolidated Financial Statements

Table of Contents

POINT Biopharma Global Inc.

Unaudited Condensed Consolidated Statements of Comprehensive Loss

(In U.S. dollars)


		For the three months ended				For the six months ended					For the three months ended
		June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021			March 31, 2023		March 31, 2022
		$		$		$		$			$		$
Net loss	Net loss	$	(24,580,247)	$	(8,804,658)	$	(40,960,821)	$	(14,589,079)	Net loss	$	(16,530,671)	$	(16,380,574)
Other comprehensive loss, net of tax
Net unrealized loss on available-for-sale debt securities		(342,378)		—		(342,378)		—
Other comprehensive income, net of tax										Other comprehensive income, net of tax
Net unrealized gain on available-for-sale debt securities										Net unrealized gain on available-for-sale debt securities	201,294		—
Total comprehensive loss	Total comprehensive loss	$	(24,922,625)	$	(8,804,658)	$	(41,303,199)	$	(14,589,079)	Total comprehensive loss	$	(16,329,377)	$	(16,380,574)

See accompanying Notes to the Unaudited Interim Condensed Consolidated Financial Statements

Table of Contents

POINT Biopharma Global Inc.

Unaudited Interim Condensed Consolidated Statements of Stockholders’ Equity

(In U.S. dollars, except share amounts)


	Common Stock		Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Total Equity
	Number	Amount
	#	$	$	$	$	$
Balance at December 31, 2022	105,649,741	10,565	448,391,574	39,008,505	(456,851)	486,953,793
Issuance of shares of Common Stock in connection with stock option exercises	32,936	3	145,861	—	—	145,864
Stock-based compensation	—	—	1,009,496	—	—	1,009,496
Net loss	—	—	—	(16,530,671)	—	(16,530,671)
Other comprehensive income, net of tax	—	—	—	—	201,294	201,294
Balance at March 31, 2023	105,682,677	10,568	449,546,931	22,477,834	(255,557)	471,779,776

POINT Biopharma Inc.
common shares Common Stock Additional
Paid-in Capital Accumulated
Deficit Accumulated Other Comprehensive Loss Total
Equity
Number Amount Number Amount
# $ # $ $ $ $ $
Balance at December 31, 2021 — — 90,121,794 9,012 314,488,782 (59,284,708) — 255,213,086
Issuance of shares of Common Stock in connection with stock option exercises — — 678 — 942 — — 942
Stock-based compensation — — — — 440,450 — — 440,450
Net loss — — — — — (16,380,574) — (16,380,574)
Balance at March 31, 2022 — — 90,122,472 9,012 314,930,174 (75,665,282) — 239,273,904
Issuance of shares of Common Stock in connection with stock option exercises — — 2,490 — 3,461 — — 3,461
Stock-based compensation — — — — 1,027,563 — — 1,027,563
Net loss — — — — — (24,580,247) — (24,580,247)
Other comprehensive loss, net of taxes — — — — — — (342,378) (342,378)
Balance at June 30, 2022 — — 90,124,962 9,012 315,961,198 (100,245,529) (342,378) 215,382,303

POINT Biopharma Inc. common shares Common Stock Additional
Paid-in
Capital Accumulated
Deficit Accumulated Other Comprehensive Loss Total Equity
Number Amount Number Amount
# $ # $ $ $ $ $
Balance at December 31, 2020 (as previously reported) 15,233,884 15,234 — — 26,847,271 (13,382,227) — 13,480,278
Retroactive application of the recapitalization due to the Business Combination (refer to Note 3) (15,233,884) (15,234) 54,647,656 5,465 9,769 — — —
Balance at December 31, 2020, effect of the Business Combination (refer to Note 3) — — 54,647,656 5,465 26,857,040 (13,382,227) — 13,480,278
Issuance of shares of Common Stock in connection with exercise of warrants — — 2,869,799 287 19,999,713 — — 20,000,000
Issuance of shares of Common Stock in connection with stock option exercises — — 64,570 6 449,994 — — 450,000
Stock-based compensation — — — — 477,245 — — 477,245
Net loss — — — — — (5,784,421) — (5,784,421)
Balance at March 31, 2021, effect of the Business Combination (refer to Note 3) — — 57,582,025 5,758 47,783,992 (19,166,648) — 28,623,102
Issuance of shares of Common Stock, net of direct and incremental costs in connection with the Business Combination (refer to Note 3) — — 32,539,769 3,254 264,562,167 — — 264,565,421
Stock-based compensation — — — — 1,106,457 — — 1,106,457
Net loss — — — — — (8,804,658) — (8,804,658)
Balance at June 30, 2021, effect of the Business Combination (refer to Note 3) — — 90,121,794 9,012 313,452,616 (27,971,306) — 285,490,322


	Common Stock		Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Total Equity
	Number	Amount
	#	$	$	$	$	$
Balance at December 31, 2021	90,121,794	9,012	314,488,782	(59,284,708)	—	255,213,086
Issuance of shares of Common Stock in connection with stock option exercises	678	—	942	—	—	942
Stock-based compensation	—	—	440,450	—	—	440,450
Net loss	—	—	—	(16,380,574)	—	(16,380,574)
Balance at March 31, 2022	90,122,472	9,012	314,930,174	(75,665,282)	—	239,273,904

See accompanying Notes to the Unaudited Interim Condensed Consolidated Financial Statements

Table of Contents

POINT Biopharma Global Inc.

Unaudited Interim Condensed Consolidated Statements of Cash Flows

(In U.S. dollars)


		For the six months ended			For the three months ended
		June 30, 2022	June 30, 2021		March 31, 2023	March 31, 2022
		$	$		$	$
Cash flows from operating activities	Cash flows from operating activities			Cash flows from operating activities
Net loss:	Net loss:	(40,960,821)	(14,589,079)	Net loss:	(16,530,671)	(16,380,574)
Adjustments to reconcile net loss to net cash used in operating activities:	Adjustments to reconcile net loss to net cash used in operating activities:			Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation on property, plant and equipment	Depreciation on property, plant and equipment	584,076	—	Depreciation on property, plant and equipment	537,627	224,234

Stock-based compensation expense	Stock-based compensation expense	1,468,013	1,583,702	Stock-based compensation expense	1,009,496	440,450
Amortization of debt issuance costs		—	5,662
Amortization of premiums (accretion of discounts) on investments, net	Amortization of premiums (accretion of discounts) on investments, net	(128,150)	—	Amortization of premiums (accretion of discounts) on investments, net	(3,159,749)	—
Changes in operating assets and liabilities	Changes in operating assets and liabilities			Changes in operating assets and liabilities
Prepaid expenses and other current assets	Prepaid expenses and other current assets	(441,829)	(6,221,240)	Prepaid expenses and other current assets	1,064,182	(197,829)
Accounts payable	Accounts payable	4,290,469	(1,571,469)	Accounts payable	7,744,626	3,920,227
Accrued liabilities	Accrued liabilities	3,782,033	1,149,742	Accrued liabilities	(2,414,883)	1,424,963
Deferred revenue				Deferred revenue	(9,457,264)	—
Income taxes payable	Income taxes payable	258,425	164,207	Income taxes payable	(903,240)	77,925
Amount due to related party within accrued liabilities		(47,389)	33,910
Change in accrued interest and dividends within investments	Change in accrued interest and dividends within investments	126,192	—	Change in accrued interest and dividends within investments	(281,465)	—
Net cash used in operating activities	Net cash used in operating activities	(31,068,981)	(19,444,565)	Net cash used in operating activities	(22,391,341)	(10,490,604)

Cash flows from investing activities	Cash flows from investing activities			Cash flows from investing activities
Purchase of investments		(126,563,131)	—
Purchase of investments, net of sales and maturities				Purchase of investments, net of sales and maturities	(149,518,510)	—
Purchase of property, plant and equipment	Purchase of property, plant and equipment	(3,080,040)	(3,242,281)	Purchase of property, plant and equipment	(3,524,767)	(940,931)
Net cash used in investing activities	Net cash used in investing activities	(129,643,171)	(3,242,281)	Net cash used in investing activities	(153,043,277)	(940,931)

Cash flows from financing activities	Cash flows from financing activities			Cash flows from financing activities
Issuance of shares of Common Stock in connection with exercise of warrants		—	20,000,000

Issuance of shares of Common Stock in connection with stock option exercises	Issuance of shares of Common Stock in connection with stock option exercises	4,403	450,000	Issuance of shares of Common Stock in connection with stock option exercises	145,864	942
Issuance of shares of Common Stock in connection with the Business Combination (see note 3), net of costs incurred by RACA and direct and incremental costs paid		—	265,426,917
Net cash provided by financing activities	Net cash provided by financing activities	4,403	285,876,917	Net cash provided by financing activities	145,864	942

Net (decrease) increase in cash and cash equivalents		(160,707,749)	263,190,071
Net decrease in cash and cash equivalents				Net decrease in cash and cash equivalents	(175,288,754)	(11,430,593)
Cash and cash equivalents, beginning of period	Cash and cash equivalents, beginning of period	238,815,991	10,546,749	Cash and cash equivalents, beginning of period	286,428,371	238,815,991
Cash and cash equivalents, end of period	Cash and cash equivalents, end of period	78,108,242	273,736,820	Cash and cash equivalents, end of period	111,139,617	227,385,398

Supplemental disclosure of cash flow information:	Supplemental disclosure of cash flow information:			Supplemental disclosure of cash flow information:
Cash paid for income taxes	Cash paid for income taxes	(3,022)	(4,185)	Cash paid for income taxes	(660,786)	(116)
Cash paid for interest on mortgage payable		—	(55,832)
Non-cash investment activities:	Non-cash investment activities:			Non-cash investment activities:
Purchase of property, plant and equipment recorded in accounts payable and accrued liabilities	Purchase of property, plant and equipment recorded in accounts payable and accrued liabilities	3,345,729	2,614,542	Purchase of property, plant and equipment recorded in accounts payable and accrued liabilities	1,815,752	1,052,186

See accompanying Notes to the Unaudited Interim Condensed Consolidated Financial Statements

Table of Contents

1. Nature of business

~~Formation and organization~~

POINT Biopharma Global Inc., together with its consolidated subsidiaries ~~(the~~("POINT" or the “Company”), is a globally focused radiopharmaceutical company building a platform for the clinical development and commercialization of radioligands that fight cancer. On September 18, 2019, POINT Theranostics Inc. was incorporated under the General Corporation Law of the State of Delaware (the "DGCL") and amended its name to “POINT Biopharma Inc.” on November 22, 2019. On June 30, 2021, following the Business Combination (as defined in Note 3 below), POINT Biopharma Inc. became a wholly-owned subsidiary of POINT Biopharma Global Inc. Under the terms of the Business Combination Agreement (as defined in Note 3 below), stockholders of POINT Biopharma Inc. received approximately 3.59 shares of common stock, par value $0.0001 per share, of the Company (“Common Stock”) in exchange for each common share of POINT Biopharma Inc. Also in connection with the closing of the Business Combination, RACA (as defined in Note 3 below) consummated the sale of an aggregate of 16,500,000 shares of Class A common stock, par value $0.0001 per share, of RACA (“Class A Common Stock”) in a private placement at a price of $10.00 per share, for aggregate gross proceeds of $165,000,000 (“PIPE Financing”). In accordance with the terms of the Business Combination Agreement, upon the closing of the Business Combination, each share of Class A Common Stock and each share of Class B common stock, par value $0.0001 per share, of RACA (“Class B Common Stock”) was converted into one share of Common Stock of the Company. For additional information on the Business Combination, please see Note 3.

The Company was founded on a mission to make radioligand therapy applicable to more cancers and available to more people, thereby improving the lives of cancer patients and their families everywhere.

The Company has 4four wholly-owned subsidiaries, POINT Biopharma Inc., POINT Biopharma USA Inc. and West 78th Street, LLC, each located in the ~~USA,~~U.S., and POINT Biopharma Corp., located in ~~Canada.~~Canada (collectively the "Subsidiaries"). The Company’s headquarters is located at 4850 West 78th Street, Indianapolis, Indiana, 46268.

2. Summary of significant accounting policies

Basis of presentation

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 270, Interim Reporting and include the accounts of the Company, ~~and its wholly-owned subsidiaries, POINT Biopharma Inc., POINT Biopharma Corp., POINT Biopharma USA, Inc. and West 78~~th ~~Street, LLC,~~ for financial information and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the balances and results for the periods presented. Except as described below, the accounting policies and methods of computation applied in the unaudited interim condensed consolidated financial statements and related notes contained therein are consistent with those applied by the Company in its audited consolidated financial statements as of and for the year ended December 31, ~~2021~~2022 contained in our ~~2021~~ Annual Report on Form 10-K for the ~~year~~years ended December 31, 2022 and 2021, as filed with the SEC on March ~~25, 2022~~27, 2023 (the ~~“2021~~“2022 Financial Statements”). These unaudited interim condensed consolidated financial statements should be read in conjunction with the ~~2021~~2022 Financial Statements.

These unaudited interim condensed consolidated financial statements and accompanying notes have been prepared in accordance with the provisions of ASC Topic 205-40, Presentation of Financial Statements—Going Concern on the basis that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.

Impact of ~~Covid-19~~COVID-19 Pandemic and other geopolitical events

The COVID-19 ~~coronavirus ("COVID-19")~~ pandemic ~~which was declared by the World Health Organization as a pandemic in March 2020 and has spread worldwide,~~ has caused many governments to implement measures to slow the spread of the outbreak through quarantines, travel restrictions, heightened border security and other measures. The U.S. Department of Health and Human Services let the public health emergency declaration for COVID-19 expire on May 11, 2023 and the World Health Organization ended the global emergency status for COVID-19 on May 5, 2023. Although the impact has lessened and many of ~~this pandemic has~~the protective measures associated therewith have been ~~and will likely~~terminated, COVID-19 may continue to ~~be, extensive in many aspects of society, which has resulted, and will likely continue to result, in significant disruptions to~~affect the global economy as well as businesses and capital markets around the world. ~~The~~

Further, general macroeconomic trends, including rising inflation rates, rising interest rates, as well as recent and potential future ~~progression of the pandemic and its effects on the Company’s business and operations are uncertain.~~

~~Table of~~ ~~Contents~~

~~In response~~disruptions in access to public health directives and orders and to help minimize the risk of the virus to employees, the Company has taken precautionary measures, including implementing work-from-home policies, mandatory vaccination, daily check-ins, masking and weekly testing for certain employees. The impact of the virus, including work-from-home policies, may negatively impact productivity, disrupt the Company’s business, and delay its preclinical research and clinical trial activities and its development program timelines, the magnitude of which will depend, in part, on the length and severity of the restrictions and other limitations on the Company’s ability to conduct its business in the ordinary course. Specifically, the Company may not be able to enroll additional patient cohorts on its planned timelinebank deposits or lending commitments due to bank failure, sustained supply chain disruptions, ~~at its clinical trial sites. Other impacts to the Company’s~~and any resulting recession, depression or other sustained adverse market event could materially and adversely affect our business, may include temporary closures of its suppliers and disruptions or restrictions on its employees’ ability to travel. Any prolonged material disruption to the Company’s employees or suppliers could adversely impact the Company’s preclinical research and clinical trial activities, financial condition, ~~and~~ results of operations ~~including its ability to obtain financing.~~and the value of our Common Stock (as defined below).

Additionally, financial markets may be adversely affected by the current or anticipated impact of military conflict, including escalating military fighting between Russia and Ukraine, terrorism, bank failures or other or macroeconomic geopolitical events. The U.S. and other nations in response to the Russo-Ukrainian conflict have announced economic sanctions which may have an adverse effect on the global financial ~~markets, which, in turn, could have an adverse effect on our business, financial condition and results of operations.~~markets. The Company's ~~SPLASH~~multi-center, randomized, open label phase 3 Study evaluating metastatic castration-resistant Prostate cancer using 177Lu-PNT2002 PSMA therapy After Second-line Hormonal treatment (“SPLASH") trial has vendor staff in Ukraine, and any political instability in the region may disrupt resourcing assigned to the trial and negatively impact our business.

The Company is monitoring the ~~continuing~~potential impact of the COVID-19 pandemic, ~~and the potential impact of~~ the Russo-Ukrainian conflict, bank failures and other macroeconomic events on its business and unaudited interim condensed consolidated financial statements. To date, the Company has not experienced any material business disruptions or incurred any impairment losses in the carrying values of its assets as a result of these events and it is not aware of any specific related event or circumstance that would require it to revise its estimates reflected in these unaudited interim condensed consolidated financial statements.

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~~Cash and Cash Equivalents~~

~~The Company considers all highly liquid instruments with an original maturity of three months or less as cash equivalents.~~

~~Investments~~

The Company determines the appropriate classification of its investments in debt securities at the time of purchase and re-evaluates such determination at each balance sheet date. The Company classifies its investments as current or non-current based on each instrument’s underlying maturity date. Investments with original maturities of greater than three months and less than one year are classified as current and are included in short-term investments in the condensed consolidated balance sheets. Investments with remaining maturities greater than one year from the balance sheet date are classified as non-current and are included in long-term investments in the condensed consolidated balance sheets. The Company’s investments are classified as available-for-sale and reported at fair value. Unrealized gains and losses are included in other comprehensive income (loss) as a component of shareholders’ equity until realized. Amortization and accretion of premiums and discounts are recorded in finance income (expense). Realized gains and losses on debt securities are included in other income (expense), net.

The Company evaluates its investments with unrealized losses for other-than-temporary impairment. If any adjustment to fair value reflects a decline in the value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is other-than-temporary in nature. For any adjustment the Company considers to be other-than-temporary, the Company reduces the investment to fair value through a charge to the statement of operations. No such adjustments were necessary during the periods presented.

Risks and uncertainties

~~The~~Prior to the Lantheus License Agreements (as defined in Note 3 below), the Company ~~has~~had incurred significant net losses ~~since inception~~ and ~~prior to the Business Combination,~~ had funded operations primarily through equity financings. Operating losses and negative cash flows were incurred in the quarter ended March 31, 2023 and are expected to continue ~~for the foreseeable future. As losses continue~~ to be incurred ~~the~~in future periods. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, successful discovery and development of its product candidates, regulatory approval of its product candidates, development by competitors of new technological innovations, dependence on key personnel, the ability to attract and retain qualified employees, protection of proprietary technology, compliance with governmental regulations, the impact of macroeconomic disruptions, such as those arising from the COVID-19 coronavirus, ~~and~~ the Russo-Ukrainian conflict and adverse developments affecting the financial services industry, the ability to secure additional capital to fund operations and commercial success of its product candidates. Product candidates currently under development will require extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of ~~additional~~ capital, adequate personnel, and infrastructure and extensive compliance-reporting capabilities. Even

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if the Company’s drug development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

Use of estimates

The preparation of the unaudited interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, related disclosure of contingent assets and liabilities at the date of the unaudited interim condensed consolidated financial statements, and the reported amounts of expenses for the periods presented. Significant estimates and assumptions reflected in these unaudited interim condensed consolidated financial statements include, but are not limited to, the allocation of consideration and the recognition of revenues in respect to the performance obligations under the Lantheus License Agreements, the accrual of research and development expenses and the valuations of stock ~~options and warrants.~~options. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions.

~~Recently adopted~~Recent accounting ~~standards~~pronouncements

~~Debt with Conversion and Other Options~~

~~The FASB has issued ASU 2020-06,~~ ~~Debt—Debt with Conversion and Other Options (Subtopic 470-20)~~ ~~and~~ ~~Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity~~ (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for convertible instruments, such as convertible debt or convertible preferred stock, by eliminating two potential methods in accounting for the embedded conversion feature. The standard also removes certain conditions previously used to evaluate whether a freestanding financial instrument, or certain types of embedded features, are considered to be settled in the issuer’s own equity. Finally, ASU 2020-06 requires that an entity use the if-converted method in calculating the effects of convertible instruments on diluted earnings per share, with one limited exception. The amendments in this ASU are effective for the Company for fiscal years beginning after December 15, 2023. The Company ~~early~~has evaluated accounting pronouncements recently issued but not yet adopted and believes that the ~~provisions of ASU 2020-06 on January 1, 2022~~current accounting pronouncements currently do not apply to the Company’s operations and ~~there was no~~are not expected to have a material impact ~~to its~~on the Company’s unaudited interim condensed consolidated financial ~~statements.~~

~~Issuer’s Accounting for Certain Modifications~~statements or ~~Exchanges of Freestanding Equity-Classified Written Call Options~~

~~The FASB has 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 Entity’s Own Equity (Subtopic 815-40). ASU 2021-04 provides guidance that an entity should treat a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange as an exchange of the original instrument for a new instrument. The standard also provides guidance on how an entity should measure and recognize the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity classified. The amendments in this ASU are effective for the Company for fiscal years beginning after December 15, 2021. The Company adopted the provisions of ASU 2021-04 on January 1, 2022 and there was no material impact to its interim condensed consolidated financial statements.disclosures.

3. ~~Business Combination~~Revenue

~~On March 15, 2021,~~In November 2022, POINT ~~Biopharma~~announced strategic collaboration and exclusive license agreements with Lantheus Holdings Inc. ~~entered into~~("Lantheus") for exclusive worldwide rights for PNT2002 and PNT2003, excluding certain territories (Japan, South Korea, Singapore, Indonesia, and China including Hong Kong, Macau and Taiwan) (the "PNT2002 Agreement" and "PNT2003 Agreement", respectively, and collectively the "Lantheus License Agreements"). The collaboration pairs POINT's expertise in next generation radioligand development and manufacturing with Lantheus’ commercial leadership in Prostate-Specific Membrane Antigen ("PSMA") PET and radiopharmaceuticals.

In December 2022, closing conditions for the transaction, including Hart-Scott-Rodino antitrust clearance, were satisfied. POINT received a ~~definitive business combination agreement (the “Business Combination Agreement”~~$250.0 million upfront payment under the PNT2002 Agreement and will receive an additional payment of up to $250.0 million upon U.S. regulatory approval. In addition, once certain return on investment financial thresholds have been achieved and other conditions satisfied, POINT will be eligible to receive royalties of 20% on all net sales (prior to which there is a period of sales in which the royalty may be based on only a portion of the gross profit), and contingent upon the satisfaction of certain net sales milestones, additional payments of up to $1.3 billion. POINT received a $10 million upfront payment under the PNT2003 Agreement, and will receive up to an additional $30 million upon U.S. regulatory approval. The PNT2003 Agreement also provides that POINT receive royalties of 15% on net sales and, contingent upon the satisfaction of certain net sales milestones, an additional payment of up to $275.0 million.

The Company is responsible for completing the SPLASH trial and the parties will work together to file the New Drug Application (“NDA”) with ~~Therapeutics Acquisition Corp. (NASDAQ:RACA)~~the costs incurred in connection with the U.S. Food and Drug Administration ("FDA") submission being borne by Lantheus. Thereafter, Lantheus will be responsible for all additional clinical and regulatory costs in the U.S., ~~d/b/~~as well as all costs for development, clinical trials and regulatory approval in the rest of its territories outside the U.S., except Asia.

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To determine the appropriate amount of revenue to be recognized under ASC Topic 606, Revenue from Contracts with Customers, the Company performs the following steps: (i) identify the promised goods or services in the contract, (ii) determine whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract, (iii) measure the transaction price, including the constraint on variable consideration, (iv) allocate the transaction price to the performance obligations and (v) recognize revenue when (or as) the Company satisfies each performance obligation.

In connection with the PNT2002 Agreement the Company identified the following performance conditions: (i) the license it conveyed to Lantheus with respect to certain intellectual property, (ii) service provided to complete the SPLASH trial, support the NDA submission and participate in joint steering activities and (iii) manufacturing activities. The Company determined the transaction price under ASC Topic 606 at the inception of the PNT2002 Agreement to be the $250 million upfront payment and has allocated this to the first two performance obligations based on a ~~Research Alliance Corp. I (“RACA”), a special purpose acquisition company sponsored by RA Capital Management L.P., that was created~~relative standalone selling price basis. The standalone selling prices for the ~~purpose~~first two performance obligations were determined using adjusted market and expected cost plus a margin assessments, respectively. The Company concluded that variable consideration associated with the product manufacturing relates solely to the manufacturing activities performance obligation on the basis that it believes that the expected margin associated with this consideration is in line with market standards and specifically relate to the Company's efforts to satisfy its manufacturing obligations.

In connection with the PNT2003 Agreement the Company identified the following performance conditions: (i) the license it conveyed to Lantheus with respect to certain intellectual property, (ii) service provided to complete the necessary submissions for regulatory approval and participate in joint steering activities and (iii) manufacturing activities. The Company determined the transaction price under ASC Topic 606 at the inception of ~~effecting~~the PNT2003 Agreement to be the $10 million upfront payment and has allocated this to the first two performance obligations based on a ~~merger, capital stock exchange, asset acquisition, stock purchase, reorganization,~~relative standalone selling price basis. The standalone selling prices for the first two performance obligations were determined using adjusted market and expected cost plus a margin assessments, respectively. The Company concluded that variable consideration associated with the product manufacturing relates solely to the manufacturing activities performance obligation on the basis that it believes that the expected margin associated with this consideration is in line with market standards and specifically relate to the Company's efforts to satisfy its manufacturing obligations.

The Company does not include variable consideration to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will occur. Variable consideration in the PNT2002 Agreement and PNT2003 Agreement consists of:

•Potential future regulatory milestone payments. The Company concluded that this variable consideration is constrained considering that achievement of the milestones is outside its control and contingent upon the future success of clinical trials and regulatory approval by the FDA and in respect of other territories outside the U.S..

•Potential future milestone payments in connection with certain sales targets as well as any future royalties. The Company concluded that these payments qualify for the royalty exception. Under the royalty exception, sales-based royalties are recognized at the later of when (1) the subsequent sale or ~~similar business combination~~usage occurs or (2) the performance obligation to which some or all of the sales- or usage-based royalty has been allocated is satisfied (in whole or in part). That is, an entity does not estimate the amount of a sales-based royalty at contract inception; rather, revenue would be recognized when the subsequent sales occur (under the assumption that the associated performance obligation has been satisfied or partially satisfied).

•Potential payments for the manufacturing and supply of commercial product. The Company concluded that this variable consideration is constrained as it is contingent upon future regulatory approvals and the execution of a manufacturing and supply agreement.

The estimate of the Company’s variable consideration to be included in the transaction price is updated at each reporting date as a change in estimate. For the potential future regulatory milestone payments, the Company utilizes the most likely amount approach to determine the amounts recognized and timing of recognition. For the potential payments for manufacturing and supply of commercial product, the Company utilizes the expected value approach to determine the amounts recognized and timing of recognition. Once the constraint is removed, the milestone payments will be accounted for and allocated to the performance obligations.

For the licenses conveyed to Lantheus, the Company recognized revenue upon execution and regulatory approval of the Lantheus License Agreements. The Company concluded that the licenses represent that of functional intellectual property as each has significant standalone functionality and derives a substantial portion of their utility from that standalone functionality.

For the obligations to complete the SPLASH trial, support the NDA submission and participate in joint steering activities in connection with one or more businesses. On June 30, 2021, (the “Closing Date”), Bodhi Merger Sub, Inc., a wholly-owned subsidiary of RACA, merged with and into POINT Biopharma Inc. (the “Business Combination”), with POINT Biopharma Inc.the PNT2002 Agreement as well as the ~~surviving company~~obligations to complete the necessary submissions for regulatory approval and participate in joint steering activities for the ~~Business Combination and, after giving effect to such Business Combination, POINT Biopharma Inc. became a wholly-owned subsidiary~~PNT2003 Agreement, the Company recognizes revenue using the cost-to-cost method, which it concluded best depicts the transfer of ~~RACA. RACA was then renamed “POINT Biopharma Global Inc.”~~

~~In accordance with the terms of the Business Combination Agreement, upon the closing of the Business Combination:~~

~~(i)each share and vested equity award of POINT Biopharma Inc. outstanding as of immediately prior~~control to the ~~Closing Date was converted into shares of Common Stock of~~customer. Under the ~~Company or comparable vested equity awards that are~~cost-to-cost method,

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~~exercisable for shares~~the extent of ~~Common Stock of the Company, based on an implied vested equity value of $585,000,000 (which~~progress towards completion is ~~equal to a conversion ratio of approximately 3.59-for-1); and~~

~~(ii)all unvested equity awards of POINT Biopharma Inc. were converted into comparable equity awards that are exercisable for shares of Common Stock of the Company, determined~~measured based on the ~~same conversion~~ ratio ~~at which~~of actual costs incurred to the ~~vested equity awards are converted into shares of Common Stock~~total estimated costs expected upon satisfying the identified performance obligation. Under this method, revenue is recorded as a percentage of the ~~Company; and~~

~~(iii)each share of RACA Class A Common Stock and each share of RACA Class B Common Stock that was issued and outstanding immediately prior to the Closing Date became 1 share of Common Stock of the Company.~~

~~In connection with the Business Combination, the Company consummated the PIPE Financing, pursuant to which it received $165.0 million in exchange for 16,500,000 shares of Common Stock of the Company.~~

~~After giving effect to the Business Combination, there were 90,121,794 shares of Common Stock issued and outstanding.~~

We accounted for the Business Combination as a reverse recapitalization, in accordance with U.S. GAAP. POINT Biopharma Inc. is treated as the accounting acquirer (legal acquiree), while RACA is the accounting acquiree (legal acquirer) for financial reporting purposes. This determination is primarilyestimated transaction price based on the ~~fact that~~extent of progress towards completion.

The following table presents the ~~former POINT Biopharma Inc. stockholders retained a majority~~Company’s contract liabilities as of March 31, 2023 and December 31, 2022:


	March 31, 2023		December 31, 2022
Deferred revenue
Deferred revenue, current	$	16,518,934	$	23,242,290
Deferred revenue, net of current portion	7,444,239		10,178,147
Total	$	23,963,173	$	33,420,437

At inception of the ~~voting power~~Lantheus License Agreements, deferred revenue $34.8 million was recognized in connection with future performance. During the quarter ended March 31, 2023, the Company recognized $9.5 million in revenue for services performed (March 31, 2022 - $nil). The current portion of deferred revenue reflects the Company’s estimate of the revenue it expects to recognize within the next 12 months. The Company ~~and comprise a majority~~expects to recognize the remainder of the ~~governing body of~~deferred revenue in subsequent periods through the ~~Company, and the~~ ~~former~~ POINT Biopharma Inc. senior management comprise substantially all of the senior management of the Company. Accordingly, for accounting purposes, the Business Combination is treated as the equivalent of POINT Biopharma Inc. issuing shares for the netyear ending December 31, 2028. No contract assets, ~~of RACA, accompanied by a recapitalization. The net assets of RACA are stated at historical costs. No goodwill or other intangible assets is recorded.~~

~~In connection with the Business Combination, the Company incurred underwriting fees and other costs considered to be direct or incremental to the proceeds raised~~were recognized in connection with the ~~Business Combination and PIPE Financing totaling approximately $21.9 million, consisting of~~Lantheus License Agreements, including costs incurred ~~by RACA prior to~~in obtaining the completion of the Business Combination as well as investment banker, legal, audit, tax, accounting and listing fees. These amounts are reflected within additional paid-in capital in the interim condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021.

~~Summary of net proceeds~~

~~The following table summarizes the elements of the net proceeds from the Business Combination:~~


			~~Recapitalization~~agreements.
~~Cash - RACA Trust and cash (net of redemptions)~~			~~121,770,367~~
~~Cash - PIPE Financing~~			~~165,000,000~~
~~Less: Underwriting fees, costs incurred by RACA and other direct and incremental costs~~			~~(21,887,685)~~
~~Net proceeds from the Business Combination, net of costs incurred by RACA and direct and incremental costs paid per the statement of cash flows~~			~~264,882,682~~

The net proceeds noted above exclude approximately $4.7 million in transaction costs that were not considered direct and incremental to the raising of capital. These costs consist of corporate expenses in the normal course of business comprised of accounting, consulting, insurance and board retainer fees. These costs were recorded as incurred in accordance with the nature of the services received.

~~Summary of shares of Common Stock issued~~

~~The following table summarizes the number of shares of Common Stock outstanding immediately following the consummation of the Business Combination:~~

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			Number of Shares
~~RACA Class A and Class B shares outstanding prior to the Business Combination~~			~~16,039,769~~
~~Class A shares issued pursuant to the PIPE Financing~~			~~16,500,000~~
~~Business Combination and PIPE Financing shares as converted into Common Stock~~			~~32,539,769~~
~~Conversion of POINT Biopharma Inc. common shares into Common Stock~~			~~57,582,025~~
~~Total shares of POINT Biopharma Global Inc. Common Stock outstanding immediately following the Business Combination~~			~~90,121,794~~

4. Cash, cash equivalents and investments

Cash, cash equivalents and investments consisted of the following:


		As of June 30, 2022		As of December 31, 2021			As of March 31, 2023		As of December 31, 2022
Cash	Cash	$	24,197,537	$	238,815,991	Cash	$	19,393,396	$	12,429,627
Cash equivalents:	Cash equivalents:					Cash equivalents:
Money market funds	Money market funds	48,912,011		—		Money market funds	91,746,221		273,998,744
Commercial paper		4,998,694		—

Total cash and cash equivalents	Total cash and cash equivalents	78,108,242		238,815,991		Total cash and cash equivalents	111,139,617		286,428,371
Short-term investments	Short-term investments					Short-term investments
U.S. Treasury securities		34,687,436		—
Commercial paper						Commercial paper	159,747,972		115,156,455
Corporate bonds	Corporate bonds	31,870,066		—		Corporate bonds	67,096,233		45,219,042
Commercial paper		29,738,419		—
U.S. Government agency debt securities						U.S. Government agency debt securities	58,250,793		42,577,762
Asset backed securities	Asset backed securities	25,028,494		—		Asset backed securities	33,798,585		35,830,211
Total short-term investments	Total short-term investments	121,324,415		—		Total short-term investments	318,893,583		238,783,470
Long-term investments	Long-term investments					Long-term investments
Asset backed securities						Asset backed securities	48,352,696		16,119,430
Corporate bonds	Corporate bonds	4,898,296		—		Corporate bonds	40,817,639		—
Total long-term investments	Total long-term investments	4,898,296		—		Total long-term investments	89,170,335		16,119,430
Total cash, cash equivalents and investments	Total cash, cash equivalents and investments	$	204,330,953	$	238,815,991	Total cash, cash equivalents and investments	$	519,203,535	$	541,331,271

Available-for-sale investments

The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments by type of security as ~~at June 30, 2022~~of March 31, 2023 were as follows:

Amortized Cost Unrealized Gains Unrealized Losses Fair Value Current Non-current
Corporate bonds $ 36,915,656 $ 1,356 $ (145,938) $ 36,768,362 $ 31,870,066 $ 4,898,296
U.S. Treasury securities 34,829,827 — (142,391) 34,687,436 34,687,436 —
Commercial paper 29,738,419 — — 29,738,419 29,738,419 —
Asset backed securities 25,094,991 5,546 (60,951) 25,028,494 25,028,494 —
Total available-for-sale securities $ 126,578,893 $ 6,902 $ (349,280) $ 126,222,711 $ 121,324,415 $ 4,898,296

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	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Current		Non-current
Commercial paper	$	159,747,972	$	—	$	—	$	159,747,972	$	159,747,972	$	—
Corporate bonds	108,167,585		15,551		$	(269,264)	107,913,872		67,096,233		40,817,639
Asset backed securities	82,135,898		74,656		(59,273)		82,151,281		33,798,585		48,352,696
U.S. Government agency debt securities	58,268,020		27,511		(44,738)		58,250,793		58,250,793		—
Total available-for-sale securities	$	408,319,475	$	117,718	$	(373,275)	$	408,063,918	$	318,893,583	$	89,170,335

The following table summarizes the fair value of available-for-sale investments based on stated contractual maturities as of ~~June 30, 2022:~~

~~Table of~~ ~~Contents~~March 31, 2023:


		Amortized Cost		Fair Value			Amortized Cost		Fair Value
Due within one year	Due within one year	$	121,652,391	$	121,324,415	Due within one year	$	319,134,902	$	318,893,583
Due between one and five years	Due between one and five years	4,926,502		4,898,296		Due between one and five years	89,184,573		89,170,335
Total	Total	$	126,578,893	$	126,222,711	Total	$	408,319,475	$	408,063,918

The primary objective of our investment portfolio is to maintain safety of principal balances, provide sufficient levels of liquidity and enhance overall returns in an efficient manner with acceptable levels of risk. Our investment policy limits interest-bearing security investments to certain types of debt and money market instruments issued by institutions with primarily investment-grade credit ratings, and it places restrictions on maturities and concentration by asset class and issuer.

During the three ~~and six~~ months ended ~~June 30, 2022,~~March 31, 2023, we had ~~$nil~~no realized gains or losses, ~~respectively,~~ on available-for-sale investments.

5. Fair value measurements

We measure fair value based on the prices that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based on a three-tier hierarchy that prioritizes the inputs used to measure fair value. These tiers include the following:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement date. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. These inputs include quoted prices for similar assets or liabilities; quoted market prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

The following tables present information about the Company’s financial assets and liabilities as of ~~June 30, 2022~~March 31, 2023 that are measured at fair value on a recurring basis and indicates the level of the fair value hierarchy used to determine such fair values (in thousands):

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		Level 1		Level 2		Level 3		Total			Level 1		Level 2		Level 3		Total
June 30, 2022
March 31, 2023										March 31, 2023
Cash equivalents:	Cash equivalents:									Cash equivalents:
Money market mutual fund	Money market mutual fund	$	48,912,011	$	—	$	—	$	48,912,011	Money market mutual fund	$	91,746,221	$	—	$	—	$	91,746,221

Available-for-sale debt securities:										Available-for-sale debt securities:
Commercial paper	Commercial paper	—		4,998,694		—		4,998,694		Commercial paper	—		159,747,972		—		159,747,972
Available-for-sale debt securities:
Corporate bonds	Corporate bonds	—		36,768,362		—		36,768,362		Corporate bonds	—		107,913,872		—		107,913,872
U.S. Treasury securities		34,687,436		—		—		34,687,436
Commercial paper		—		29,738,419		—		29,738,419
Asset backed securities	Asset backed securities	—		25,028,494		—		25,028,494		Asset backed securities	—		82,151,281		—		82,151,281
U.S. Government agency debt securities										U.S. Government agency debt securities	58,250,793		—		—		58,250,793
Total	Total	$	83,599,447	$	96,533,969	$	—	$	180,133,416	Total	$	149,997,014	$	349,813,125	$	—	$	499,810,139

Certain of our available-for-sale debt securities, including U.S. Government agency debt securities, are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within the fair value hierarchy.

We did not have any financial liabilities measured at fair value on a recurring basis as of ~~June 30, 2022.~~March 31, 2023.

There have been no transfers of assets or liabilities between the fair value measurement levels.

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6. Prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following:


		As of June 30, 2022	As of December 31, 2021		As of March 31, 2023	As of December 31, 2022
		$	$		$	$
Insurance		2,345,799	2,175,379
Clinical trial expenses		1,920,195	1,973,609
Deposit on production equipment		872,295	703,461
Prepaid clinical trial expenses				Prepaid clinical trial expenses	3,339,239	4,011,419
Prepaid insurance				Prepaid insurance	859,141	1,310,314
Canadian harmonized sales tax receivable	Canadian harmonized sales tax receivable	143,105	72,666	Canadian harmonized sales tax receivable	159,045	60,222
Other	Other	191,000	105,450	Other	189,282	228,934
Total	Total	5,472,394	5,030,565	Total	4,546,707	5,610,889

7. Property, plant and equipment, net

Property, plant and equipment, net consisted of the following:


		As of June 30, 2022	As of December 31, 2021		As of March 31, 2023	As of December 31, 2022
		$	$		$	$
Land and building	Land and building	17,641,459	—	Land and building	18,451,207	18,163,962
Property in development		2,601,016	16,561,032
Machinery and equipment	Machinery and equipment	4,018,332	2,132,768	Machinery and equipment	9,015,960	5,328,639
Property, plant and equipment, in development				Property, plant and equipment, in development	8,367,969	8,434,384
Furniture and fixtures	Furniture and fixtures	614,653	590,545	Furniture and fixtures	721,595	698,728
Computer equipment	Computer equipment	149,891	127,741	Computer equipment	149,892	149,892
		25,025,351	19,412,086		36,706,623	32,775,605
Less: Accumulated depreciation	Less: Accumulated depreciation	(584,076)	—	Less: Accumulated depreciation	(1,932,656)	(1,395,029)
Total	Total	24,441,275	19,412,086	Total	34,773,967	31,380,576

OnIn July 2020, the Company purchased land and a building in Indianapolis, Indiana (which has been expanded to approximately 81,000 square feet) for the purpose of retrofitting the existing building into a state-of-the-art, Good Manufacturing Practices ("GMP") compliant facility that will support the Company’s drug manufacturing operations. ~~The purchase of the property was financed by a mortgage that was repaid on July 29, 2021 (see Note 9).~~

The Company commenced the manufacture of clinical supply in the Indianapolis manufacturing facility in January ~~2022, however, construction~~2022. Construction continues on the facility to expand capacity. ~~The Company has determined this to be the date upon which its property, plant and equipment was available for its intended use.~~ Property, plant and equipment that have finite lives are recorded at cost less accumulated depreciation and impairment losses. Depreciation is expensed from the month the particular asset

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is available for its intended use, using the straight-line method over the estimated useful life of such asset at the following rates, which in each case are intended to reduce the carrying value of the asset to the estimated residual value:


Asset Category			Estimated Useful Life
Computer equipment			5 years
Machinery and equipment			7 years
Furniture and fixtures			7 years
Building			20 years

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8. Accrued expenses

Accrued liabilities consisted of the following:


		As of June 30, 2022	As of December 31, 2021		As of March 31, 2023	As of December 31, 2022
		$	$		$	$
Accrued personnel costs				Accrued personnel costs	7,660,395	7,116,382
Accrued research and development costs	Accrued research and development costs	6,047,693	1,142,056	Accrued research and development costs	7,174,563	9,645,594
Accrued personnel costs		2,398,926	3,440,558
Accrued corporate legal fees and other professional services				Accrued corporate legal fees and other professional services	1,536,575	2,068,793
Accrued costs for purchases of property, plant and equipment	Accrued costs for purchases of property, plant and equipment	1,143,756	648,196	Accrued costs for purchases of property, plant and equipment	41,236	105,741
Accrued corporate legal fees and other professional services		509,513	654,945
Other accrued costs	Other accrued costs	120,832	104,761	Other accrued costs	202,297	157,944
Total	Total	10,220,720	5,990,516	Total	16,615,066	19,094,454

9. ~~Mortgage payable~~

On July 10, 2020, the Company obtained a mortgage loan in the amount of $3,562,500 (the “Mortgage”) for the purpose of purchasing its manufacturing facility and related land located in Indianapolis, Indiana (the “Property”) (see Note 7). The Mortgage was collateralized by a first charge over the Property. As part of the financing the Company incurred $17,194 of costs and fees from the lender that were capitalized and recorded as finance costs over the life of the Mortgage. On July 29, 2021, the Mortgage on the manufacturing facility in Indianapolis, Indiana was repaid and the related mortgage on the Company's facility in Indianapolis, Indiana was released.

Prior to its repayment, the Mortgage bore interest at 2.85% plus a minimum rate of 1-month LIBOR, subject to a LIBOR floor of 0.25%. The Mortgage required quarterly interest payments, which commenced on October 1, 2020, with the principal amount originally due at maturity on January 10, 2022.

For the three and six months ended June 30, 2021, the Company recorded $27,916 and $54,605, respectively, of interest costs which were capitalized within property, in development, and recorded amortization of debt issuance costs of $2,863 and $5,662, respectively, through finance costs.

~~10.~~ Stockholders’ equity

The Company is authorized to issue 430,000,000 shares of ~~Common Stock,~~common stock, with a par value of $0.0001 per share ("Common Stock"), as well as 20,000,000 of shares of preferred stock, with a par value of $0.0001 per share (“Preferred Stock”). ~~The figures below are presented giving effect to a retroactive application of~~

During the ~~Business Combination which resulted in a conversion of~~three months ended March 31, 2023, the ~~previous POINT Biopharma Inc. common shares to~~Company issued (a) 15,000 shares of Common Stock ~~of the Company at a conversion ratio of approximately 3.59:1. The par value of previous POINT Biopharma Inc. common shares was $0.001. See Note 3 for additional details.~~

~~During the three and six months ended June 30, 2022, there were 2,490 and 3,168 shares of Common Stock issued, respectively, each~~ in connection with the exercise of stock options ~~issued~~granted to a non-employee ~~consultants and~~consultant, resulting in total cash proceeds of ~~$3,461~~$20,850 and ~~$4,403, respectively. During the three months ended June 30, 2021, the Company issued 32,539,769~~(b) 17,936 shares of Common Stock in connection with the ~~Business Combination and PIPE Financing (see Note 3).~~ exercise of stock options granted to a board member, resulting in total cash proceeds of $125,014.

During the ~~six~~three months ended ~~June 30, 2021,~~March 31, 2022, the Company ~~(a)~~ issued ~~the above mentioned~~678 shares of Common Stock ~~in connection with the Business Combination and PIPE Financing and (b)~~ issued 800,000 shares of common stock of POINT Biopharma Inc. (exchanged for 2,869,799 shares of Common Stock) in connection with the exercise of warrants and 18,000 shares of common stock of POINT Biopharma Inc. (exchanged for 64,570 shares of Common Stock) in connection with the exercise of stock options issued to a non-employee consultant, resulting in total cash proceeds of ~~$20,450,000.~~$942.

As of ~~June 30, 2022,~~March 31, 2023, the number of total issued and outstanding shares of Common Stock was ~~90,124,962~~105,682,677 (December 31, ~~2021~~2022 – ~~90,121,794)~~105,649,741). As of ~~June 30, 2022,~~March 31, 2023, there were no issued and outstanding shares of Preferred Stock (December 31, ~~2021~~2022 — nil).

Each share of Common Stock entitles the holder to 1one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, if any, as may be declared by the Company’s board of directors. During the ~~six~~three months ended ~~June 30, 2022,~~March 31, 2023, no cash dividends were declared or paid by the Company ~~(June 30, 2021~~(March 31, 2022 — $nil).

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The Company’s board of directors has the authority to issue shares of Preferred Stock from time to time on terms it may determine, to divide shares of Preferred Stock into one or more series and to fix the designations, preferences, privileges, and restrictions of Preferred Stock, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preference, sinking fund terms, and the number of shares constituting any series or the designation of any series to the fullest extent permitted by the ~~DGCL.~~Delaware General Corporation Law ("DGCL"). During the ~~six~~three months ended ~~June 30, 2022,~~March 31, 2023, no shares of Preferred Stock were issued by the ~~Company (June 30, 2021 — nil).~~Company.

~~11.~~10. Stock-based compensation

In March 2020, the board of directors of POINT Biopharma Inc. approved the 2020 Equity Incentive Plan (the “2020 EIP”). The 2020 EIP provided for the granting of incentive and non-qualified stock options, stock appreciation rights, restricted stock units, performance awards and other stock-based awards to employees, directors, and consultants of POINT Biopharma Inc. Effective as of June 30, 2021, ~~in connection with the Business Combination,~~ the Company’s board of directors adopted the POINT Biopharma Global

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Inc. 2021 Equity Incentive Plan (the “2021 EIP”) to replace the 2020 EIP and allow the Company to grant equity and equity-based incentive awards to officers, employees, non-employee directors and consultants of the Company. ~~Upon the closing of the Business Combination, the~~The Company assumed the outstanding equity awards under the 2020 EIP, and each outstanding option to acquire common shares of POINT Biopharma Inc. (whether vested or unvested) under the 2020 EIP was substituted with a substantially equivalent option to acquire shares of Common Stock of the Company based on the conversion ratio for the POINT Biopharma Inc. common shares in the Business Combination and remains outstanding under the 2020 EIP. Nobut no further grants may be made under the 2020 EIP. The 2021 EIP provides that the number of shares reserved and available for issuance under the 2021 EIP will automatically increase each January 1, beginning on January 1, 2022, by 4% of the number of outstanding shares of Common Stock on the immediately preceding December 31, or such lesser amount as determined by the Company's board of directors. As of January 1, ~~2022,~~2023, the number of shares of Common Stock available under the 2021 EIP increased by ~~3,604,871~~4,225,990 for a total of ~~7,975,317~~9,344,912 shares of Common Stock authorized for issuance under the 2021 EIP as of ~~June 30, 2022.~~March 31, 2023.

~~The Company concluded that the replacement stock~~Stock options ~~issued in connection with the Business Combination did not require accounting for effects of the modification under the ASC 718 –~~ ~~Compensation – Stock Compensation~~ (“ASC 718”) as it was concluded that (a) the fair value of the modified award is the same as the fair value of the original award immediately before the original award was modified, (b) there are no changes to the vesting conditions of the award, and (c) there is no change to the classification of the award.

The Company recorded ~~$458,633 and $743,945~~$446,128 to research and development expense and ~~$568,930 and $724,068~~$563,368 to general and administrative expenses for stock-based compensation for the three ~~and six~~ months ended ~~June 30,~~March 31, 2023 (March 31, 2022 ~~respectively (June 30, 2021~~ — ~~$1,028,512 and $1,428,669~~$285,311 to research and development expense and ~~$77,945 and $155,033~~$155,139 to general and administrative expenses for the three ~~and six~~ months ~~ended, respectively)~~ended). The Company did not recognize a tax benefit related to stock-based compensation expense during the three ~~and six~~ months ended ~~June 30, 2022,~~March 31, 2023, as the Company had net operating ~~losses~~loss carryforwards and recorded a valuation allowance against the deferred tax asset.

The following table summarizes the activity relating to the Company’s stock options. The below stock option figures are presented giving effect to a retroactive application of the Business Combination which resulted in a replacement of the previous POINT Biopharma Inc. stock options with stock options of the Company, as described above, at a conversion ratio of approximately 3.59:1. In addition, the exercise price for each replacement stock option is also adjusted using the ratio of approximately 3.59:1. See Note 3 for additional details:

Number of
Shares Weighted
Average Exercise
Price Weighted-
Average
Remaining
Contractual
Term (in years)
Outstanding as of December 31, 2021 3,825,751 4.78
Granted 1,948,614 8.01
Exercised (3,168) 1.39
Forfeited (48,120) 7.70
Outstanding as of June 30, 2022 5,723,077 5.85 5.00
Vested and expected to vest as of June 30, 2022 5,723,077 5.85 5.00
Options exercisable as of June 30, 2022 1,501,125 3.78 5.00


	Number of Shares	Weighted Average Exercise Price $	Weighted- Average Remaining Contractual Term (in years)
Outstanding as of December 31, 2022	5,592,173	5.85
Granted	2,839,823	6.78
Exercised	(32,936)	4.43
Forfeited	(33,693)	8.25
Expired	(9,546)	8.47
Outstanding as of March 31, 2023	8,355,821	6.16	4.8
Vested and expected to vest as of March 31, 2023	8,355,821	6.16	4.8
Options exercisable as of March 31, 2023	2,635,805	4.61	4.7

During the three months ended ~~June 30, 2022, 243,417~~March 31, 2023, 2,839,823 stock options were granted to employees and directors of the Company, with a weighted average grant date fair value of ~~$4.66. During the six months ended June 30, 2022, 1,948,614~~

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~~stock options were granted to employees and directors of the Company, with a weighted average grant date fair value of $4.59.~~$3.76. The vesting terms of these options are such that 25% of the options vest on the one-year anniversary of the date of grant and the remaining 75% of such stock options vest ~~ratably over the remaining~~ in three years. On June 6, 2022, the terms of 128,070 stock options granted to directors of the Company during the quarter were amended to reduce the vesting period to one year. This amendment was accounted for as a modification and there was no material impact to stock-based compensation recorded. equal annual installments thereafter.

During the three months ended ~~June 30, 2021, no stock options were granted. During the six months ended June 30, 2021, 358,724~~March 31, 2022, 1,705,197 stock options were granted to ~~a non-employee consultant~~employees and directors of the Company, with a weighted average grant date fair value of ~~$3.89.~~$4.58. The vesting terms of ~~the grant to the non-employee consultant were~~these options are such that 25% of the options ~~vested immediately upon grant, 10%~~vest on the one-year anniversary of the ~~options were initially to vest in a year following the~~date of grant and the remaining ~~options were initially to vest based on certain performance milestones. Upon completion~~75% of ~~the Business Combination, the remaining 269,043 unvested~~such stock options ~~immediately vested and all remaining unrecognized stock-based compensation expense associated with these stock options was recorded.~~vest in three equal annual installments thereafter.

The following table presents the assumptions used in the Black-Scholes-Merton option-pricing model to determine the grant date fair value of stock options granted:


		Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021		Three months ended March 31, 2023	Three months ended March 31, 2022
Risk-free interest rate	Risk-free interest rate	2.57% - 3.13%	—	1.24% - 3.13%	0.72%	Risk-free interest rate	3.71%	1.24% - 2.51%
Expected term (in years)	Expected term (in years)	4.25	—	4.25	5.38	Expected term (in years)	4.25	4.25
Expected volatility	Expected volatility	74% - 75%	—	72% - 75%	65%	Expected volatility	68%	72% - 73%
Expected dividend yield	Expected dividend yield	—%	—	—%	—%	Expected dividend yield	—	—

During the three ~~and six~~ months ended ~~June 30, 2022,~~March 31, 2023, non-employee consultants of the Company exercised ~~2,490 and 3,168~~15,000 stock options with an intrinsic ~~values~~value of ~~$16,060~~$95,450 and ~~$19,301, respectively.~~a board member of the Company exercised 17,936 stock options with an intrinsic value of $5,560. The exercises resulted in cash proceeds to the ~~company~~Company of ~~$3,461~~$20,850 and ~~$4,403,~~$125,014, respectively.

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During the three months ended March 31, 2022, a non-employee consultant of the Company exercised 678 stock options with an intrinsic value of $3,210, resulting in the cash proceeds to the Company of $942.

As of ~~June 30, 2022,~~March 31, 2023, the unrecognized stock-based compensation expense related to unvested stock options, was ~~$12,895,130~~$19,961,367 and the estimated weighted average remaining vesting period was ~~2.8~~2.6 years.

Performance Share Units

~~12.~~During the year ended December 31, 2022, 146,044 performance share units ("PSUs") were granted to employees of the Company, with a grant date fair value of $6.61 per unit based on the closing share price of the Company's Common Stock on the date of grant. The vesting terms of these PSUs are such that 100% vest upon the regulatory approval of PNT2002 by the FDA. During the three months ended March 31, 2023, the Company did not record any stock-based compensation expense related to these PSUs on the basis that they still cannot be considered probable to vest as the regulatory approval requirement is outside the control of the Company and the clinical trial remains ongoing.

11. Commitments and contingencies

Indianapolis facility commitments

The Company is party to certain agreements for the continuing expansion of the manufacturing capabilities of the Indianapolis facility. Effective in the second quarter of 2022, the Company entered into an agreement for the design and build of a commercial manufacturing line. As of ~~June 30, 2022,~~March 31, 2023, the Company is committed to aggregate future payments of approximately ~~$18.1~~$22.4 million in connection with these agreements. During the three ~~and six~~ months ended ~~June 30,~~March 31, 2023 and March 31, 2022, approximately ~~$3.4~~$2.9 million and ~~$4.0~~$0.6 million, respectively, has been recorded within property, plant and equipment in connection with these ~~agreements (three and six months ended June 30, 2021 – $2.2 million and $4.9 million, respectively).~~agreements.

Clinical trial and commercial commitments

The Company in the normal course of business enters into various services and supply agreements in connection with its clinical trials to ensure the supply of certain product and product lines during the Company’s clinical phase. These agreements often have ~~minimal~~minimum purchase commitments and generally terminate upon the termination of the clinical trial. Minimum purchase commitments under these agreements include individual commitments up to ~~$2.3~~$1.7 million. Aggregate remaining minimum commitments amount to approximately ~~$4.7~~$3.6 million with payments ranging from three to eight years or upon completion of the clinical trial, if earlier. The Company recorded research and development expenses in connection with its supply agreements of approximately ~~$2.6 million and $4.3~~$6.5 million during the three ~~and six~~ months ended ~~June 30, 2022, respectively~~March 31, 2023 (three ~~and six~~ months ended ~~June 30, 2021 - $0.8 million and $1.3 million, respectively)~~March 31, 2022 – $1.7 million).

The Company also has supply agreements with third parties to purchase certain products for use in the Company’s full scale production process. The Company is committed to purchase a minimum quantity of product in the amount of approximately ~~$48.7~~$109.5 million ($~~62.9~~148.3 million CAD) over the contract term. The purchase commitments are contingent upon the completion of certain milestones by the third-party suppliers. The Company recorded $nil ~~and $nil~~ in connection with ~~this agreement~~these agreements during the three ~~and six~~ months ended ~~June 30, 2022, respectively~~March 31, 2023 (three ~~and six~~ months ended ~~June 30, 2021~~March 31, 2022 - ~~$nil~~$nil).

On May 10, 2023, the Company entered into an Irradiation Services Agreement (the "Irradiation Agreement") which expands the Company's reactor network. Pursuant to the Irradiation Agreement, the Company will receive irradiation services to irradiate ytterbium-176 (“176Yb”) and ~~$nil, respectively).~~

~~Table~~has minimum purchase commitments of ~~Contents~~approximately $32.4 million over the 10 year contract term.

The Company also has an agreement with a third party to provide certain services in connection with the Company’s SPLASH clinical phase study. The agreement expires on the date of the completion or termination of the clinical trial. The remaining minimum purchase commitment under this agreement is approximately ~~$41.6~~$23.4 million with payments that range from one to ~~six~~five years. The Company recorded research and development expenses in connection with this agreement of approximately ~~$2.5 million and $5.6~~$4.9 million during the three ~~and six~~ months ended ~~June 30, 2022, respectively~~March 31, 2023 (three ~~and six~~ months ended ~~June 30, 2021~~March 31, 2022 – ~~$1.8 million and $3.0 million, respectively)~~$3.1 million).

License agreements

The Company in the normal course of business enters into license and sublicense agreements in connection with its clinical trials and product development. For additional details of the Company’s license agreements, see Note 1315 in the ~~2021~~2022 Financial Statements.

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On ~~May 6, 2022,~~April 17, 2023, POINT Biopharma Inc. entered into ~~a fourth amendment~~first and second amendments (the ~~“Fourth Amendment”~~"Amendments") to that certain ~~Exclusive~~ Sublicense Agreement, dated ~~April 2, 2020,~~November 14, 2019, between POINT Biopharma Inc. and ~~Bach Biosciences, LLC, (“Bach Biosciences”~~Scintomics GmbH ("Scintomics"). Pursuant to the ~~Fourth Amendment,~~Amendments, the exclusive, sublicensable, license is expanded to include all geographies worldwide and the Company ~~and Bach Biosciences agreed to remove all regulatory and sales milestones which would~~will have ~~been payable from~~increased flexibility in connection with sublicense arrangements. In consideration, the Company ~~to Bach Biosciences,~~will make a payment of €2.15 million as well as minimum annual licenses fees ranging from €10-50 thousand. The Company is also obligated to reduce the royalty rate payable by Company to Bach Biosciences by 50 percent (one-half). In signing the Fourth Amendment, the Company agreed to pay a one-time amendment fee to Bach Biosciences of $2,000,000, and to extend the duration of the Company’s sponsored research relationship relating to the generation of new FAPi-targeting drugs with Bach Biosciences and Tufts Medical School bymake an additional ~~two~~ ~~(2) years at~~milestone payment to Scintomics of €5 million upon the ~~current sponsorship rate.~~achievement of a specified regulatory milestone. See Note 15.

The Company recorded research and development expenses in connection to its license agreements of approximately ~~$3.8 million and $4.6~~$0.5 million during the three ~~and six~~ months ended ~~June 30, 2022, respectively~~March 31, 2023 (three ~~and six~~ months ended ~~June 30, 2021~~March 31, 2022 – ~~$0.5 million and $1.0 million, respectively)~~$0.8 million).

~~13.~~12. Net loss per share

Basic loss ~~earnings~~ per share is computed by dividing the loss available to common stockholders by the weighted-average number of shares of Common Stock outstanding during the period. Diluted loss per share is computed by dividing loss available to common stockholders by the weighted-average number of shares of Common Stock outstanding during the period increased to include the number of additional shares of Common Stock that would have been outstanding if the potentially dilutive securities had been issued, using the treasury stock method. The below figures are presented giving effect to a retroactive application of the Business Combination which resulted in a conversion of the previous POINT Biopharma Inc. common shares to shares of Common Stock of the Company at a conversion ratio of approximately 3.59:1. See Note 3.


		Three months ended June 30, 2022		Three months ended June 30, 2021		Six months ended June 30, 2022		Six months ended June 30, 2021			Three months ended March 31, 2023		Three months ended March 31, 2022
Net loss attributable to common stockholders	Net loss attributable to common stockholders	$	24,580,247	$	8,804,658	$	40,960,821	$	14,589,079	Net loss attributable to common stockholders	$	16,530,671	$	16,380,574
Weighted-average common shares outstanding-basic and diluted	Weighted-average common shares outstanding-basic and diluted	90,124,295		57,582,025		90,123,288		57,116,747		Weighted-average common shares outstanding-basic and diluted	105,660,655		90,122,269
Net loss per share attributable to common stockholders-basic and diluted	Net loss per share attributable to common stockholders-basic and diluted	$	0.27	$	0.15	$	0.45	$	0.26	Net loss per share attributable to common stockholders-basic and diluted	$	0.16	$	0.18

The Company’s potentially dilutive securities, which include stock options, ~~and warrants,~~ have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. The Company's performance share units are considered contingently issuable shares for the purpose of the computation of loss per share and have been excluded on the basis that as at March 31, 2023, the performance condition for vesting had not been achieved. Therefore, the weighted-average number of shares of Common Stock outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same.

~~14.~~13. Income Taxes

The Company calculates its interim tax provision, at the end of each interim period, the Company estimates the annual effective tax rate and applies that to its ordinary quarterly earnings. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in foreign jurisdictions, permanent and temporary differences between book and tax amounts, and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information is obtained or as the tax environment changes.

The Company has operations in both the United States and Canada, as such it is subject to tax in both countries. The income tax expense for the three months ended ~~June 30,~~March 31, 2023 and March 31, 2022 was $(238,642) and ~~June 30, 2021 was $183,405 and $123,782 respectively, and the~~$88,116 respectively. The income tax ~~expense~~benefit for the ~~six~~three months ended ~~June 30,~~March 31, 2023, consists primarily of tax benefit for research and development tax credits partially offset by current taxes in Canada. The income tax benefit for the three months ended March 31, 2022, ~~and June 30, 2021 was $271,521 and $164,207 respectively, each primarily in respect~~consists of current taxes in Canada. ~~As of June 30, 2022, the Company had no uncertain tax positions (December 31, 2021 — $nil).~~

The Company files income tax returns in the U.S. federal, certain state, and Canada with varying statutes of limitations. The Company is not currently subject to tax examinations by any taxing jurisdiction. However, in the event of any such

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examination, ~~of its tax years 2020 and 2021,~~ there may or may not be an impact on the Company’s net operating loss carryforwards and credits. The Company does not anticipate that any potential tax adjustments resulting from such examinations would have a significant impact on its financial position or results of operations.

OnAs of March ~~27, 2020,~~31, 2023, the ~~Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was passed into law. The CARES Act includes several~~Company believes no significant ~~business~~changes in the unrecognized tax ~~provisions including modification to~~benefits will occur within the ~~taxable income limitation for utilization~~next 12 months.

Table of net operating losses incurred in 2020 and 2021, an increase to the limitation on deductibility of certain business interest expense, bonus depreciation for purchases of qualified improvement property and special deductions on certain corporate charitable contributions. The Company analyzed the provisions of the CARES Act and determined there was no impact to its income tax provision for the three and six months ended June 30, 2022 and 2021.Contents

~~15.~~14. Related party transactions

The Company recognized expenses in connection with related party transactions in the unaudited interim condensed consolidated statements of operations as follows:


		Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
		$	$	$	$		Three months ended March 31, 2023		Three months ended March 31, 2022
Consulting fees on business activities to Board member	Consulting fees on business activities to Board member	102,396	53,892	169,092	83,878	Consulting fees on business activities to Board member	$	174,415	$	66,696
Reimbursement to Board member for occupancy costs	Reimbursement to Board member for occupancy costs	17,898	19,584	35,676	36,819	Reimbursement to Board member for occupancy costs	17,419		17,778
Total	Total	120,294	73,476	204,768	120,697	Total	$	191,834	$	84,474

Transactions with related parties are in the normal course of operations and have been measured at their agreed upon exchange amount.

During the ~~three and six-month~~three-month periods ended ~~June 30,~~March 31, 2023 and 2022, ~~and 2021,~~ the Company received consulting services for research and development from a Board member. As of ~~June 30, 2022, $47,389~~March 31, 2023, $107,650 is recorded within accrued liabilities in relation to this consulting arrangement.

The Company currently has a lease arrangement in place with a Board member for the use of office space. The arrangement does not have a defined contractual lease term and is payable monthly. The Company has applied the short-term lease exemption under ASC Topic 842, Leases to this arrangement and is recording the lease payments of approximately $6,000 monthly as rent expense.

~~16.~~15. Subsequent ~~event~~events

License Agreement Amendments

On April 17, 2023, POINT Biopharma Inc. entered into the Amendments to that certain sublicense agreement, dated November 14, 2019, between POINT Biopharma Inc. and Scintomics. Pursuant to the Amendments, the exclusive, sublicensable, license is expanded to include all geographies worldwide and the Company will have increased flexibility in connection with sublicense arrangements. In consideration, the Company will make a payment of €2.15 million as well as minimum annual licenses fees ranging from €10-50 thousand. The Company is also obligated to make an additional milestone payment to Scintomics of €5 million upon the achievement of a specified regulatory milestone.

Convertible Note

On ~~July 11, 2022~~May 7, 2023, POINT Biopharma Inc. entered into a Convertible Note Purchase Agreement (the "Convertible Note Agreement") with Ionetix Alpha Corporation ("Ionetix-α"), a subsidiary of IONETIX Corporation. Pursuant to the ~~SEC declared effective our shelf registration statement on Form S-3 (the “S-3”) that allows~~Convertible Note Agreement, upon execution and subject to certain closing conditions, the Company will purchase $10 million in unsecured promissory notes convertible into common stock of Ionetix-α at a conversion price that is subject to ~~offer and sell to~~certain conditions as defined in the public up to $400,000,000 of our Common Stock, preferred stock, debt securities, warrants to purchase our Common Stock, preferred stock or debt securities, subscription rights to purchase our Common Stock, preferred stock or debt securities and/or units consisting of some or all of these securities, from time to time in one or more offerings. The details of any future offerings, along withConvertible Note Agreement.

Supply Agreement

On May 10, 2023, the ~~use of proceeds from any securities offered, will be described in a prospectus supplement or other offering materials, at~~Company entered into the ~~time of offering. Also covered under the S-3 as part of the $400,000,000 total amount is an at-the-market offering (“ATM”) of up to $150,000,000 of our Common Stock~~Irradiation Agreement, pursuant to ~~a distribution agreement with Piper Sandler & Co. To date, we have not sold any Common Stock under~~which the ~~ATM or any equity under the S-3 and have no current plans~~Company will receive irradiation services to ~~issue additional equity, but have the S-3 and the ATM available if needed.~~irradiate 176Yb. See Note 11.

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ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read together with our unaudited interim condensed consolidated financial statements and notes thereto for the three ~~and six~~ months ended ~~June 30, 2022 and 2021~~March 31, 2023 (the ~~“Q2 2022~~“Q1 2023 Financial Statements”) appearing elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements and notes thereto for the periods ended December 31, 2022 and 2021 ~~and 2020~~ (the ~~“2021~~“2022 Financial Statements”) contained in our Annual Report on Form 10-K for the fiscal year ended December 31, ~~2021,~~2022, as filed with the Securities and Exchange Commission ("SEC") on March ~~25, 2022~~27, 2023 (the ~~"2021~~"2022 Form 10-K"). Please also see the section entitled “Cautionary Note Regarding Forward-Looking Statements.”

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking statements” which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions (including the negative of any of the foregoing) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These factors include, but ~~are~~ not limited to, the following:

•the success, cost and timing of our product development activities and clinical trials, our plans for clinical development of our product candidates and the initiation and completion of any other clinical trials and related preparatory work and the expected timing of the availability of results of the clinical trials;

•our ability to recruit and enroll suitable patients in our clinical trials;

•the potential attributes and benefits of our product candidates;

•our ability to obtain and maintain regulatory approval for our product candidates, and any related restrictions, limitations or warnings in the label of an approved product candidate;

•our ability to obtain funding for our operations, including funding necessary to complete further development, approval and, if approved, commercialization of our product candidates;

•the period over which we anticipate our existing cash and cash equivalents will be sufficient to fund our operating expenses and capital expenditure requirements;

•the potential for our business development efforts to maximize the potential value of our portfolio;

•our ability to identify, in-license or acquire additional product candidates;

•our ability to maintain the license agreements underlying our product candidates;

•our ability to compete with other companies currently marketing or engaged in the development of treatments for the indications that we are pursuing for our product candidates;

•our expectations regarding our ability to obtain and maintain intellectual property protection for our product candidates and the duration of such protection;

•our ability to contract with and rely on third parties to assist in conducting our clinical trials and manufacture our product candidates;

•the development and expansion of our own manufacturing facility in Indianapolis, Indiana and the ability of this facility to provide adequate production capacity to meet future clinical and commercial demands for our product candidates;

•the size and growth potential of the markets for our product candidates, and our ability to serve those markets, either alone or in partnership with others;

•the rate and degree of market acceptance of our product candidates, if approved;

•the pricing and reimbursement of our product candidates, if approved;

•regulatory developments in the United States and foreign countries;

•the impact of laws and regulations;

•our ability to attract and retain key scientific, medical, commercial or management personnel;

•our estimates regarding expenses, future revenue, capital requirements and needs for additional financing;

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•our financial performance;

•the ability to recognize the anticipated benefits of the Business Combination, as defined below, which may be affected by, among other things, competition and our ability to grow and manage growth profitably;

•~~our estimates regarding expenses, future revenue, capital requirements and needs for additional financing;~~

•the level of activity in the trading market for our Common Stock and the volatility of the market price of our common stock, par value $0.0001 per share ("Common ~~Stock;~~Stock");

•the effect of the COVID-19 ~~coronavirus (“COVID-19”)~~ pandemic, ~~and~~the Russo-Ukrainian conflict and/or bank failures on the foregoing; and

•other factors detailed under the section entitled “Risk Factors” in the ~~2021~~2022 Form 10-K.

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These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in the ~~2021~~2022 Form 10-K. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Some of these risks and uncertainties may in the future be amplified by the COVID-19 outbreak, the Russo-Ukrainian conflict and/or adverse developments affecting the financial services industry and there may be additional risks that we consider immaterial or which are unknown. It is not possible to predict or identify all such risks. Readers are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to the risk factors. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Overview

Introduction

We are a globally focused ~~radiopharmaceutical~~radioligand company building a platform for the clinical development and commercialization of radioligands that fight cancer. We have a pipeline of product candidates and early-stage development programs, in-house manufacturing capabilities, and a secured supply for rare medical isotopes like ~~Actinium-225~~actinium-225 ("225Ac") and ~~Lutetium-177~~lutetium-177 ("177Lu").

Our team brings decades of combined experience in ~~radiopharmaceutical~~radioligand clinical development and manufacturing. In a space where supply chain is often overlooked, the Company has carved out a unique advantage for itself: a 100% ~~company-owned~~Company-owned facility, located in Indianapolis, Indiana, which includes an office space occupying 10,500 square feet and a manufacturing facility occupying 70,200 square feet, and which we believe has the capacity for expansion to commercially supply both North America and Europe with large volumes. Furthermore, management has leveraged their prior relationships to assemble resilient radioisotope supply chains for the Company, which even includes manufacturing the Company's own ~~n.c.a.~~no-carrier-added ("n.c.a"). 177Lu isotope in-house.

Our predecessor was incorporated on September 18, 2019 ~~(“Inception”)~~ as POINT Theranostics Inc. under the DGCL and subsequently amended its name to “POINT Biopharma Inc.” on November 22, 2019. ~~Subsequent to the Business Combination,~~ POINT Biopharma Inc. became a wholly-owned subsidiary of POINT Biopharma Global Inc. (together with its consolidated subsidiaries, “POINT” or the “Company”) pursuant to a merger on June 30, 2021.

~~Business Combination~~

On June 30, 2021, we consummated the Business Combination with POINT Biopharma Inc., pursuant to the terms of the Business Combination Agreement, dated as of March 15, 2021, by and among Therapeutics Acquisition Corp. ("RACA"), Bodhi Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of RACA ("Merger Sub"), and POINT Biopharma Inc. Pursuant to the Business Combination Agreement, on the closing date, (i) Merger Sub merged with and into POINT Biopharma Inc., with POINT Biopharma Inc. as the surviving company in the Business Combination as a wholly-owned subsidiary of RACA and (ii) RACA changed its name to “POINT Biopharma Global Inc.”

In accordance with the terms and subject to the conditions of the Business Combination Agreement, at the effective time of the Business Combination, (i) each share and vested equity award of POINT Biopharma Inc. outstanding as of immediately prior to the effective time was exchanged for shares of the Common Stock of POINT or comparable vested equity awards that are exercisable for shares of Common Stock, as applicable, based on an implied POINT Biopharma Inc. vested equity value of $585,000,000 (which results in a conversion ratio of approximately 3.59:1); (ii) all unvested equity awards of

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POINT Biopharma Inc. were exchanged for comparable unvested equity awards that are exercisable for shares of Common Stock, determined based on the same exchange ratio at which the vested equity awards were exchanged for shares of Common Stock; and (iii) each share of Class A Common Stock of RACA and each share of Class B common stock, par value $0.0001 per share, of RACA that was issued and outstanding immediately prior to the effective time became one share of Common Stock following the consummation of the Business Combination.

In addition, concurrently with the execution of the Business Combination Agreement, on March 15, 2021, RACA entered into Subscription Agreements with certain investors (the "PIPE Investors"), pursuant to which the PIPE Investors agreed to subscribe for and purchase, and RACA agreed to issue and sell to the PIPE Investors, an aggregate of 16,500,000 shares of Class A Common Stock at a price of $10.00 per share, for aggregate gross proceeds of $165,000,000 (the "PIPE Financing"). The PIPE Financing was consummated concurrently with the closing of the Business Combination. We received net proceeds of approximately $260.0 million consisting of proceeds of the PIPE Financing and the proceeds remaining in RACA’s trust account. Transaction costs of approximately $27.0 million consisted of investment banker, legal, audit, tax, accounting, consulting, insurance, board retainer fees and listing fees.

Recent Developments

PNT2002: 177Lu-based PSMA-targeted radiopharmaceutical

~~In April 2022,~~Subsequent to the ~~Company dosed its first European Union patient~~quarter, we announced the U.S. Food and Drug Administration (FDA) granted Fast Track designation for 177Lu-PNT2002 for the treatment of metastatic castration resistant prostate cancer (mCRPC). Fast track is a process designed to facilitate the development and expedite the review of drugs to treat serious conditions and address unmet medical needs. Enrollment in ~~the SPLASH trial. The~~PNT2002's SPLASH trial (NCT04647526) is ~~currently enrolling patients across 53 sites in North America, Europe,~~complete and ~~UK, and site activations remain ongoing to expedite accrual. The Company continues to expect to report~~ top line data ~~from SPLASH mid-2023.~~is expected in the second half of 2023.

PNT2004: fibroblast activation protein-alpha (FAP-alpha) inhibitor

~~The Company filed a~~We initiated our phase 1 FRONTIER clinical trial ~~application (CTA) with Health~~for PNT6555 in July 2022 in Canada ~~at the end~~using a 68Ga-based PNT6555 molecular imaging agent to select patients to receive a n.c.a. 177Lu-based PNT6555 therapeutic agent. FRONTIER's clinical protocol evaluates PNT6555 in approximately 30 patients in five FAP-avid cancer indications: colorectal, pancreatic, esophageal, melanoma, and soft tissue sarcoma. Enrollment in cohort 3 of the ~~first~~phase 1 FRONTIER trial (NCT05432193) began in the second quarter of ~~2022~~2023, and a total of seven participants have been dosed with 177Lu-PNT6555 to date. We anticipate data from the full FRONTIER study to be available in the first half of 2024.

PNT2001: 225Ac-labelled next-generation PSMA-targeted radiopharmaceutical

PNT2001 builds on POINT’s first-generation, lutetium-based program with a next-generation ligand optimized for ~~PNT6555,~~use with the alpha-emitting radioisotope actinium-225. The lead of the ~~pan-cancer PNT2004 fibroblast activation protein-alpha (FAP-alpha) targeted~~PNT2001 program ~~and~~is 225Ac-PSMA-62. We now anticipate a ~~No Objection Letter was received from Health Canada~~

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health authority submission for 225Ac-PSMA-62 in ~~May 2022. The~~Q4 2023, with the first patient ~~was dosed~~expected for a phase 1 clinical trial in ~~FRONTIER in July 2022.~~Q1 2024.

~~The Company also presented posters on PNT6555 at two recent academic conferences including~~To ensure consistent and reliable supply ahead of our first 225Ac in-human trial, we expanded our partnership with Ionetix and recently added another supplier in Eckert & Ziegler. We have established redundant 225Ac supply with partners who have access to rare thorium and radium sources, and who are pursuing a variety of production methods. Our partners include the ~~American Association~~U.S. Department of Energy Isotope Program (managed by the Office of Isotope R&D and Production), as well as agreements for ~~Cancer Research (AACR) 2022 Annual Meeting in April 2022,~~future access from Ionetix, TerraPower, NorthStar Medical Radioisotopes, and ~~the Society for Nuclear Medicine and Molecular Imaging (SNMMI) 2022 Annual Meeting in June 2022.~~Eckert & Ziegler.

~~Management~~Manufacturing & Supply Chain Updates

In ~~June 2022,~~February 2023, we entered into a Facility Agreement with University Health Network (“UHN”) that authorizes us to access and utilize a 7,700 square foot, licensed research and development space with cGMP manufacturing suites. The facility is fully operational, licensed for alpha, beta, gamma, and positron emitters, has a PETtraceTM 800 cyclotron and hot cells, and is located in Toronto, Canada, in a translational institute & research hospital network. The facility, now referred to as the ~~Company appointed Chris Horvath as Executive Vice President, Commercial. Mr. Horvath brings almost twenty years~~POINT Institute for Radioligand Innovation ("PIRI"), will be used to develop and expand our pipeline of ~~experience in the pharmaceutical industry, having led or worked on the launch of a number of key oncology products, including Pluvicto (lutetium~~ ~~177Lu vipivotide tetraxetan), Locametz (gallium~~ 68~~Ga gozetotide), Nubeqa (darolutamide), and Zytiga (abiraterone acetate). In his new role at POINT, Mr. Horvath will lead the commercial strategy for POINT’s pipeline.~~next-generation radiopharmaceuticals.

~~Mr. Horvath began his career~~In April 2023, we announced an agreement for the supply of actinium-225 (225Ac) with Eckert & Ziegler. Eckert & Ziegler will provide predetermined amounts of GMP grade 225Ac to POINT for use in the development of POINT’s pipeline of next generation 225Ac-based radioligands. In addition to our manufacturing facility in Indianapolis, Indiana, we also maintain active relationships with radiopharmaceutical contract manufacturers and isotope suppliers across multiple geographies.

In May 2023, we announced a collaboration to create Ionetix Alpha Corp. (Ionetix-α). Ionetix-α, a new subsidiary of IONETIX Corp., is focused on near-term, commercial-scale production of GMP grade therapeutic isotopes, such as a scientist, working at both DuPont and Novartis Institutes for BioMedical Research. He then transitioned to commercial roles of increasing responsibility at Janssen, Dendreon, Merck, Bayer, and most recently Advanced Accelerator Applications (Novartis)225Ac. IONETIX has transferred its alpha therapy isotope business assets into Ionetix-α. ~~Mr. Horvath holds a BSc in Chemistry & Biology from Wilfrid Laurier University, a MSc in Analytical Science from the University of Guelph, and an MBA from Rutgers Business School.~~POINT will invest $10 million into Ionetix-α.

Risks & Liquidity

Drug research and development is very expensive and involves a high degree of risk. Only a small number of research and development programs result in the commercialization of a product. We will not generate revenue from product sales unless and until we successfully complete clinical development ~~and~~of, are able to obtain regulatory approval for and successfully commercialize, the product candidates we are currently developing or may develop. We currently do not have any product candidates approved for commercial sale.

Our product candidates, currently under development or that we may develop, will require significant additional research and development efforts, including extensive clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance and reporting capabilities. There can be no assurance that our research and development activities will be successfully completed, that adequate protection for our licensed or developed technology will be obtained and maintained, that products developed will obtain necessary regulatory approval or that any approved products will be commercially viable.

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If we obtain regulatory approval for one or more of our product candidates, we expect to incur significant expenses related to developing our commercialization capabilities to support product sales, marketing, and distribution activities, either alone or in collaboration with others. ~~Further, as a public company following~~Prior to the Business Combination, we have incurred and expect to continue incurring additional costs associated with operating as a public company. As a result, we will require substantial additional funding to support our continuing operations and pursue our growth strategy.

~~We have~~Lantheus License Agreements, the Company had incurred significant net losses ~~since our Inception~~ and ~~have relied on the ability to fund~~had funded operations primarily through equity financings. ~~We expect to continue to incur significant operating~~Operating losses and ~~net losses, as well as~~ negative cash flows were incurred during the three months ended March 31, 2023 and are expected to be incurred in the future.

In September 2022, POINT closed a previously announced underwritten public offering of approximately 15,500,000 shares of Common Stock at a public offering price of $9.00 per share (the "2022 Public Offering"). The gross proceeds to the Company from ~~operations, for~~ the ~~foreseeable future as we continue to complete clinical trials for our products~~2022 Public Offering, before deducting underwriting discounts and ~~prepare for potential future regulatory approvals~~commissions and commercialization of our products, if approved. We have not generated any revenue to date and do not expect to generate product revenue unless and until we successfully complete development and obtain regulatory approval for at least one of our product candidates.

other estimated offering expenses, were approximately $140.0 million. We believe that the net proceeds from the ~~Business Combination~~2022 Public Offering and ~~PIPE Financing,~~the Lantheus License Agreements, together with our available resources and existing cash, cash equivalents and investments, are sufficient to fund our operating expenses and capital expenditure requirements into 2026. However, this does not reflect the ~~first quarter~~possibility that we may not be able to access a portion of ~~2024.~~our existing cash, cash equivalents and investments due to market conditions. If additional banks and financial institutions enter receivership or become insolvent in the future in response to financial conditions affecting the banking system and financial markets, our ability to access our

~~As losses continue to~~

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cash and cash equivalents and investments may be ~~incurred, we~~threatened and could have a material adverse effect on our business and financial condition.

We are subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, successful discovery and development of our product candidates, development by competitors of new technological innovations, dependence on key personnel, the ability to attract and retain qualified employees, protection of proprietary technology, compliance with governmental regulations, the impact of ~~macroeconomic disruptions, such as those arising from the~~ COVID-19, ~~pandemic and the Russo-Ukrainian conflict,~~ the ability to secure additional capital to fund operations and commercial success of our product candidates. Product candidates currently under development will require extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel, ~~and~~ infrastructure and extensive compliance-reporting capabilities. Even if our drug development efforts are successful, it is uncertain when, if ever, we will realize significant revenue from product sales.

We anticipate that our expenses will increase significantly in connection with our ongoing activities, as we:

•advance our clinical-stage product ~~candidates:~~candidates 177~~Lu-PNT2003~~Lu-PNT2002 and 177~~Lu-PNT2002~~Lu-PNT6555 through clinical development;

•advance our ~~preclinical stage~~preclinical-stage product ~~candidates:~~candidate ~~177~~225~~Lu-PNT2004,~~ ~~177Lu-PNT2001,~~Ac-PSMA-62, along with candidates developed with our CanSEEKTM Prodrug Platform, into clinical development;

•seek to identify, acquire, and develop additional product candidates, including through business development efforts to invest in or in-license other technologies or product candidates;

•hire additional clinical, quality control, medical, scientific, and other technical personnel to support our clinical operations;

•expand our operational, financial and management systems and increase personnel to support our operations;

•meet the requirements and demands of being a public company;

•maintain, expand, and protect our intellectual property portfolio;

•make milestone, royalty, or other payments due under various in-license or collaboration agreements;

•seek regulatory approvals for any product candidates that successfully complete clinical trials; and

•undertake any pre-commercialization activities to establish sales, marketing, and distribution capabilities for any product candidates for which we may receive regulatory approval in regions where we choose to commercialize our products on our own or jointly with third parties.

COVID-19 Pandemic and other geopolitical events

The COVID-19 pandemic ~~which was declared by the World Health Organization as a pandemic in March 2020 and has since spread worldwide,~~ has caused many governments to implement measures to slow the spread of the outbreak through quarantines, travel restrictions, heightened border security and other measures. The U.S. Department of Health and Human Services let the public health emergency declaration of COVID-19 expire on May 11, 2023 and the World Health Organization ended the global emergency status for COVID-19 on May 5, 2023. Although the impact has lessened and many of ~~this pandemic has~~the protective measures associated therewith have been ~~and will likely~~terminated, COVID-19 may continue to ~~be, extensive in many aspects of society, which has resulted, and will likely continue to result, in significant disruptions to~~affect the global economy as well as businesses and capital markets around the world. ~~The~~

Further, general macroeconomic trends, including rising inflation rates, rising interest rates, as well as recent and potential future ~~progression of the pandemic~~disruptions in access to bank deposits or lending commitments due to bank failure, sustained supply chain disruptions, and ~~its effects on~~any resulting recession, depression or other sustained adverse market event could materially and adversely affect our business, ~~and operations are uncertain.~~

In response to public health directives and orders and to help minimize the risk of the virus to employees, we have taken precautionary measures, including implementing work-from-home policies, mandatory vaccination, masking and weekly testing for certain employees. The impact of the virus, including work-from-home policies, may negatively impact

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productivity, disrupt our business, and delay our preclinical research and clinical trial activities and our development program timelines, the magnitude of which will depend, in part, on the length and severity of the restrictions and other limitations on our ability to conduct our business in the ordinary course. Specifically, we may not be able to fulfill enrollment expectations on our planned timeline or visit clinics to conduct on-site monitoring due to disruptions at our clinical trial sites. We are currently unable to predict when potential disruptions to our clinical programs resulting from the pandemic will resolve. Other impacts to our business may include temporary closures of our suppliers and disruptions or restrictions on our employees’ ability to travel. Any prolonged material disruption to our employees or suppliers could adversely impact our preclinical research and clinical trial activities, financial condition, ~~and~~ results of operations ~~including~~and the value of our ~~ability to obtain financing.~~Common Stock.

Additionally, financial markets may be adversely affected by the current or anticipated impact of military conflict, including escalating military fighting between Russia and Ukraine, terrorism or other geopolitical events. The U.S. and other nations in response to the Russo-Ukrainian conflict have announced economic sanctions which may have an adverse effect on the global financial markets, which, in turn, could have an adverse effect on our business, financial condition and results of operations. The Company's SPLASH trial has vendor staff in Ukraine, and any political instability in the region may disrupt resourcing assigned to the trial and negatively impact our business.

We are monitoring the ~~continuing~~potential impact of the COVID-19 pandemic, ~~and~~ the ~~potential~~ impact of the Russo-Ukrainian conflict and adverse developments affecting the financial services industry on our business and ~~consolidated~~ financial ~~statements.~~results. To date, we have not experienced any material business disruptions or incurred any impairment losses in the carrying values of our assets as a result of these events and we are not aware of any specific related event or circumstance that would require us to revise our estimates reflected in the ~~Q2 2022~~Q1 2023 Financial Statements.

Components of Operating Results

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See Item 7. “Management's Discussion and Analysis of Financial Condition and Results of Operations - Components of Operating Results” in our ~~2021~~2022 Form 10-K, for a discussion of the nature of our operating expense line items within our accompanying ~~Condensed Consolidated Statements~~condensed consolidated statements of ~~Operations.~~operations.

Results of Operations

The following table summarizes our results of operations for the three months ended ~~June 30, 2022~~March 31, 2023 and ~~2021:~~2022:


		For the three months ended June 30, 2022	For the three months ended June 30, 2021	Change				For the three months ended March 31, 2023	For the three months ended March 31, 2022	Change
(In U.S. dollars)	(In U.S. dollars)	$	$	$	%		(In U.S. dollars)	$	$	$	%
Revenue							Revenue
Other revenue							Other revenue	9,457,264	—	9,457,264	100.0	%
Total revenue							Total revenue	9,457,264	—	9,457,264	100.0	%
Operating expenses:	Operating expenses:						Operating expenses:
Research and development	Research and development	20,813,882	6,700,862	14,113,020	210.6	%	Research and development	26,910,472	12,500,848	14,409,624	115.3	%
General and administrative	General and administrative	4,080,401	1,949,552	2,130,849	109.3	%	General and administrative	5,010,129	3,807,942	1,202,187	31.6	%
Total operating expenses	Total operating expenses	24,894,283	8,650,414	16,243,869	187.8	%	Total operating expenses	31,920,601	16,308,790	15,611,811	95.7	%
Loss from operations	Loss from operations	(24,894,283)	(8,650,414)	(16,243,869)	187.8	%	Loss from operations	(22,463,337)	(16,308,790)	(6,154,547)	37.7	%
Other income (expenses):	Other income (expenses):						Other income (expenses):
Finance income (costs)		509,700	(2,863)	512,563	(17,903.0)	%
Investment income							Investment income	5,764,214	47,973	5,716,241	11,915.5	%
Foreign currency loss	Foreign currency loss	(12,259)	(27,599)	15,340	(55.6)	%	Foreign currency loss	(70,190)	(31,641)	(38,549)	121.8	%
Total other income (expenses)	Total other income (expenses)	497,441	(30,462)	527,903	(1733.0)	%	Total other income (expenses)	5,694,024	16,332	5,677,692	34,764.2	%
Loss before provision for income taxes		(24,396,842)	(8,680,876)	(15,715,966)	181.0	%
Provision for income taxes		(183,405)	(123,782)	(59,623)	48.2	%
Loss before income taxes							Loss before income taxes	(16,769,313)	(16,292,458)	(476,855)	2.9	%
Income tax benefit (provision)							Income tax benefit (provision)	238,642	(88,116)	326,758	370.8	%
Net loss	Net loss	(24,580,247)	(8,804,658)	(15,775,589)	179.2	%	Net loss	(16,530,671)	(16,380,574)	(150,097)	0.9	%

Research and Development

The following table summarizes the components of research and development expense for the three months ended ~~June 30, 2022~~March 31, 2023 and ~~2021:~~2022:

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		For the three months Ended June 30, 2022	For the three months Ended June 30, 2021	Change				For the three months ended March 31, 2023	For the three months ended March 31, 2022	Change
(In U.S. dollars)	(In U.S. dollars)	$	$	$	%		(In U.S. dollars)	$	$	$	%
Clinical trials	Clinical trials	8,286,606	2,419,972	5,866,634	242.4	%	Clinical trials	8,888,420	4,729,141	4,159,279	87.9	%
Salaries and benefits	Salaries and benefits	4,312,716	1,568,283	2,744,433	175.0	%	Salaries and benefits	6,643,811	3,738,530	2,905,281	77.7	%
Sponsored research & product licenses		3,805,325	1,460,982	2,344,343	160.5	%
Contract manufacturing	Contract manufacturing	3,374,158	1,170,677	2,203,481	188.2	%	Contract manufacturing	8,232,349	2,709,583	5,522,766	203.8	%
Depreciation and overhead	Depreciation and overhead	975,241	—	975,241	100.0	%	Depreciation and overhead	2,349,513	508,221	1,841,292	362.3	%
Sponsored research & product licenses							Sponsored research & product licenses	500,000	750,000	(250,000)	(33.3)	%
Regulatory consulting	Regulatory consulting	59,836	80,948	(21,112)	(26.1)	%	Regulatory consulting	296,379	65,373	231,006	353.4	%
Total	Total	20,813,882	6,700,862	14,113,020	210.6	%	Total	26,910,472	12,500,848	14,409,624	115.3	%

For the three months ended ~~June 30, 2022~~March 31, 2023 as compared to the three months ended ~~June 30, 2021,~~March 31, 2022, the increase in research and development expense was primarily due to increases in (a) costs incurred in clinical trials and contract manufacturing as we continue to increase the scale of our trials and operations, (b) personnel costs as the Company continues to expand its research and development headcount, most notably in our Indianapolis manufacturing facility and (c) depreciation and overhead related to our manufacturing facility. This was partially offset by decreased costs associated with our licensing agreements and related sponsored research in connection with our product candidates both preclinical and ~~clinical, including a $2,000,000 expense related to~~clinical. For the ~~amendment fee in connection~~three months ended March 31, 2023, the Company incurred approximately $11.6 million and $1.2 million of direct costs associated with ~~the exclusive global licensing agreement with Bach Biosciences~~its PNT2002 and ~~(d)~~PNT2003 programs, respectively. These figures exclude amounts for salaries and benefits, depreciation and overhead ~~related to our manufacturing facility. Although the Company does~~costs which are not ~~currently track its research and development expenditures~~allocated by ~~product, it intends to begin tracking such expenditures by product in the near future.~~program.

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General and administrative

~~For~~General and administrative expenses increased for the three months ended ~~June 30, 2022~~March 31, 2023 as compared to the three months ended ~~June 30, 2021,~~March 31, 2022, primarily in connection with increased headcount compared to the increase in general and administrative expenses was primarily due to increased (a) personnel costs as the Company continues to expand its finance, information technology, human resources and other administrative headcount, and (b) insurance, legal, professional and consulting services, as the Company continues to increase the scale of its operations.prior year period.

Other Income (Expenses)

For the three months ended ~~June 30,~~March 31, 2023 and 2022, other income (expenses) consist mainly of (a) interest and other income earned on the Company's cash, cash equivalents and investments, partially offset by (b) a foreign exchange loss primarily associated with foreign currency transactions occurring within the Company’s Canadian subsidiary. ~~For~~The increase in the ~~three months ended June 30, 2021, other expenses mainly consisted of (i) a foreign exchange loss associated with foreign currency transactions~~current period reflects the increase in investments primarily ~~occurring within the Company’s Canadian subsidiary, and (ii) accretion expense related to the amortization of capitalized transaction costs~~ in connection with ~~our previous mortgage payable.~~cash received in connection with equity financings and the Lantheus License Agreements.

Income Tax Expense

For the three months ended ~~June 30, 2022 and 2021,~~March 31, 2023, income tax ~~expense consisted~~benefit consists primarily of estimated research and development tax credits available for carryback. This is partially offset by taxes owing in Canada in relation to taxable income generated through management and research and development services performed by the Canadian subsidiary of the Company.

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~~Results of Operations~~

~~The following table summarizes our results of operations for~~ For the ~~six~~three months ended ~~June 30,~~March 31, 2022, ~~and 2021:~~

For the six
months
Ended
June 30,
2022 For the six
months
Ended
June 30,
2021 Change
(In U.S. dollars) $ $ $ %
Operating expenses:
Research and development 33,314,730 10,970,160 22,344,570 203.7 %
General and administrative 7,888,343 3,414,244 4,474,099 131.0 %
Total operating expenses 41,203,073 14,384,404 26,818,669 186.4 %
Loss from operations (41,203,073) (14,384,404) (26,818,669) 186.4 %
Other income (expenses):
Finance income (costs) 557,673 (5,662) 563,335 (9,949.4) %
Foreign currency loss (43,900) (34,806) (9,094) 26.1 %
Total other income (expenses) 513,773 (40,468) 554,241 (1369.6) %
Loss before provision for income taxes (40,689,300) (14,424,872) (26,264,428) 182.1 %
Provision for income taxes (271,521) (164,207) (107,314) 65.4 %
Net loss (40,960,821) (14,589,079) (26,371,742) 180.8 %

~~Research and Development~~

~~The following table summarizes the components of research and development expense for the six months ended June 30, 2022 and 2021:~~

For the six
months
Ended
June 30,
2022 For the six
months
Ended
June 30,
2021 Change
(In U.S. dollars) $ $ $ %
Clinical trials 13,015,747 4,213,751 8,801,996 208.9 %
Salaries and benefits 8,051,246 2,586,653 5,464,593 211.3 %
Contract manufacturing 6,083,741 1,533,770 4,549,971 296.7 %
Sponsored research & product licenses 4,555,325 2,383,269 2,172,056 91.1 %
Depreciation and overhead 1,483,462 — 1,483,462 100.0 %
Regulatory consulting 125,209 252,717 (127,508) (50.5) %
Total 33,314,730 10,970,160 22,344,570 203.7 %

For the six months ended June 30, 2022 as compared to the six months ended June 30, 2021, the increase in research and development expense was primarily due to increases in (a) costs incurred in clinical trials and contract manufacturing as we continue to increase the scale of our trials and operations, (b) increased personnel costs as the Company continues to expand its research and development headcount, (c) costs associated with our licensing agreements and related sponsored research in connection with our product candidates both preclinical and clinical, including a $2,000,000 expense related to the amendment fee in connection with the exclusive global licensing agreement with Bach Biosciences and (d) depreciation and overhead related to our manufacturing facility. Although the Company does not currently track its research and development expenditures by product, it intends to begin tracking such expenditures by product in the near future.

~~General and administrative~~

For the six months ended June 30, 2022 as compared to the six months ended June 30, 2021, the increase in general and administrative expenses was primarily due to increased (a) personnel costs as the Company continues to expand its finance, information technology, human resources and other administrative headcount, and (b) insurance, legal, professional and consulting services, as the Company continues to increase the scale of its operations.

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~~Other Income (Expenses)~~

For the six months ended June 30, 2022, other income (expenses) consist mainly of (a) interest and other income earned on the Company's cash, cash equivalents and investments, partially offset by (b) a foreign exchange loss primarily associated with foreign currency transactions occurring within the Company’s Canadian subsidiary. For the six months ended June 30, 2021, other expenses mainly consisted of (i) a foreign exchange loss associated with foreign currency transactions primarily occurring within the Company’s Canadian subsidiary, and (ii) accretion expense related to the amortization of capitalized transaction costs in connection with our previous mortgage payable.

~~Income Tax Expense~~

~~For the six months ended June 30, 2022 and 2021,~~ income tax expense consisted primarily of taxes owing in Canada in relation to taxable income generated through management and research and development services performed by the Canadian subsidiary of the Company.

Liquidity and Capital Resources

Sources of Liquidity and Capital

~~We have~~Prior to the Lantheus License Agreements, the Company had incurred significant net losses ~~since the Company’s inception~~ and ~~currently rely on the proceeds for the Business Combination to fund our operations.~~had funded operations primarily through equity financings. Operating losses and negative cash flows ~~from operations~~were incurred in the three months ended March 31, 2023 and ~~investing activities~~ are expected to ~~continue for the foreseeable future. As losses continue to~~ be incurred wein future periods. We are subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, successful discovery and development of our product candidates, development by competitors of new technological innovations, dependence on key personnel, the ability to attract and retain qualified employees, protection of proprietary technology, compliance with governmental regulations, the impact of COVID-19, the ability to secure additional capital to fund operations and commercial success of our product candidates. Product candidates currently under development will require extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel, and infrastructure and extensive compliance-reporting capabilities. Even if our drug development efforts are successful, it is uncertain when, if ever, we will realize significant revenue from product sales.

Net losses totaled ~~$24.6~~$16.5 million and ~~$8.8~~$16.4 million for the three months ended ~~June 30,~~March 31, 2023 and 2022, ~~and 2021, respectively and $41.0 million and $14.6 million for the six months ended June 30, 2022 and 2021,~~ respectively.

On ~~January 28, 2021, warrants for the purchase of common~~September 16, 2022, we issued 13,900,000 shares of ~~POINT Biopharma Inc. were exercised~~Common Stock in connection with the 2022 Public Offering resulting in net proceeds of ~~$20.0 million. On March 8, 2021,~~approximately $117.3 million, excluding certain transaction costs incurred in connection with filing the S-3 (defined below) and on October 3, 2022, we ~~received cash proceeds~~issued an additional 1,589,779 shares of ~~$0.5 million~~Common Stock for ~~a non-employee consultant’s exercise of stock options. On June 30, 2021, we received~~ net proceeds to the Company of approximately $13.4 million as a result of underwriters exercising their option to purchase additional shares pursuant to the underwriting agreement. On December 22, 2022, we received $260.0 million in connection with the ~~Business Combination consisting of proceeds of the PIPE Financing and the proceeds remaining in RACA’s trust account.~~Lantheus License Agreements. We intend to use the net proceeds from these transactions to fulfill our obligations under the Lantheus License Agreements, for general corporate purposes, funding of development programs, payment of milestones pursuant to our license agreements, general and administrative expenses and licensing of additional product candidates, and to support our working capital needs.

Future Funding Requirements

Our primary use of cash is to fund operating expenses, primarily related to our research and development activities. Cash used to fund operating expenses is impacted by the timing of when we pay these expenses, as reflected in the change in our outstanding accounts payable, accrued expenses and prepaid expenses.

~~We expect~~

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Operating losses and negative cash flows are expected to continue to ~~incur significant and increasing expenses and operating losses for~~be incurred in the ~~foreseeable~~ future. We ~~will~~may require additional capital to meet operational needs and capital requirements for clinical trials, for other research and development expenditures, and for business development activities. Because of the numerous risks and uncertainties associated with the development and commercialization of our product candidates, we are unable to estimate the amounts of increased capital outlays and operating expenditures associated with our current and anticipated clinical trials and preclinical studies.

Our future funding requirements will depend on many factors, including, but not limited to:

•the scope, progress, results and costs of researching and developing our current product candidates, as well as other additional product candidates we may develop and pursue in the future;

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•the timing of, and the costs involved in, obtaining regulatory and marketing approvals for our product candidates and any other additional product candidates we may develop and pursue in the future;

•the number of future product candidates that we may pursue and their development requirements;

•subject to receipt of regulatory approval, the costs of commercialization activities for our product candidates, to the extent such costs are not the responsibility of any future collaborators, including the costs and timing of establishing product sales, marketing, distribution, and manufacturing capabilities;

•subject to receipt of regulatory approval, revenue, if any, received from commercial sales of our product candidates or any other additional product candidates we may develop and pursue in the future;

•the achievement of milestones that trigger payments under our various license agreements;

•the extent to which we in-license or acquire rights to other products, product candidates or technologies;

•our ability to establish collaboration arrangements for the development of our product candidates on favorable terms, if at all;

•our headcount growth and associated costs as we expand our research and development and establish a commercial infrastructure;

•the costs of preparing, filing and prosecuting patent applications, and maintaining and protecting our intellectual property rights, including enforcing and defending intellectual property related claims; and

•the costs of operating as a public company.

As of ~~June 30, 2022,~~March 31, 2023, we had cash, cash equivalents and investments of approximately ~~$204.3 million. We expect that our cash and equivalents are sufficient~~$519.2 million, which is anticipated to fund ~~our operating expenses and capital expenditure requirements~~operations into ~~the first quarter of 2024.~~2026. We have based this estimate on current assumptions that may change or prove to be wrong, ~~and we could~~which would cause us to utilize our available capital resources sooner than we expect. In addition, our cash, cash equivalents and investments are subject to the economic pressures or uncertainties associated with local or global economic recessions, and ongoing geopolitical events. The failure of one or more of the financial institutions in which our cash, cash equivalents or investments are held, any resulting inability for us to obtain the return of our funds from any of those financial institutions, or any other adverse condition suffered by those financial institutions, could impact access to our cash, cash equivalents or investments and could adversely impact our operating liquidity and financial performance.

On July 11, 2022 the SEC declared effective our shelf registration statement on Form S-3 (the “S-3”) that allows the Company to offer and sell to the public up to ~~$400,000,000~~$400.0 million of our Common Stock, preferred stock, debt securities, warrants to purchase our Common Stock, preferred stock or debt securities, subscription rights to purchase our Common Stock, preferred stock or debt securities and/or units consisting of some or all of these securities, from time to time in one or more offerings. The details of any future offerings, along with the use of proceeds from any securities offered, will be described in a prospectus supplement or other offering materials, at the time of offering. Also covered under the S-3 as part of the ~~$400,000,000~~$400.0 million total amount is an at-the-market offering (“ATM”) of up to ~~$150,000,000~~$150.0 million of our Common Stock pursuant to a distribution agreement with Piper Sandler & Co. ~~To date, we have not sold any~~No shares of Common Stock ~~under~~were issued in connection with the ATM as of December 31, 2022. Pursuant to the Form S-3, on September 16, 2022 we issued 13,900,000 shares of Common Stock in connection with a public offering at the price of $9.00 per share, or ~~any equity under~~an aggregate of $125.1 million, resulting in net proceeds of approximately $117.3 million, excluding certain transaction costs incurred in connection with filing the S-3 and ~~have no current plans~~on October 3, 2022, we issued an additional 1,589,779 shares of Common Stock at a public offering price of $9.00 per share for net proceeds to ~~issue~~the Company of approximately $13.4 million as a result of an underwriters exercising their option to purchase additional ~~equity, but have~~shares pursuant to the ~~S-3 and the ATM available if needed.~~underwriting agreement.

Until such time as we can generate substantial product revenue, if ever, we expect to finance our operations through a combination of equity offerings, debt financings, collaborations, strategic alliances and marketing, distribution or licensing arrangements. To the extent that we raise additional capital through the sale of equity or convertible debt securities, our stockholders' ownership interest will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect rights of our stockholders. Debt financing and preferred equity financing, if available, may

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involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making acquisitions or capital expenditures or declaring dividends. If we raise additional funds through collaborations, strategic alliances or marketing, distribution or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or drug candidates, or grant licenses on terms that may not be favorable to us. If we are unable to raise additional funds through equity or debt financings or other arrangements when needed, we may be required to delay, limit, reduce or terminate our research, product development or future commercialization efforts, or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves.

Going Concern

We assess and determine our ability to continue as a going concern in accordance with the provisions of ASC Topic 205-40, Presentation of Financial Statements—Going Concern. We have determined that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.

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Working Capital

Working capital is defined as current assets less current liabilities.

The following table summarizes our total working capital and current assets and liabilities as of ~~June 30, 2022~~March 31, 2023 and December 31, ~~2021:~~2022:


		As of June 30, 2022	As of December 31, 2021	Change				As of March 31, 2023	As of December 31, 2022	Change
(In U.S. dollars)	(In U.S. dollars)	$	$	$	%		(In U.S. dollars)	$	$	$	%
Current assets	Current assets	204,905,051	243,846,556	(38,941,505)	(16.0)	%	Current assets	434,579,907	530,822,730	(96,242,823)	(18.1)	%
Current liabilities	Current liabilities	18,796,727	7,979,964	10,816,763	135.5	%	Current liabilities	77,847,838	79,738,440	(1,890,602)	(2.4)	%
Total working capital	Total working capital	186,108,324	235,866,592	(49,758,268)	(21.1)	%	Total working capital	356,732,069	451,084,290	(94,352,221)	(20.9)	%

The decrease in working capital as of ~~June 30, 2022,~~March 31, 2023, primarily reflects cash used a) to purchase long-term investments, b) for ~~(a)~~ operating expenses, including, personnel costs and research and development costs as we advance our clinical trials and continue to expand our pipeline, ~~(b)~~and (c) for capital expenditures for equipment and machinery used in our manufacturing facility in ~~Indiana, and (c) the acquisition of long-term investments.~~Indiana.

Cash Flows

The following table summarizes our sources and uses of cash for the three months ended ~~June 30, 2022~~March 31, 2023 and ~~2021:~~2022:


		For the six months Ended June 30, 2022	For the six months Ended June 30, 2021	Change				For the three months ended March 31, 2023	For the three months ended March 31, 2022	Change
(In U.S. dollars)	(In U.S. dollars)	$	$	$	%		(In U.S. dollars)	$	$	$	%
Net cash flows used in operating activities	Net cash flows used in operating activities	(31,068,981)	(19,444,565)	(11,624,416)	59.8	%	Net cash flows used in operating activities	(22,391,341)	(10,490,604)	(11,900,737)	113.4	%
Net cash flows used in investing activities	Net cash flows used in investing activities	(129,643,171)	(3,242,281)	(126,400,890)	3,898.5	%	Net cash flows used in investing activities	(153,043,277)	(940,931)	(152,102,346)	16,165.1	%
Net cash flows provided by financing activities	Net cash flows provided by financing activities	4,403	285,876,917	(285,872,514)	(100.0)	%	Net cash flows provided by financing activities	145,864	942	144,922	15384.5	%
Net (decrease)/increase in cash and cash equivalents		(160,707,749)	263,190,071	(423,897,820)	(161.1)	%
Net decrease in cash and cash equivalents							Net decrease in cash and cash equivalents	(175,288,754)	(11,430,593)	(163,858,161)	1433.5	%

Cash flows used in operating activities

Net cash flows used in operating activities represent the cash receipts and disbursements related to all of our activities other than investing and financing activities. We expect cash provided by financing activities, including cash provided in connection with the ATM discussed above, will continue to be our primary source of funds to finance operating needs and capital expenditures for the foreseeable future.

Cash used in operating activities increased for the ~~six~~three months ended ~~June 30, 2022~~March 31, 2023 compared to the ~~six~~three months ended ~~June 30, 2021~~March 31, 2022 as we advance our clinical trials and continue to expand our pipeline, as described above.

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We believe that the net proceeds from the Lantheus License Agreements and the 2022 Public Offering, together with our available resources and existing cash and cash equivalents, are sufficient to fund our operating expenses and capital expenditure requirements into 2026.

Cash flows used in Investing Activities

For the ~~six~~three months ended ~~June 30,~~March 31, 2023 and 2022, ~~and 2021,~~net cash used in investing activities ~~reflected $129.6~~totaled $153.0 million and ~~$3.2~~$0.9 million, respectively. The increase in cash used in investing activities relates to (a) the Company's investment of its available cash resources into ~~short and long-term~~fixed income investments and (b) increased capital expenditures for purchases in connection with our ~~Indiana~~Indianapolis manufacturing facility.

Cash flows provided by Financing Activities

For the ~~six~~three months ended ~~June 30,~~March 31, 2023 and 2022, net cash provided by financing activities totaled ~~$4,403,~~$0.1 million and $1 thousand, respectively, which consisted of the net proceeds received from the exercise of stock options issued to non-employee consultants. For the six months ended June 30, 2021, net cash provided by financing activities totaled $285.9 million, which consisted of (a) the net proceeds in connection with

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~~the Business Combination and related PIPE Financing and (b) the proceeds from the exercise of warrants and stock options, each as discussed above.~~options.

Contractual Obligations and Other Commitments

For additional information related to our license agreements, please also see Note 1211 to the ~~Q2 2022~~Q1 2023 Financial Statements and Notes 1214 and 1315 to the ~~2021~~2022 Financial Statements.

Off-balance sheet arrangements

We do not have any off-balance sheet arrangements or holdings in any variable interest entities.

Critical Accounting Policies and Estimates

This management’s discussion and analysis of our financial condition and results of operations is based on our ~~Q2 2022~~Q1 2023 Financial Statements, which have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries, POINT Biopharma Inc., POINT Biopharma Corp., POINT Biopharma USA, Inc. and West 78th Street, LLC, for financial information and pursuant to the rules and regulations of the SEC.

The preparation of the ~~Q2 2022~~Q1 2023 Financial Statements in conformity with GAAP requires us to make estimates, judgments and assumptions that may affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the ~~Q2 2022~~Q1 2023 Financial Statements and the reported amounts of expenses during the reporting periods. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

There have been no significant changes to our critical accounting policies and estimates from the information provided in Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our ~~2021~~2022 Form 10-K.

ITEM 3. – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risks relating to our operations result primarily from interest rate risk and foreign exchange risk. As of ~~June 30, 2022,~~March 31, 2023, there were no material changes to our market risks from the information provided in Item 7A “Quantitative and Qualitative Disclosures About Market Risk” in our ~~2021~~2022 Form 10-K.

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Inflation generally affects us by increasing our cost of labor and clinical trial costs. We do not believe that inflation had a material effect on our business, financial condition or results of operations during the three months ended March 31, 2023 and 2022.

ITEM 4. – CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Such disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

As of ~~June 30, 2022,~~March 31, 2023, our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

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Our Chief Executive Officer and Chief Financial Officer have concluded that, based on the evaluation described above, as of ~~June 30, 2022,~~March 31, 2023, our disclosure controls and procedures were effective.

Changes in Internal Control over Financial Reporting

During the fiscal quarter ended ~~June 30, 2022~~March 31, 2023 we continued to (i) adopt, improve and maintain policies, processes and documentation procedures to improve the overall efficiency and accuracy of our financial reporting; and (ii) ~~we continued to~~ work with third-party consultants to review the design of our systems of internal control over financial reporting and to recommend improvements. As part of this process, during the fiscal quarter ended ~~June 30, 2022,~~March 31, 2023, we continued to refine our processes in respect of our new general ledger system to improve our internal control framework.

Except as disclosed above, there was no change in our internal control over financial reporting that occurred during the fiscal quarter ended ~~June 30, 2022~~March 31, 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1. – LEGAL PROCEEDINGS

From time to time, we may be subject to legal proceedings and claims in the ordinary course of business. We are not currently aware of any such proceedings or claims that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition or results of operations.

ITEM 1A. – RISK FACTORS

Factors that could cause our actual results to differ materially from those in this Quarterly Report on Form 10-Q are any of the risks and uncertainties described in our ~~2021~~2022 Form 10-K. If any of these risks are realized, our business, financial condition, operating results and prospects could be materially and adversely affected. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business operation.

As of the date of this Quarterly Report on Form 10-Q, there have been no material changes to the risks and uncertainties disclosed in the ~~2021~~2022 Form 10-K. We may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.

ITEM 2. – UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

Unregistered Sales of Equity Securities

We did not have any unregistered sales of equity securities during the quarter ended ~~June 30, 2022.~~March 31, 2023.

Issuer Purchases of Equity Securities

We did not repurchase any of our equity securities during the quarter ended ~~June 30, 2022.~~March 31, 2023.

ITEM 3. – DEFAULTS UPON SENIOR ~~SECURITIES~~SECURITIES.

None.

ITEM 4. – MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. – OTHER INFORMATION.

None.

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ITEM 6. – EXHIBITS.

The following exhibits are filed as part of this Quarterly Report on Form 10-Q.

Exhibit Index


Exhibit Number						Description
3.1						Certificate of Incorporation of POINT Biopharma Global Inc. (incorporated by reference to Exhibit 3.1 to the Form 8-K filed by the Company on July 1, 2021).
3.2						By-laws of POINT Biopharma Global Inc. (incorporated by reference to Exhibit 3.2 to the Form 8-K filed by the Company on July 1, 2021).
10.1*#						~~Fourth Amendment dated May 6, 2022 to Exclusive Sublicense~~Facility Agreement dated as of February 2, 2023 and effective as of April ~~2, 2020~~1, 2023 between University Health Network and POINT Biopharma Corp.
31.1*						Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a).
31.2*						Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a).
32*						Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b).
101.INS*						XBRL Instance Document
101.SCH*						XBRL Taxonomy Extension Schema Document
101.CAL*						XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*						XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*						XBRL Taxonomy Extension Label Linkbase Document
101.PRE*						XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* Filed herewith.

# ~~Certain confidential portions (indicated by brackets~~Schedules and ~~asterisks) have been~~exhibits to this Exhibit omitted ~~from this exhibit.~~pursuant to Regulation S-K Item 601(a)(5). The Registrant agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		POINT BIOPHARMA GLOBAL INC.

Date: ~~August 12, 2022~~May 15, 2023

	By:	/s/Joe ~~McCann.~~McCann
		Dr. Joe McCann, Ph.D.
		Chief Executive Officer
		(Principal Executive Officer)

	By:	/s/Bill Demers
		Bill Demers
		Chief Financial Officer
		(Principal Financial Officer)

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	POINT Biopharma Inc. common shares		Common Stock		Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Total Equity
	Number	Amount	Number	Amount
	#	$	#	$	$	$	$	$
Balance at December 31, 2021	—	—	90,121,794	9,012	314,488,782	(59,284,708)	—	255,213,086
Issuance of shares of Common Stock in connection with stock option exercises	—	—	678	—	942	—	—	942
Stock-based compensation	—	—	—	—	440,450	—	—	440,450
Net loss	—	—	—	—	—	(16,380,574)	—	(16,380,574)
Balance at March 31, 2022	—	—	90,122,472	9,012	314,930,174	(75,665,282)	—	239,273,904
Issuance of shares of Common Stock in connection with stock option exercises	—	—	2,490	—	3,461	—	—	3,461
Stock-based compensation	—	—	—	—	1,027,563	—	—	1,027,563
Net loss	—	—	—	—	—	(24,580,247)	—	(24,580,247)
Other comprehensive loss, net of taxes	—	—	—	—	—	—	(342,378)	(342,378)
Balance at June 30, 2022	—	—	90,124,962	9,012	315,961,198	(100,245,529)	(342,378)	215,382,303


	POINT Biopharma Inc. common shares		Common Stock		Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Total Equity
	Number	Amount	Number	Amount
	#	$	#	$	$	$	$	$
Balance at December 31, 2020 (as previously reported)	15,233,884	15,234	—	—	26,847,271	(13,382,227)	—	13,480,278
Retroactive application of the recapitalization due to the Business Combination (refer to Note 3)	(15,233,884)	(15,234)	54,647,656	5,465	9,769	—	—	—
Balance at December 31, 2020, effect of the Business Combination (refer to Note 3)	—	—	54,647,656	5,465	26,857,040	(13,382,227)	—	13,480,278
Issuance of shares of Common Stock in connection with exercise of warrants	—	—	2,869,799	287	19,999,713	—	—	20,000,000
Issuance of shares of Common Stock in connection with stock option exercises	—	—	64,570	6	449,994	—	—	450,000
Stock-based compensation	—	—	—	—	477,245	—	—	477,245
Net loss	—	—	—	—	—	(5,784,421)	—	(5,784,421)
Balance at March 31, 2021, effect of the Business Combination (refer to Note 3)	—	—	57,582,025	5,758	47,783,992	(19,166,648)	—	28,623,102
Issuance of shares of Common Stock, net of direct and incremental costs in connection with the Business Combination (refer to Note 3)	—	—	32,539,769	3,254	264,562,167	—	—	264,565,421
Stock-based compensation	—	—	—	—	1,106,457	—	—	1,106,457
Net loss	—	—	—	—	—	(8,804,658)	—	(8,804,658)
Balance at June 30, 2021, effect of the Business Combination (refer to Note 3)	—	—	90,121,794	9,012	313,452,616	(27,971,306)	—	285,490,322


	Number of Shares	Weighted Average Exercise Price	Weighted- Average Remaining Contractual Term (in years)
Outstanding as of December 31, 2021	3,825,751	4.78
Granted	1,948,614	8.01
Exercised	(3,168)	1.39
Forfeited	(48,120)	7.70
Outstanding as of June 30, 2022	5,723,077	5.85	5.00
Vested and expected to vest as of June 30, 2022	5,723,077	5.85	5.00
Options exercisable as of June 30, 2022	1,501,125	3.78	5.00