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~~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~~105,765,954 shares outstanding as of August ~~8, 2022.~~9, 2023.

Table of Content ~~Contents~~s

INDEX


PART I. FINANCIAL INFORMATION			1
Item 1. Unaudited Interim Condensed Consolidated Financial Statements:			1
Interim Condensed Consolidated Balance Sheets – June 3 0 , ~~2022~~2023 (unaudited) and December 31, ~~2021~~2022			1
Unaudited Interim Condensed Consolidated Statements of Operations – Three and Six Months ended June 3 0 , ~~2022~~2023 and ~~June~~Jun e 3 0 , ~~2021~~2022			2
Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss – Three and Six Months ended June ~~30, 2022~~ 3 0 , 2023 and June ~~30, 2021~~ 3 0 , 2022			3
Unaudited Interim Condensed Consolidated Statements of Stockholders’ Equity - Six Months ended June 3 0 , ~~2022~~2023 and June 3 0 , ~~202~~20221			4
Unaudited Interim Condensed Consolidated Statements of Cash Flows – Six Months ended June 3 0 , ~~2022~~2023 and June 3 0 , ~~2021~~2022			5
Notes to Unaudited Interim Condensed Consolidated Financial Statements			6
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			1820
Item 3. Quantitative and Qualitative Disclosures about Market Risk			2830
Item 4. Controls and Procedures			2830
PART II. OTHER INFORMATION			3031
Item 1. Legal Proceedings			3031
Item 1A. Risk Factors			3031
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			3031
Item 3. Defaults Upon Senior Securities			3031
Item 4. Mine Safety Disclosures			3031
Item 5. Other Information			3031
Item 6. Exhibits			3132
SIGNATURES			3233

Table of Content ~~Contents~~s

PART I. FINANCIAL INFORMATION

ITEM 1 – FINANCIAL STATEMENTS

POINT Biopharma Global Inc.

Interim Condensed Consolidated Balance Sheets

(In U.S. dollars)


		June 30, 2022			June 30, 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	57,293,338	286,428,371
Short-term investments	Short-term investments	121,324,415	—	Short-term investments	365,932,523	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	5,750,433	5,610,889
Income taxes receivable				Income taxes receivable	3,399,009	—
Total current assets	Total current assets	204,905,051	243,846,556	Total current assets	432,375,303	530,822,730

Non-current assets	Non-current assets			Non-current assets
Long-term investments	Long-term investments	4,898,296	—	Long-term investments	11,570,701	16,119,430
Note receivable				Note receivable	5,028,767	—
Property, plant and equipment, net	Property, plant and equipment, net	24,441,275	19,412,086	Property, plant and equipment, net	48,394,217	31,380,576
Operating lease right-of-use asset				Operating lease right-of-use asset	405,784	—
Total non-current assets	Total non-current assets	29,339,571	19,412,086	Total non-current assets	65,399,469	47,500,006

Total assets	Total assets	234,244,622	263,258,642	Total assets	497,774,772	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	13,899,941	7,703,150
Accrued liabilities	Accrued liabilities	10,220,720	5,990,516	Accrued liabilities	10,099,052	19,094,454
Deferred revenue				Deferred revenue	15,899,770	23,242,290
Income taxes payable	Income taxes payable	509,403	250,978	Income taxes payable	—	29,698,546
Finance lease current liability				Finance lease current liability	1,011,217	—
Operating lease current liability				Operating lease current liability	245,814	—
Total current liabilities	Total current liabilities	18,796,727	7,979,964	Total current liabilities	41,155,794	79,738,440

Deferred tax liability		65,592	65,592
Deferred revenue, net of current portion				Deferred revenue, net of current portion	3,197,547	10,178,147
Long-term income taxes payable				Long-term income taxes payable	1,452,356	1,452,356
Finance lease liability, net of current portion				Finance lease liability, net of current portion	4,348,112	—
Operating lease liability, net of current portion				Operating lease liability, net of current portion	169,045	—
Total liabilities	Total liabilities	18,862,319	8,045,556	Total liabilities	50,322,854	91,368,943

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

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, 105,765,954 and 105,649,741 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively				Common Stock, par value $0.0001 per share, 430,000,000 authorized, 105,765,954 and 105,649,741 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	10,576	10,565
Additional paid-in capital	Additional paid-in capital	315,961,198	314,488,782	Additional paid-in capital	451,443,330	448,391,574
Accumulated deficit		(100,245,529)	(59,284,708)
Retained earnings				Retained earnings	(2,933,005)	39,008,505
Accumulated other comprehensive loss	Accumulated other comprehensive loss	(342,378)	—	Accumulated other comprehensive loss	(1,068,983)	(456,851)
Total stockholders’ equity	Total stockholders’ equity	215,382,303	255,213,086	Total stockholders’ equity	447,451,918	486,953,793

Total liabilities and stockholders’ equity	Total liabilities and stockholders’ equity	234,244,622	263,258,642	Total liabilities and stockholders’ equity	497,774,772	578,322,736

See accompanying ~~Notes~~notes to the ~~Unaudited Interim Condensed Consolidated Financial Statements~~unaudited interim condensed consolidated financial statements

Table of Content ~~Contents~~s

POINT Biopharma Global Inc.

Unaudited Interim Condensed Consolidated Statements of Operations

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


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

Other revenue										Other revenue	4,865,856		—		14,323,120		—
Total revenue										Total revenue	4,865,856		—		14,323,120		—
		$		$		$		$
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	31,276,573		20,813,882		58,187,045		33,314,730
General and administrative	General and administrative	4,080,401		1,949,552		7,888,343		3,414,244		General and administrative	5,088,403		4,080,401		10,098,532		7,888,343
Total operating expenses	Total operating expenses	24,894,283		8,650,414		41,203,073		14,384,404		Total operating expenses	36,364,976		24,894,283		68,285,577		41,203,073
Loss from operations	Loss from operations	(24,894,283)		(8,650,414)		(41,203,073)		(14,384,404)		Loss from operations	(31,499,120)		(24,894,283)		(53,962,457)		(41,203,073)

Other income (expenses)	Other income (expenses)									Other income (expenses)
Finance income (costs)		509,700		(2,863)		557,673		(5,662)
Investment income										Investment income	5,335,753		509,700		11,099,967		557,673
Foreign currency loss	Foreign currency loss	(12,259)		(27,599)		(43,900)		(34,806)		Foreign currency loss	(168,770)		(12,259)		(238,960)		(43,900)
Total other income (expenses)	Total other income (expenses)	497,441		(30,462)		513,773		(40,468)		Total other income (expenses)	5,166,983		497,441		10,861,007		513,773

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	(26,332,137)		(24,396,842)		(43,101,450)		(40,689,300)
Income tax benefit (provision)										Income tax benefit (provision)	921,298		(183,405)		1,159,940		(271,521)
Net loss	Net loss	(24,580,247)		(8,804,658)		(40,960,821)		(14,589,079)		Net loss	(25,410,839)		(24,580,247)		(41,941,510)		(40,960,821)

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	$	(0.24)	$	(0.27)	$	(0.40)	$	(0.45)
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	105,724,215		90,124,295		105,692,615		90,123,288

See accompanying ~~Notes~~notes to the ~~Unaudited Interim Condensed Consolidated Financial Statements~~unaudited interim condensed consolidated financial statements

Table of Content ~~Contents~~s

POINT Biopharma Global Inc.

Unaudited Interim 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		For the six months ended
		June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021			June 30, 2023	June 30, 2022	June 30, 2023	June 30, 2022
		$		$		$		$			$	$	$	$
Net loss	Net loss	$	(24,580,247)	$	(8,804,658)	$	(40,960,821)	$	(14,589,079)	Net loss	(25,410,839)	(24,580,247)	(41,941,510)	(40,960,821)
Other comprehensive loss, net of tax
Other comprehensive income, net of tax										Other comprehensive income, net of tax
Net unrealized loss on available-for-sale debt securities	Net unrealized loss on available-for-sale debt securities	(342,378)		—		(342,378)		—		Net unrealized loss on available-for-sale debt securities	(813,426)	(342,378)	(612,132)	(342,378)
Total comprehensive loss	Total comprehensive loss	$	(24,922,625)	$	(8,804,658)	$	(41,303,199)	$	(14,589,079)	Total comprehensive loss	(26,224,265)	(24,922,625)	(42,553,642)	(41,303,199)

See accompanying ~~Notes~~notes to the ~~Unaudited Interim Condensed Consolidated Financial Statements~~unaudited interim condensed consolidated financial statements

Table of Content ~~Contents~~s

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	Accumulated Deficit	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
Issuance of shares of Common Stock in connection with stock option exercises	83,277	8	186,050	—	—	186,058
Stock-based compensation	—	—	1,710,349	—	—	1,710,349
Net loss	—	—	—	(25,410,839)	—	(25,410,839)
Other comprehensive loss, net of tax	—	—	—	—	(813,426)	(813,426)
Balance at June 30, 2023	105,765,954	10,576	451,443,330	(2,933,005)	(1,068,983)	447,451,918

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
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 tax	—	—	—	—	(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

See accompanying ~~Notes~~notes to the ~~Unaudited Interim Condensed Consolidated Financial Statements~~

unaudited interim condensed consolidated financial statements

Table of Content ~~Contents~~s

POINT Biopharma Global Inc.

Unaudited Interim Condensed Consolidated Statements of Cash Flows

(In U.S. dollars)


		For the six months ended			For the six months ended
		June 30, 2022	June 30, 2021		June 30, 2023	June 30, 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:	(41,941,510)	(40,960,821)
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	1,322,329	584,076
Stock-based compensation expense	Stock-based compensation expense	1,468,013	1,583,702	Stock-based compensation expense	2,719,845	1,468,013
Amortization of debt issuance costs		—	5,662
Operating lease expense				Operating lease expense	50,499	—
Payments on operating lease				Payments on operating lease	(49,321)	—
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	(7,066,456)	(128,150)
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	(139,544)	(441,829)
Accounts payable	Accounts payable	4,290,469	(1,571,469)	Accounts payable	4,285,143	4,290,469
Accrued liabilities	Accrued liabilities	3,782,033	1,149,742	Accrued liabilities	(9,178,905)	3,734,644
Income taxes payable		258,425	164,207
Amount due to related party within accrued liabilities		(47,389)	33,910
Deferred revenue				Deferred revenue	(14,323,120)	—
Income taxes receivable and payable				Income taxes receivable and payable	(33,097,555)	258,425
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	691,359	126,192
Net cash used in operating activities	Net cash used in operating activities	(31,068,981)	(19,444,565)	Net cash used in operating activities	(96,727,236)	(31,068,981)

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	(116,749,966)	(126,563,131)
Purchase of property, plant and equipment	Purchase of property, plant and equipment	(3,080,040)	(3,242,281)	Purchase of property, plant and equipment	(10,856,112)	(3,080,040)
Purchase of note receivable				Purchase of note receivable	(5,000,000)	—
Net cash used in investing activities	Net cash used in investing activities	(129,643,171)	(3,242,281)	Net cash used in investing activities	(132,606,078)	(129,643,171)

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	331,922	4,403
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
Payments on finance lease				Payments on finance lease	(133,641)	—
Net cash provided by financing activities	Net cash provided by financing activities	4,403	285,876,917	Net cash provided by financing activities	198,281	4,403

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	(229,135,033)	(160,707,749)
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	57,293,338	78,108,242

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	31,913,750	3,022
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	3,504,652	3,345,729

See accompanying notes to the unaudited interim condensed consolidated financial statements

Table of Contents

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,~~the Subsidiaries, 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 interim 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 ended December 31, ~~2021,~~2022, 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, macroeconomics and other geopolitical events

~~The COVID-19 coronavirus ("COVID-19") pandemic, which was declared by~~Although the World Health Organization asdeclared in early May of 2023 that COVID-19 no longer constitutes a ~~pandemic in March 2020~~public health emergency, the Company continues to actively monitor the COVID-19 developments and ~~has spread worldwide, has caused many governments to implement measures to slow~~potential impact on the ~~spread of the outbreak through quarantines, travel restrictions, heightened border security~~Company's employees, business and ~~other measures.~~operations. The impact ~~of this pandemic has been,~~from global economic conditions and ~~will likely continue to be, extensive in many aspects of society, which has resulted,~~potential and ~~will likely continue to result, in significant~~continuing disruptions to and volatility in the ~~global economy as well as businesses~~credit and ~~capital~~equity markets ~~around~~in the ~~world.~~United States and worldwide are highly uncertain and cannot be predicted. The ~~future progression~~Company is currently operating in a period of significant economic uncertainty, resulting from, among other things, the ~~pandemic and its effects on the Company’s business and operations are uncertain.~~

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In response 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~~COVID-19 pandemic, geopolitical tensions, such as 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 timeline due to disruptions at its clinical trial sites. Other impacts to the Company’s 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.

~~Additionally, financial markets may be adversely affected by the current or anticipated impact of~~ongoing military conflict ~~including escalating military fighting~~ between Russia and Ukraine ~~terrorism or other geopolitical events. The U.S.~~and heightened tensions between China and Taiwan, trade uncertainty, including changes in tariffs, sanctions, international treaties, 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 conditiontrade restrictions, rising inflation and ~~results of operations. The Company's SPLASH trial has vendor staff in Ukraine,~~interest rates, and ~~any political instability~~uncertainty and liquidity concerns in the ~~region may disrupt resourcing assigned to the trial and negatively impact our business.~~broader financial services industry, including those caused by certain recent banking failures.

The Company is ~~monitoring~~continuing to monitor the ~~continuing impact of the COVID-19 pandemic~~development and ~~the~~ potential impact of ~~the Russo-Ukrainian conflict~~these global economic and geopolitical 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.

~~Cash~~ However, estimates and ~~Cash Equivalents~~

~~The Company considers all highly liquid instruments~~assumptions about future events and their effects cannot be determined with ~~an original maturity~~certainty and therefore require the exercise 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)judgment; as a ~~component of shareholders’ equity until realized. Amortization~~result, the Company’s estimates may change as new events occur 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 declineadditional information 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.

obtained.

Risks and uncertainties

~~The~~Except for the upfront payment received pursuant to the Lantheus License Agreements (as defined in Note 3 below), the Company has incurred significant net losses ~~since inception~~ and ~~prior to the Business Combination, had~~has funded operations primarily through equity financings. Operating losses and negative cash flows were incurred in the three and six months ended June 30, 2023 and are expected to continue ~~for the foreseeable future. As losses continue~~

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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 public health crisis or military conflicts and adverse developments affecting the ~~COVID-19 coronavirus and the Russo-Ukrainian conflict,~~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 of the performance obligations under the Lantheus License Agreements, the accrual of research and development expenses, incremental borrowing rates determined in connection with finance and operating lease obligations 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 accounting standards~~

~~Debt with Conversion and Other Options~~Leases

The ~~FASB~~Company accounts for leases in accordance with ASC Topic 842, Leases ("ASC 842"). At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. The Company has ~~issued ASU 2020-06,~~ ~~Debt—Debt~~elected not to recognize leases with ~~Conversion and Other Options (Subtopic 470-20)~~ ~~and~~ ~~Derivatives and Hedging—Contracts~~an original term of one year or less 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~~unaudited interim condensed consolidated balance sheets. The Company has also elected to account for the ~~embedded conversion feature. The standard also removes certain conditions previously used~~lease and non-lease components as a combined lease component for its current lease portfolio. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Options to ~~evaluate whether~~renew or early terminate a ~~freestanding financial instrument, or certain types of embedded features,~~lease are ~~considered to be settled~~included in the ~~issuer’s own equity. Finally, ASU 2020-06~~initial lease term of a lease when there is reasonable certainty that the option will be applied.

ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that ~~an entity use the if-converted method in calculating the effects of convertible instruments on diluted earnings per share, with one limited exception.~~rate cannot be readily determined, its incremental borrowing rate. The ~~amendments in this ASU are effective~~Company's incremental borrowing rate is determined using a secured borrowing rate for the ~~Company~~same currency and term as the associated lease in a similar economic environment.

Lease expense for ~~fiscal years beginning after December 15, 2023.~~ operating leases is recognized on a straight-line basis over the lease term and included in operating expenses in the unaudited interim condensed consolidated statements of operations and comprehensive loss.

Recent accounting pronouncements

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 a definitive business combination agreement~~("Lantheus") for exclusive worldwide rights for POINT's programs in prostate cancer (PNT2002) and neuroendocrine tumors (PNT2003), excluding certain territories (Japan, South Korea, Singapore, Indonesia, and China including Hong Kong, Macau and Taiwan) (the ~~“Business Combination Agreement”~~"PNT2002 Agreement" and the "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") ~~with Therapeutics Acquisition Corp. (NASDAQ:RACA), d/b/a Research Alliance Corp. I (“RACA”), a special purpose acquisition company sponsored by RA Capital Management L.P., that was created~~PET and radiopharmaceuticals.

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In December 2022, closing conditions for the ~~purpose~~transaction, including Hart-Scott-Rodino antitrust clearance, were satisfied. POINT received a $250.0 million upfront payment under the PNT2002 Agreement and will receive an additional payment of ~~effecting~~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 ~~merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination~~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 $10.0 million upfront payment under the PNT2003 Agreement, and will receive up to an additional $30.0 million upon U.S. regulatory approval. The PNT2003 Agreement also provides that POINT will 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.

In connection with ~~one or more businesses. On June 30, 2021, (the “Closing Date”~~the PNT2002 Agreement, the Company is responsible for completing the Company's 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")~~, Bodhi Merger Sub, Inc., a wholly-owned subsidiary of RACA, merged with~~ trial and ~~into POINT Biopharma Inc. (the “Business Combination”~~the parties will work together to file the New Drug Application (“NDA”), with ~~POINT Biopharma Inc. as~~ the ~~surviving company~~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 ~~Business Combination~~U.S., as well as all costs for development, clinical trials and ~~after giving effect~~regulatory approval in the rest of its territories outside the U.S., except Asia.

To determine the appropriate amount of revenue to ~~such Business Combination, POINT Biopharma Inc. became a wholly-owned subsidiary~~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 ~~RACA. RACA was then renamed “POINT Biopharma Global Inc.”~~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 ~~accordance~~connection with the ~~terms~~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 ~~Business Combination~~PNT2002 Agreement to be the $250.0 million upfront payment and has allocated this to the first two performance obligations based on a relative standalone selling price basis. The standalone selling prices for the first two performance obligations were determined using the adjusted market assessment approach and the expected cost plus a margin assessment approach, 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 relates 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 the PNT2003 Agreement to be the $10.0 million upfront payment and has allocated this to the first two performance obligations based on a relative standalone selling price basis. The standalone selling prices for the first two performance obligations were determined using the adjusted market assessment approach and the expected cost plus a margin assessment approach, 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 relates 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 ~~closing~~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 usage occurs or (2) the performance obligation to which some or all of the ~~Business Combination:~~

~~(i)each share and vested equity award~~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 ~~POINT Biopharma Inc. outstanding as of immediately prior to~~a sales-based royalty at contract inception; rather, revenue would be recognized when the ~~Closing Date was converted into shares of Common Stock of~~subsequent sales occur (under the ~~Company~~assumption that the associated performance obligation has been satisfied or ~~comparable vested equity awards that are~~partially satisfied).

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~~exercisable~~•Potential payments for ~~shares~~the manufacturing and supply of ~~Common Stock~~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 ~~based on an implied vested equity~~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 ~~$585,000,000 (which~~recognition. Once the constraint is ~~equal~~removed, the milestone payments will be accounted for and allocated to ~~a conversion ratio of approximately 3.59-for-1);~~the performance obligations.

For the licenses conveyed to Lantheus, the Company recognized revenue upon execution and

~~(ii)all unvested equity awards of POINT Biopharma Inc. were converted into comparable equity awards that are exercisable for shares of Common Stock~~ regulatory approval of the Lantheus License Agreements. The Company ~~determined based on the same conversion ratio at which the vested equity awards are converted into shares of Common Stock 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 primarily based on the factconcluded that the ~~former POINT Biopharma Inc. stockholders retained~~licenses represent that of functional intellectual property as each has significant standalone functionality and derives a ~~majority~~substantial portion of their utility from that standalone functionality.

For the ~~voting power of~~obligations to complete the ~~Company~~SPLASH trial, support the NDA submission and ~~comprise a majority of the governing body of 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 net 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~~participate in joint steering activities in connection with the ~~Business Combination and PIPE Financing totaling approximately $21.9 million, consisting of costs incurred by RACA prior to the completion of the Business Combination~~PNT2002 Agreement as well as ~~investment banker, legal, audit, tax, accounting~~the obligations to complete the necessary submissions for regulatory approval and ~~listing fees. These amounts are reflected within additional paid-in capital~~participate in joint steering activities for the ~~interim condensed consolidated balance sheets~~PNT2003 Agreement, the Company recognizes revenue using the cost-to-cost method, which it concluded best depicts the transfer of control to the customer. Under the cost-to-cost method, the extent of progress towards completion is measured based on the ratio of actual costs incurred to the total estimated costs expected upon satisfying the identified performance obligation. Under this method, revenue is recorded as a percentage of the estimated transaction price based on the extent of progress towards completion.

The following table presents the Company’s contract liabilities as of June 30, ~~2022~~2023 and December 31, ~~2021.~~2022:

~~Summary of net proceeds~~


	June 30, 2023		December 31, 2022
Deferred revenue
Deferred revenue, current	$	15,899,770	$	23,242,290
Deferred revenue, net of current portion	3,197,547		10,178,147
Total	$	19,097,317	$	33,420,437

~~The following table summarizes the elements~~At inception of the ~~net proceeds from~~Lantheus License Agreements, deferred revenue of $34.8 million was recognized in connection with future performance. During the ~~Business Combination:~~


			~~Recapitalization~~three and six months ended June
~~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~~

30, 2023

~~The net proceeds noted above exclude approximately $4.7~~, the Company recognized $4.9 million and $14.3 million in ~~transaction~~revenue for services performed (three and six months ended June 30, 2022 — $nil and $nil, respectively). 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 expects to recognize the remainder of the deferred revenue in subsequent periods through the year ending December 31, 2028. No contract assets were recognized in connection with the Lantheus License Agreements, including 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~~obtaining the ~~nature of the services received.~~

agreements.

~~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 June 30, 2023		As of December 31, 2022
Cash	Cash	$	24,197,537	$	238,815,991	Cash	$	5,540,926	$	12,429,627
Cash equivalents:	Cash equivalents:					Cash equivalents:
Money market funds	Money market funds	48,912,011		—		Money market funds	47,656,269		273,998,744
Commercial paper	Commercial paper	4,998,694		—		Commercial paper	4,096,143		—
Total cash and cash equivalents	Total cash and cash equivalents	78,108,242		238,815,991		Total cash and cash equivalents	57,293,338		286,428,371
Short-term investments	Short-term investments					Short-term investments
U.S. Treasury securities		34,687,436		—
Commercial paper						Commercial paper	131,797,284		115,156,455
Corporate bonds	Corporate bonds	31,870,066		—		Corporate bonds	102,294,737		45,219,042
Commercial paper		29,738,419		—
U.S. Government agency debt securities						U.S. Government agency debt securities	56,130,624		42,577,762
Asset backed securities	Asset backed securities	25,028,494		—		Asset backed securities	75,709,878		35,830,211
Total short-term investments	Total short-term investments	121,324,415		—		Total short-term investments	365,932,523		238,783,470
Long-term investments	Long-term investments					Long-term investments
Asset backed securities						Asset backed securities	750,129		16,119,430
Corporate bonds	Corporate bonds	4,898,296		—		Corporate bonds	10,820,572		—
Total long-term investments	Total long-term investments	4,898,296		—		Total long-term investments	11,570,701		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	$	434,796,562	$	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 atof June 30, ~~2022~~2023 were as follows:


		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Current		Non-current			Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Current		Non-current
Commercial paper														Commercial paper	$	131,908,748	$	15	$	(111,479)	$	131,797,284	$	131,797,284	$	—
Corporate bonds	Corporate bonds	$	36,915,656	$	1,356	$	(145,938)	$	36,768,362	$	31,870,066	$	4,898,296	Corporate bonds	113,657,153		705		$	(542,549)	113,115,309		102,294,737		10,820,572
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	Asset backed securities	25,094,991		5,546		(60,951)		25,028,494		25,028,494		—		Asset backed securities	76,699,026		—		(239,019)		76,460,007		75,709,878		750,129
U.S. Government agency debt securities														U.S. Government agency debt securities	56,306,438		—		(175,814)		56,130,624		56,130,624		—
Total available-for-sale securities	Total available-for-sale securities	$	126,578,893	$	6,902	$	(349,280)	$	126,222,711	$	121,324,415	$	4,898,296	Total available-for-sale securities	$	378,571,365	$	720	$	(1,068,861)	$	377,503,224	$	365,932,523	$	11,570,701

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~~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	$	366,912,175	$	365,932,523
Due between one and five years	Due between one and five years	4,926,502		4,898,296		Due between one and five years	11,659,190		11,570,701
Total	Total	$	126,578,893	$	126,222,711	Total	$	378,571,365	$	377,503,224

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.

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During the three and six months ended June 30, ~~2022,~~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~~table presents information about the Company’s financial assets and liabilities as of June 30, ~~2022~~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):~~values:


		Level 1		Level 2		Level 3		Total			Level 1		Level 2		Level 3		Total
June 30, 2022
June 30, 2023										June 30, 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	$	47,656,269	$	—	$	—	$	47,656,269
Commercial paper	Commercial paper	—		4,998,694		—		4,998,694		Commercial paper	—		4,096,143		—		4,096,143
Available-for-sale debt securities:	Available-for-sale debt securities:									Available-for-sale debt securities:
Commercial paper										Commercial paper	—		131,797,284		—		131,797,284
Corporate bonds	Corporate bonds	—		36,768,362		—		36,768,362		Corporate bonds	—		113,115,309		—		113,115,309
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	—		76,460,007		—		76,460,007
U.S. Government agency debt securities										U.S. Government agency debt securities	56,130,624		—		—		56,130,624
Total	Total	$	83,599,447	$	96,533,969	$	—	$	180,133,416	Total	$	103,786,893	$	325,468,743	$	—	$	429,255,636

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.

On 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. On June 1, 2023, the Company purchased $5.0 million in unsecured promissory notes (the "Note Receivable") convertible into common stock of Ionetix-α at a conversion price that is subject to certain conditions as defined in the Convertible Note Agreement. Pursuant to the Convertible Note Agreement, the Company will purchase an additional $5.0 million of the Note Receivable six months following the initial purchase. Management assessed all features in the Convertible Note Agreement to determine embedded derivatives requiring bifurcation. In accordance with the Convertible Note Agreement, Ionetix-α has a voluntary redemption option, subject to certain terms and conditions, and may provide notice to the Company upon which the Company can elect to either redeem the Note Receivable at 150% of principal and interest outstanding or convert it into common stock of Ionetix-α. Management concluded that this put option meets the definition of a derivative and it is not clearly and closely related to the Note Receivable, thus requiring bifurcation from the host instrument and recognition at fair value. Further, management concluded the Note Receivable host instrument is to be classified as a loan receivable and therefore is measured at amortized cost but disclosure of fair value is required. Management determined the fair values of both the Note Receivable and embedded derivative under Level 3 in the fair value hierarchy. Management concluded that the fair value of the Note Receivable as at June 30, 2023 was equal to its amortized cost and that the fair value of the embedded derivative was nil both at inception of the arrangement and at June 30, 2023.

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

There have been no transfers of assets or liabilities between the fair value measurement ~~levels.~~levels as of June 30, 2023.

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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 June 30, 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	3,418,491	4,011,419
Prepaid insurance				Prepaid insurance	1,781,969	1,310,314
Canadian harmonized sales tax receivable	Canadian harmonized sales tax receivable	143,105	72,666	Canadian harmonized sales tax receivable	332,654	60,222
Other	Other	191,000	105,450	Other	217,319	228,934
Total	Total	5,472,394	5,030,565	Total	5,750,433	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 June 30, 2023	As of December 31, 2022
		$	$		$	$
Land and building	Land and building	17,641,459	—	Land and building	18,976,410	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	10,415,742	5,328,639
Property, plant and equipment, in development				Property, plant and equipment, in development	15,459,230	8,434,384
Facility lease				Facility lease	5,384,707	—
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	153,891	149,892
		25,025,351	19,412,086		51,111,575	32,775,605
Less: Accumulated depreciation	Less: Accumulated depreciation	(584,076)	—	Less: Accumulated depreciation	(2,717,358)	(1,395,029)
Total	Total	24,441,275	19,412,086	Total	48,394,217	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.

On February 2, 2023, POINT Biopharma Corp., entered into a Facility Agreement (the "UHN Agreement") with University Health Network (“UHN”), a not-for-profit corporation incorporated under the laws of Canada. Pursuant to the UHN Agreement, the Company was provided access to utilize a 7,700 square foot, licensed research and development space with cGMP manufacturing suites (the “Facility”) under a lease effective April 1, 2023, which the Company will use to develop and expand its pipeline of next-generation radioligands. The ~~Company~~lease is accounted for as a finance lease in accordance with ASC 842 and the right-of-use asset has ~~determined this to be the date upon which its~~been included within property, plant and ~~equipment was available~~equipment. See Note 9 for ~~its intended use.~~ additional details.

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 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
Facility lease			7 years
Building			20 years

8. Accrued liabilities

Table of Content ~~Contents~~s

~~8. Accrued expenses~~

Accrued liabilities consisted of the following:


		As of June 30, 2022	As of December 31, 2021		As of June 30, 2023	As of December 31, 2022
		$	$		$	$
Accrued personnel costs				Accrued personnel costs	3,772,849	7,116,382
Accrued research and development costs	Accrued research and development costs	6,047,693	1,142,056	Accrued research and development costs	5,233,075	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	666,995	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	289,244	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	136,889	157,944
Total	Total	10,220,720	5,990,516	Total	10,099,052	19,094,454

9. ~~Mortgage payable~~Leases

Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As an implicit interest rate was not readily determinable in the Company’s current portfolio of leases, the incremental borrowing rate was used based on the information available at the commencement date in determining the present value of lease payments.

On ~~July 10, 2020,~~February 2, 2023, POINT Biopharma Corp. entered into the UHN Agreement. The lease commencement date was determined to be April 1, 2023, the date upon which the Company ~~obtained~~was provided access to the Facility. The lease is accounted for as a ~~mortgage loan~~finance lease in accordance with ASC 842 and the right-of-use asset has been included within property, plant and equipment. Management concluded that the lease represents a finance lease on the basis that management believes that the lease term covers a substantial portion of the economic life of the primary lease component. See Note 7 for additional details. The initial term of the UHN Agreement will run for five years from the lease commencement date, with an option to renew for additional two-year terms thereafter, subject to certain conditions described in the ~~amount of $3,562,500 (the “Mortgage”)~~UHN Agreement. Management included the first option to renew 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. Astwo years as part of the ~~financing~~lease term in determining the right-of-use asset and lease liability. The agreement does not transfer any title in the Facility to the Company. During the term, the Company ~~incurred $17,194 of costs~~shall be responsible for day-to-day management, activities and ~~fees from~~decision-making regarding the ~~lender that were capitalized and recorded as finance costs over the life~~Facility. General governance of the ~~Mortgage.~~ Facility will be exercised by the Company and UHN through a joint committee. The joint committee, which will meet quarterly, will have a minimum of six people and will be comprised of an equal number of members from each of the Company and UHN.

On ~~July 29, 2021,~~April 12, 2023, the ~~Mortgage~~Company entered into an operating lease for laboratory space with a lease term of two years. The lease is recorded separately on the ~~manufacturing facility~~interim condensed consolidated balance sheet as an operating lease right-of-use asset with a related operating lease liability as of June 30, 2023. The agreement does not transfer any title in ~~Indianapolis, Indiana~~the laboratory space to the Company.

The components of lease expense are as follows:


	For the six months ended June 30, 2023		For the six months ended June 30, 2022
Operating lease expense	$	50,499	$	—

Finance lease cost
Amortization of right-of-use asset	192,311		—
Interest on lease liability	99,199		—
Total finance lease cost	$	291,510	$	—

Supplemental cash flow information related to leases are as follows:

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	For the six months ended June 30, 2023		For the six months ended June 30, 2022
Cash flow information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow use from operating leases	$	49,321	$	—
Operating cash flow use from finance leases	$	99,199	$	—
Financing cash flow use from finance leases	$	133,641	$	—

Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations:
Operating lease	$	453,490	$	—
Finance lease	$	5,384,707	$	—

The following table summarizes the weighted average remaining lease terms for the Company’s leases:


			As of June 30, 2023
Weighted-average remaining lease term (in years):
Operating lease			1.8
Finance lease			6.8

As the interest rate implicit in the leases was ~~repaid and~~not readily determinable at the ~~related mortgage~~time that the leases were evaluated, the Company used its incremental borrowing rate based on the information available in determining the present value of lease payments. The Company’s incremental borrowing rate was based on the term of the lease, the economic environment of the lease and reflect the rate the Company would have had to pay to borrow on a secured basis. Below is information on the weighted average discount rates used at the time that the leases were evaluated:


	As of June 30, 2023
Weighted-average discount rates:
Operating lease	7.6	%
Finance lease	7.7	%

The following table summarizes the future maturities of the Company's ~~facility in Indianapolis, Indiana was released.~~

~~Prior to its repayment, the Mortgage bore interest at 2.85% plus a minimum rate~~lease liabilities as 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.2023:


	Operating Lease		Finance Lease
2023	$	121,091	$	505,608
2024	249,446		1,011,217
2025	74,938		1,011,217
2026	—		1,011,217
2027	—		1,011,217
Thereafter	—		2,275,237
Total lease payments	$	445,475	$	6,825,713
Less: imputed interest	(30,616)		(1,466,384)
Present value of lease liabilities	$	414,859	$	5,359,329

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 June 30, 2023, the ~~previous POINT Biopharma Inc. common shares to~~Company issued (a) 71,585 shares of Common Stock in connection with the exercise of stock options granted to non-employee consultants, resulting in total cash proceeds of $99,503 and (b)

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11,692 shares of Common Stock in connection with the ~~Company at a conversion ratio~~exercise of ~~approximately 3.59:1. The par value~~stock options granted to employees, resulting in total cash proceeds of ~~previous POINT Biopharma Inc. common shares was $0.001. See Note 3 for additional details.~~

$86,555. During the ~~three and~~ six months ended June 30, ~~2022, there were 2,490 and 3,168~~2023, the Company issued (i) 86,585 shares of Common Stock in connection with the exercise of stock options granted to non-employee consultants, resulting in total cash proceeds of $120,353 and (ii) 29,628 shares of Common Stock in connection with the exercise of stock options granted to employees and directors, resulting in total cash proceeds of $211,569.

During the three months ended June 30, 2022, the Company issued ~~respectively, each~~2,490 shares of Common Stock in connection with the exercise of stock options issued to non-employee consultants, ~~and~~ resulting in total cash proceeds of $3,461 and $4,403, respectively. During the three months ended June 30, 2021, the Company issued 32,539,769 shares of Common Stock in connection with the Business Combination and PIPE Financing (see Note 3).$3,461. During the six months ended June 30, ~~2021,~~2022, the Company ~~(a)~~ issued ~~the above mentioned~~3,168 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,~~consultants, resulting in total cash proceeds of ~~$20,450,000.~~$4,403.

As of June 30, ~~2022,~~2023, the total number of ~~total~~ issued and outstanding shares of Common Stock was ~~90,124,962~~105,765,954 (December 31, ~~2021 – 90,121,794)~~2022 — 105,649,741). As of June 30, ~~2022,~~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. Holders of Common ~~stockholders~~Stock are entitled to receive dividends, if any, as may be declared by the Company’s board of ~~directors.~~directors (the “Board”). During the three and six months ended June 30, ~~2022,~~2023, no cash dividends were declared or paid by the Company (June 30, ~~2021~~2022 — $nil).

~~Table of~~ ~~Contents~~

The ~~Company’s board of directors~~Board 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 months ended June 30, ~~2022,~~2023, no shares of Preferred Stock were issued by the ~~Company (June 30, 2021 — nil).~~Company.

11. 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~~Board adopted the POINT Biopharma Global 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.~~Board. 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~~9,129,858 shares of Common Stock authorized for issuance under the 2021 EIP as of June 30, ~~2022.~~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~~$685,263 and ~~$743,945~~$1,131,391 to research and development ~~expense~~expenses and ~~$568,930~~$1,025,086 and ~~$724,068~~$1,588,454 to general and administrative expenses for stock-based compensation for the three and six months ended June 30, ~~2022,~~2023, respectively (June 30, ~~2021~~2022 — ~~$1,028,512~~$458,634 and ~~$1,428,669~~$743,945 to research and development ~~expense~~expenses and ~~$77,945~~$568,929 and ~~$155,033~~$724,068 to general and administrative expenses for the three and six months ended, respectively). The Company did not recognize a tax benefit related to stock-based compensation expense during the three and six months ended June 30, 2023 as well as during the three and six months ended June 30, 2022, 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~~

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	Number of Shares	Weighted Average Exercise Price Per Share ($)	Weighted- Average Remaining Contractual Term (in years)
Outstanding as of December 31, 2022	5,592,173	5.85
Granted	3,144,071	7.03
Exercised	(116,213)	2.86
Forfeited	(122,887)	7.37
Expired	(13,551)	8.47
Outstanding as of June 30, 2023	8,483,593	6.30	4.7
Vested and expected to vest as of June 30, 2023	8,483,593	6.30	4.7
Options exercisable as of June 30, 2023	2,705,429	4.89	4.0

During the ~~Business Combination which resulted in a replacement of the previous POINT Biopharma Inc.~~three months ended June 30, 2023, 304,248 stock options ~~with stock options~~were granted to directors of the Company, with a weighted average grant date fair value of $4.75 per share. The vesting terms of these options are such that they vest on the one-year anniversary of the date of grant. During the six months ended June 30, 2023, 3,144,071 stock options were granted, including the 304,248 stock options discussed above as ~~described above, at~~well as 2,839,823 stock options granted to employees of the Company, with a ~~conversion ratio~~weighted average grant date fair value of ~~approximately 3.59:1. In addition,~~$3.76 per share. The vesting terms of the ~~exercise price for each replacement~~options granted to employees of the Company 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 ~~option is also adjusted using the ratio of approximately 3.59:1. See Note 3 for additional details:~~options vest in three equal annual installments thereafter.

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

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

~~Table of~~ ~~Contents~~

stock options were granted to employees and directors of the Company, with a weighted average grant date fair value of ~~$4.59. The~~$4.59 per share. Except as provided below with respect to options granted to directors, 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.~~ equal annual installments thereafter. 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.

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

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 June 30, 2023	Three months ended June 30, 2022	Six months ended June 30, 2023	Six months ended June 30, 2022
Risk-free interest rate	Risk-free interest rate	2.57% - 3.13%	—	1.24% - 3.13%	0.72%	Risk-free interest rate	3.91% - 4.23%	2.57% - 3.13%	3.71% - 4.23%	1.24% - 3.13%
Expected term (in years)	Expected term (in years)	4.25	—	4.25	5.38	Expected term (in years)	3.50	4.25	3.50 - 4.25	4.25 - 5.38
Expected volatility	Expected volatility	74% - 75%	—	72% - 75%	65%	Expected volatility	67%	74% - 75%	67% - 68%	72% - 75%
Expected dividend yield	Expected dividend yield	—%	—	—%	—%	Expected dividend yield	—%	—%	—%	—%

During the three months ended June 30, 2023, non-employee consultants of the Company exercised 71,585 stock options with an intrinsic value of $604,767 and employees of the Company exercised 11,692 stock options with an intrinsic value of $32,740, for total cash proceeds to the Company of $186,058.

During the six months ended June 30, 2023, non-employee consultants of the Company exercised 86,585 stock options with an intrinsic value of $700,217, and employees and directors of the Company exercised 29,628 stock options with an intrinsic value of $38,300, for total cash proceeds to the Company of $331,922.

During the three and six months ended June 30, 2022, non-employee consultants of the Company exercised 2,490 and 3,168 stock options with intrinsic values of $16,060 and $19,301, respectively. The exercises resulted in cash proceeds to the ~~company~~Company of $3,461 and $4,403, respectively.

As of June 30, ~~2022,~~2023, the unrecognized stock-based compensation expense related to unvested stock options was ~~$12,895,130~~$19,343,654 and the estimated weighted average remaining vesting period was ~~2.8~~2.3 years.

Performance Share Units

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

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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 and six months ended June 30, 2023, the Company did not record any stock-based compensation expense related to these PSUs on the basis that they cannot be considered probable to vest as the regulatory approval requirement is outside the control of the Company and the clinical trial remains ongoing.

12. 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,~~2023, the Company is committed to aggregate future payments of approximately ~~$18.1~~$20.0 million in connection with these agreements. During the three and six months ended June 30, ~~2022,~~2023, approximately ~~$3.4~~$7.4 million and ~~$4.0~~$10.3 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~~2022 — approximately $3.4 million and ~~$4.9~~$4.0 million, respectively).

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~~products 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~~$6.2 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~~these agreements of approximately ~~$2.6~~$4.8 million and ~~$4.3~~$11.3 million during the three and six months ended June 30, ~~2022,~~2023, respectively (three and six months ended June 30, ~~2021 - $0.8~~2022 — $2.6 million and ~~$1.3~~$4.3 million, respectively).

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~~$111.9 million ($~~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,~~2023, respectively (three and six months ended June 30, ~~2021 -~~2022 — $nil and $nil, respectively).

~~Table~~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 has minimum purchase commitments of ~~Contents~~approximately $32.4 million over the ten year contract term. During the three and six months ended June 30, 2023, the Company did not record any research and development expenses in connection with this agreement.

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~~$24.0 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~~$6.2 million and ~~$5.6~~$11.1 million during the three and six months ended June 30, ~~2022,~~2023, respectively (three and six months ended June 30, ~~2021 – $1.8~~2022 — $2.5 million and ~~$3.0~~$5.6 million, respectively).

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 ~~13 in~~15 to the ~~2021~~2022 Financial Statements.

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 the Company to Bach Biosciences, as well as 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 Biosciencesincreased flexibility in connection with sublicense arrangements.

Table 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 by an additional ~~two~~Contents ~~(2) years at the current sponsorship rate.~~

The Company recorded research and development expenses in connection to its license agreements of approximately ~~$3.8~~$3.0 million and ~~$4.6~~$3.5 million during the three and six months ended June 30, ~~2022,~~2023, respectively (three and six months ended June 30, ~~2021 – $0.5~~2022 — $3.8 million and ~~$1.0~~$4.6 million, respectively).

13. 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 June 30, 2023		Three months ended June 30, 2022		Six months ended June 30, 2023		Six months ended June 30, 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	$	25,410,839	$	24,580,247	$	41,941,510	$	40,960,821
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	105,724,215		90,124,295		105,692,615		90,123,288
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	$	0.24	$	0.27	$	0.40	$	0.45

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 PSU's are considered contingently issuable shares for the purpose of the computation of loss per share and have been excluded on the basis that as of June 30, 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~~the holders of Common Stock is the same.

14. Income Taxes

The Company calculates its interim tax provision at the end of each interim period and estimates the annual effective tax rate which is applied 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, and as such it is subject to tax in both countries. The income tax benefit and expense for the three months ended June 30, ~~2022~~2023 and June 30, ~~2021~~2022 was ~~$183,405~~$921,298 and ~~$123,782~~$183,405, respectively and the income tax benefit and expense for the six months ended June 30, ~~2022~~2023 and June 30, ~~2021~~2022 was $1,159,940 and $271,521, respectively. The income tax benefit for the three and ~~$164,207 respectively, each~~six months ended June 30, 2023, consists primarily of tax benefits related to research and development tax credits partially offset by current taxes in ~~respect~~Canada. The income tax expense for the three and six months ended June 30, 2022, 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,~~states, 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.

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

15. 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
$ $ $ $
Consulting fees on business activities to Board member 102,396 53,892 169,092 83,878
Reimbursement to Board member for occupancy costs 17,898 19,584 35,676 36,819
Total 120,294 73,476 204,768 120,697

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	Three months ended June 30, 2023		Three months ended June 30, 2022		Six months ended June 30, 2023		Six months ended June 30, 2022
Consulting fees on business activities to Board member	$	31,496	$	102,396	$	205,911	$	169,092
Reimbursement to Board member for occupancy costs	17,894		17,898		35,313		35,676
Total	$	49,390	$	120,294	$	241,224	$	204,768

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 periods ended June 30, ~~2022~~2023 and ~~2021,~~2022, the Company received consulting services for research and development from a Board member. As of June 30, ~~2022, $47,389~~2023, $33,471 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. Subsequent event~~

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 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 total amount is an at-the-market offering (“ATM”) of up to $150,000,000 of our Common Stock pursuant to a distribution agreement with Piper Sandler & Co. To date, we have not sold any Common Stock under the ATM or any equity under the S-3 and have no current plans to issue additional equity, but have the S-3 and the ATM available if needed.

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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~~2023 (the “Q2 ~~2022~~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, par value $0.0001 per share ("Common ~~Stock~~Stock") and the volatility of the market price of our Common 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, which speak only as of the date made, 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~~manufacturing is often overlooked, the Company has ~~carved out~~unique capabilities. In addition to our Center of Radioligand Excellence (CORE), a ~~unique advantage for itself: a 100% company-owned facility, located~~commercial-scale radioligand production campus in Indianapolis, Indiana, ~~which includes an office space occupying 10,500 square feet and~~we also operate the POINT Institute for Radioligand Innovation (PIRI) in Toronto, Ontario, a ~~manufacturing facility occupying 70,200 square feet, and which we believe has~~state of the ~~capacity for expansion~~art GMP R&D center focused on bringing novel programs from discovery to ~~commercially supply both North America and Europe with large volumes.~~the clinic. Furthermore, management has leveraged their prior relationships to assemble resilient radioisotope supply chains, ~~for the Company,~~ which even includes ~~manufacturing the Company's~~processing our 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, the Company dosed its first European Union patient~~Enrollment in ~~the SPLASH trial. The SPLASH~~PNT2002's phase 3 Study evaluating metastatic castration-resistant Prostate cancer using 177Lu-PNT2002 PSMA therapy After Second-line Hormonal treatment (“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 fourth quarter of 2023. Six trial sites remain open for recruitment to complete a separate pharmacokinetic sub-study. POINT is not experiencing any supply constraints or shortages related to its lutetium-177-labeled programs.

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

In May 2023, enrollment in cohort 3 of the phase 1 FAPi Radioligand OpeN-Label, phase 1 study to evaluate safety, Tolerability and dosImetry of 177Lu-PNT6555; a dose Escalation study for tReatment of patients with select solid tumors, ("FRONTIER") trial (NCT05432193) began, and a total of seven participants have been dosed with 177Lu-PNT6555 to date. We continue to anticipate data from the full FRONTIER study to be available in the first half of 2024.

In June 2023, a Trial-in-Progress poster for FRONTIER was presented at the 2023 American Society of Clinical Oncology (ASCO) Annual Meeting, which included trial background information, study design considerations, and a cohort enrollment status update.

Later in June 2023, we published and presented preclinical data at the 2023 Annual Meeting of the Society of Nuclear Medicine & Molecular Imaging (SNMMI). The ~~Company filed a~~auger electron and beta emitting isotope terbium-161 was paired with POINT’s FAP-targeted PNT6555 ligand and showed robust anti-tumor efficacy, similar to 225Ac-PNT6555 and 177Lu-

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PNT6555. Also, preclinical proof-of-concept was established for synergistic interaction of immuno- and radioligand therapies with 177Lu-PNT6555.

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

At our virtual Investor Day in June 2023, we unveiled the trial design for the phase 1 portion of ACCEL, the first-in-human phase 1/2 clinical trial ~~application (CTA) with Health Canada at~~for PNT2001's actinium-225 program. The trial was designed to enable the ~~end~~parallel exploration of PNT2001 in two patient populations: later-stage mCRPC patients and earlier-stage BCR or Prostate-Specific Membrane Antigen ("PSMA")-positive oligorecurrent patients. We anticipate a health authority submission in the fourth quarter of 2023, and expect the first patient dosed in this trial to be in the first quarter of 2022 for PNT6555, the lead of the pan-cancer PNT2004 fibroblast activation protein-alpha (FAP-alpha) targeted program, and a No Objection Letter was received from Health Canada in May 2022. The first patient was dosed in FRONTIER in July 2022.2024.

The Company also presented posters on PNT6555 at two recent academic conferences including the American Association for Cancer Research (AACR) 2022 Annual Meeting in April 2022, and the Society for Nuclear Medicine and Molecular Imaging (SNMMI) 2022 Annual Meeting in June 2022.

~~Management~~Manufacturing & Supply Chain Updates

In ~~June 2022,~~April 2023, we announced an agreement for the ~~Company appointed Chris Horvath as Executive Vice President, Commercial. Mr. Horvath brings almost twenty years~~supply of ~~experience~~actinium-225 with Eckert & Ziegler. Eckert & Ziegler will provide predetermined amounts of GMP grade actinium-225 to POINT for use in the ~~pharmaceutical industry, having led or worked on the launch~~development of ~~a number~~POINT’s pipeline 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 actinium-225-based radioligands.

~~Mr. Horvath began his career~~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 actinium-225. IONETIX has transferred its alpha therapy isotope business assets into Ionetix-α. POINT will invest $10 million into Ionetix-α.

In June 2023, we announced the intent to collaborate with AdvanCell, an Australian clinical stage radiopharmaceutical company, for the development of a ~~scientist, working at both DuPont~~global lead-212 radioisotope and ~~Novartis Institutes for BioMedical Research. He then transitioned~~radioligand supply chain and drug manufacturing network to ~~commercial roles~~specifically support the clinical development and commercialization of increasing responsibility at Janssen, Dendreon, Merck, Bayer, and most recently Advanced Accelerator Applications (Novartis). 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.lead-212-labeled radioligands by each company.

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 and six months ended June 30, 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 ~~the first quarter of 2024.~~2026.

~~As losses continue to be incurred, we~~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

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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, macroeconomic and other geopolitical events

~~The COVID-19 pandemic, which was declared by~~Although the World Health Organization asdeclared in early May of 2023 that COVID-19 no longer constitutes a ~~pandemic in March 2020~~public health emergency, the Company continues to actively monitor the COVID-19 developments and ~~has since spread worldwide, has caused many governments to implement measures to slow~~potential impact on the ~~spread of the outbreak through quarantines, travel restrictions, heightened border security~~Company's employees, business and ~~other measures.~~operations. The impact ~~of this pandemic has been,~~from global economic conditions and ~~will likely continue to be, extensive in many aspects of society, which has resulted,~~potential and ~~will likely continue to result, in significant~~continuing disruptions to ~~the global economy as well as businesses~~ and ~~capital markets around the world. The future progression of the pandemic and its effects on 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 businessvolatility in the ~~ordinary course. Specifically, we may not~~credit and equity markets in the United States and worldwide are highly uncertain and cannot 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~~predicted. The Company is currently ~~unable to predict when potential disruptions to our clinical programs~~operating in a period of significant economic uncertainty, 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 our ability to obtain financing.

~~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~~among other ~~geopolitical events. The U.S. and other nations in response to~~things, 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.

~~We are monitoring the continuing~~ impact of the COVID-19 pandemic, geopolitical tensions, such as the ongoing military conflict between Russia and Ukraine and heightened tensions between China and Taiwan, trade uncertainty, including changes in tariffs, sanctions, international treaties, and other trade restrictions, rising inflation and interest rates, and uncertainty and liquidity concerns in the broader financial services industry, including those caused by certain recent banking failures.

We are continuing to monitor the development and potential impact of ~~the Russo-Ukrainian conflict~~these global economic and geopolitical events 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~~2023 Financial Statements. However, estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment; as a result, the Company’s estimates may change as new events occur and additional information is obtained.

Components of Operating Results

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~~unaudited interim condensed consolidated statements of ~~Operations.~~operations.

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Results of Operations - Three Months Ended June 30

The following table summarizes our results of operations for the three months ended June 30, ~~2022~~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 June 30, 2023	For the three months ended June 30, 2022	Change
(In U.S. dollars)	(In U.S. dollars)	$	$	$	%		(In U.S. dollars)	$	$	$	%
Revenue							Revenue
Other revenue							Other revenue	4,865,856	—	4,865,856	100.0	%
Total revenue							Total revenue	4,865,856	—	4,865,856	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	31,276,573	20,813,882	10,462,691	50.3	%
General and administrative	General and administrative	4,080,401	1,949,552	2,130,849	109.3	%	General and administrative	5,088,403	4,080,401	1,008,002	24.7	%
Total operating expenses	Total operating expenses	24,894,283	8,650,414	16,243,869	187.8	%	Total operating expenses	36,364,976	24,894,283	11,470,693	46.1	%
Loss from operations	Loss from operations	(24,894,283)	(8,650,414)	(16,243,869)	187.8	%	Loss from operations	(31,499,120)	(24,894,283)	(6,604,837)	26.5	%
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	5,335,753	509,700	4,826,053	946.8	%
Foreign currency loss	Foreign currency loss	(12,259)	(27,599)	15,340	(55.6)	%	Foreign currency loss	(168,770)	(12,259)	(156,511)	1,276.7	%
Total other income (expenses)	Total other income (expenses)	497,441	(30,462)	527,903	(1733.0)	%	Total other income (expenses)	5,166,983	497,441	4,669,542	938.7	%
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	(26,332,137)	(24,396,842)	(1,935,295)	7.9	%
Income tax benefit (provision)							Income tax benefit (provision)	921,298	(183,405)	1,104,703	602.3	%
Net loss	Net loss	(24,580,247)	(8,804,658)	(15,775,589)	179.2	%	Net loss	(25,410,839)	(24,580,247)	(830,592)	3.4	%

Research and Development

The following table summarizes the components of research and development ~~expense~~expenses for the three months ended June 30, ~~2022~~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 June 30, 2023	For the three months ended June 30, 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	9,284,858	8,286,606	998,252	12.0	%
Salaries and benefits	Salaries and benefits	4,312,716	1,568,283	2,744,433	175.0	%	Salaries and benefits	7,847,232	4,312,716	3,534,516	82.0	%
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	7,189,671	3,374,158	3,815,513	113.1	%
Depreciation and overhead	Depreciation and overhead	975,241	—	975,241	100.0	%	Depreciation and overhead	3,548,091	975,241	2,572,850	263.8	%
Sponsored research & product licenses							Sponsored research & product licenses	3,036,390	3,805,325	(768,935)	(20.2)	%
Regulatory consulting	Regulatory consulting	59,836	80,948	(21,112)	(26.1)	%	Regulatory consulting	370,331	59,836	310,495	518.9	%
Total	Total	20,813,882	6,700,862	14,113,020	210.6	%	Total	31,276,573	20,813,882	10,462,691	50.3	%

For the three months ended June 30, ~~2022~~2023, as compared to the three months ended June 30, ~~2021,~~2022, the increase in research and development ~~expense~~expenses 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 the PIRI, and (c) depreciation and overhead primarily related to our Indianapolis 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 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~~

clinical. For the three months ended June 30, ~~2022~~2023, the Company incurred approximately $11.2 million and $1.4 million of direct costs associated with its PNT2002 and PNT2003 programs, respectively. These figures exclude amounts for salaries and benefits, depreciation and overhead costs which are not allocated by program.

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General and administrative

General and administrative expenses increased for the three months ended June 30, 2023, as compared to the three months ended June 30, ~~2021,~~2022, primarily in connection with increased headcount compared to the ~~increase in general and administrative expenses was primarily due to increased (a) personnel costs~~prior year period 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.~~our operations continues to increase.

Other Income (Expenses)

For the three months ended June 30, 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~~Benefit (Provision)

For the three months ended June 30, ~~2022~~2023, income tax benefit consists primarily of estimated research and ~~2021,~~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. For the three months ended June 30, 2022, 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.

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Results of Operations - Six Months Ended June 30

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


		For the six months Ended June 30, 2022	For the six months Ended June 30, 2021	Change				For the six months ended June 30, 2023	For the six months ended June 30, 2022	Change
(In U.S. dollars)	(In U.S. dollars)	$	$	$	%		(In U.S. dollars)	$	$	$	%
Revenue							Revenue
Other revenue							Other revenue	14,323,120	—	14,323,120	100.0	%
Total revenue							Total revenue	14,323,120	—	14,323,120	100.0	%
Operating expenses:	Operating expenses:						Operating expenses:
Research and development	Research and development	33,314,730	10,970,160	22,344,570	203.7	%	Research and development	58,187,045	33,314,730	24,872,315	74.7	%
General and administrative	General and administrative	7,888,343	3,414,244	4,474,099	131.0	%	General and administrative	10,098,532	7,888,343	2,210,189	28.0	%
Total operating expenses	Total operating expenses	41,203,073	14,384,404	26,818,669	186.4	%	Total operating expenses	68,285,577	41,203,073	27,082,504	65.7	%
Loss from operations	Loss from operations	(41,203,073)	(14,384,404)	(26,818,669)	186.4	%	Loss from operations	(53,962,457)	(41,203,073)	(12,759,384)	31.0	%
Other income (expenses):	Other income (expenses):						Other income (expenses):
Finance income (costs)		557,673	(5,662)	563,335	(9,949.4)	%
Investment income							Investment income	11,099,967	557,673	10,542,294	1,890.4	%
Foreign currency loss	Foreign currency loss	(43,900)	(34,806)	(9,094)	26.1	%	Foreign currency loss	(238,960)	(43,900)	(195,060)	444.3	%
Total other income (expenses)	Total other income (expenses)	513,773	(40,468)	554,241	(1369.6)	%	Total other income (expenses)	10,861,007	513,773	10,347,234	2,014.0	%
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	%
Loss before income taxes							Loss before income taxes	(43,101,450)	(40,689,300)	(2,412,150)	5.9	%
Income tax benefit (provision)							Income tax benefit (provision)	1,159,940	(271,521)	1,431,461	527.2	%
Net loss	Net loss	(40,960,821)	(14,589,079)	(26,371,742)	180.8	%	Net loss	(41,941,510)	(40,960,821)	(980,689)	2.4	%

Research and Development

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

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 %

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	For the six months ended June 30, 2023	For the six months ended June 30, 2022	Change
(In U.S. dollars)	$	$	$	%
Clinical trials	18,173,278	13,015,747	5,157,531	39.6	%
Salaries and benefits	14,491,043	8,051,246	6,439,797	80.0	%
Contract manufacturing	15,422,020	6,083,741	9,338,279	153.5	%
Depreciation and overhead	5,897,604	1,483,462	4,414,142	297.6	%
Sponsored research & product licenses	3,536,390	4,555,325	(1,018,935)	(22.4)	%
Regulatory consulting	666,710	125,209	541,501	432.5	%
Total	58,187,045	33,314,730	24,872,315	74.7	%

For the six months ended June 30, ~~2022~~2023, as compared to the six months ended June 30, ~~2021,~~2022, the increase in research and development ~~expense~~expenses was ~~primarily~~ due to ~~increases in (a) costs incurred in clinical trials and contract manufacturing~~the same or substantially same factors as ~~we continue to increase~~noted above for the ~~scale of our trials and operations, (b) increased personnel costs as~~three months ended June 30, 2023. For the six months ended June 30, 2023, the Company ~~continues to expand its research~~incurred approximately $22.7 million and ~~development headcount, (c)~~$2.6 million of direct costs associated with ~~our licensing agreements~~its PNT2002 and ~~related sponsored research in connection with our product candidates both preclinical~~PNT2003 programs, respectively. These figures exclude amounts for salaries 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)~~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.

General and administrative

~~For~~General and administrative expenses increased for the six months ended June 30, ~~2022~~2023, as compared to the six months ended June 30, ~~2021, the increase in general and administrative expenses was primarily~~2022, due to ~~increased (a) personnel costs~~the same or substantially same factors as noted above for 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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three months ended June 30, 2023.

Other Income (Expenses)

For the six months ended June 30, 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 ~~six~~current period reflects the same or substantially same factors as noted above for the three 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.2023.

Income Tax ~~Expense~~Benefit (Provision)

For the six months ended June 30, ~~2022~~2023, income tax benefit consists primarily of estimated research and ~~2021,~~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. For the six months ended June 30, 2022, 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~~Except for the upfront payment received pursuant to the Lantheus License Agreements, the Company has incurred significant net losses ~~since the Company’s inception~~ and ~~currently rely on the proceeds for the Business Combination to fund our operations.~~funded operations primarily through equity financings. Operating losses and negative cash flows ~~from operations~~were incurred in the three and ~~investing activities~~six months ended June 30, 2023 and 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.industry. 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~~$25.4 million and ~~$8.8~~$24.6 million for the three months ended June 30, 2023 and 2022 and ~~2021, respectively~~$41.9 million and $41.0 ~~million and $14.6~~ million for the six months ended June 30, ~~2022~~2023 and ~~2021,~~2022, respectively.

~~On January 28, 2021, warrants for~~In connection with the ~~purchase of common~~2022 Public Offering, on September 16, 2022, we issued 13,900,000 shares of ~~POINT Biopharma Inc. were exercised~~Common Stock resulting in net proceeds of ~~$20.0 million.~~approximately $117.3 million, excluding certain transaction costs incurred in connection with filing the S-3 (defined below) and on October 3, 2022, we issued an additional 1,589,779 shares of Common Stock for net

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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 ~~March 8, 2021,~~December 22, 2022, we received ~~cash proceeds of $0.5 million for a non-employee consultant’s exercise of stock options. On June 30, 2021, we received net proceeds of approximately~~ $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, licensing of additional product candidates, and ~~to support~~supporting 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~~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, if any, 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,~~2023, we had cash, cash equivalents and investments of approximately ~~$204.3 million. We expect that our cash and equivalents are sufficient~~$434.8 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

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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 ~~or any equity under~~as of June 30, 2023. Pursuant to the S-3 and ~~have no current plans to issue additional equity, but have~~in connection with the 2022 Public Offering, on September 16, 2022 we issued 13,900,000 shares of Common Stock at the price of $9.00 per share, or 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 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 the ~~ATM available if needed.~~Company of approximately $13.4 million as a result of an underwriters exercising their option to purchase additional shares pursuant to the 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 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~~2023 and December 31, ~~2021:~~2022:


		As of June 30, 2022	As of December 31, 2021	Change				As of June 30, 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	432,375,303	530,822,730	(98,447,427)	(18.5)	%
Current liabilities	Current liabilities	18,796,727	7,979,964	10,816,763	135.5	%	Current liabilities	41,155,794	79,738,440	(38,582,646)	(48.4)	%
Total working capital	Total working capital	186,108,324	235,866,592	(49,758,268)	(21.1)	%	Total working capital	391,219,509	451,084,290	(59,864,781)	(13.3)	%

The decrease in working capital as of June 30, ~~2022,~~2023, primarily reflects cash used for (a) operating expenses, including, personnel costs and research and development costs as we advance our clinical trials and continue to expand our pipeline, and (b) capital expenditures for equipment and machinery used in our manufacturing facility in ~~Indiana,~~Indiana. This was partially offset by interest and ~~(c)~~other income earned on the ~~acquisition~~Company's cash, cash equivalents and investments. The decrease in current liabilities primarily reflects the payment of ~~long-term investments.~~income taxes during the six months ended June 30, 2023 of approximately $31.9 million, which had an equal and offsetting impact to current assets.

Cash Flows

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

For the six
months
Ended
June 30,
2022 For the six
months
Ended
June 30,
2021 Change
(In U.S. dollars) $ $ $ %
Net cash flows used in operating activities (31,068,981) (19,444,565) (11,624,416) 59.8 %
Net cash flows used in investing activities (129,643,171) (3,242,281) (126,400,890) 3,898.5 %
Net cash flows provided by financing activities 4,403 285,876,917 (285,872,514) (100.0) %
Net (decrease)/increase in cash and cash equivalents (160,707,749) 263,190,071 (423,897,820) (161.1) %

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	For the six months ended June 30, 2023	For the six months ended June 30, 2022	Change
(In U.S. dollars)	$	$	$	%
Net cash flows used in operating activities	(96,727,236)	(31,068,981)	(65,658,255)	211.3	%
Net cash flows used in investing activities	(132,606,078)	(129,643,171)	(2,962,907)	2.3	%
Net cash flows provided by financing activities	198,281	4,403	193,878	4403.3	%
Net decrease in cash and cash equivalents	(229,135,033)	(160,707,749)	(68,427,284)	42.6	%

Cash flows used in ~~operating activities~~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 months ended June 30, ~~2022~~2023 compared to the six months ended June 30, ~~2021 as we advance~~2022 primarily due to a) continued advancement of our clinical trials and ~~continue to expand~~expansion of our pipeline, as described ~~above.~~above and b) income taxes paid of approximately $31.9 million.

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 months ended June 30, 2023 and 2022, ~~and 2021,~~net cash used in investing activities ~~reflected $129.6~~totaled $132.6 million and ~~$3.2~~$129.6 million, respectively. The increase in cash used in investing activities relates to (a) the Company's investment of its available cash resources into ~~short~~fixed income investments, (b) purchase of the Note Receivable from Ionetix-α and ~~long-term investments and (b)~~(c) increased capital expenditures for purchases in connection with our ~~Indiana~~Indianapolis manufacturing facility.

Cash flows provided by Financing Activities

For the six months ended June 30, 2023 and 2022, net cash provided by financing activities totaled ~~$4,403,~~$198.3 thousand and $4 thousand, respectively, which consisted of the net proceeds received from the exercise of stock options ~~issued~~and solely related to ~~non-employee consultants. For~~ the six months ended June 30, ~~2021, net cash provided~~2023, was partially offset by ~~financing activities totaled $285.9 million, which consisted of (a) the net proceeds~~payments made 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.~~Company's finance lease obligation.

Contractual Obligations and Other 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 minimum purchase commitments and generally terminate upon the termination of the clinical trial. For additional information, see Note 12 to the Q2 ~~2022~~2023 Financial Statements.

For additional information related to our license agreements, please also see Note 12 to the Q2 ~~2022~~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~~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~~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 atas of the date of the Q2 ~~2022~~2023 Financial Statements and the reported amounts of expenses during the reporting

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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.~~10-K except as below:

Leases

The Company accounts for leases in accordance with ASC Topic 842, Leases ("ASC 842"). At the inception of an arrangement, we determine whether the arrangement is or contains a lease based on the unique facts and circumstances present. The Company has elected not to recognize leases with an original term of one year or less on the consolidated balance sheets. We have also elected to account for the lease and non-lease components as a combined lease component for our current lease portfolio. Right-of-use assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Options to renew or early terminate a lease are included in the initial lease term of a lease when there is reasonable certainty that the option will be applied.

ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. The Company's incremental borrowing rate is determined using a secured borrowing rate for the same currency and term as the associated lease in a similar economic environment.

Lease expense for operating leases is recognized on a straight-line basis over the lease term and included in operating expenses in the unaudited interim condensed consolidated statements of operations and comprehensive loss.

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,~~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.

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 and six months ended June 30, 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,~~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,~~2023, our disclosure controls and procedures were effective.

Changes in Internal Control over Financial Reporting

During the fiscal quarter ended June 30, 2022 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, 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~~There was no change in our internal control over financial reporting that occurred during the fiscal quarter ended June 30, ~~2022~~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 described 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.~~PROCEEDS

Unregistered Sales of Equity Securities

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

Issuer Purchases of Equity Securities

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

ITEM 3. – DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. – MINE SAFETY ~~DISCLOSURES.~~DISCLOSURES

Not applicable.

ITEM 5. – OTHER ~~INFORMATION.~~INFORMATION

~~None.~~None of the Company’s directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company’s fiscal quarter ended June 30, 2023.

3031

Table of Content ~~Contents~~s

ITEM 6. – ~~EXHIBITS.~~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†						10.1*Facility Agreement dated as of February 2, 2023 and effective as of April 1, 2023 between University Health Network and POINT Biopharma Corp. (incorporated by reference to Exhibit 10.1 to the Form 10-Q for the year ended March 31, 2023).
10.2*						Amendment No. 1 dated April 17, 2023 to Sublicense Agreement dated November 14, 2019 between POINT Theranostics Inc. and Scintomics GmbH.
10.3*#						~~Fourth~~ Amendment No. 2 dated ~~May 6, 2022~~April 17, 2023 to ~~Exclusive~~ Sublicense Agreement dated ~~April 2, 2020~~November 14, 2019 between POINT Theranostics Inc. and Scintomics GmbH.
10.4*‡						Employment Agreement dated May 3, 2023, by and between POINT Biopharma Corp. and Dr. Neil Fleshner .
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.

† Schedules and exhibits to this Exhibit omitted 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.

# Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit.

‡ Indicates a management contract or any compensatory plan, contract or arrangement.

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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~~14, 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)

3233


	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


	Three months ended June 30, 2022	Three months ended June 30, 2021	Six months ended June 30, 2022	Six months ended June 30, 2021
	$	$	$	$
Consulting fees on business activities to Board member	102,396	53,892	169,092	83,878
Reimbursement to Board member for occupancy costs	17,898	19,584	35,676	36,819
Total	120,294	73,476	204,768	120,697