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Oslo, February 26, 2026: Thor Medical, a leading emerging supplier of
alpha-emitters for next-generation precision cancer treatment, today announced
interim results for the second half and full year 2025. The company’s first
commercial-scale facility, AlphaOne, is advancing as planned while momentum in
targeted alpha therapies is accelerating, with reliable access to thorium-228
and lead-212 increasingly becoming a critical supply constraint.
“AlphaOne is progressing on time and budget. Last year we demonstrated that our
technology works through the successful production and delivery of high-purity
isotopes to customers. Entering 2026, Thor Medical has a strong funding position
to execute on our development and ramp-up plans. We expect revenue to increase
from the second half of 2026, supporting our ambition to generate positive cash
flow by the end of 2027,” said Jasper C. Kurth, CEO of Thor Medical.
Thor Medical has started the mechanical completion phase for AlphaOne and will
prepare for testing, calibration and commissioning of installed industrial-scale
equipment over the coming months, with mechanical completion expected in April.
The plant is set to start production in Q3 on time and budget, supported by a
growing portfolio of multi-year commercial contracts and a strong demand for
high-purity isotopes from a growing number of assets under development.
“The rapid increase in development programs using Pb-212 and Ra-224 demonstrates
that demand for alpha-emitting isotopes is already strong. With market demand
expected to exceed 40,000 patient doses in 2026 and supply remaining constrained
despite capacity expansions in the market, the need for reliable isotope
production is becoming increasingly evident,” Kurth added.
Key Development Highlights:
- Executed final investment decision and began construction of AlphaOne
- Signed strategic sourcing agreement for thorium-232 feedstock with European
chemical group
- Shipped first batch of ultra-high purity Pb-212 to big pharma customer
- Increased order backlog to NOK ~850 million through multi-year sales
agreements with new and existing customers
- Completed initial equipment installations and official takeover of the new
Herøya laboratory and infrastructure
- Secured funding for AlphaOne through NOK 300 million of total equity raised
and NOK 90 million loan commitment from Innovation Norway
- Strengthened executive team with hirings of Therese M. Kvehaugen as Executive
Vice President HR and Mathias Nilsen Reierth as Head of Communications and
Corporate Affairs
Strong 2026 Market, Exceeding 40,000 Patient Doses
Alpha-emitting therapies represent the fastest-growing area of development in
radiotherapeutics, with the Pb-212 emerging as the clear pipeline leader. The
number of publicly disclosed assets under development utilizing Pb-212 and
Ra-224 isotopes has more than doubled since 2025, highlighting growing industry
focus on these isotopes within next-generation alpha radiotherapeutics. The
expanding development pipeline is already translating into significant near-term
isotope demand, with the market expected to require approximately 40,000-50,000
patient dose equivalents in 2026. Notably, overall isotope demand exceeds the
number of patients currently enrolled in clinical trials, as companies
prioritize robustness of supply and isotope availability over efficiency in
development stages.
Growing Demand Outlook for High-Purity Isotopes
Industry forecasts indicate the global radiotherapeutics market could reach
approximately USD 15 billion by 2030, expanding to around USD 28 billion by
2034, reflecting strong and sustained industry investment. Radiotherapeutics are
gaining broad clinical acceptance and are increasingly being established as a
standard treatment modality, particularly in major oncology markets. In several
indications, targeted radiopharmaceuticals are now used earlier in the treatment
pathway, in some cases ahead of chemotherapy. This expanding clinical validation
can reduce adoption barriers for next-generation radiotherapeutics and supports
the commercial potential of new agents using higher-performance radioactive
payloads, including alpha-emitters.
Financials
Thor Medical remains in an early commercial phase, with financial results and
operating cash flow for the period primarily reflecting the start of
construction of AlphaOne. The Company’s financial position remains strong with
cash and cash equivalents at the end of the period of NOK 180.6 million,
securing AlphaOne execution and ramp-up until positive cash flow by the end of
2027.
A presentation of the results, followed by a Q&A session will be held in Oslo
today at 08:00 CET.
Venue: Sjølyst Møtesenter, Drammensveien 165, Oslo
Webcast: Thor Medical Webcast 2H 2025
DISCLOSURE REGULATION
This information is required to be disclosed under Section 5-12 of the
Securities Trading Act.
CONTACTS
ABOUT THOR MEDICAL ASA
Thor Medical is an emerging supplier of radionuclides, primarily alpha particle
emitters, from naturally occurring thorium. Its proprietary production process
requires no irradiation or use of nuclear reactors, and provides reliable,
environmentally friendly, cost-efficient supply of alpha-emitters for the
radiopharmaceutical industry. Thor Medical is headquartered in Oslo, Norway and
listed on the Oslo Stock Exchange under the ticker symbol ‘TRMED’.
To learn more, visitwww.thormedical.no - https://www.thormedical.no.
ATTACHMENTS
Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17848634/18815333/6844/Download%20announce
ment%20as%20PDF.pdf
Thor Medical 2H and FY 2025 report_PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17848634/18815333/6842/Thor%20Medical%202H
%20and%20FY%202025%20report_PDF.pdf
Thor Medical Interim 2H and FY 2025 Presentation_PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17848634/18815333/6843/Thor%20Medical%20In
terim%202H%20and%20FY%202025%20Presentation_PDF.pdf
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