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ASPI on Nasdaq

ASP Isotopes Inc.

In its 2026 annual report the company says: “We are an advanced materials company dedicated to the development of a differentiated isotope enrichment platform to strengthen global supply chain access to critical materials used in nuclear medicine, next-generation semiconductors, and nuclear energy. In addition, in January 2026, we acquired Renergen, which is South Africa’s leading onshore natural gas explorer and the first integrated producer of both liquid helium and LNG (as discussed further below).”5 It is headquartered in Washington, D.C., United States.2 Its shares trade on Nasdaq under the symbol ASPI.2

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Last updated Oct 21, 2026.

Overview

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  • TickerASPI on Nasdaq2
  • IndustryMiscellaneous Chemical Products2
  • HeadquartersWashington, D.C., United States2
  • Incorporated inDE3
  • Business address2200 Ross Avenue, Suite 4575E, Dallas, Tx 752013
  • Filer category, Emerging growth company3
  • Legal formCorporation2
  • LEI6488WHV94BZ496OZ32192
  • StatusActive2
  • LEI statusIssued and current2
  • Registered address251 LITTLE FALLS DRIVE, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 62288982

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We are an advanced materials company dedicated to the development of a differentiated isotope enrichment platform to strengthen global supply chain access to critical materials used in nuclear medicine, next-generation semiconductors, and nuclear energy. In addition, in January 2026, we acquired Renergen, which is South Africa’s leading onshore natural gas explorer and the first integrated producer of both liquid helium and LNG (as discussed further below). Our proprietary enrichment technologies, the Aerodynamic Separation Process (“ASP technology”) and Quantum Enrichment technology (“QE technology”), are designed to enable the production of isotopes for a range of industrial and advanced technology applications. Our initial focus with respect to our isotope enrichment platform is on the production and commercialization of enriched Carbon-14 (“C-14”), Silicon-28 (“Si-28”) and Ytterbium-…5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

14.3%Gross margin6
-251.2%Operating margin6
-670.2%Net margin6
475.5%Revenue growth, 20256
-78.3%Return on equity6
0.01×Debt to equity6
-$47.4MFree cash flow6

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue62¢$20.4M
  • Research and development37¢$12.4M
  • Income tax1¢$282.0K

Out of $23.8M in revenue.6 The company lost money this year.

Financial statements

Revenue786$23.8M in 2025
0$10.0M$20.0M$30.0M2022: $0$020222023: $433.0K$433.0K20232024: $4.1M$4.1M2024+857%2025: $23.8M$23.8M2025+476%
Gross profit786$3.4M in 2025
0$1.0M$2.0M$3.0M$4.0M2022: $0$020222023: $139.0K$139.0K20232024: $1.6M$1.6M2024+1051%2025: $3.4M$3.4M2025+113%
Operating income786-$59.9M in 2025+1075% since 2022
-$60.0M-$40.0M-$20.0M02022: -$5.1M-$5.1M20222023: -$16.0M-$16.0M2023+215%2024: -$26.4M-$26.4M2024+64%2025: -$59.9M-$59.9M2025+127%
Net income786-$159.8M in 2025+3132% since 2022
-$200.0M-$150.0M-$100.0M-$50.0M02022: -$4.9M-$4.9M20222023: -$16.3M-$16.3M2023+229%2024: -$32.4M-$32.4M2024+99%2025: -$159.8M-$159.8M2025+393%
Fiscal year20212022202320242025
Revenue$07$433.0K8$4.1M6$23.8M6
Cost of revenue$07$294.1K8$2.5M6$20.4M6
Gross profit$07$139.0K8$1.6M6$3.4M6
Research and development$1.3M7$764.6K8$3.1M6$12.4M6
Operating expenses$5.1M7$16.2M8$28.0M6$63.3M6
Operating income-$5.1M7-$16.0M8-$26.4M6-$59.9M6
Interest$07$118.5K7
Income before tax-$4.9M7-$16.3M8-$32.3M6-$159.6M6
Income tax$07-$6.1K8$111.0K6$282.0K6
Net income-$4.9M7-$16.3M8-$32.4M6-$159.8M6
Earnings per share-$0.1811-$0.498-$0.636-$2.116
Earnings per share (diluted)-$0.498-$0.636-$2.116
Shares (weighted, basic)26.8M shares1133.1M shares855.7M shares683.0M shares6
Shares (weighted, diluted)33.1M shares855.7M shares683.0M shares6

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Corporate structure

ASP Isotopes Inc. sits at the top of its group. 24 entities, 7 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of ASP Isotopes Inc.

  • ASP Isotopes Inc. Washington, D.C., the District of Columbia, United States
    • ENDRA Life Sciences Inc. Stake · Ann Arbor, Michigan, United States
    • Skyline Builders Group Holding Ltd Stake
    • ASP Isotopes ehf Subsidiary · Iceland
    • ASP Isotopes Guernsey Limited (formerly, PDS-Photonica Holdings (Guernsey) Limited) Subsidiary · Guernsey
    • ASP Isotopes Services (UK) Limited Subsidiary · United Kingdom
    • ASP Isotopes South Africa (Proprietary) Limited (formerly, PDS Photonica Holdings South Africa (PTY) Limited) Subsidiary · South Africa
    • ASP Isotopes UK Ltd Subsidiary · United Kingdom
    • ASPI South Africa Asset Finance Subsidiary · South Africa
    • Cryovation Proprietary Limited Subsidiary · South Africa
    • East Coast Nuclear Pharmacy LLC Subsidiary · Florida, United States
    • Enlightened Isotopes (Pty) Ltd Subsidiary · South Africa
    • Enriched Energy LLC Subsidiary · Delaware, United States
    • Global Radiopharmacies LLC Subsidiary · Delaware, United States
    • K2025267858 (South Africa) (Pty) Ltd Subsidiary · South Africa
    • NuMed Diagnostics, LLC Subsidiary · South Carolina, United States
    • PET Labs Global Nuclear Medicine SEZC Subsidiary · Cayman Islands
    • PET Labs Pharmaceuticals (Pty) Ltd Subsidiary · South Africa
    • QLE TP Funding SPE LLC Subsidiary · Delaware, United States
    • Quantum Leap Energy (Pty) Ltd Subsidiary · South Africa
    • Renergen Limited Subsidiary · South Africa
    • Renergen US Inc. Subsidiary · Delaware, United States
    • Skyline Builders Group Holding Limited Subsidiary · Hong Kong
    • Tetra4 Proprietary Limited Subsidiary · South Africa

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (2 companies). Each entity in the chart links to its source.

What it owns

What ASP Isotopes Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$36.5M6 Dec 31, 2025$22.8M6 Dec 31, 2024+59.6%
Property and equipment, net$33.5M6 Dec 31, 2025$22.4M6 Dec 31, 2024+49.6%
Operating-lease assets (leased space)$1.5M6 Dec 31, 2025$1.1M6 Dec 31, 2024+34.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$285.6M6 Dec 31, 2025$61.9M8 Dec 31, 2024+361.4%
Marketable securities, current$47.7M6 Dec 31, 2025$06 Dec 31, 2024
Debt securities held to maturity$06 Dec 31, 2024
Stakes in other companies (equity method)$1.3M6 Dec 31, 2025$06 Dec 31, 2024

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$8.6M6 Dec 31, 2025$3.2M6 Dec 31, 2024+170.5%
Finite-lived intangibles, net$1.5M6 Dec 31, 2025

Inventory

ItemLatestA year beforeChange
Inventory, total$1.1M6 Dec 31, 2025$66.0K6 Dec 31, 2024+1563.6%
Work in process$614.0K6 Dec 31, 2025$06 Dec 31, 2024
Finished goods$06 Dec 31, 2025$06 Dec 31, 2024

Properties, in its own words

As of December 31, 2025, we are party to several facility leases in South Africa and Hong Kong for office, manufacturing and laboratory space. We believe that our current facilities are sufficient to meet our current and near-term needs and that, should it be needed, suitable additional space will be available. Please also see the section captioned “Facilities” in Part I, Item 1 above.

Item 2 of the 10-K filed Apr 10, 2026.5

Leadership

Who has led ASP Isotopes Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Paul Elliot Mann2022–2025
  2. Robert Ainscow2025–now

Chair

  1. Paul Elliot Mann2025–now

Chief financial officer

  1. Robert Ainscow2022–2023
  2. Heather Kiessling2024–now

Chief operating officer

  1. Robert Ainscow2024–now
2025
Board members and other officers (11)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorSipho N. Maseko named Jul 17, 202628

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • ASP Isotopes Guernsey Limited (formerly, PDS-Photonica Holdings (Guernsey) Limited) Guernsey4
  • ASP Isotopes Services (UK) Limited England & Wales4
  • ASP Isotopes South Africa (Proprietary) Limited (formerly, PDS Photonica Holdings South Africa (PTY) Limited) South Africa4
  • ASP Isotopes UK Ltd England & Wales4
  • ASP Isotopes ehf Iceland4
  • ASPI South Africa Asset Finance South Africa4
  • Cryovation Proprietary Limited South Africa4
  • East Coast Nuclear Pharmacy LLC Florida, U.S.4
  • Enlightened Isotopes (Pty) Ltd South Africa4
  • Enriched Energy LLC Delaware, U.S.4
  • Global Radiopharmacies LLC Delaware, U.S.4
  • K2025267858 (South Africa) (Pty) Ltd South Africa4
  • NuMed Diagnostics, LLC South Carolina, U.S.4
  • PET Labs Global Nuclear Medicine SEZC Cayman Islands4
  • PET Labs Pharmaceuticals (Pty) Ltd South Africa4
  • QLE TP Funding SPE LLC Delaware, U.S.4
  • Quantum Leap Energy (Pty) Ltd South Africa4
  • Quantum Leap Energy LLC Delaware, U.S.4
  • Quantum Leap Energy Limited England & Wales4
  • Renergen Limited South Africa4
  • Renergen US Inc. Delaware, U.S.4
  • Skyline Builders Group Holding Limited Hong Kong4
  • Tetra4 Proprietary Limited South Africa4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 15, 20268-K Regulation FD disclosure29
  2. Oct 2, 20268-K Regulation FD disclosure30
  3. Sep 8, 20268-K Regulation FD disclosure31
  4. Aug 20, 20268-K Regulation FD disclosure32
  5. Aug 20, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation33
  6. Aug 18, 20268-K Regulation FD disclosure34
  7. Aug 6, 20268-K Regulation FD disclosure35
  8. Aug 5, 20268-K Regulation FD disclosure36
  9. Aug 4, 20268-K Results of operations; Regulation FD disclosure37
  10. Jul 30, 20268-K Regulation FD disclosure38
  11. Jul 28, 20268-K Regulation FD disclosure39
  12. Jul 21, 20268-K Regulation FD disclosure40
  13. Oct 16, 2025New chief executive Robert Ainscow becomes CEO12
  14. Nov 14, 2022New chief executive Paul Elliot Mann becomes CEO13
  15. Sep 13, 2021Founded ASP Isotopes Inc. is founded2

Calendar

Coming up

  1. Nov 18, 2026Reports results for the quarter ending Sep/202641

When it reported results

  1. Aug 4, 2026Reported quarterly or annual results37

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

398 filings to the SEC since October 2021: 8 annual reports, 12 quarterly reports, 121 major events, 102 insider forms, 18 large holders, 2 private raises, 135 other. The latest 20:

  1. Oct 15, 20268-K EDGAR
  2. Oct 14, 2026144 EDGAR
  3. Oct 8, 20263 EDGAR
  4. Oct 2, 20268-K EDGAR
  5. Oct 1, 20264 EDGAR
  6. Sep 30, 20264 EDGAR
  7. Sep 25, 2026144 EDGAR
  8. Sep 10, 20264 EDGAR
  9. Sep 9, 2026425 EDGAR
  10. Sep 9, 2026425 EDGAR
  11. Sep 8, 20268-K EDGAR
  12. Sep 4, 20264 EDGAR
  13. Sep 4, 20264 EDGAR
  14. Sep 4, 20264 EDGAR
  15. Sep 2, 2026144 EDGAR
  16. Sep 2, 2026144 EDGAR
  17. Sep 2, 2026144 EDGAR
  18. Aug 21, 2026425 EDGAR
  19. Aug 20, 20268-K EDGAR
  20. Aug 20, 2026425 EDGAR

The 398 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

64 open-market trades by officers, directors and large owners since October 2021: 21 buys and 43 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 28, 2026Ryan Robert John AndrewDirectorBuy8,000$2.70$21.6KForm 4
Sep 8, 2026Ainscow RobertCOOSale8,438$4.29$36.2KForm 4
Sep 4, 2026Mann Paul ElliotChairman and CEOSale83,759$4.10$343.4KForm 4
Sep 3, 2026Mann Paul ElliotChairman and CEOSale83,758$3.92$328.3KForm 4
Sep 2, 2026Ainscow Donald GeorgeEVP, Gen Counsel, SecretarySale23,678$3.89$92.1KForm 4
Sep 2, 2026Ainscow RobertCOOSale25,000$3.91$97.8KForm 4
Sep 2, 2026Mann Paul ElliotChairman and CEOSale83,758$3.91$327.5KForm 4
Jul 1, 2026Kiessling HeatherChief Financial OfficerSale23,124$6.28$145.2KForm 4
Jun 30, 2026Ainscow Donald GeorgeEVP, Gen Counsel, SecretarySale100,000$6.14$614.0KForm 4
Jun 30, 2026Wider ToddDirectorSale50,000$6.12$306.0KForm 4
Jun 30, 2026Gorley MichaelDirectorSale30,000$6.27$188.1KForm 4
Jun 29, 2026Wider ToddDirectorSale50,000$6.25$312.5KForm 4
Jun 8, 2026Ainscow RobertCOOSale8,438$7.00$59.1KForm 4
Jun 3, 2026Mann Paul ElliotChairman and CEOSale83,759$7.76$650.0KForm 4
Jun 2, 2026Mann Paul ElliotChairman and CEOSale83,758$8.29$694.4KForm 4
Jun 1, 2026Mann Paul ElliotChairman and CEOSale83,758$7.88$660.0KForm 4
Apr 16, 2026Ainscow RobertCOOSale22,500$5.21$117.2KForm 4
Apr 16, 2026Moore DuncanDirectorSale11,642$5.21$60.7KForm 4
Apr 15, 2026Kiessling HeatherChief Financial OfficerSale23,124$5.48$126.7KForm 4
Mar 6, 2026Ainscow RobertCOOSale25,000$4.51$112.8KForm 4

All 64 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Stakes it holds

ASP Isotopes Inc. has told the SEC it owns more than 5% of 2 companies, latest first (Schedules 13D and 13G).

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$114.2M 2023–2026
Money received by yearMoney received by year, 2023–2026: $114.2M in all. Private raises (Form D) $114.2M.$0$50M$100M$150M2023 · Private raises (Form D): $5.0M2023202420252026 · Private raises (Form D): $109.2M2026
Figures by year
YearPrivate raises (Form D)Total
2026$109.2M$109.2M
2023$5.0M$5.0M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Jul 15, 2026Raised $109.2 million in a private offering of equity28 Form D: 11 investors so far Form D
  2. Mar 17, 2023Raised $5 million in a private offering of equity51 Form D: 1 investor so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.9,217,198$57.3M0.0%+889,054
Encompass Capital Advisors LLC6,561,754$40.8M1.8%−350,300
Vanguard Capital Management LLC4,982,953$31.0M0.0%−77,511
Rovida Investment Management Ltd4,100,000$25.5M1.7%No change
UBS Group AG3,247,633$20.2M0.0%+405,924
Geode Capital Management, LLC2,945,901$18.3M0.0%+205,437
Alyeska Investment Group, L.P.2,843,503$17.7M0.0%+151,337
State Street Corp2,595,573$16.1M0.0%+273,414
Exchange Traded Concepts, LLC2,255,509$14.0M0.1%+71,955
AWM Investment Company, Inc.1,581,490$9.8M0.9%−543,006
BNP PARIBAS ASSET MANAGEMENT Holding S.A.1,577,016$9.8M0.0%+689,771
Philadelphia Financial Management of San Francisco, LLC1,343,007$8.4M2.3%+694,666
Morgan Stanley1,162,320$7.2M0.0%−414,093
Vanguard Portfolio Management LLC1,115,391$6.9M0.0%+138,221
Northern Trust Corp1,007,214$6.3M0.0%+69,691
Charles Schwab Investment Management Inc935,352$5.8M0.0%+38,116
Barclays PLC847,781$5.3M0.0%−165,175
Marshall Wace, Llp835,656$5.2M0.0%New
Man Group plc828,377$5.2M0.0%New
Vanguard Fiduciary Trust Co788,561$4.9M0.0%+35,245
Bank Of America Corp /de/709,057$4.4M0.0%+540,060
Susquehanna International Group, Llp705,153$4.4M0.0%−352,187
Goldman Sachs Group Inc576,276$3.6M0.0%+49,481
WIM INVESTMENT MANAGEMENT Ltd541,400$3.4M1.1%−60,000
Diametric Capital, LP538,517$3.3M0.4%−414,988

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How ASP Isotopes Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARASP Isotopes Inc.1
  • CIK0001921865
  • Employer ID (EIN)87-26182355
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Industry code (SIC)2890 Miscellaneous Chemical Products1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business address2200 Ross Avenue, Suite 4575E, Dallas, TX 752011
  • Phone202-756-22451
  • Shares outstanding153,309,380 as of Aug 14, 202610
  • Public float$399.8M as of Jun 30, 20255
  • AuditorEISNERAMPER LLP, Iselin, New Jersey PCAOB ID 274; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceApr 21, 20221
  • Filings400 in all: 8-K (119), 4 (84), 144 (28), CORRESP (17), 3 (16), UPLOAD (13), 10-Q (12), 424B5 (11)1
    All 39 form types

    425 (11), SCHEDULE 13G/A (9), EFFECT (6), NT 10-Q (6), S-8 (6), SCHEDULE 13G (6), S-1/A (5), 10-K (4), 10-K/A (4), CB/A (4), DEF 14A (3), DRS/A (3), S-1 (3), S-3 (3), 424B3 (2), 5 (2), 8-K/A (2), D (2), DRSLTR (2), NT 10-K (2), S-3ASR (2), S-3MEF (2), SC 13G (2), SCHEDULE 13D (2), 424B4 (1), 8-A12B (1), ARS (1), CB (1), CERT (1), DRS (1), SC 13G/A (1)

  • Latest filingsAnnual report (10-K) Apr 10, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Nov 25, 2025
    Latest 8-K (8-K) Oct 15, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, par value $0.01 per shareASPINasdaq

From the cover page of the 10-K filed Apr 10, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks ASP Isotopes Inc. names in Item 1A of its 10-K filed Apr 10, 2026: 69 risks under these headings, as written.5

  • Risks Related to Our Limited Operating History, Financial Position and Need for Additional Capital
  • Risks Related to the Development and Commercialization of Our Future Isotopes
  • Risks Related to Regulatory Compliance
  • Risks Related to our Operations in South Africa
  • Risks Related to Our Intellectual Property
  • Risks Related to Our Business Operations, Employee Matters and Managing Growth
  • Risks Related to Ownership of Our Common Stock
  • General Risk Factors
  • Risks Related to Quantum Leap Energy’s Business and Industry
  • Risks Related to the Expansion of the Virginia Gas Project
  • Risks Related to Renergen’s Business
  • Risks Related to Renergen’s Indebtedness and Liquidity
The other 68 risks
  • We have a very limited operating history, and we have incurred losses since our inception and anticipate that we will continue to incur significant losses for the foreseeable future. We may never generate any revenue attributable to sales of enriched isotopes or become profitable or, if we achieve profitability, we may not be able to sustain it.
  • Certain of our future prospects are tied directly to the end markets that use our isotopes including the diagnostic medical imaging industry and depend on our ability to successfully introduce our isotopes and adapt to a changing technology and medical practice landscape.
  • We may not realize the anticipated benefits of previous acquisitions.
  • We currently have no sales attributable to enriched isotopes, but we expect to be heavily dependent on a few large customers to generate a majority of our revenues. Our operating results could be adversely affected by a reduction in business with our future significant customers.
  • We will require substantial additional capital to finance our operations, which may not be available on acceptable terms, or at all. Failure to obtain this necessary capital when needed may force us to delay, limit or terminate certain of our product development efforts or other operations.
  • We are subject to credit counterparty risk which could have a material adverse effect on our business, results of operations, financial condition and cash flows.
  • Raising additional capital or acquiring or licensing assets by issuing equity or debt securities may cause dilution to our stockholders, and raising funds through lending and licensing arrangements may restrict our operations or require us to relinquish proprietary rights.
  • We are continuing our research and development efforts for isotopes using the ASP technology and the QE technology. If we are unable to advance our future isotopes in development, obtain applicable regulatory approval and ultimately commercialize our future isotopes, or experience significant delays in doing so, our business will be materially harmed.
  • We rely on a limited number of suppliers to provide us components and a material interruption in supply could prevent or limit our ability to execute our strategic plan and development programs in the expected timeframe.
  • Risks associated with the development of ASP technology for enrichment of isotopes could cause substantial delays in production of our future isotopes.
  • Regulatory approval for production and distribution of radiopharmaceuticals used for medical imaging and therapeutic treatments may involve a lengthy and expensive process with an uncertain outcome.
  • Our success depends on our future customers’ ability to successfully commercialize products that are produced from our isotopes.
  • Our success depends on our ability to adapt to a rapidly changing competitive environment in the nuclear industry.
  • We may explore strategic collaborations that may never materialize or may fail.
  • If the market opportunities for our future enriched isotopes are smaller than we estimate (even assuming receipt of any required regulatory approval), our business may suffer.
  • We face substantial competition, which may result in others discovering, developing or commercializing enriched isotopes before or more successfully than us.
  • Even if the products that we or our customers may produce using the ASP technology receive regulatory approval, they may fail to achieve market acceptance by radiopharmacies, hospitals, clinics or others in the medical community necessary for commercial success.
  • We currently have no marketing and sales organization for our future isotopes and have no experience as a company in commercializing products, and we may have to invest significant resources to develop these capabilities. If we are unable to establish marketing and sales capabilities or enter into agreements with third parties to market and sell our products, we may not be able to generate product revenue.
  • Obtaining regulatory approval for the stable isotopes that we may produce using the ASP technology or the QE technology, or the radioisotopes that our future customers may produce using the stable isotopes that we plan to offer, in one jurisdiction does not mean that we or they will be successful in obtaining regulatory approval of such future products in other jurisdictions.
  • Product liability lawsuits against us could cause us to incur substantial liabilities and could limit commercialization of any isotopes that we may produce.
  • Our business is and could become subject to a wide variety of extensive and evolving laws and regulations. Failure to comply with such laws and regulations and failure to obtain licenses, approvals and permits that may be required to execute on our strategy and develop our company’s business could have a material adverse effect on our business.
  • If technology developed for the purposes of enriching isotopes can be applied to the creation or development of weapons-grade materials, then our technology may be considered “dual use” technology and be subject to limitations on public disclosure or export.
  • Our Exploration Rights and Production Right in South Africa could be altered, suspended, or canceled for a variety of reasons, including uncertainties associated with national and local legislation.
  • We are subject to risks associated with litigation and regulatory proceedings, which could have a material adverse effect on our business, operating results and financial condition.
  • Once an amendment to the South African loss carry forward rules comes into operation, it could have an adverse effect on our financial results.
  • Amendments to tax legislation, tax rates or the administration or interpretation thereof may impact our business, results of operations, financial condition and/or prospects.
  • We may be exposed to historical environmental liability risk in respect of Renergen’s closed, closing or sold assets.
  • Our operations in South Africa could be disrupted for a variety of reasons, which could prevent us from completing our development activities.
  • Economic, political or social instability in South Africa may have a material adverse effect on our operations and profits.
  • South African exchange control regulations could materially constrain our financial flexibility.
  • Our business, results of operations, and financial condition may be adversely affected by inflation.
  • HIV/AIDS, tuberculosis and other contagious diseases pose risks to us in terms of lost productivity and increased costs.
  • The costs of healthcare services may increase in the future depending on underlying legislation and the profile of our employees.
  • Our intellectual property is not protected through patents or formal copyright registration. As a result, we do not have the full benefit of patent or copyright laws to prevent others from replicating the ASP technology and QE technology.
  • We may be unable to adequately protect our intellectual property and proprietary rights and prevent others from making unauthorized use of our products and technology.
  • Our ASP technology and QE technology may be found to infringe third-party intellectual property rights.
  • We may enter into collaboration agreements and strategic alliances, and we may not realize the anticipated benefits of such collaborations or alliances.
  • We may be dependent on intellectual property licensed or sublicensed to us from, or for which development was funded or otherwise assisted by, government agencies, for development of our technology and future isotopes. Failure to meet our own obligations to any licensor or upstream licensors, including such government agencies, may result in the loss of our rights to such intellectual property, which could harm our business.
  • If we are unable to obtain patent protection for our future isotopes, or if the scope of the patent protection obtained is not sufficiently broad, we may not be able to compete effectively in our markets.
  • Third parties may initiate legal proceedings alleging that we are infringing their intellectual property rights, the outcome of which would be uncertain and could have a negative impact on the success of our business.
  • We may be subject to claims asserting that our employees, consultants or advisors have wrongfully used or disclosed alleged trade secrets of their current or former employers or claims asserting ownership of what we regard as our own intellectual property.
  • Reliance on third parties requires us to share our trade secrets, which increases the possibility that a competitor will discover them or that our trade secrets will be misappropriated or disclosed.
  • Confidentiality agreements with employees and third parties may not prevent unauthorized disclosure of trade secrets and other proprietary information.
  • If we use hazardous and chemical materials in a manner that causes injury or violates applicable law, we may be liable for damages.
  • If we fail to comply with Renergen’s obligations under license or technology agreements with third parties, we may be required to pay damages and could lose license rights that are critical to Renergen’s business.
  • We may not be successful in obtaining, maintaining, enforcing, defending and protecting Renergen’s intellectual property and other proprietary rights, products or processes, including Renergen’s unpatented proprietary knowledge and trade secrets, or in avoiding claims that we infringed, misappropriated or otherwise violated the intellectual property rights of others.
  • We are highly dependent on the services of our senior management team, and if we are not able to retain these members of our management team and recruit and retain additional management, clinical and scientific personnel, our business will be harmed.
  • We will need to expand our organization, and we may experience difficulties in managing this growth, which could disrupt our operations.
  • Our employees, consultants and commercial partners may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements and insider trading.
  • We and our contractors are highly dependent on the performance of sub-contractors and other third parties.
  • Significant disruptions of our information technology systems or data security incidents could result in significant financial, legal, regulatory, business and reputational harm to us.
  • Our international operations subject us to risks of doing business in foreign countries, which could adversely affect our business, financial condition and results of operations.
  • The ongoing military conflict between Russia and Ukraine and the USA, Israel and Iran could have a material adverse effect on the global energy industry and our business, financial condition and results of operations.
  • Our tangible assets may be subject to defects in title.
  • We are subject to foreign currency risks.
  • A prolonged government shutdown or lapse in federal appropriations could disrupt our offshore operations and delay required regulatory approvals.
  • Changes in U.S. trade policy and the impact of tariffs may have a negative effect on our business, financial condition and results of operations.
  • Strikes, riots and labor disruptions can damage economic growth and, in turn, negatively impact our business.
  • Unplanned stoppages and unforeseen operational interruptions and operational accidents or injuries could adversely affect our performance.
  • Short sellers of our stock may seek to drive down the market price of our Common Stock, harm our brand and reputation, and negatively impact our business, operating results and financial condition.
  • We do not know whether an active, liquid and orderly trading market will be sustained for our Common Stock or what the market price of our Common Stock will be and as a result it may be difficult for you to sell your shares of our Common Stock.
  • The price of our stock may be volatile, and you could lose all or part of your investment.
  • We do not intend to pay dividends on our Common Stock, so any returns will be limited to the value of our stock.
  • Our principal stockholders and management own a significant percentage of our stock and will be able to exert significant control over matters subject to stockholder approval.
  • Sales of a substantial number of shares of our Common Stock by our existing stockholders in the public market, or the perception that such sales could occur, could cause our stock price to fall.
  • Future sales and issuances of our Common Stock or rights to purchase Common Stock, including pursuant to our equity incentive plans, could result in additional dilution of the percentage ownership of our stockholders and could cause our stock price to fall.
  • We have broad discretion in the use of our existing cash and cash equivalents and may not use them effectively.
  • We are an emerging growth company and a smaller reporting company, and the reduced reporting requirements applicable to emerging growth companies and smaller reporting companies may make our Common Stock less attractive to investors.

Legal proceedings

Except as described herein, we are currently not party to, and our property is not currently the subject of, any material pending legal matters or claims.

On December 4, 2024, a purported stockholder of the Company filed a putative securities class action on behalf of purchasers of the Company’s securities between October 30, 2024 through November 26, 2024 against ASP Isotopes Inc. and certain of its executive officers in the United States District Court for the Southern District of New York (Corredor v. ASP Isotopes Inc., et al., Case No. 1:24-cv-09253 (S.D.N.Y.)) (the “Securities Class Action”). The Securities Class Action alleges that the Company, its chief executive officer and chief financial officer (“Defendants”) made materially misleading or false statements or omissions regarding the Company’s business and asserts purported claims under §§ 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 promulgated thereunder. The complaint seeks unspecified compensatory damages, attorney’s fees and costs. On May 2, 2025, the Court appointed Mark Leone (“Leone”) as lead plaintiff and directed the Clerk of court to amend the caption to substitute Leone for Alexander Corredor as plaintiff. On May 2, 2025, the Court also appointed lead counsel and set deadlines for filing an amended consolidated class action complaint and briefing schedules for a motion to dismiss, if any, and class certification. On May 27, 2025, Leone and two additional named plaintiffs (“Plaintiffs”) filed the amended class action complaint

The opening of Item 3, Legal Proceedings.5

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