ASPI Stock: Insider Activity, Filings & Research
ASP Isotopes Inc. Common Stock (ASPI) — Drillr’s hub for ASPI insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, ASPI insiders filed 0 open-market buys and 6 sales (SEC Form 4).
ASPI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 3, 2026 | Kiessling Heatherofficer: Chief Financial Officer | Grant | 840,000 | — |
| Jun 3, 2026 | Mann Paul Elliotdirector, officer: Chairman and CEO | Grant | 2,233,555 | — |
| Jun 3, 2026 | Mann Paul Elliotdirector, officer: Chairman and CEO | Sell | 83,758 | $7.88 |
| Jun 3, 2026 | Mann Paul Elliotdirector, officer: Chairman and CEO | Sell | 83,759 | $7.76 |
| Jun 3, 2026 | Ainscow Robertofficer: Chief Operating Officer | Grant | 800,000 | — |
| Jun 3, 2026 | Ainscow Donald Georgeofficer: EVP, Gen Counsel, Secretary | Grant | 400,000 | — |
| Apr 17, 2026 | Ainscow Robertofficer: COO | Sell | 22,500 | $5.21 |
| Apr 17, 2026 | Moore Duncandirector | Sell | 11,642 | $5.21 |
| Apr 17, 2026 | Kiessling Heatherofficer: Chief Financial Officer | Sell | 23,124 | $5.48 |
| Apr 17, 2026 | Moore Duncandirector | Grant | 25,469 | — |
| Apr 17, 2026 | Moore Duncandirector | Grant | 36,548 | — |
| Apr 13, 2026 | Ainscow Robertofficer: COO | Sell | 25,000 | $4.51 |
| Mar 6, 2026 | Ainscow Robertofficer: COO | Sell | 8,438 | $5.44 |
| Mar 2, 2026 | Mann Paul Elliotofficer: Executive Chairman | Sell | 162,153 | $5.44 |
| Dec 29, 2025 | Kiessling Heatherofficer: Chief Financial Officer | Sell | 80,000 | $5.80 |
Source: ASPI SEC Form 4 filings, latest Jun 3, 2026. For informational purposes only — not investment advice.
ASP Isotopes Inc. Common Stock company profile
Overview
ASP Isotopes Inc. (NASDAQ:ASPI) is a pre-commercial stage advanced materials company founded in 2021 and based in Boca Raton, Florida. The company went public in November 2022 and specializes in the production, distribution, marketing, and sale of specialized isotopes for medical, energy, and industrial applications. ASP Isotopes operates multiple manufacturing facilities and has recently transitioned from development to early commercial production across several isotope product lines.
Business
ASP Isotopes operates in the specialized isotope production industry, which involves creating purified versions of chemical elements with specific atomic properties. Isotopes are variants of elements that have the same number of protons but different numbers of neutrons, giving them unique characteristics valuable for various applications. The company's core business revolves around isotope enrichment - a complex process that separates and concentrates specific isotopes from naturally occurring mixtures. This technology is critical because many isotopes exist in very small concentrations in nature but are essential for specialized applications. ASP Isotopes operates four main business segments: 1. **Medical Isotopes Division** - Produces isotopes for medical applications including Molybdenum-100 (used in medical imaging and cancer treatment), Carbon-14 (used in pharmaceutical research and medical diagnostics), and Ytterbium-176 (used in targeted cancer therapies). This segment generated approximately $4.2 million in revenue for 2024, representing the majority of current revenues. 2. **Energy Isotopes Division** - Focuses on Uranium-235 enrichment for the nuclear energy industry. Uranium-235 is the fissile isotope used in nuclear reactors for carbon-free energy production. This division is still in development phase with ongoing regulatory discussions. 3. **Industrial Isotopes Division** - Produces Silicon-28 for the semiconductor industry, where ultra-pure silicon isotopes are needed for advanced quantum computing and precision electronics applications. The company has received initial orders and is building customer relationships. 4. **PET Labs Division** - Operates facilities that produce radioisotopes for positron emission tomography (PET) imaging, a medical diagnostic technique. This division provides steady revenue through existing contracts and represents the company's most mature commercial operation.
Revenue model
ASP Isotopes generates revenue through direct product sales of enriched isotopes to customers in medical, energy, and industrial sectors. The company's business model is built on long-term supply contracts and take-or-pay agreements that provide revenue predictability. The company's primary revenue streams include: **Product Sales** from enriched isotopes sold at premium prices due to their rarity and specialized applications. For example, Ytterbium-176 commands approximately $20,000 per gram, while the company has a minimum $2.5 million annual take-or-pay contract for Carbon-14. **Service Contracts** through PET Labs operations provide recurring revenue from medical imaging facilities that require regular isotope supplies. Key customers include pharmaceutical companies conducting drug research, medical facilities performing diagnostic imaging, nuclear power companies, and semiconductor manufacturers requiring ultra-pure materials. The specialized nature of these isotopes creates a business-to-business model with relatively few but high-value customers. Several factors significantly impact the company's margins. **Positive margin drivers** include the extreme rarity and specialized applications of enriched isotopes, which support premium pricing with limited price sensitivity from customers who need these materials for critical applications. The technical complexity and regulatory barriers create high switching costs for customers. **Negative margin drivers** include high energy costs for enrichment processes, substantial regulatory compliance expenses, significant capital requirements for specialized equipment, and the need for highly skilled technical personnel. The company also faces feedstock availability challenges and must navigate complex international regulations, particularly for uranium-related products.
Risks & safety
ASP Isotopes presents a mixed margin of safety profile with strong liquidity but significant execution risks. **Liquidity and Solvency:** - Strong cash position with $61.9 million in cash and short-term investments as of Q4 2024 - Excellent current ratio of 9.3x indicating strong short-term liquidity - Moderate debt-to-equity ratio of 0.79x, manageable debt levels - Significant cash burn with negative free cash flow of -$28.1 million for 2024 - Current burn rate suggests approximately 2-3 years of runway at current spending levels **Valuation Metrics:** - Trading at negative P/E ratio due to current losses, making traditional valuation difficult - Price-to-book ratio of 6.7x appears elevated for a pre-commercial company - Enterprise value metrics distorted by negative EBITDA - Graham net-net working capital suggests some asset backing at 27% of market value **Other Considerations:** - Pre-commercial stage with limited revenue visibility creates significant uncertainty - Heavy dependence on successful plant commissioning and customer adoption - Regulatory approval risks, particularly for uranium-related products - Small scale relative to potential large industrial competitors
Recent development
Over the past two years, ASP Isotopes has undergone a significant transformation from a development-stage company to early commercial operations. The company successfully **commissioned three major manufacturing plants** in 2024: the Carbon-14 plant, Silicon-28 plant, and Ytterbium-176 plant, marking a critical milestone in its transition to revenue generation. **Strategic Manufacturing Expansion** has been a key focus, with the company overcoming significant technical challenges during plant commissioning, including cryogenic pump issues and feedstock supply problems. The successful enrichment of Ytterbium-176 to near-target purity levels represents a major technical achievement, as this isotope has five different isotopes compared to uranium's two, making the enrichment process significantly more complex. **International Expansion Initiatives** have accelerated, with the company exploring manufacturing partnerships in South Africa (with Necsa), the United Kingdom, and potential North American facilities. The Pelindaba facility in South Africa has progressed with the first test bench completed and a second under construction, representing the company's first international manufacturing presence. **Product Portfolio Diversification** has expanded beyond the original focus areas, with plans to construct additional plants for Nickel-64, Gadolinium-160, and Lithium-6 production. The company has also been preparing for a potential **QLE spinout**, which would separate certain business units to focus on specific market segments. **Commercial Traction** has improved significantly, with the PET Labs division generating $4.2 million in revenue for 2024, and the company securing its first take-or-pay contract for Carbon-14 with minimum annual revenues of $2.5 million. Initial orders for Silicon-28 have been received, and demand for Ytterbium-176 is emerging from the radiotherapeutics market, with potential applications in cancer treatments similar to existing drugs like Pluvicto.
ASPI company profile · for informational purposes only — not investment advice.
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