PSTV 8-K — Smart Summary

Plus Therapeutics, Inc. (Nasdaq: PSTV) reported full-year 2025 financial results on March 12, 2026, reflecting continued investment in its REYOBIQ radiopharmaceutical clinical programs and CNSide CSF diagnostic platform. The Company recorded a net loss of $22.4 million for 2025, completed an upsized $15 million public offering, and ended the year with $13.1 million in cash and investments, up significantly from $3.6 million at year-end 2024.

• Grant revenue: $5.2 million in 2025 vs. $5.8 million in 2024, a decrease of ~10.5% YoY; sole revenue source is CPRIT funding for REYOBIQ/LM development
• Total operating expenses: $20.5 million in 2025 vs. $20.5 million in 2024, essentially flat YoY
• R&D expenses: $8.4 million in 2025 vs. $10.6 million in 2024, a decrease of ~20.8% YoY
• G&A expenses: $12.1 million in 2025 vs. $9.9 million in 2024, an increase of ~22.1% YoY, primarily due to CNSide operations team expansion
• Operating loss: $15.3 million in 2025 vs. $14.7 million in 2024, an increase of ~4.1% YoY
• Net loss: $22.4 million in 2025 vs. $13.0 million in 2024, an increase of ~72.5% YoY; change primarily driven by $2.6 million unfavorable swing in fair value of derivative instruments vs. $5.7 million gain in 2024
• Net loss per share (basic): $(0.29) in 2025 vs. $(1.95) in 2024; weighted average shares increased to 77.8 million from 6.6 million
• Cash used in operating activities: $(20.8) million in 2025 vs. $(10.6) million in 2024, an increase of ~96.8% YoY

• REYOBIQ (radiopharmaceutical development): No product revenue; funded by CPRIT grant ($5.2 million recognized in 2025 vs. $5.8 million in 2024); three active Phase 2 trials (ReSPECT-LM, ReSPECT-GBM, ReSPECT-PBC)
• CNSide Diagnostics (CSF assay platform): Commercial-stage subsidiary; no material diagnostic revenue disclosed for 2025; team expanded nationally with licensing now covering 49 of 50 U.S. states and ~95% of U.S. population

• Cash and investments balance: $13.1 million as of December 31, 2025, up from $3.6 million as of December 31, 2024
• Cash and cash equivalents: $4.3 million; restricted cash: $4.5 million; short-term investments: $4.4 million as of December 31, 2025
• Completed upsized public offering generating $15 million in gross proceeds ($15.9 million in proceeds from sale of common stock, pre-funded warrants, and warrants per cash flow statement)
• Proceeds from Lincoln Park Purchase Agreement: $22.6 million in 2025
• Net cash provided by financing activities: $30.3 million in 2025 vs. $6.2 million in 2024
• Line of credit balance reduced to $0.75 million as of December 31, 2025, from $3.3 million at December 31, 2024; credit facility repayment of $3.3 million made in 2025
• Unpaid liability to investors pursuant to Letter Agreement: $4.5 million (non-cash, restricted cash offset)
• Common shares outstanding increased to 138.7 million as of December 31, 2025, from 5.9 million as of December 31, 2024; authorized share count increased to 2.0 billion
• No dividends declared or paid; no share buybacks in 2025 (treasury stock unchanged at 258,425 shares)

• "Our team remains highly focused on achieving our 2026 targets. Specifically, our top priority goals are CNSide commercial scale-up and REYOBIQ pivotal trial readiness; we also are looking aggressively for ways to over achieve where possible." — Marc H. Hedrick, M.D., President and Chief Executive Officer

• R&D expenditures expected to increase in 2026 vs. 2025 due to ReSPECT-LM trial costs, REYOBIQ manufacturing scale-up, initial ReSPECT-PBC enrollments, and CNSide R&D team expansion
• G&A expenditures expected to increase in 2026 vs. 2025 due to expanded CNSide commercial operations (sales, customer service, laboratory)
• CNSide Diagnostics targeted to reach breakeven by 2027
• REYOBIQ 2026 milestones: Report ReSPECT-LM optimal dose/interval data in Q3 2026; complete ReSPECT-GBM enrollment and conduct End of Phase FDA meeting with pivotal trial design data expected Q4 2026; complete commercial manufacturing scale-up; begin ReSPECT-PBC enrollment
• CNSide 2026 milestones: Expand payer coverage to >150 million covered lives; secure Medicare coverage pathway; achieve >1,250 annualized test orders; launch additional CSF tumor characterization assays