PSTV 8-K — Smart Summary

Plus Therapeutics, Inc. (Nasdaq: PSTV) reported Q1 2026 financial results on May 15, 2026, covering the quarter ended March 31, 2026. The filing covers Item 2.02 (Results of Operations) and includes a press release detailing financial results, clinical program updates for REYOBIQ, and the commercial rollout of CNSide. The Company reaffirmed its 2026 milestone framework while reporting increased operating losses driven by CNSide commercial expansion and continued REYOBIQ Phase 2 investment.

• Revenue: $1M in Q1 2026 (grant revenue from CPRIT plus CNSide diagnostic billings with amounts fully reserved), compared to $1.1M in Q1 2025
• Total operating loss: $7.1M in Q1 2026, compared to $3.5M in Q1 2025; increase primarily reflects CNSide commercial expansion and REYOBIQ Phase 2 trial investment
• Net loss: $6.9M ($1.05 per basic share) in Q1 2026, compared to $17.4M ($29.86 per basic share, calculated post reverse) in Q1 2025
• Research and development expenses: $2.9M in Q1 2026, compared to $1.8M in Q1 2025
• General and administrative expenses: $5.3M in Q1 2026, compared to $2.8M in Q1 2025
• Net cash used in operating activities: ($6.2M) in Q1 2026, compared to ($6.2M) in Q1 2025

• Grant revenue (REYOBIQ/CPRIT): $1M in Q1 2026 vs. $1.1M in Q1 2025
• CNSide diagnostics: Commenced billing for diagnostic revenue in Q1 2026; amount fully reserved; no separate revenue figure disclosed
• No additional segment breakdown provided in the filing

• Cash and investments balance: $15.1M as of March 31, 2026, compared to $8.6M as of December 31, 2025
• Cash and cash equivalents: $3M as of March 31, 2026, compared to $4.3M as of December 31, 2025
• Investments: $12.1M as of March 31, 2026, compared to $4.4M as of December 31, 2025
• Completed an upsized public offering in January 2026 generating $15M in gross proceeds (reflected in Q1 2026 cash flows as proceeds from underwritten public offering)
• Offering costs paid: $1.4M in Q1 2026
• Payment to investors pursuant to Letter Agreement: $4.5M in Q1 2026 (paydown of investor liability at December 31, 2025)
• Line of credit balance: $667,000 as of March 31, 2026, compared to $750,000 as of December 31, 2025
• Common shares outstanding: 6,862,027 as of March 31, 2026, compared to 5,547,034 as of December 31, 2025
• No dividends or share repurchases reported

• "Our team remains focused on our two highest-priority 2026 goals, CNSide commercial scale-up and REYOBIQ pivotal-trial readiness," said Marc H. Hedrick, M.D., Plus Therapeutics President and Chief Executive Officer.
• "We enter the second quarter with the resources and focus to continue to deliver on our 2026 milestones," said Marc H. Hedrick, M.D., Plus Therapeutics President and Chief Executive Officer.

• Company reaffirmed the milestone framework and outlook provided in its full-year 2025 results
• REYOBIQ: Define optimal dose/interval in ReSPECT-LM Phase 2 trial; complete enrollment in ReSPECT-GBM Phase 2 trial (data expected Q1 2027); begin enrollment in ReSPECT-PBC pediatric brain cancer Phase 1 trial; complete commercial manufacturing scale-up
• CNSide: Expand U.S. commercial payer coverage to greater than 150 million covered lives; secure Medicare coverage pathway; achieve greater than 1,250 annualized test orders; launch additional CSF tumor characterization assays
• No specific quantitative financial guidance (revenue or EPS targets) provided for Q2 2026 or full-year 2026