PLUS THERAPEUTICS, INC.

Listed Company

PSTVCIK 0001095981NasdaqNon-AcceleratedSmaller ReportingSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$5.21M

Net Income

$-22.40M

Total Assets

$16.32M

Equity

$4.00M

Shares Out

171.55M

Op. Cash Flow

$-20.80M

Business

PLUS THERAPEUTICS, INC. is a U.S. pharmaceutical company developing targeted radiotherapeutics and diagnostic laboratory tests for central nervous system cancers and select solid organ tumors. It offers investigational radioactive drug formulations and medical device candidates, including REYOBIQ™ (rhenium-186 nanoliposome) for CNS indications and 188RNL‑BAM (rhenium‑188 nanoliposome biodegradable alginate microspheres) for intra-arterial radioembolization, plus the CNSide™ cerebrospinal fluid diagnostic platform and related LDTs through a diagnostics subsidiary. The company operates through therapeutic development and diagnostics segments. It conducts clinical trials and distributes products via hospitals, neurosurgery, nuclear medicine, interventional radiology channels, and seeks regulatory approvals in the U.S. and other jurisdictions.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	5	6	5	—	—
Research and development	8	11	10	10	—
General and administrative	12	10	9	10	7
Total operating expenses	21	21	18	20	12
Operating loss	−15	−15	−13	−20	−12
Financing expense	−3	−4	—	—	—
Change in fair value of derivative instruments	−3	6	—	—	—
Warrant issuance costs	−964,000	−486,000	—	—	—
Interest income	116,000	273,000	400,000	147,000	19,000
Interest expense	−548,000	−179,000	−395,000	—	—
Total other income (expense)	−7	2	5,000	−563,000	−907,000
Net loss	−22	−13	−13	−20	−13
Net loss per share of common stock - basic	−0.29	−1.95	−4.24	−11.58	−1.11
Net loss per share of common stock - diluted	−0.29	−2.34	−4.24	−11.58	−1.11
Weighted average number of shares of common stock outstanding - basic	78	7	3	2	12
Weighted average number of shares of common stock outstanding - diluted	78	8	3	2	12

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	4	76,000	9	18	18
Restricted cash and cash equivalents	5	—	—	—	—
Investments	4	4	—	—	—
Grant receivable	322,000	571,000	—	—	—
Other current assets	2	1	1	4	1
Total current assets	15	5	10	22	20
Property and equipment, net	257,000	448,000	906,000	1	1
Operating lease right-use-of assets	70,000	73,000	202,000	248,000	341,000
Goodwill	372,000	372,000	372,000	372,000	372,000
Intangible assets, net	333,000	469,000	42,000	94,000	51,000
Other assets	123,000	12,000	32,000	12,000	16,000
Total assets	16	7	11	24	22
Accounts payable and accrued expenses	6	11	7	10	4
Investor liability pursuant to Letter Agreement	5	—	—	—	—
Operating lease liability	56,000	44,000	120,000	110,000	111,000
Deferred grant liability	927,000	927,000	—	—	—
Other liabilities	159,000	—	—	—	—
Line of credit	750,000	3	—	—	—
Total current liabilities	12	16	11	12	6
Noncurrent operating lease liability	15,000	31,000	85,000	141,000	269,000
Total liabilities	12	16	13	17	11
Commitments and contingencies (Note 7)	—	—	—	—	—
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 1,952 shares issued and outstanding as of December 31, 2025 and 2024	—	—	—	—	—
Common stock, $0.001 par value; 2,000,000,000 shares authorized; 138,934,281 shares issued and 138,675,856 outstanding as of December 31, 2025, 100,000,000 shares authorized; 6,154,758 shares issued and 5,896,333 outstanding as of December 31, 2024, respectively	139,000	6,000	5,000	2,000	16,000
Treasury stock (at cost), 258,425 shares as of December 31, 2025 and 2024, respectively	−500,000	−500,000	−126,000	—	—
Additional paid-in capital	520	485	479	474	458
Accumulated deficit	−516	−493	−481	−467	−447
Total stockholders' equity (deficit)	4	−9	−1	6	11
Total liabilities and stockholders' equity	16	7	11	24	22

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	445,000	872,000	628,000	619,000	395,000
Accretion of discount on short-term investments	−9,000	−111,000	—	—	—
Noncash financing expenses	3	4	—	—	—
Stock compensation expense	2	550,000	569,000	606,000	606,000
Gain on sale of assets	−16,000	—	2,000	—	—
Grant receivable	249,000	−571,000	—	—	—
Other assets	−763,000	218,000	—	—	—
Accounts payable and accrued expenses	−6	5	−4	6	2
Other liabilities	159,000	—	—	—	—
Change in operating lease liabilities	−66,000	−130,000	−117,000	−129,000	—
Deferred grant liability	—	−997,000	281,000	2	—
Net cash used in operating activities	−21	−11	−13	−13	−10
Purchases of property and equipment	−67,000	−146,000	−160,000	—	—
Proceeds from sale of property and equipment	30,000	—	—	0	62,000
Purchases of intangible assets	—	−545,000	—	—	0
Purchases of short-term investments	−9	−16	—	—	—
Proceeds from redemption of short-term investments	4	12	—	—	—
Proceeds from sales of short-term investments	5	12	—	—	—
Net cash used in investing activities	−854,000	−4	−160,000	−759,000	−82,000
Principal payments of term loan obligation	—	−4	−2	−2	−268,000
Proceeds from credit facility	750,000	3	—	—	—
Repayment of credit facility	−3	—	—	—	—
Payment of financing costs	−2	—	—	—	—
Proceeds from issuance of notes payable and warrants	4	—	—	—	—
Repayment of notes payable	−4	—	—	—	—
Proceeds from sale of common stock, pre-funded warrants, and warrants	16	7	—	—	—
Proceeds from sale of common stock under Lincoln Park Purchase Agreement	23	—	6	16	19
Payment to investors pursuant to Letter Agreement	−3	—	—	—	—
Offering costs for sale of common stock	−231,000	—	−348,000	−773,000	0
Purchase of treasury stock	—	−374,000	−126,000	—	—
Net cash provided by financing activities	30	6	3	13	20
Net increase (decrease) in cash and cash equivalents	9	−8	−10	−280,000	10
Interest	—	32,000	222,000	327,000	388,000
Unpaid offering cost	252,000	—	174,000	0	219,000
Unpaid liability to investors pursuant to Letter Agreement	5	—	—	—	—
Exchange of warrants for notes payable	4	—	—	—	—
Redemption of notes by issuance of common stock, pre-funded warrants and warrants	4	—	—	—	—
Right-of-use assets acquired by assuming operating lease liabilities	62,000	—	71,000	—	—

Filings

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