Plus Therapeutics (PSTV) investor relations material

Executive summary

• Achieved net income of $5.2 million for Q2 2025, reversing a $2.9 million loss in Q2 2024, driven by gains from warrant liability remeasurement and capital transactions.

• Advanced clinical pipeline, including FDA clearance for pediatric brain cancer trial and progress in GBM, LM, and REYOBIQ studies.

• Launched CNSide CSF assay platform in Texas, with plans for national expansion in 2026.

• Completed $15 million equity financing in March 2025, simplifying capital structure and improving liquidity.

• Maintained Nasdaq listing after panel decision, but ongoing risk of delisting remains due to equity and bid price compliance challenges.

Financial highlights

• Net income of $5.2 million for Q2 2025, compared to a net loss of $2.9 million in Q2 2024; six-month net loss of $12.3 million.

• Cash and investments totaled $6.9 million at June 30, 2025, up from $3.6 million at December 31, 2024.

• Grant revenue of $1.4 million for Q2 2025, primarily from CPRIT, with $2.5 million recognized year-to-date.

• Research and development and general and administrative expenses decreased year-over-year, reflecting cost controls and lower clinical and licensing costs.

• Working capital improved to $1.9 million at June 30, 2025, from a deficit of $10.3 million at December 31, 2024.

Outlook and guidance

• Expects R&D and G&A expenses to increase in H2 2025 as clinical trials and CNSide launch ramp up.

• CNSide commercialization to begin in Texas in H2 2025, with rapid expansion to additional states and national reach in 2026.

• Ongoing need to raise additional capital to fund operations, clinical programs, and commercialization efforts.