Plus Therapeutics (PSTV) Q1 2026 earnings summary

Executive summary

• Focused on developing precision diagnostics and targeted radiopharmaceuticals for CNS cancers, scaling CNSide commercial operations, and preparing REYOBIQ (rhenium (186Re) obisbemeda) for pivotal trials.

• Achieved milestones in clinical trials for glioblastoma, leptomeningeal metastases, and pediatric brain cancers, with ongoing grant support and expanded manufacturing partnerships.

• Expanded CNSide commercial reach, securing national payer agreements, Medicare enrollment, and state licensure in 49 states, with coverage for 81 million lives.

• Completed a $15 million public offering to support commercialization and clinical programs.

• Strengthened leadership with key senior appointments in clinical development and market access.

Financial highlights

• Grant and diagnostic revenue was $1.0 million for Q1 2026, down from $1.1 million in Q1 2025; CNSide began billing in Q1 2026.

• Net loss for Q1 2026 was $6.9 million ($1.05/share), a significant improvement from $17.4 million ($29.86/share) in Q1 2025.

• Research and development expenses increased to $2.9 million, and general and administrative expenses rose to $5.3 million year-over-year.

• Cash, cash equivalents, and investments totaled $15.1 million at March 31, 2026, up from $8.6 million at year-end 2025, reflecting the public offering.

• Working capital improved to $10.1 million at March 31, 2026, up from $2.9 million at December 31, 2025.

Outlook and guidance

• Expects R&D and G&A expenses to increase for the remainder of 2026 due to clinical trial expansion and CNSide commercialization.

• Diagnostic revenue from CNSide Test anticipated to grow as commercial billing and payer coverage expand.

• Reaffirmed 2026 milestones: complete REYOBIQ dose optimization, finish ReSPECT-GBM Phase 2 enrollment, start ReSPECT-PBC trial, and scale up REYOBIQ manufacturing.

• CNSide aims to expand payer coverage to over 150 million lives and achieve 1,250+ annualized test orders.

• Ongoing need to raise additional capital to fund operations and clinical programs; substantial doubt exists about ability to continue as a going concern without new funding.