Plus Therapeutics (PSTV) Q2 2024 earnings summary

Executive summary

• Presented key clinical and corporate progress, including positive interim data for Rhenium (186Re) Obisbemeda in LM, updates from major neuro-oncology conferences, and ongoing clinical trials for LM, GBM, and pediatric brain cancer.

• CNSide diagnostic met its primary endpoint in the FORESEE trial, aiding clinical decisions in over 90% of cases and improving tumor cell detection in LM patients.

• Acquired CNSide diagnostic assets from Biocept, with commercial launch targeted for Q4 2024.

• Announced upcoming milestones, including major data presentations, anticipated FDA approvals for new trial protocols, and expansion of diagnostic capabilities in 2024.

• Ongoing clinical trials for GBM, LM, and pediatric brain cancers are supported by NIH/NCI, CPRIT, and DoD grants.

Financial highlights

• Cash and investments totaled $8.4 million at June 30, 2024, down from $8.6 million at year-end 2023.

• Grant revenue was $3.0 million in H1 2024, up from $2.3 million in H1 2023; 2024 grant revenue expected to be $6–7 million.

• Operating loss for H1 2024 was $7.0 million, with a net loss of $6.2 million ($1.15 per share).

• Closed a private placement financing of up to $19.25 million, with $7.25 million received at closing and up to $12 million available via warrant exercises.

• Research and development expenses increased in Q2 2024, mainly due to higher license fees and professional services.

Outlook and guidance

• Anticipates starting enrollment for the ReSPECT-LM multi-dose trial later in 2024, pending FDA feedback.

• Expects to present substantial updates on GBM and LM trials at major conferences in late 2024.

• CNSide diagnostic commercial launch is targeted for Q4 2024, with plans to scale up testing and pursue commercial opportunities.

• Anticipates CLIA certification for CNSide and IND approval for pediatric brain cancer trial by year-end.

• Management expects R&D expenses to increase as clinical programs expand in 2024.