Plus Therapeutics (PSTV) Q4 2025 earnings summary

Executive summary

• Achieved significant business progress in 2025, focusing on CNSide commercial scale-up and REYOBIQ pivotal trial readiness.

• Completed a $15 million upsized public offering, extending cash runway and supporting commercialization and clinical programs.

• Expanded CNSide laboratory licensing to 49 states, reaching 95% of the U.S. population.

• Secured national coverage agreements for CNSide with Humana and UnitedHealthcare, covering 67 million people.

Financial highlights

• Cash and investments at year-end 2025 totaled $13.1 million, up from $3.6 million at year-end 2024.

• Recognized $5.2 million in grant revenue in 2025, compared to $5.8 million in 2024.

• Operating loss for 2025 was $15.3 million, compared to $14.7 million in 2024, mainly due to CNSide team expansion.

• Net loss for 2025 was $22.4 million ($0.29 per share), versus $13.0 million ($1.95 per share) in 2024, primarily due to changes in fair value of derivative instruments.

Outlook and guidance

• Plans to define optimal dose/interval for REYOBIQ in RESPECT-LM Phase 2 trial, with data expected in Q3 2026.

• Aims to complete enrollment in RESPECT-GBM Phase 2 trial and align with FDA on pivotal trial design, with data expected in Q4 2026.

• Expects increased R&D and G&A expenditures in 2026 due to clinical trial costs, manufacturing scale-up, and CNSide team expansion.

• Targets CNSide commercial payer coverage to exceed 150 million lives and achieve over 1,250 annualized test orders.

• Goal for CNSide Diagnostics to reach breakeven by 2027.