Plus Therapeutics (PSTV) Registration Filing summary

Company overview and business model

• Develops targeted radiotherapeutics for central nervous system (CNS) cancers using advanced platform technologies, including nanoliposomes and microspheres encapsulating rhenium isotopes for localized delivery and improved safety margins.

• Lead candidate REYOBIQ™ targets CNS cancers such as recurrent glioblastoma and pediatric brain cancers; additional candidate addresses solid organ cancers like liver cancer.

• Recently acquired the CNSide® Platform, a cerebrospinal fluid cancer diagnostic, with plans for U.S. market re-introduction in Q2 2025.

• Headquarters relocated to Houston, Texas, to be near leading cancer research institutions.

Financial performance and metrics

• As of March 21, 2025, 16,999,626 shares of common stock were issued and outstanding.

• The company is registering for resale up to 1,565,044,860 shares, representing about 9,206% of current outstanding shares and approximately 99% of total shares assuming full warrant exercise.

• The company’s financial statements include a going concern explanatory paragraph from its independent auditor.

Use of proceeds and capital allocation

• Will not receive proceeds from resale of shares by selling stockholders; may receive up to $37 million from Pre-Funded and Series A Warrant exercises and up to $55.5 million from Series B Warrants if exercised for cash, though this is considered highly unlikely.

• Any proceeds from warrant exercises will be used for general corporate purposes, with actual expenditures dependent on clinical trial costs and operational needs.