Plus Therapeutics (PSTV) Registration Filing summary

Company overview and business model

• Develops targeted radiotherapeutics and advanced diagnostics for central nervous system (CNS) cancers, including glioblastoma, leptomeningeal metastases, and pediatric brain cancers.

• Lead product REYOBIQ™ is a radiotherapeutic for CNS cancers, delivered via localized methods to maximize tumor dose and minimize healthy tissue exposure.

• CNSide Diagnostics subsidiary commercializes the CNSide® CSF Tumor Cell Enumeration test for detecting and monitoring CNS metastases.

• Recent expansion into diagnostics with the acquisition and relaunch of the CNSide Platform.

Financial performance and metrics

• Incurred net losses of $13.0 million in 2024 and $16.7 million for the nine months ended September 30, 2025.

• Accumulated deficit of $510.2 million as of September 30, 2025.

• Cash and cash equivalents of $13.3 million as of September 30, 2025; working capital of $4.0 million.

• Grant revenue recognized from CPRIT: $5.8 million in 2024 and $3.8 million for the nine months ended September 30, 2025.

• Ongoing need for additional capital to fund operations and clinical programs.

Use of proceeds and capital allocation

• Estimated net proceeds from the offering are $10.9 million (up to $12.7 million if the over-allotment is exercised).

• Proceeds intended for working capital and general corporate purposes, including R&D, regulatory, and commercialization activities.

• Management has broad discretion over use of proceeds; may also use funds for acquisitions or investments in complementary businesses.