Plus Therapeutics (PSTV) Registration filing summary

Company overview and business model

• Develops precision diagnostics and targeted radiopharmaceuticals for central nervous system (CNS) cancers, including proprietary laboratory-developed tests and novel radioactive drug formulations for localized cancer treatment.

• Lead radiopharmaceutical candidate targets CNS cancers such as glioblastoma, leptomeningeal metastases, and pediatric brain cancers; additional candidate addresses solid organ cancers like liver cancer.

• Subsidiary CNSide Diagnostics offers the CNSide® test, accredited by CMS and covered by national payer agreements, expanding access to approximately 81 million patients.

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

Financial performance and metrics

• Reported net loss of $22.4 million for 2025 and $13.0 million for 2024, reflecting ongoing R&D and commercialization investments.

• Reverse stock split (1-for-25) reduced outstanding shares from ~171.6 million to ~6.9 million as of April 2, 2026.

• Net tangible book value as of March 31, 2026 was $1.65 per share; offering would increase this to $2.93 per share, with immediate dilution of $3.71 per share to new investors at an assumed $6.64 offering price.

Use of proceeds and capital allocation

• Net proceeds intended for general corporate purposes, including R&D, clinical trials, manufacturing, commercialization, working capital, capital expenditures, acquisitions, and investments.

• Management has broad discretion over allocation of proceeds, which may not align with investor preferences.