LinkedIn
WebsiteIntroduction
Plus Therapeutics Inc. (Nasdaq: PSTV) is a Houston-based clinical-stage pharmaceutical company focused on developing targeted radiotherapeutics and diagnostic services for adults and children with rare and challenging-to-treat cancers. The company’s lead candidate, REYOBIQ™ (rhenium Re-186 obisbemeda), is under evaluation in multi-center ReSPECT trials for recurrent glioblastoma, leptomeningeal metastases, and pediatric brain cancers. Additionally, Plus Therapeutics offers CNSide®—a cerebrospinal fluid tumor cell enumeration assay—for diagnosis and monitoring of leptomeningeal disease.
Corporate Structure
Founded in 2019 after the divestiture of its autologous cell therapy business, Plus Therapeutics employs between 11 and 50 professionals. Under the leadership of President and CEO Marc H. Hedrick, M.D., the company operates a CLIA-accredited laboratory in Houston, Texas, and maintains patent protections for its BMEDA-chelated rhenium delivery technology. Since its initial public listing on the Nasdaq under the ticker PSTV, Plus Therapeutics has focused on assembling a specialized team in nanomedicine, oncology, and radiopharmaceutical development.
Radiopharmaceuticals by CDC
Recent Developments and News
In May 2025, biotechnology analyst Jason Kolbert at D. Boral Capital upgraded PSTV to a “buy” rating following the company regaining Nasdaq compliance. On July 17, 2025, the board approved an amendment to the Plus Therapeutics, Inc. 2020 Stock Incentive Plan, which was ratified by stockholders on August 7, 2025. On August 9, 2025, the company registered an additional 20,075,000 shares of common stock for issuance to employees under its 2015 and 2020 incentive plans (Form S-8 filed August 22, 2025).
Under a June 17, 2025 agreement with Lincoln Park Capital Fund, Plus Therapeutics has the right to sell up to 33,000,000 shares of its common stock, potentially raising $25 million initially and up to $50 million in aggregate (Prospectus filed August 15, 2025). The company has received approximately $2.8 million from previous sales, along with a $500,000 commitment fee in the form of 1,612,903 shares.
On August 26, 2025, the company filed a Form 8-K (Item 8.01) to report a corporate event, which requires further detail from the SEC archive. In August 2025, Plus Therapeutics announced a national agreement with UnitedHealthcare to cover its CNSide® test for over 51 million U.S. plan participants. Additionally, the Cancer Prevention and Research Institute of Texas (CPRIT) provided a $1.9 million advance payment as part of a previously awarded $17.6 million grant.
Financial and Strategic Analysis
On September 25, 2025, PSTV closed at $0.6658 per share, reflecting a 64.72% increase over a recent period, with trading volume reported at 62,721,815 shares. The Lincoln Park equity facility offers a financing avenue for the company while considerations for dilution exist. The recent increase of shares reserved in employee stock plans indicates management's objective to align employee incentives with shareholder value. The combination of grant funding, revenues from diagnostic services, and potential equity offerings provides various capital avenues, which are important for supporting ongoing clinical programs and regulatory engagements.
Market Position and Industry Context
Plus Therapeutics operates in the niche sector of nanotechnology and radiopharmaceutical oncology. Its REYOBIQ™ platform allows for convection-enhanced delivery of short-range beta-emitting rhenium isotopes directly into tumors, aiming to reduce off-target effects commonly associated with traditional radiation therapy. The company has patents covering liposomal encapsulation and alginate microsphere embolization, positioning it to compete with larger firms focused on both α- and β-particle therapies. The inclusion of CNSide® diagnostics, supported by a national insurance agreement, positions Plus Therapeutics to engage in both therapeutic and precision medicine market segments within central nervous system oncology.
tl;dr
Plus Therapeutics has advanced its equity financing strategy through a June 17, 2025 agreement with Lincoln Park Capital (potential proceeds up to $50 million) and an August 22, 2025 S-8 filing adding 20 million shares for employee incentives. August 2025 included a UnitedHealthcare coverage deal for CNSide® and a $1.9 million advance from CPRIT. Shares trade at $0.6658 on Nasdaq (September 25, 2025), with ongoing clinical trials of REYOBIQ™ and diagnostic reimbursement considerations supporting the company's operational outlook.
