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Plus Therapeutics, Inc. (Nasdaq: PSTV) is a U.S. clinical-stage pharmaceutical company developing targeted radiotherapeutics for rare and difficult-to-treat cancers. The firm employs proprietary nanoliposome and alginate microsphere technologies to encapsulate Rhenium radioisotopes, aiming to deliver localized radiation while preserving normal tissue function.
Corporate Structure
Headquartered in Houston, Texas, Plus Therapeutics employs between 11 and 50 staff members. Founded in 1996, the company is led by President and CEO Marc H. Hedrick, M.D., and operates as a publicly traded entity on the NASDAQ exchange under ticker PSTV.
Radiotherapeutics by Marcel StrauĂź
Recent Developments and News
- October 6, 2025: Plus Therapeutics announced a national coverage agreement with UnitedHealthcare Insurance Company to provide CNSide® Cerebrospinal Fluid Tumor Cell Enumeration tests for leptomeningeal metastases, covering more than 51 million beneficiaries.
- September 24, 2025: The company reported receipt of a $1.9 million advance payment from the Cancer Prevention and Research Institute of Texas (CPRIT) under its $17.6 million grant program, following a previous $1.6 million non-dilutive payment in July 2025.
- August 26, 2025: Plus Therapeutics filed an 8-K current report with the SEC, marking material corporate updates.
- August 22, 2025: The company’s Form S-8 registration statement became effective, adding 20,075,000 shares to its employee stock incentive plans after board approval on July 17, 2025, and stockholder consent on August 7, 2025.
- August 15, 2025: A prospectus on Form 424B3 disclosed a Purchase Agreement with Lincoln Park Capital Fund, LLC, authorizing the sale of up to 33 million shares and potential gross proceeds of $50 million, with $2.8 million raised as of the initial closing.
Financial and Strategic Analysis
| Metric | Value |
|---|---|
| Share Price (Oct 6, 2025) | $0.9350 (+27.87%) |
| Volume | 27,682,731 shares |
| 52-Week Range | $0.16 – $2.31 |
| Market Capitalization | ~$68 million |
| Revenue (TTM) | $5.32 million |
| Net Income (TTM) | –$19.03 million |
| EPS (TTM) | –1.53 |
| Cash and Equivalents (MRQ) | $6.88 million |
| Total Debt/Equity (MRQ) | 0.99% |
Equity financing has been an important strategy: the Lincoln Park Purchase Agreement provides up to $50 million in capital, while the S-8 filing reserves additional shares for employee incentives. Ongoing operating losses reflect investments in research and development typical for clinical-stage biopharmaceutical companies. Cash reserves of $6.88 million and low leverage (debt/equity 0.99%) support near-term funding needs but may require further equity or grant funding for late-stage trials and commercialization.
Market Position and Industry Context
Plus Therapeutics operates in the specialized area of targeted radiopharmaceuticals, focusing on tumors that evade conventional radiation treatments. Its lead candidate, REYOBIQ™ (rhenium Re186 obisbemeda), is currently involved in multi-center ReSPECT clinical trials for recurrent glioblastoma, leptomeningeal metastases, and pediatric brain cancers. A platform utilizing Rhenium-188 aims to address liver and solid organ cancers. With regulatory frameworks governed by the FDA and competition from established radiotherapy providers and emerging developers, Plus Therapeutics’ proprietary delivery methods and secured patents on Rhenium encapsulation may offer differentiation.
tl;dr
- Share price increased by 27.87% to $0.9350 on October 6, 2025, with trading volume of 27.7 million shares.
- On October 6, 2025, a UnitedHealthcare agreement covers CNSide® CSF assays for 51 million beneficiaries.
- The company received a $1.9 million CPRIT payment on September 24, 2025, under a $17.6 million grant.
- Equity financing agreements with Lincoln Park Capital and an effective S-8 registration expand capital and employee incentive capacity.
- Clinical trials for REYOBIQ™ in brain and CNS cancers are ongoing, with a Rhenium-188 platform advancing toward solid organ cancer applications.
