Plus Therapeutics, Inc.

Cash and investments were $3.6 million at December 31, 2024, versus $8.6 million at December 31, 2023. The company recognized $5.8 million of grant revenue in 2024, up from $4.9 million in 2023. Operating loss was $14.7 million in 2024 versus $13.3 million in 2023. Net loss was $13 million, or $1.95 per share, compared with a net loss of $13.3 million, or $4.24 per share, in 2023. Management said 2025 grant revenue is expected to be $6 million to $8 million. The March private placement brought in $15 million in gross proceeds, and management said the combined capital and anticipated grants fund operations through key milestones into mid-2026.

Marc Hedrick emphasized that the company is shifting from financing and infrastructure work into a more execution-focused phase across both therapeutics and diagnostics. He highlighted the FDA-accepted REYOBIQ name, the new orphan designation for LM due to lung cancer, and the move toward both single-dose and multiple-dose development paths after encouraging Phase 1 data. His tone was confident and opportunistic, especially around the idea that LM may reach approval before GBM and that CNSide can expand REYOBIQ’s commercial value and stand on its own as a diagnostic.

Andrew Sims said the balance sheet improved meaningfully after the March financing and grant receipts, with $3.6 million of cash and investments at year-end 2024 plus access to the $15 million private placement and additional grant tranches. He noted $7.2 million remains to be received under the CPRIT grants, including $2 million already received in Q1 2025, $1.6 million expected in Q2, and the balance in late Q3 or early Q4 2025; he also said just over $2 million remains from the $3 million DoD grant and that the NIH-funded GBM trial currently covers about 90% of overall costs. He also mentioned the Q1 2025 consolidation into the Houston CNSide facility to reduce costs and said runway is now well supported.

Analysts focused heavily on how CNSide will be commercialized, whether Plus would need a large sales force or a partner, and management said the initial launch will be narrow, aimed at about 30 NCI cancer centers and roughly 300 neuro-oncologists, with partnering possible later but not needed now. On GBM, management said about 11 more patients are needed to complete Phase 2, and that the FDA discussions around using real-world control data could materially affect the final sample size and design. On LM, management said it wants FDA alignment on endpoints and a path to a registrational trial, and it views CNSide tumor cell enumeration as a potential primary or co-primary endpoint because overall survival is confounded in this population.