Plus Therapeutics Announces Q1 2024 Financial Results and Business Highlights

Plus Therapeutics, Inc. (Nasdaq: PSTV), a clinical-stage pharmaceutical company specializing in targeted radiotherapeutics for central nervous system cancers, reported its financial results for the first quarter ending March 31, 2024. Additionally, the company provided an update on recent business developments and upcoming milestones.

In the first quarter of 2024, Plus Therapeutics achieved several significant milestones. The company successfully closed a private placement financing on May 9, 2024, securing $7.25 million in initial gross proceeds, with the potential to raise up to $19.25 million. Additionally, Plus Therapeutics received a $3 million grant from the U.S. Department of Defense to fund a Phase 1 trial of rhenium (186Re) obisbemeda in children with high-grade glioma and ependymoma.

The company also made strategic acquisitions, notably acquiring all the assets needed for the commercialization of CNSide, a novel diagnostic for leptomeningeal metastases. Plus Therapeutics further bolstered its management team by appointing neuro-oncologist Andrew Brenner, M.D. as a part-time consultant and Barbara Blouw, Ph.D. as Vice President of Clinical Affairs. They completed the validation and clinical implementation of the CNSide tumor cell enumeration assay as an exploratory endpoint in the ReSPECT-LM trial.

In terms of scientific engagement, Plus Therapeutics presented at various conferences:
- The National Comprehensive Cancer Network's 2024 Annual Conference (April 5-7), covering updated initial safety and feasibility data of rhenium (186Re) obisbemeda in the ReSPECT-LM Phase 1 trial.
- The 2024 NMN Symposium (April 26-27), where they presented updates on the ReSPECT-GBM Phase 1/2 dose escalation trial of rhenium (186Re) obisbemeda in recurrent glioma and glioblastoma.

Marc H. Hedrick, M.D., President and CEO of Plus Therapeutics, expressed confidence in the company's progress and its positioning for 2024 milestones. He emphasized the company's commitment to advancing lead programs to pivotal trials, key data readouts, and commercial readiness, leveraging the recent CNSide acquisition.

For upcoming events, Plus Therapeutics plans to present at several scientific conferences, including the Society of Nuclear Medicine & Molecular Imaging (SNMMI) Annual Meeting (June 8-11, 2024) and the Society for Neuro-Oncology / American Society of Clinical Oncology (SNO/ASCO) CNS Metastases Conference (August 8-10, 2024). The company has submitted abstracts on Phase 1 and 2 trials of rhenium (186Re) obisbemeda and the clinical management of leptomeningeal disease using the CNSide platform.

The company anticipates several key milestones in the latter half of 2024, including an FDA Type C meeting for a multi-dose Phase 1 dose escalation study for ReSPECT-LM scheduled for June 10, 2024. Additionally, they expect FDA feedback on their ReSPECT-PBC investigational new drug application (IND) for pediatric ependymoma and high-grade glioma. The completion of the ReSPECT-LM Phase 1 dose escalation trial, determination of the maximum tolerated dose for Phase 2, and results from preclinical combination studies with PD-1 and PD-L1 checkpoint inhibitors are also anticipated.

Financially, the company reported a decrease in its cash balance to $3 million as of March 31, 2024, from $8.6 million at the end of 2023. Grant revenue for the first quarter of 2024 was $1.7 million, up from $0.5 million in the same period of 2023. The operating loss for the first quarter was $3.3 million, an improvement from the $4.8 million loss in the first quarter of 2023. Net loss for the first quarter was $3.3 million, compared to a net loss of $4.8 million in the prior year.

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