Plus Therapeutics Announces Q2 2024 Financial Results and Business Highlights

Plus Therapeutics, Inc., a clinical-stage pharmaceutical company specializing in radiotherapeutics for central nervous system (CNS) cancers, shared its financial results for Q2 2024 and outlined recent achievements and future objectives. Key updates include advancements in clinical trials and financial standings.

During Q2 2024, Plus Therapeutics released promising data from the ReSPECT-LM Phase 1 study at the CNS Metastases Conference organized by the Society for NeuroOncology (SNO) and the American Society for Clinical Oncology (ASCO). The study focused on Rhenium (186Re) Obisbemeda for treating leptomeningeal metastases (LM), confirming its safety and positive tolerance in the first four dosing cohorts of 16 patients. With a median overall survival of 12 months, half of the participants remained alive post-treatment.

Additionally, the FORESEE clinical trial results highlighted the effectiveness of the CNSide diagnostic test, which met its primary endpoint by aiding clinical decision-making in over 90% of cases. This novel platform significantly improved tumor cell detection in LM patients compared to cytology, with an 80% detection rate versus 29%, respectively.

Another highlight from Q2 was the presentation at the Society of Nuclear Medicine and Molecular Imaging (SNMMI) annual meeting, demonstrating that isotopic rhenium-186, the active component in Rhenium (186Re) Obisbemeda, substantially spares the spinal cord compared to other beta-emitting radionuclides.

The company also advanced its research and development by submitting a new clinical protocol to the U.S. Food and Drug Administration (FDA) for evaluating multiple administrations of Rhenium (186Re) Obisbemeda under their active IND application. Further financial support came from a $3.3 million grant received from the Cancer Prevention & Research Institute of Texas (CPRIT) in June 2024.

According to Marc H. Hedrick, M.D., President and CEO of Plus Therapeutics, the company's lead investigational drug continues to exhibit safety and efficacy, and they are on track to complete the ReSPECT-LM Phase 1 trial, move to multiple dosing, and progress into Phase 2, supported by existing CPRIT funding.

Looking ahead, Plus Therapeutics plans to present findings at prominent medical conferences such as the Congress of Neurological Surgeons (CNS) Annual Conference and the Society for Neuro-Oncology (SNO) Annual Conference. Key topics will include updates on the ReSPECT-GBM Phase 2 trial for recurrent glioblastoma and the dose escalation study for LM treatment.

The company aims to finalize the ReSPECT-LM Phase 1 single administration trial and determine the Phase 2 recommended dose. Additionally, they plan to initiate a multiple administration trial and seek IND approval for a Phase 1/2 trial of Rhenium (186Re) Obisbemeda via convection-enhanced delivery (CED), funded by the Department of Defense for pediatric ependymoma and high-grade glioma.

From a financial perspective, Plus Therapeutics reported a cash and investments balance of $8.4 million as of June 30, 2024, compared to $8.6 million at the end of 2023. The company recognized $3.0 million in grant revenue during the first half of 2024, up from $2.4 million in the same period in 2023. However, total operating loss increased to $7.0 million, driven by higher expenses related to the ReSPECT-LM trial.

Despite the increased operating loss, the net loss for the first half of 2024 was $6.2 million, compared to $6.3 million in the previous year. The company continues to manage its financial resources effectively to support ongoing and future clinical trials.

Plus Therapeutics will host a conference call to discuss these results and provide a business update, with a live webcast accessible through their website. The webcast will remain available for 90 days post-call for those unable to participate live.

Plus Therapeutics, Inc., focuses on developing targeted radiotherapeutics for challenging CNS cancers, with key programs in recurrent glioblastoma (GBM) and leptomeningeal metastases (LM). They leverage advanced platform technologies to potentially improve clinical outcomes for patients and are supported by strategic partnerships for the development, manufacturing, and future commercialization of their products.