Plus Therapeutics, Inc. reported a net loss of $22.4 million for the year ended December 31, 2025, compared to a net loss of $13.0 million for the previous year. The company's accumulated deficit reached $515.9 million as of December 31, 2025. Grant revenue from the Cancer Prevention and Research Institute of Texas (CPRIT) amounted to $5.2 million, a decrease from $5.8 million in 2024. This revenue is tied to the development of Rhenium-186 obisbemeda for leptomeningeal metastases (LM).
Research and development expenses totaled $8.4 million, a decrease from $10.6 million in 2024, primarily due to lower clinical development and compensation expenses, offset by increased diagnostic and licensing expenses. General and administrative expenses increased to $12.1 million from $9.9 million in the prior year, mainly driven by higher compensation costs. The company anticipates increased research and development expenditures in 2026 due to ongoing clinical trials and manufacturing scale-up.
Key operational developments included the completion of the ReSPECT-LM Phase 1 trial, which determined a recommended Phase 2 dose for Rhenium-186 obisbemeda. The company also initiated a multi-dose Phase 1/2 trial for ReSPECT-LM and received FDA clearance for an IND application for a Phase 1 trial of Rhenium-186 obisbemeda in pediatric brain cancer. Plus Therapeutics re-introduced the CNSide Cerebrospinal Fluid Tumor Cell Enumeration test in August 2025 and secured national agreements with UnitedHealthcare and Humana, expanding access to over 67 million covered lives.
Looking ahead, Plus Therapeutics plans to continue clinical development of Rhenium-186 obisbemeda for recurrent glioblastoma (GBM), LM, and pediatric brain cancers. The company also intends to further develop Rhenium-188 NanoLiposome Biodegradable Alginate Microsphere (188RNL-BAM) for solid organ cancers. The company's ability to continue as a going concern is dependent upon its ability to obtain additional debt, equity or other financing.
About PLUS THERAPEUTICS, INC.
Plus Therapeutics, Inc. develops targeted radiotherapeutics and medical devices for central nervous system and solid organ cancers. Its core platform delivers high-dose radiation directly to tumors, aiming to improve safety and efficacy over traditional therapies. The company’s key products include REYOBIQ and CNSide diagnostics, targeting brain, leptomeningeal, and pediatric cancers, with a focus on innovative, minimally invasive treatments and companion diagnostic tools.
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