Plus Therapeutics Reports Increased Net Loss of $17.4 Million in Q1 2025

Plus Therapeutics, Inc. reported a significant increase in net loss for the first quarter of 2025, totaling $17.4 million, compared to a net loss of $3.3 million for the same period in 2024. The company's revenue from grants decreased to $1.1 million from $1.7 million year-over-year. Operating expenses also saw a decline, totaling $4.6 million, down from $5.0 million in the previous year, primarily due to reduced research and development costs. However, the operating loss widened slightly from $3.3 million to $3.5 million, reflecting increased general and administrative expenses.

The company experienced notable changes in its financial structure, including a substantial increase in its weighted average shares outstanding, which rose to approximately 14.6 million from 4.3 million a year earlier. This increase was largely due to the issuance of new shares and warrants in connection with recent financing activities. Plus Therapeutics completed a private placement in March 2025, raising approximately $15 million, which contributed to a cash balance of $9.9 million at the end of the quarter, a significant increase from $0.1 million at the end of 2024.

Operationally, Plus Therapeutics is advancing its clinical programs, particularly its lead candidate, REYOBIQ™, which is under investigation for treating central nervous system cancers. The company has also made strategic moves, including the acquisition of the CNSide® Platform from Biocept, aimed at enhancing its diagnostic capabilities in cancer treatment. Additionally, the company has entered into a manufacturing agreement with SpectronRx to support its clinical programs, further solidifying its operational framework.

Despite these developments, the company faces challenges regarding its compliance with Nasdaq listing requirements. In March 2025, Plus Therapeutics regained compliance with the Minimum Stockholders’ Equity Requirement after the recent financing, but it has also received a notice regarding non-compliance with the Minimum Bid Requirement due to its stock price falling below $1.00. The company has until November 2025 to regain compliance with this requirement, which adds pressure to its financial and operational strategies.

Looking ahead, Plus Therapeutics anticipates continued operational challenges as it seeks to raise additional capital to fund its clinical development programs. The company has expressed concerns about its ability to maintain operations without further financing, emphasizing the need for ongoing capital to support its research and development efforts. The management remains focused on executing its strategic initiatives while navigating the complexities of the financial landscape.