Plus Therapeutics, Inc. reported its financial results for the second quarter of 2025, revealing a net income of $5.2 million, a significant improvement compared to a net loss of $2.9 million in the same period last year. For the six months ended June 30, 2025, the company recorded a net loss of $12.3 million, which is an increase from a loss of $6.2 million during the first half of 2024. The increase in net income for the quarter was primarily attributed to a change in the fair value of derivative instruments, which contributed $6.5 million to the income statement.
Total grant revenue for the second quarter was $1.4 million, slightly up from $1.3 million in the prior year. However, total operating expenses decreased to $2.9 million from $5.0 million year-over-year, driven by reductions in research and development costs, which fell to $1.2 million from $2.8 million, and general and administrative expenses, which decreased to $1.7 million from $2.2 million. The company’s cash and cash equivalents increased to $2.2 million as of June 30, 2025, compared to $76,000 at the end of 2024, reflecting improved liquidity.
Strategically, Plus Therapeutics has made significant moves, including the acquisition of the CNSide Platform from Biocept, Inc. for $400,000, which is expected to enhance its diagnostic capabilities in cerebrospinal fluid cancer diagnostics. The company is also preparing to launch the CNSide Test in the U.S. market in the second half of 2025, following necessary certifications and licensing. Additionally, Plus Therapeutics has entered into a manufacturing services agreement with SpectronRx to support its clinical programs, further solidifying its operational capabilities.
The company has faced challenges regarding compliance with Nasdaq listing requirements, having previously received notices for not meeting the minimum stockholders' equity requirement. However, it regained compliance in March 2025 and is currently under a mandatory panel monitor until March 2026. Plus Therapeutics is also working to address a minimum bid price deficiency, with a compliance deadline set for November 2025. The company continues to seek additional capital to fund its clinical development programs and operations, emphasizing the need for ongoing financing to support its growth strategy.
Looking ahead, Plus Therapeutics anticipates an increase in research and development expenses as it progresses with its clinical trials, particularly the ReSPECT-LM trial for leptomeningeal metastases and the ReSPECT-PBC trial for pediatric brain cancer. The company remains focused on its goal of developing innovative treatments for cancer, leveraging its proprietary technologies and strategic partnerships to enhance its market position.
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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