Company: PSTV
Filing Date: 2025-06-09
Form Type: DRS
Source: 0000950123-25-005986
Chunk: 7

Company: PLUS THERAPEUTICS, INC.
Filing Date: 2025-06-09
Form: DRS
Chunk 7
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 | [ ] shares of common stock reserved for future issuance under our 2015 New Employee Incentive Plan; |

| • |     | [ ] shares of common stock reserved for future issuance under our 2020 Stock Incentive Plan; |

| • |     | [ ] and [ ] shares of common stock issuable upon conversion of [ ] shares of Series B     
 Convertible Preferred Stock and [ ] shares of Series C Preferred Stock, respectively; and |

| • |     | [ ] shares of common stock issuable upon the exercise of warrants to purchase common stock, with a 
 weighted-average exercise price of $[ ] per share.                                                 |

2

Confidential Treatment Requested by Plus Therapeutics, Inc.

Pursuant to 17 C.F.R. Section 200.83

RISK FACTORS

Investing in our securities involves a high degree of risk. Before making an investment decision with respect to our securities, we urge you to carefully consider the risks described below and in the “Risk Factors” sections of our most recent Annual Report on Form 10-Kand Quarterly Reports on Form 10-Q,as well as our Current Reports on Form 8-K,filed with the SEC and incorporated by reference in this prospectus, and the other information contained in this prospectus. The risks and uncertainties incorporated by reference into this prospectus or described below are not the only ones we face. Additional risks and uncertainties not presently known or which we consider immaterial as of the date hereof may also materially harm our business and could result in a complete loss of your investment. If any of the matters discussed in the following risk factors were to occur, our business, financial condition, results of operations, cash flows, or prospects could be materially and adversely affected, the market price of our common stock could decline, and you could lose all or part of your investment in our securities.

Risks Related to the Offering

The sale or issuance of our common stock to Lincoln Park may cause dilution to our other stockholders and the sale of the shares of common stock acquired by Lincoln Park, or the perception that such sales may occur, could cause the price of our common stock to fall.

Lincoln Park has committed to purchase up to $[ ] million of our common stock under the Purchase Agreement. The purchase
price for the shares that we may sell to Lincoln Park under the Purchase Agreement remains subject to the pricing formula in the Purchase Agreement and