Company: PSTV
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047698
Chunk: 153

Company: PLUS THERAPEUTICS, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 153
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 grant revenue from the CPRIT Grant during the year ended December 31, 2024.

We identified the determination of research and development costs incurred associated with the CPRIT Grant as a critical audit matter because of the subjectivity required to appropriately determine whether such costs satisfied the funding conditions. Auditing this element involved especially challenging and subjective auditor judgment due to the nature and extent of auditor effort required to address the matter.

The primary procedures we performed to address this critical audit matter included:

•Reviewing the CPRIT Grant agreement to understand the conditions for which research and development costs satisfy the funding conditions.

•Reviewing evidence of CPRIT’s approval of costs submitted by the Company that were applied to the CPRIT Grant funding conditions.

•Inspecting a sample of vendor agreements and invoice detail to determine whether certain charges satisfy the CPRIT Grant funding conditions.

We have served as the Company’s auditor since 2016.

/s/ BDO USA P.C. 

Austin, Texas 

March 31, 2025

76 

PLUS THERAPEUTICS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and par value data)

    As of December 31,

    2024

    2023

    Assets

    Current assets:

    Cash and cash equivalents
     
    $
    76

    $
    8,554

    Investments

    3,530

    —

    Grant receivable

    571

    —

    Other current assets

    1,082

    1,280

    Total current assets

    5,259

    9,834

    Property and equipment, net

    448

    906

    Operating lease right-of-use assets

    73

    202

    Goodwill

    372

    372

    Intangible assets, net

    469

    42

    Other assets

    12

    32

    Total assets
     
    $
    6,633

    $
    11,388

    Liabilities and Stockholders’ Equity (Deficit)

    Current liabilities:

    Accounts payable and accrued expenses
     
    $
    11,288

    $
    6,631

    Operating lease liability

    44

    120

    Deferred grant liability

    927

    —

    Line of credit

    3,292

    —

    Term loan obligation, current