Company: PSTV
Filing Date: 2025-08-12
Form Type: S-1
Source: 0001193125-25-178940
Chunk: 26

Company: PLUS THERAPEUTICS, INC.
Filing Date: 2025-08-12
Form: S-1
Chunk 26
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 As we are unable to predict the timing or amount of potential issuances of all of the
shares being registered hereunder that are issuable to the Purchase Agreement, we cannot specify with certainty all of the particular uses for the net proceeds that we will have from the sale of such shares. Accordingly, our management will have
broad discretion in the application of the net proceeds. We may also use a portion of the net proceeds to acquire or invest in complementary businesses, technologies, product candidates or other intellectual property, although we have no present
commitments or agreements to do so. We may use the proceeds for purposes that are not contemplated at the time of this offering.

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Pending use of the net proceeds as described above, we expect to invest the net proceeds in short- and intermediate-term, interest-bearing obligations, investment-grade instruments, certificates
of deposit or direct or guaranteed obligations of the U.S. government. It is possible that no shares will be issued under the Purchase Agreement.

15

DILUTION The sale of our common stock to Lincoln Park pursuant to the Purchase Agreement will have a dilutive impact on our stockholders. In addition, the lower our stock price is at the time we exercise our right to sell shares to Lincoln Park, the more shares of our common stock we will have to issue to Lincoln Park pursuant to the Purchase Agreement and our existing stockholders would experience greater dilution. After giving effect to the assumed sale of 31,387,097 shares of our common stock to Lincoln Park pursuant to the Purchase Agreement at an assumed sale price of $0.80 per share of our common stock (which represents the closing price of our common stock on August 8, 2025) and the issuance of 1,612,903 shares of our common stock that are the Initial Commitment Shares to Lincoln Park for no cash consideration and after deducting estimated offering expenses payable by us, our as-adjustednet tangible book value as of June 30, 2025 would have been approximately $27.4 million, or $0.22 per share. This represents an immediate increase in net tangible book value of $0.20 per share to existing stockholders and an immediate dilution of $0.58 per share to new investors. The table below illustrates this per share dilution:

| Assumed offering price per share                                  |     | $0.80 |
| Historical net tangible book value per share as of June 30, 2025  |     | $0.02 |
| Increase per