Company: PSTV
Filing Date: 2025-06-09
Form Type: DRS
Source: 0000950123-25-005986
Chunk: 2

Company: PLUS THERAPEUTICS, INC.
Filing Date: 2025-06-09
Form: DRS
Chunk 2
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holder.

The shares of common stock to which
this prospectus relates have been and may be issued by us to Lincoln Park pursuant to a purchase agreement, dated as of [ ], 2025 we entered into with Lincoln Park, which we refer to in this prospectus as the Purchase Agreement. We are
not selling any securities under this prospectus and will not receive any of the proceeds from the sale of our common stock by the selling stockholder. However, we may receive up to $[ ] million aggregate gross proceeds from sales of
common stock to Lincoln Park under the Purchase Agreement. Upon execution of the Purchase Agreement, we paid $[ ] in cash, which we refer to in this prospectus as the Initial Commitment Fee, and issued [ ] shares of common
stock, which we refer to in this prospectus as the Initial Commitment Shares, to Lincoln Park as consideration for its irrevocable commitment to purchase shares of our common stock at our direction under the Purchase Agreement. We have also agreed
to pay an additional commitment fee (the “Additional Commitment Fee”), which we may elect to pay in cash and/or shares of our common stock, upon our receipt of $[ ] million aggregate gross proceeds from sales of common stock
to Lincoln Park under the Purchase Agreement. See “The Lincoln Park Transaction” for a description of the Purchase Agreement and “Selling Stockholder” for additional information regarding Lincoln Park.

The selling stockholder may sell or otherwise dispose of the shares of common stock described in this prospectus in a number of different ways
and at varying prices. See “Plan of Distribution” for more information about how the selling stockholder may sell or otherwise dispose of the common stock being registered pursuant to this prospectus. The selling stockholder is an
“underwriter” within the meaning of Section 2(a)(11) of the Securities Act of 1933, as amended (the “Securities Act”).

We will pay the expenses incurred in registering under the Securities Act the offer and sale of the shares of common stock to which this
prospectus relates by the selling stockholder, including legal and accounting fees. See “Plan of Distribution”.

Our common
stock is currently listed on the Nasdaq Capital Market (“Nasdaq”) under the symbol “PSTV”. On [ ] , 2025, the closing price of our common stock, as reported on Nasdaq, was $[ ] per share.

Investing in our securities involves a high degree of risk. These risks are