# EDGAR Filing Document

**Accession Number:** 0001095981
**File Stem:** 0000950170-25-108854
**Filing Date:** 2025-8
**Character Count:** 27973
**Document Hash:** 9f2afa66335f1085e04497b47ac2ee89
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-108854.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0000950170-25-108854

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20250814

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PLUS THERAPEUTICS, INC.
- **CENTRAL INDEX KEY:** 0001095981
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 330827593
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34375
- **FILM NUMBER:** 251218883

**BUSINESS ADDRESS:**
- **STREET 1:** 4200 MARATHON BLVD.
- **STREET 2:** SUITE 200
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78756
- **BUSINESS PHONE:** 737.255.7194

**MAIL ADDRESS:**
- **STREET 1:** 4200 MARATHON BLVD.
- **STREET 2:** SUITE 200
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78756

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CYTORI THERAPEUTICS, INC.
- **DATE OF NAME CHANGE:** 20050712

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MACROPORE INC
- **DATE OF NAME CHANGE:** 20010320

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## **FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** August 14, 2025<br>

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PLUS THERAPEUTICS, INC.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Delaware | 001-34375 | 33-0827593 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 2710 REED ROAD<br>Suite 160 |  |  |
| Houston**,** Texas |  | 77051 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** (737) 255-7194<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, par value $0.001 per share | PSTV | The Nasdaq Capital Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## **Item 2.02 Results of Operations and Financial Condition.** 
On August 14, 2025, Plus Therapeutics, Inc. (the "Company") reported financial results for the second quarter ended June 30, 2025 and other recent corporate updates. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated by reference.

The information in this Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1) is furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information shall not be deemed incorporated by reference into any other filing with the Securities and Exchange Commission made by the Company, whether made before or after today's date, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific references in such filing.

## **Item 9.01 Financial Statements and Exhibits.** 

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| | |
|:---|:---|
| **(d) Exhibits.**<br>**Exhibit<br>Number** | <br>**Description** |
| [<u>99.1</u>](pstv-ex99_1.htm) | [<u>Press Release Announcing Financial Results, dated August 14, 2025</u>](pstv-ex99_1.htm) |
| 104 | <u>Cover Page Interactive Data File (embedded within the Inline XBRL document)</u> |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | PLUS THERAPEUTICS, INC.  |
| Date: | August 14, 2025 | By:  | /s/ Marc H. Hedrick, M.D.  |
|  |  |  | Marc H. Hedrick, M.D.<br>President and Chief Executive Officer  |

---

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## Exhibit 99.1

**Exhibit 99.1** 

 **Plus Therapeutics Reports Second Quarter Financial Results** 

**and Recent Business Highlights**

*Announced CNSide® CSF assay platform launch timeline* 

*Initiated the REYOBIQ dose optimization trial for patients with leptomeningeal metastases*

**HOUSTON, Texas, August 14, 2025 (GLOBE NEWSWIRE)** – <u>Plus Therapeutics, Inc.</u> (Nasdaq: <u>PSTV</u>) ("Plus" or the "Company"), a clinical-stage pharmaceutical company developing targeted radiotherapeutics with advanced platform technologies for central nervous system (CNS) cancers, today announces financial results for the second quarter ended June 30, 2025, and provides an overview of recent and upcoming business highlights.

"The second quarter of 2025 marked steady execution and progress on our key strategic initiatives: clinical development of our radiotherapeutic and the advancement of our diagnostic platform technologies toward commercialization," said Marc H. Hedrick, M.D., Plus Therapeutics President and Chief Executive Officer. "New data announcements on our REYOBIQ™ CNS cancer radiotherapeutic clinical trials continue to demonstrate favorable safety and efficacy signals, facilitating active enrollment on our dose optimization trial. Furthermore, the recently announced launch of the CNSide® cerebral spinal fluid (CSF) assay platform and testing services in Texas with initial focus on national cancer centers validates the clinical need for our diagnostic management tool. We intend to expand our testing services and broaden the regional availability of CNSide over the next 12 months."

**Q2 2025 & RECENT HIGHLIGHTS AND MILESTONES**

***<u>Corporate</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Completed a comprehensive restructuring of the March 2025 $15 million equity financing on June 17, 2025, simplifying the Company's capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Received notice of an advance payment of $1.6 million from the Cancer Prevention and Research Institute of Texas (CPRIT), the second-largest public cancer research funder globally, as part of the Company's previously awarded $17.6 million grant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Added industry veteran Kyle Guse to the Board of Directors, Mr. Guse brings 30 years of professional experience in multiple executive roles, including Chief Financial Officer, General Counsel, Secretary for some of the world's most innovative companies

***<u>REYOBIQ™ Clinical Trials</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Presented updated interim data on its lead compound REYOBIQ™ at the Nuclear Medicine and Neuro-oncology conference highlighting the safety and clinical benefit of REYOBIQ in patients with leptomeningeal metastases (LM)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Initiated and treated the first two patients in the ReSPECT-LM dose optimization trial for REYOBIQ to evaluate multiple-dose regimens of REYOBIQ administered at defined intervals via intraventricular catheter (Ommaya reservoir) following encouraging results from the Company's single-dose escalation trial. More information on the trial design can be found here

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Received U.S. Food and Drug Administration (FDA) clearance of its Investigational New Drug (IND) application for REYOBIQ for the treatment of pediatric patients with supratentorial recurrent, refractory, or progressive

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high-grade glioma (HGG) and ependymoma that will be funded by a $3 million grant from Department of Defense. More information can be found here

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Announced that the Company will give an oral presentation of its ReSPECT-LM clinical trial results titled, "Phase 1 Dose Escalation of Rhenium (186Re) Obisbemeda (Rhenium Nanoliposome,186RNL (REYOBIQ) for the Treatment of Leptomeningeal Metastases (LM): Clinical Study Results for Safety and Efficacy" (CTSI-06) along with a sponsored educational symposium, at the upcoming SNO/ASCO CNS Metastases Conference on August 14-16, 2025, at the Baltimore Waterfront Marriott Hotel in Baltimore, MD

***<u>CNSide CSF Assay Platform</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Hosted a business update conference call wherein details of the anticipated launch of the CNSide cerebral spinal-fluid assay platform were discussed. Highlightrs include:

oCNS Mets are an epidemic affecting as many as 30% of adult cancer patients and affect the highly protected CNS space; diagnosis and treatment are difficult and as a result, approximately half of patients with CSF metastases instead receive just palliative care or hospice

oCurrent standard of care for CNS Mets diagnosis, CSF cytology, was developed over a century ago and offers suboptimal test sensitivity leading to missed or delayed diagnosis and treatment

oThe first test to be commercialized, CNSide CSF Tumor Cell Enumeration (TCE), has a total addressable market estimated to be $6 billion in the U.S.<sup>1</sup>with three additional CNS assays to be added in the coming months

oCNSide commercialization to commence in Texas in the third quarter of 2025, followed rapidly by expansion into additional states in late 2025 and 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Announced that CNSide will be showcasing two presentations at the upcoming SNO/ASCO CNS Metastases Conference on August 14-16, 2025, at the Baltimore Waterfront Marriott Hotel in Baltimore, MD

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provided a CNSide Diagnostic launch update, with our CSF assay platform and testing services commercially available in Texas in August 2025. Initial commercial focus will be on National Cancer Institute Designated Cancer Centers, which treat the highest number of patients at risk for leptomeningeal metastases and previously used CNSide

<sup>1</sup> The Company has derived this number based on published CNS cancer incidence data, third-party projections of test utilization, and established market benchmarks

**Q2 2025 FINANCIAL RESULTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company's cash and investments balance was $6.9 million at June 30, 2025 compared to $3.6 million at December 31, 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Recognized $1.4 million in grant revenue in the second quarter of 2025 compared to $1.3 million in the same quarter of 2024, which represents CPRIT's share of the costs incurred for our REYOBIQ platform advancement for the treatment of patients with LM

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total operating loss for the second quarter of 2025 was $1.5 million compared to $3.7 million in the same quarter of 2024 with the decrease primarily attributed to a more heightened focus on operational cost control

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net income for second quarter of 2025 was $5.2 million, or $0.02 per share, compared to a net loss of $2.9 million, or $(0.45) per share, for the same quarter the prior year; the substantial change is due to $6.5 million of pre-tax income from change in the fair value of derivative instruments

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**About Plus Therapeutics**

Headquartered in Houston, Texas, Plus Therapeutics, Inc. is a clinical-stage pharmaceutical company developing targeted radiotherapeutics for difficult-to-treat cancers of the central nervous system with the potential to enhance clinical outcomes. Combining image-guided local beta radiation and targeted drug delivery approaches, the Company is advancing a pipeline of product candidates with lead programs in LM and recurrent glioblastoma (GBM). The Company has built a supply chain through strategic partnerships that enable the development, manufacturing, and future potential commercialization of its products. For more information, visit https://plustherapeutics.com/.<br>

**About REYOBIQ (rhenium 186re obisbemeda)**

REYOBIQ (rhenium 186re obisbemeda) is a novel injectable radiotherapy specifically formulated to deliver direct targeted high dose radiation in CNS tumors in a safe, effective, and convenient manner to optimize patient outcomes. REYOBIQ has the potential to reduce off target risks and improve outcomes for CNS cancer patients, versus currently approved therapies, with a more targeted and potent radiation dose. Rhenium-186 is an ideal radioisotope for CNS therapeutic applications due to its short half-life, beta energy for destroying cancerous tissue, and gamma energy for real-time imaging. REYOBIQ is being evaluated for the treatment of recurrent glioblastoma and leptomeningeal metastases in the ReSPECT-GBM and ReSPECT-LM clinical trials. ReSPECT-GBM is supported by an award from the National Cancer Institute (NCI), part of the U.S. National Institutes of Health (NIH), and ReSPECT-LM is funded by a three-year $17.6M grant by the Cancer Prevention & Research Institute of Texas (CPRIT).

**About CNSide Diagnostic, LLC**

CNSide Diagnostics, LLC is a wholly owned subsidiary of Plus Therapeutics, Inc. that develops and commercializes proprietary laboratory-developed tests, such as CNSide, designed to identify tumor cells that have metastasized to the central nervous system in patients with carcinomas and melanomas. The CNSide CSF Assay Platform enables quantitative analysis and molecular characterization of tumor cells and circulating tumor DNA in the cerebrospinal fluid that inform and improve the management of patients with leptomeningeal metastases. The Company is planning to commercialize CNSide in the U.S. in 2025.

**Cautionary Statement Regarding Forward-Looking Statements**

This press release contains statements that may be deemed "forward-looking statements" within the meaning of U.S. securities laws, including statements regarding clinical trials, expected operations and upcoming developments. All statements in this press release other than statements of historical fact are forward-looking statements. These forward-looking statements may be identified by future verbs, as well as terms such as "expect" "potential," "anticipating," "planning" and similar expressions or the negatives thereof. Such statements are based upon certain assumptions and assessments made by management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate.

These statements include, without limitation, statements regarding the potential promise of REYOBIQ, expectations as to the Company's future performance, including the next steps in developing the Company's product candidates; the Company's clinical trials, including statements regarding the timing and characteristics of the ReSPECT-LM single dose and multi-dose clinical trials; the continued evaluation of REYOBIQ™ including through evaluations in additional patient cohorts; and expectations regarding receipt of grant funds.

The forward-looking statements included in this press release could differ materially from those expressed or implied by these forward-looking statements because of risks, uncertainties, and other factors that include, but are not limited to, the following: the Company's ability to maintain the listing of its common stock on Nasdaq; risks related to a halt in trading or delisting of the Company's common stock on Nasdaq; the early stage of the Company's product candidates and therapies; the results of the Company's research and development activities, including uncertainties relating to the clinical

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trials of its product candidates and therapies; the Company's liquidity and capital resources and its ability to raise additional cash; the outcome of the Company's partnering/licensing efforts, risks associated with laws or regulatory requirements applicable to it; market conditions, product performance, litigation or potential litigation, and competition within the cancer diagnostics and therapeutics field; ability to develop and protect proprietary intellectual property or obtain licenses to intellectual property developed by others on commercially reasonable and competitive terms; challenges associated with radiotherapeutic manufacturing, production and distribution capabilities necessary to support the Company's clinical trials and any commercial level product demand; and material security breach or cybersecurity attack affecting the Company's operations or property. This list of risks, uncertainties, and other factors is not complete. Plus Therapeutics discusses some of these matters more fully, as well as certain risk factors that could affect Plus Therapeutics' business, financial condition, results of operations, and prospects, in its reports filed with the SEC, including Plus Therapeutics' annual report on Form 10-K for the fiscal year ended December 31, 2024, quarterly reports on Form 10-Q, and current reports on Form 8-K. These filings are available for review through the SEC's website at www.sec.gov. Any or all forward-looking statements Plus Therapeutics makes may turn out to be wrong and can be affected by inaccurate assumptions Plus Therapeutics might make or by known or unknown risks, uncertainties, and other factors, including those identified in this press release. Accordingly, you should not place undue reliance on the forward-looking statements made in this press release, which speak only as of its date. The Company assumes no responsibility to update or revise any forward-looking statements to reflect events, trends or circumstances after the date they are made unless the Company has an obligation under U.S. federal securities laws to do so.

**<u>Investor Contact</u>**

<br> CORE IR<br>investor@plustherapeutics.com

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**PLUS THERAPEUTICS, INC.** 

 **CONDENSED CONSOLIDATED BALANCE SHEETS**

**(UNAUDITED)**

**(in thousands, except share and par value data)**

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $2233 | $76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 4646 | 3530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grant receivable | 1021 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 1314 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 9214 | 5259 |
| Property and equipment, net | 289 | 448 |
| Operating lease right-use-of assets | 29 | 73 |
| Goodwill | 372 | 372 |
| Intangible assets, net | 401 | 469 |
| Other assets | 45 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $10350 | $6633 |
| **Liabilities and Stockholders' Equity (Deficit)** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $6359 | $11288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability | 30 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred grant liability | 927 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Line of credit |  | 3292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 7316 | 15551 |
| Noncurrent operating lease liability |  | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 7316 | 15582 |
| Commitments and contingencies (Note 7) |  |  |
| Stockholders' equity (deficit): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.001 par value; 5,000,000 shares authorized; 1,952 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value; 2,000,000,000 shares authorized; 92,438,432 shares issued; and 92,180,007 shares outstanding as of June 30, 2025, and 100,000,00 shares authorized; 6,154,758 shares issued; and 5,896,333 shares outstanding as of December 31, 2024, respectively | 92 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock (at cost), 258,425 shares as of June 30, 2025 and December 31, 2024, respectively | (500) | (500) |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 509171 | 485024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (505729) | (493479) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity (deficit) | 3034 | (8949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $10350 | $6633 |

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**PLUS THERAPEUTICS, INC.** 

 **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(UNAUDITED)**

**(in thousands, except share and per share data)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Grant revenue | $1390 | $1279 | $2449 | $2956 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 1246 | 2773 | 3002 | 5536 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 1682 | 2203 | 4521 | 4416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 2928 | 4976 | 7523 | 9952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating loss | (1538) | (3697) | (5074) | (6996) |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 27 | 67 | 28 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  | (27) | (548) | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing expenses | 150 | (3545) | (3061) | (3545) |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrant issuance costs |  | (432) | (964) | (432) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivative instruments | 6512 | 4694 | (2631) | 4694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | 6689 | 757 | (7176) | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $5151 | $(2940) | $(12250) | $(6201) |
| Per share information |  |  |  |  |
| Net income (loss) per share of common stock – basic | $0.02 | $(0.45) | $(0.50) | $(1.15) |
| Weighted average number of shares of common stock outstanding – basic | 48388862 | 6500831 | 24422125 | 5411382 |
| Net loss per share of common stock – diluted | $(0.01) | $(0.71) | $(0.50) | $(1.45) |
| Weighted average number of shares of common stock outstanding – diluted | 209154994 | 10742924 | 24422125 | 7532428 |

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**PLUS THERAPEUTICS, INC.**

 **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(UNAUDITED)**

**(In thousands)**

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| | | |
|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2024** |
| **Cash flows used in operating activities:** |  |  |
| Net loss | $(12250) | $(6201) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 223 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs and debt discount |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 300 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncash financing expenses | 3061 | 3545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivative instruments | 2631 | (4694) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount on short-term investments | (22) | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction in the carrying amount of operating lease right-of-use assets | 44 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of assets | (16) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increases (decreases) in cash caused by changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grant receivable | (450) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | (265) | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (5181) | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in operating lease liabilities | (45) | (63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred grant liability |  | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (11970) | (5663) |
| **Cash flows used in investing activities:** |  |  |
| Purchases of property and equipment | (10) | (121) |
| Purchase of short-term investments | (7756) | (3500) |
| Redemption of short-term investments | 6662 |  |
| Purchase of intangible assets |  | (545) |
| Proceeds from sale of property and equipment | 30 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (1074) | (4166) |
| **Cash flows provided by financing activities:** |  |  |
| Principal payments of term loan obligation |  | (3996) |
| Proceeds from credit facility |  | 3292 |
| Repayment of line of credit facility | (3292) |  |
| Repayment of notes payable | (3703) |  |
| Issuance of notes payable and warrants | 3738 |  |
| Proceeds from exercise of Series B Warrants from May 2024 PIPE | 882 |  |
| Purchase of treasury stock |  | (374) |
| Proceeds from sale of common stock, pre-funded warrants and warrants | 15001 | 7310 |
| Proceeds from sale of common stock under Lincoln Park Purchase Agreement | 2795 |  |
| Costs from sale of common stock | (220) | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 15201 | 6187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in cash and cash equivalents | 2157 | (3642) |
| Cash and cash equivalents at beginning of period | 76 | 8554 |
| Cash and cash equivalents at end of period | $2233 | $4912 |
| **Supplemental disclosure of cash flows information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid during period for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | $539 | $32 |
| **Supplemental schedule of non-cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange of warrants for notes payable | $3694 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of notes by issuance of common stock, pre-funded warrants and warrants | $3512 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unpaid offering cost | $252 | $375 |

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