Bay Street News

Plus Therapeutics Reports Second Quarter 2024 Financial Results and Recent Business Highlights

Presented Positive Interim ReSPECT-LM Phase 1 Data for Rhenium (186Re) Obisbemeda for Leptomeningeal Metastases
Presented Positive Topline Clinical Trial Results for CNSide diagnostic in the FORESEE trial
Management to host conference call August 14, 2024 at 5:00 p.m. ET

AUSTIN, Texas, Aug. 14, 2024 (GLOBE NEWSWIRE) — Plus Therapeutics, Inc. (Nasdaq: PSTV) (the “Company”), a clinical-stage pharmaceutical company developing targeted radiotherapeutics with advanced platform technologies for central nervous system (CNS) cancers, today announced financial results for the second quarter ended June 30, 2024, and provided an overview of recent and upcoming business highlights.

Q2 2024 RECENT HIGHLIGHTS AND MILESTONES

“Plus’ lead investigational drug Rhenium (186Re) Obisbemeda continues to show safety and promising signs of efficacy after a single administration in patients with LM,” said Marc H. Hedrick, M.D., Plus Therapeutics President and Chief Executive Officer. “We are on track to complete the single administration ReSPECT-LM Phase 1 trial soon, expand to multiple doses, and move to Phase 2 funded by our existing CPRIT award.”

UPCOMING EVENTS AND MILESTONES

FIRST HALF 2024 FINANCIAL RESULTS

SECOND QUARTER 2024 RESULTS CONFERENCE CALL

The Company will hold a conference call and live audio webcast at 5:00 pm Eastern Time today to discuss its financial results and provide a general business update.

A live webcast will be available at ir.plustherapeutics.com/events.

Participants may also pre-register any time before the call here. Once registration is completed, participants will be provided a dial-in number with a personalized conference code to access the call. Please dial in 15 minutes prior to the start time.

Following the live call, a replay will be available on the Company’s website under the ‘For Investors’ section. The webcast will be available on the Company’s website for 90 days following the live call.

About Plus Therapeutics
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 for patients. Combining image-guided local beta radiation and targeted drug delivery approaches, the Company is advancing a pipeline of product candidates with lead programs in recurrent glioblastoma (GBM) and leptomeningeal metastases (LM). The Company has built a supply chain through strategic partnerships that enable the development, manufacturing and future potential commercialization of its products. Plus Therapeutics is led by an experienced and dedicated leadership team and has operations in key cancer clinical development hubs including Austin and San Antonio, Texas. For more information, visit https://plustherapeutics.com/.

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 “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 under the heading Upcoming Expected Events and Milestones and statements regarding the following: the potential promise of rhenium (186Re) obisbemeda; expectations as to the Company’s future performance including the next steps in developing the Company’s product candidate; the Company’s clinical trials including statements regarding the timing and characteristics of the ReSPECT-GBM, ReSPECT-LM and ReSPECT-PBC clinical trials; the continued evaluation of rhenium (186Re) obisbemeda including through evaluations in additional patient cohorts; reporting results of preclinical combination studies of rhenium (186Re) obisbemeda with PD-1 and PD-L1 checkpoint inhibitors; development and potential submission of ReSPECT-PBC investigational new drug application (IND) for pediatric ependymoma and high grade glioma; development and utility of CNSide leptomeningeal metastases diagnostic test.

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 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 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, 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, 2023, 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.

 Investor Contact
Charles Y. Huang, MBA
Director of Capital Markets and Investor Relations
Office: (202)-209-5751 | Direct (301)-728-7222
chuang@plustherapeutics.com

PLUS THERAPEUTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share and par value data)
     
  June 30,
2024
    December 31,
2023
 
Assets          
Current assets:          
Cash and cash equivalents $ 4,912     $ 8,554  
Investments   3,523        
Other current assets   945       1,280  
Total current assets   9,380       9,834  
           
Property and equipment, net   732       906  
Operating lease right-of-use assets   139       202  
Goodwill   372       372  
Intangible assets, net   557       42  
Other assets   32       32  
Total assets $ 11,212     $ 11,388  
Liabilities and Stockholders’ Equity          
Current liabilities:          
Accounts payable and accrued expenses $ 6,946     $ 6,631  
Operating lease liability   92       120  
Warrant liability   6,160        
Deferred grant liability   2,297        
Line of credit   3,292        
Term loan obligation, current         3,976  
Total current liabilities   18,787       10,727  
           
Noncurrent operating lease liability   50       85  
Deferred grant liability         1,924  
Total liabilities   18,837       12,736  
           
Stockholders’ deficit:          
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 1,952 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively          
Common stock, $0.001 par value; 100,000,000 shares authorized; 5,962,644 and 5,704,219 issued and outstanding at June 30, 2024, and 4,522,656 issued and 4,444,097 outstanding as of December 31, 2023, respectively   6       5  
Treasury stock (at cost, 258,425 and 78,559 shares as of June 30, 2024 and December 31, 2023, respectively)   (500 )     (126 )
Additional paid-in capital   479,571       479,274  
Accumulated deficit   (486,702 )     (480,501 )
Total stockholders’ deficit   (7,625 )     (1,348 )
Total liabilities and stockholders’ deficit $ 11,212     $ 11,388  
               
PLUS THERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except share and per share data)
           
  For the Three Months Ended June 30,     For the Six Months Ended June 30,  
  2024     2023     2024     2023  
Grant revenue $ 1,279     $ 1,854     $ 2,956     $ 2,360  
                       
Operating expenses:                      
Research and development   2,773       1,420       5,536       4,403  
General and administrative   2,203       1,924       4,416       4,169  
Total operating expenses   4,976       3,344       9,952       8,572  
Loss from operations   (3,697 )     (1,490 )     (6,996 )     (6,212 )
                       
Other income (expense):                      
Financing expense   (3,545 )           (3,545 )      
Change in fair value of warrants   4,694             4,694        
Warrant issuance costs   (432 )           (432 )      
Interest income   67       120       139       171  
Interest expense   (27 )     (112 )     (61 )     (246 )
Total other income (expense)   757       8       795       (75 )
Net loss $ (2,940 )   $ (1,482 )   $ (6,201 )   $ (6,287 )
                       
Per share information:                      
Net loss per share of common stock – basic $ (0.45 )   $ (0.59 )   $ (1.15 )   $ (2.60 )
Weighted average number of shares of common stock outstanding – basic   6,500,831       2,509,378       5,411,382       2,415,221  
Net loss per share of common stock – diluted $ (0.71 )   $ (0.59 )   $ (1.45 )   $ (2.60 )
Weighted average number of shares of common stock outstanding – diluted   10,742,924       2,509,378       7,532,428       2,415,221  
                               
PLUS THERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
     
  For the Six Months Ended June 30,  
  2024     2023  
Cash flows used in operating activities:          
Net loss $ (6,201 )   $ (6,287 )
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization   325       318  
Amortization of deferred financing costs and debt discount   20       119  
Share-based compensation expense   297       280  
Accretion of discount on short-term investments   (23 )      
Non-cash financing expense   3,545        
Change in fair value of warrants   (4,694 )      
Loss on disposal of property and equipment         2  
Amortization of operating lease right-of-use assets   63       57  
Increases (decreases) in cash caused by changes in operating assets and liabilities:          
Grant receivable         718  
Other current assets   335       1,510  
Accounts payable and accrued expenses   360       (3,589 )
Change in operating lease liabilities   (63 )     (56 )
Deferred grant liability   373       (1,643 )
Net cash used in operating activities   (5,663 )     (8,571 )
           
Cash flows used in investing activities:          
Purchases of property and equipment   (121 )     (108 )
Purchase of short-term investments   (3,500 )      
Purchase of intangible assets   (545 )      
Net cash used in investing activities   (4,166 )     (108 )
           
Cash flows used in/provided by financing activities:          
Principal payments of term loan obligation   (3,996 )     (804 )
Proceeds from credit facility   3,292        
Purchase of treasury stock   (374 )      
Proceeds from sale of common stock, warrants and pre-funded warrants, net   7,265       2,258  
Net cash provided by financing activities   6,187       1,454  
Net decrease in cash and cash equivalents   (3,642 )     (7,225 )
Cash and cash equivalents at beginning of period   8,554       18,120  
Cash and cash equivalents at end of period $ 4,912     $ 10,895  
           
Supplemental disclosure of cash flows information:          
Cash paid during period for:          
Interest $ 32     $ 135  
Supplemental schedule of non-cash investing and financing activities:          
Unpaid offering cost $ 375     $ 35  


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