Plus Therapeutics receives $1.9 million payment from cancer research fund

HOUSTON - Plus Therapeutics, Inc. (NASDAQ:PSTV) received a $1.9 million advance payment from the Cancer Prevention and Research Institute of Texas (CPRIT), the company announced Monday. According to InvestingPro data, the company maintains a healthy balance sheet with more cash than debt, though its current market capitalization stands at approximately $41 million.

The payment represents the second installment from a previously awarded $17.6 million grant supporting the company’s development of targeted radiotherapeutics for leptomeningeal cancer. This follows a $1.6 million payment received in July 2025.

"Continued payments from CPRIT are supportive to our radiotherapeutic development initiatives, with a further $1.9 million in funding expected over the next 12 months, providing a steady source of significant non-dilutive financing," said Andrew Sims, Plus Therapeutics Chief Financial Officer. InvestingPro analysis indicates the company is rapidly burning through cash, with a negative free cash flow of $16.9 million in the last twelve months. For deeper insights into Plus Therapeutics’ financial health and growth prospects, investors can access the comprehensive Pro Research Report, which provides detailed analysis of key metrics and growth drivers.

The funds will support clinical development of REYOBIQ for the ReSPECT-LM dose optimization trial and further development of the company’s CNSide LM diagnostic test as a key pivotal trial endpoint.

CPRIT, the second-largest public cancer research funder globally, has committed $6 billion to cancer research and prevention initiatives in Texas.

Plus Therapeutics is developing REYOBIQ (rhenium Re186 obisbemeda), an injectable radiotherapy formulated to deliver targeted radiation to central nervous system tumors. The treatment is currently being evaluated for recurrent glioblastoma, leptomeningeal metastases, and pediatric brain cancer in clinical trials.

Leptomeningeal metastases affect approximately 5% of patients with metastatic cancer, particularly those with breast cancer, lung cancer, and melanoma. The condition has a median survival of 2-6 months with limited effective treatment options.

The company noted in its press release statement that it continues to pursue additional grant opportunities to strengthen its capital position. The stock has shown significant volatility, with a 65% decline over the past six months, though it has demonstrated strong returns in the recent quarter. InvestingPro subscribers have access to 13 additional ProTips and extensive financial metrics that provide crucial insights into the company’s valuation and future prospects.

In other recent news, Plus Therapeutics, Inc. has regained compliance with Nasdaq’s listing requirements, meeting the necessary criteria for market value and stockholders’ equity. The company reported stockholders’ equity of $3 million as of June 30, 2025, surpassing the minimum requirement of $2.5 million. As a result, Nasdaq has extended the deadline for Plus Therapeutics to comply with the $1.00 minimum bid price rule until November 12, 2025. Meanwhile, D. Boral Capital has upgraded Plus Therapeutics’ stock rating from Hold to Buy, setting a price target of $5.00. This upgrade follows a previous downgrade four months ago due to concerns about a potential reverse stock split. Additionally, CNSide Diagnostics, a subsidiary of Plus Therapeutics, has received a certificate of accreditation from the Centers for Medicare and Medicaid Services for its laboratory in Houston, Texas. This accreditation confirms the lab’s compliance with federal standards for testing human specimens.

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