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HOUSTON - Plus Therapeutics, Inc. (NASDAQ:PSTV), a clinical-stage pharmaceutical company with a market capitalization of $10.87 million, has revealed new data on its lead compound REYOBIQ™ for treating central nervous system (CNS) cancers. According to InvestingPro data, the company’s stock has experienced significant volatility, with shares down over 44% year-to-date. The data, which will be presented at the Nuclear Medicine and Neurooncology conference on May 9-10 in Vienna, Austria, comes from the completed Phase 1 ReSPECT-LM trial.
The trial investigated the use of REYOBIQ™ in patients with Leptomeningeal Metastases (LM), a severe complication where cancer spreads to the cerebrospinal fluid and leptomeninges. The study demonstrated a dose-dependent increase in the average absorbed dose to the cranial and spinal subarachnoid space, with the highest dose reaching 253Gy in Cohort 5.
Neuroimaging response data showed that 31% of the 16 evaluated patients had a partial response, while an additional seven patients maintained stable disease through day 112, resulting in a Clinical Benefit Rate of 75%. Physician evaluations indicated a decrease in disease findings in two of 14 evaluable patients and stable findings in 10 patients, leading to an 86% Clinical Benefit Rate. No dose-limiting toxicity was observed in the first four cohorts, but grade 4 thrombocytopenia was reported in Cohorts 5 and 6.
Additionally, RNA sequencing suggested early induction of apoptosis and an immune response in LM cells, with an increase in T cells and an adaptive immune response by Day 28. Further details will be provided after the conference. While the clinical results show promise, InvestingPro analysis indicates the company faces financial challenges with a weak gross profit margin of -81.66% and a current ratio of 0.34, suggesting potential liquidity concerns.
REYOBIQ™, a novel injectable radiotherapy, is designed to deliver targeted high-dose radiation to CNS tumors. It is currently being evaluated for recurrent glioblastoma and leptomeningeal metastases in the ReSPECT-GBM and ReSPECT-LM clinical trials, with the latter funded by a $17.6M grant from the Cancer Prevention & Research Institute of Texas.
Marc H. Hedrick, M.D., President and CEO of Plus Therapeutics, expressed confidence in REYOBIQ™’s potential for treating the devastating diagnosis of LM, noting its ability to deliver high doses of radiation while being well tolerated by normal organs and tissues.
This information is based on a press release statement from Plus Therapeutics Inc.
In other recent news, Plus Therapeutics announced its financial results for 2024, reporting grant revenues of $5.8 million, which did not meet the consensus estimate of $6.4 million. The company also reported a net loss of $1.95 per share, closely aligning with the consensus estimate of a $1.94 per share loss. H.C. Wainwright, in response to these results, adjusted its price target for Plus Therapeutics to $5.50 from $8.00 but maintained a Buy rating on the stock. The firm projected total grant and product revenues of $11.4 million for 2025, with a net loss of $0.34 per share.
Additionally, Plus Therapeutics completed a $15 million private placement in March 2025, increasing its cash position to $18.6 million, which analysts believe will support operations through the first quarter of 2026. The company is advancing its Ryobiq drug, which has received FDA acceptance and orphan designation, and plans to launch its C-Inside diagnostic test in 2025. Plus Therapeutics also anticipates grant revenue between $6 million and $8 million in 2025. These developments highlight the company’s strategic focus on innovation and operational consolidation.
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