PSTV Plus Therapeutics Inc

 

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

 

FORM 8-K

 

CURRENT REPORT

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

Date of Report (Date of earliest event reported): November 14, 2024

 

 

PLUS THERAPEUTICS, INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			001-34375	33-0827593
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
4200 Marathon Blvd. Suite 200
Austin, Texas				78756
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (737) 255-7194

 

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

 

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:

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

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 November 14, 2024, Plus Therapeutics, Inc. (the “Company”) reported financial results for the third quarter ended September 30, 2024 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.

(d) Exhibits.
Exhibit Number		Description
99.1		Press Release Announcing Financial Results, dated November 14, 2024.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

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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.

			PLUS THERAPEUTICS, INC.
Date:	November 14, 2024	By:	/s/ Marc H. Hedrick, M.D.
			Marc H. Hedrick, M.D. President and Chief Executive Officer

 

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Exhibit 99.1

 

Plus Therapeutics Reports Third Quarter 2024 Financial Results

and Recent Business Highlights

 

Obtained agreement from FDA to initiate a Phase 1 trial evaluating multiple doses of Rhenium (186Re) Obisbemeda for the treatment of patients with leptomeningeal metastases (LM)

 

Presented positive ReSPECT-GBM Trial Data at the 2024 Congress of Neurological Surgeons Annual Conference

 

Established Radiotherapeutic Manufacturing Partnership with SpectronRx to meet late-stage clinical and commercial forecasts for Rhenium (186Re) Obisbemeda

AUSTIN, Texas, November 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 third quarter ended September 30, 2024, and provided an overview of recent and upcoming business highlights.

 

Q3 2024 RECENT HIGHLIGHTS AND MILESTONES

 

“Securing agreement from the FDA to initiate a Phase 1 multiple dose administration trial is a key next step in our integrated development plan for Rhenium (186Re) Obisbemeda for patients with LM,” said Marc H. Hedrick, M.D., Plus Therapeutics’ President and Chief Executive Officer. “We are on track to complete both Phase 1 LM trials and move to later stage trials in 2025.”

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UPCOMING EXPECTED EVENTS AND MILESTONES

 

THIRD QUARTER 2024 FINANCIAL RESULTS

 

THIRD QUARTER 2024 RESULTS CONFERENCE CALL

 

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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.

 

The live audio 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 “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 under the heading Upcoming Events and Expected Milestones, and statements regarding the following: CLIA compliance certification of the Company’s Houston-based clinical laboratory; 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 candidates; 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;; 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, including the ability of the Company to come into compliance with The Nasdaq Capital Market listing requirements; 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

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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, 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

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PLUS THERAPEUTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except share and par value data)

		September 30, 2024				December 31, 2023
Assets
Current assets:
Cash and cash equivalents		$	1,223			$	8,554
Investments			3,565				—
Other current assets			—				1,280
Total current assets			4,788				9,834
Property and equipment, net			591				906
Operating lease right-of-use assets			106				202
Goodwill			372				372
Intangible assets, net			513				42
Other assets			32				32
Total assets		$	6,978			$	11,388
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses		$	7,912			$	6,631
Operating lease liability			68				120
Deferred grant liability			840				—
Line of credit			3,292				—
Term loan obligation, current			—				3,976
Total current liabilities			12,112				10,727
Noncurrent operating lease liability			40				85
Deferred grant liability			—				1,924
Total liabilities			12,152				12,736
Stockholders’ deficit:
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 1,952 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively			—				—
Common stock, $0.001 par value; 100,000,000 shares authorized; 6,154,758 and 5,896,333 issued and outstanding at September 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 September 30, 2024 and December 31, 2023, respectively)			(500	)			(126	)
Additional paid-in capital			484,896				479,274
Accumulated deficit			(489,576	)			(480,501	)
Total stockholders’ deficit			(5,174	)			(1,348	)
Total liabilities and stockholders’ deficit		$	6,978			$	11,388

 

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PLUS THERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except share and per share data)

 

 

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2024				2023				2024				2023
Grant revenue		$	1,456			$	1,240			$	4,412			$	3,600
Operating expenses:
Research and development			2,858				2,493				8,394				6,896
General and administrative			2,397				1,998				6,813				6,167
Total operating expenses			5,255				4,491				15,207				13,063
Loss from operations			(3,799	)			(3,251	)			(10,795	)			(9,463	)
Other income (expense):
Financing expense			—				—				(3,545	)			—
Change in fair value of warrants			960				—				5,654				—
Warrant issuance costs			(54	)			—				(486	)			—
Interest income			80				119				219				290
Interest expense			(61	)			(87	)			(122	)			(333	)
Total other income (expense)			925				32				1,720				(43	)
Net loss		$	(2,874	)		$	(3,219	)		$	(9,075	)		$	(9,506	)
Per share information:
Net loss per share of common stock - basic		$	(0.37	)		$	(1.00	)		$	(1.46	)		$	(3.54	)
Weighted average number of shares of common stock outstanding - basic			7,855,763				3,225,351				6,232,123				2,688,232
Net loss per share of common stock - diluted		$	(0.37	)		$	(1.00	)		$	(1.67	)		$	(3.54	)
Weighted average number of shares of common stock outstanding - diluted			7,855,763				3,225,351				8,452,338				2,688,232

 

 

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PLUS THERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(In thousands)

		For the Nine Months Ended September 30,
		2024				2023
Cash flows used in operating activities:
Net loss		$	(9,075	)		$	(9,506	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			524				477
Amortization of deferred financing costs and debt discount			20				160
Share-based compensation expense			422				428
Accretion of discount on short-term investments			(70	)			—
Non-cash financing expense			3,545				—
Change in fair value of warrants			(5,654	)			—
Loss on disposal of property and equipment			—				2
Amortization of operating lease right-of-use assets			96				86
Stock issued for research and development			—				75
Increases (decreases) in cash caused by changes in operating assets and liabilities:
Grant receivable			—				(91	)
Other current assets			704				3,190
Accounts payable and accrued expenses			1,326				(4,061	)
Change in operating lease liabilities			(97	)			(87	)
Deferred grant liability			(1,084	)			(1,643	)
Net cash used in operating activities			(9,343	)			(10,970	)
Cash flows used in investing activities:
Purchases of property and equipment			(135	)			(118	)
Redemption of short-term investments			3,650				—
Purchase of short-term investments			(7,145	)			—
Purchase of intangible assets			(545	)			—
Net cash used in investing activities			(4,175	)			(118	)
Cash flows provided by financing activities:
Principal payments of term loan obligation			(3,996	)			(1,206	)
Proceeds from credit facility			3,292				—
Purchase of treasury stock			(374	)			—
Proceeds from sale of common stock, net of offering costs of $0.2 million			—				5,180
Proceeds from sale of common stock, warrants and pre-funded warrants, net			7,265				—
Net cash provided by financing activities			6,187				3,974
Net decrease in cash and cash equivalents			(7,331	)			(7,114	)
Cash and cash equivalents at beginning of period			8,554				18,120
Cash and cash equivalents at end of period		$	1,223			$	11,006

 

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v3.24.3

Document and Entity Information	Nov. 14, 2024
Cover [Abstract]
Security Exchange Name	NASDAQ
Amendment Flag	false
Entity Central Index Key	0001095981
Document Type	8-K
Document Period End Date	Nov. 14, 2024
Entity Registrant Name	PLUS THERAPEUTICS, INC.
Entity Incorporation State Country Code	DE
Entity File Number	001-34375
Entity Tax Identification Number	33-0827593
Entity Address, Address Line One	4200 Marathon Blvd.
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78756
City Area Code	(737)
Local Phone Number	255-7194
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, par value $0.001 per share
Trading Symbol	PSTV
Entity Emerging Growth Company	false

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