Plus Therapeutics(PSTV) - 2024 Q3 - Quarterly Results

Financial Performance - The company's cash and investments balance was $4.8 million at September 30, 2024, down from$8.6 million at December 31, 2023[5] - Total operating loss year to date through September 30, 2024, was $10.8 million, an increase from$9.5 million for the same period in 2023[5] - Net loss year to date through September 30, 2024, was $9.1 million, or$(1.46) per basic share, compared to a net loss of $9.5 million, or$(3.54) per basic share, for the same period the prior year[5] - Net loss for the three months ended September 30, 2024, was $2,874,000, compared to a net loss of$3,219,000 for the same period in 2023, showing an improvement of 10.7%[14] - The company reported a net cash used in operating activities of $9,343,000 for the nine months ended September 30, 2024, compared to$10,970,000 in 2023, indicating a reduction of 14.8%[15] - Cash and cash equivalents at the end of the period were $1,223,000, down from$11,006,000 at the end of September 2023[15] - Net cash provided by financing activities was $6,187,000 for the nine months ended September 30, 2024, compared to$3,974,000 in 2023, indicating an increase of 55.5%[15] Revenue and Grants - The company recognized $4.4 million in grant revenue year to date through September 30, 2024, compared to$3.6 million for the same period in 2023[5] - Grant revenue for the three months ended September 30, 2024, increased to $1,456,000 from$1,240,000 for the same period in 2023, representing a growth of 17.5%[14] - The company received a $0.9 million grant payment as part of a$3 million award from the Department of Defense to support clinical development for pediatric brain cancer[3] Operating Expenses - Total operating expenses for the nine months ended September 30, 2024, were $15,207,000, up from$13,063,000 in 2023, reflecting an increase of 16.4%[14] - Research and development expenses for the three months ended September 30, 2024, were $2,858,000, an increase from$2,493,000 in the same period of 2023, marking a rise of 14.6%[14] - General and administrative expenses for the nine months ended September 30, 2024, totaled $6,813,000, compared to$6,167,000 in 2023, reflecting an increase of 10.5%[14] Clinical Trials and Developments - The company completed enrollment in the Phase 1 ReSPECT-GBM trial and obtained FDA agreement to begin enrollment in the ReSPECT-LM trial expected to start in early 2025[3] - The ReSPECT-GBM Phase 1/2 trial showed promising feasibility, safety, response, and efficacy signals across 42 treated patients[3] - A GMP manufacturing partnership was established with SpectronRx to meet late-stage clinical and commercial forecasts for Rhenium (186Re) Obisbemeda[3] - The company plans to complete the ReSPECT-LM Phase 1 single dose trial and determine the maximum tolerated and recommended Phase 2 doses by year-end 2024[4] - The company anticipates launching the CNSide Cerebrospinal Fluid Tumor Cell Enumeration Assay Platform as a laboratory-developed test in 2025[4] Shareholder Information - The weighted average number of shares of common stock outstanding for basic calculations increased to 7,855,763 for the three months ended September 30, 2024, from 3,225,351 in the same period of 2023[14] - The company experienced a change in the fair value of warrants, resulting in an income of $960,000 for the three months ended September 30, 2024, compared to no income in the same period of 2023[14]