Financial Performance - The net loss for Q1 2025 was $17.4 million, or $(1.19) per share, compared to a net loss of $3.3 million, or $(0.75) per share, for the same period in the prior year[10]. - Total operating loss for Q1 2025 was $3.5 million, slightly higher than the $3.3 million loss in the same period of 2024[10]. - Net loss for Q1 2025 was $17,401,000, compared to a net loss of $3,261,000 in Q1 2024, representing a significant increase in losses[20]. - Net cash used in operating activities for Q1 2025 was $6,172,000, up from $4,513,000 in Q1 2024[20]. - Cash paid for interest during Q1 2025 was $539,000, a significant increase from $23,000 in Q1 2024[20]. Cash Position - The cash balance increased to $9.9 million at March 31, 2025, compared to $0.1 million at December 31, 2024[10]. - Cash and cash equivalents at the end of Q1 2025 were $9,867,000, compared to $2,901,000 at the end of Q1 2024, indicating a substantial increase[20]. - The company experienced a net increase in cash and cash equivalents of $9,791,000 in Q1 2025, compared to a decrease of $5,653,000 in Q1 2024[20]. - Net cash provided by financing activities in Q1 2025 was $12,405,000, compared to a net cash used of $776,000 in Q1 2024[20]. - The company recorded a change in fair value of derivative instruments amounting to $9,143,000 in Q1 2025, with no comparable figure in Q1 2024[20]. Grants and Financing - The company raised gross proceeds of $15 million in a private placement financing and received a $2 million grant award advance from CPRIT to accelerate the development of REYOBIQ for the leptomeningeal metastases program[5]. - The company recognized $1.1 million in grant revenue in Q1 2025, a decrease from $1.7 million in Q1 2024[10]. Clinical Development - The company presented updated interim data on REYOBIQ at a conference, highlighting safety and clinical benefits in patients with leptomeningeal metastases[5]. - REYOBIQ has shown a median overall survival of 17 months for patients receiving a radiation dose greater than 100 Gy, more than double the standard of care for recurrent glioblastoma[5]. - The company completed the ReSPECT-LM Phase 1 trial and determined the maximum tolerated and recommended Phase 2 dose[5]. Management and Team - The company strengthened its management team with key appointments, including Dr. Michael Rosol as Chief Development Officer and Russell Bradley as President of CNSide Diagnostics[10]. - The company plans to commercialize the CNSide™ CSF assay platform in the U.S. in 2025[11]. Other Financial Activities - The company issued notes payable and warrants totaling $3,738,000 in Q1 2025, with no issuance reported in Q1 2024[20]. - The company reported a redemption of short-term investments amounting to $3,531,000 in Q1 2025, compared to a redemption of $324,000 in Q1 2024[20]. - The company had a supplemental disclosure of non-cash investing and financing activities, including an exchange of warrants for notes payable valued at $3,694,000 in Q1 2025[20].
Plus Therapeutics(PSTV) - 2025 Q1 - Quarterly Results