Plus Therapeutics Reports 2025 Results, Business Progress and 2026 Anticipated Milestones for REYOBIQ™ Clinical Program and CNSide® Commercial Rollout

Core Insights - Plus Therapeutics, Inc. is focused on developing precision diagnostics and radiopharmaceuticals for CNS cancers, with significant financial results and business highlights reported for Q4 2025 and the full year [1] Corporate Highlights - The company completed an upsized public offering generating $15 million in gross proceeds, extending its cash runway to support CNSide commercialization and two ongoing Phase 2 clinical programs [2] - The company secured an American Medical Association Category III CPT reimbursement code for REYOBIQ, enhancing market access for its therapy in recurrent glioblastoma and pediatric brain cancer [7] - CNSide laboratory licensing has expanded to 49 of 50 U.S. states, allowing access to the CNSide Tumor Cell Enumeration test for approximately 95% of the U.S. population [7] - The company recognized $5.2 million in grant revenue for 2025, compared to $5.8 million in 2024, primarily from CPRIT for REYOBIQ development [7] Financial Results - The company's cash and investments balance was $13.1 million on December 31, 2025, up from $3.6 million on December 31, 2024 [7] - Total operating loss for 2025 was $15.3 million, compared to $14.7 million in 2024, attributed to the expansion of the CNSide operations team [7] - Net loss for 2025 was $22.4 million, or $(0.29) per basic share, compared to a net loss of $13.0 million, or $(1.95) per basic share, in 2024 [7] Development and Clinical Programs - REYOBIQ is being evaluated for recurrent glioblastoma, leptomeningeal metastases, and pediatric brain cancer in ongoing clinical trials [12] - The company anticipates increased R&D expenditures in 2026 due to costs associated with the ReSPECT-LM clinical trial and manufacturing scale-up for REYOBIQ [9] - The company aims for CNSide Diagnostics to breakeven by 2027, with expected increases in general and administrative expenditures in 2026 [10] Future Milestones - The company plans to define the optimal dose for REYOBIQ in the ReSPECT-LM Phase 2 trial, with data expected in Q3 2026 [15] - Enrollment in the ReSPECT-GBM Phase 2 trial is expected to be completed, with data anticipated in Q4 2026 [15] - The company aims to expand U.S. commercial payer coverage to over 150 million covered lives and achieve more than 1,250 annualized test orders [16]