Summary of Plus Therapeutics Conference Call - January 22, 2026 Company Overview - **Company**: Plus Therapeutics (NasdaqCM:PSTV) - **Focus**: Development of CNSide and RIOVA clinical programs Key Points Financial Update - **Recent Offering**: Completed a $15 million oversubscribed financial offering on January 14, 2026, which extends the company's runway through 2027 [4] - **Use of Funds**: Funds will be used to expand CNSide investments to achieve break-even by 2027 and to complete ongoing phase II RIOVA clinical trials [4] RIOVA Clinical Program - **FDA Interaction**: Positive feedback from a Type B meeting with the FDA in November 2025, which will expedite RIOVA clinical development timelines [5] - **Trial Design**: Agreement on a randomized pivotal trial design focusing on neurologic condition improvements, patient-reported outcomes, and overall survival as key endpoints [6] - **2026 Goals**: Aim to identify optimal RIOVA dosing regimes and expand into a 12-patient dose expansion arm for additional safety and efficacy data [7] - **Enrollment Progress**: On track to complete phase II enrollment for recurrent glioblastoma (GBM) with data expected in Q4 2026 [7] CNSide Commercialization - **Licensure**: Achieved state licensure in 49 of 50 U.S. states, with agreements covering 67 million lives through partnerships with UnitedHealthcare and Humana [8] - **2026 Focus**: Targeting over 150 million covered lives through additional payer agreements, obtaining Medicare and Medicaid coverage, and ramping up testing utilization to reestablish previous commercial run rates of 1,250 tests per year [8] - **Physician Engagement**: Goal to establish a base of 50 unique ordering physicians, with a long-term target of reaching 200 [28] Operational Insights - **Testing Goals**: Aiming for 1,250 tests per year as a minimum goal, which is expected to cover only a quarter of the path to profitability; a target of 5,000 tests is needed for full profitability [31] - **Cost Efficiency**: Significant opportunities for automation and cost reductions have been identified since acquiring testing assets from the previous company [32] Strategic Outlook - **Market Positioning**: Emphasis on improving diagnostic capabilities with CNSide and bringing the RIOVA drug to market to address unmet medical needs in CNS cancers [35] - **Future Announcements**: Management is optimistic about upcoming announcements that could positively impact stock performance, with no immediate plans for a reverse stock split [19] Risk Factors - **Forward-Looking Statements**: The company has cautioned that actual results may differ from expectations due to various risks outlined in their SEC filings [3] Additional Considerations - **Payer Dynamics**: The company is working on obtaining PLA and DEX Z-Codes for Medicare and Medicaid coverage, which are crucial for expanding market access [26] - **Patient Demographics**: Noted that the demographic for CNSide testing skews younger, with a 60/40 split between private payers and Medicare [27] This summary encapsulates the critical updates and strategic direction of Plus Therapeutics as discussed in the conference call, highlighting both opportunities and challenges ahead.