Plus Therapeutics Inc (NASDAQ: PSTV) is a clinical-stage radiotherapeutics company developing radiolabeled nanoparticle treatments for cancer. The company generates no commercial product revenue, funding operations through equity issuances, warrant exercises, and external grants including awards from CPRIT. PSTV operates across two primary technology platforms: radiolabeled nanoliposomes licensed from UTHSCSA and NanoTx for targeted delivery of radioisotopes directly to tumors, and the BAM (bis-acrylamide microsphere) technology for intra-arterial embolization with radiotherapeutic payloads. Key pipeline programs include treatments for brain cancers such as pediatric high-grade glioma and leptomeningeal metastases, as well as the ReSPECT-PBC clinical trial, with first patient enrollment anticipated in 2026. The company also holds rights to the CNSide CSF Assay Platform, a cerebrospinal fluid diagnostic tool previously in commercial use at major U.S. cancer centers that PSTV is pursuing for commercial scale-up in 2026. CEO Marc H. Hedrick, MD serves as President and Chief Executive Officer, with Richard J. Hawkins as Chairman of the Board, per the 10-K filed March 12, 2026 for the fiscal year ended December 31, 2025.

Revenue model

Plus Therapeutics generates no product revenue as of FY2025. The company funds operations through equity raises, pre-funded warrant exercises, and non-dilutive grants. Under its NanoTx license agreement, PSTV is obligated to pay 15% of non-dilutive monetary awards or grants to NanoTx to support nanoliposome product development. Future revenue, if any, would depend on clinical success, regulatory approval, and eventual product commercialization or licensing milestones and royalties.

Products and services

Pipeline radiotherapeutics include: (1) radiolabeled nanoliposomes using nanoliposome-encapsulated BMEDA-chelated radioisotope technology for direct local delivery to cancer targets, licensed from a UTHSCSA/NanoTx consortium; (2) 188RNL-BAM, a preclinical investigational device using Technetium99m and Rhenium-188 labeled bis-acrylamide microspheres for intra-arterial embolization and radiation delivery, with technology transferred from UTHSCSA in 2022; and (3) the CNSide CSF Assay Platform, a cerebrospinal fluid diagnostic previously used at major U.S. cancer centers, targeting commercial scale-up in 2026. Target indications include pediatric high-grade glioma, leptomeningeal metastases, and primary biliary cholangitis (ReSPECT-PBC trial).

Customers and end markets

End markets are oncology, specifically patients with brain cancers including pediatric high-grade glioma and leptomeningeal metastases, and liver/organ tumors addressable via intra-arterial delivery. The CNSide CSF Assay targets cancer centers and commercial payors, with legacy national and regional payor agreements previously in place. No commercial customers exist for therapeutic products as of FY2025.

Value-chain role

PSTV is a drug and device developer positioned upstream of commercialization. It in-licenses foundational radioisotope and nanoparticle delivery technology from academic institutions (UTHSCSA, NanoTx, Mays Cancer Center/MD Anderson), conducts preclinical and clinical development, and plans to commercialize directly or via partnerships. The company depends on third-party manufacturers and clinical research organizations for trial execution.

Geographic exposure

Operations are based in the United States. Clinical and preclinical work is conducted in collaboration with Texas-based academic institutions including UTHSCSA and the Mays Cancer Center/MD Anderson Cancer Center. No international commercial operations are disclosed in the FY2025 10-K.

Source: SEC 10-K, filed 2026-03-12

Industry: Surgical & Medical Instruments & Apparatus Peers: Bone Biologics Corp Allarity Therapeutics Inc American CryoStem Corp Protagenic Therapeutics Inc CervoMed Inc Decoy Therapeutics Inc Aixcrypto Holdings Inc ProtoKinetix Inc