Plus Therapeutics, Inc. reported a net loss of $12.98 million for the year ended December 31, 2024, compared to a net loss of $13.32 million in 2023. The company's grant revenue increased to $5.82 million in 2024 from $4.91 million in 2023. Research and development expenses rose to $10.58 million in 2024 from $9.69 million in 2023, while general and administrative expenses increased to $9.94 million from $8.54 million. Share-based compensation remained relatively consistent at $0.55 million in 2024 and $0.57 million in 2023. The company attributed the changes primarily to increases in development expenses, professional fees, and compensation, partially offset by reduced licensing expenses.
Significant developments during the year included the acquisition of the CNSide® Platform from Biocept, Inc. for $400,000 on April 26, 2024, and the formation of a wholly-owned subsidiary, CNSide Diagnostics, LLC, to develop and commercialize the platform. The company also announced the FDA's conditional acceptance of the proprietary name REYOBIQ™ for its lead radiotherapeutic candidate, rhenium (186Re) obisbemeda. In March 2025, Plus Therapeutics relocated its headquarters to Houston, Texas. The company also entered into a manufacturing services agreement with SpectronRx and received a $0.9 million payment under a $3 million Department of Defense award.
Operational highlights included the completion of Phase 1 of the ReSPECT-GBM trial and ongoing Phase 2 enrollment, targeting completion by the end of 2025. The ReSPECT-LM Phase 1 trial concluded in February 2025, with a recommended Phase 2 dose identified. The company also submitted an Investigational New Drug application for its ReSPECT-PBC clinical trial in the fourth quarter of 2024. Data from the CNSide™ FORESEE trial demonstrated enhanced sensitivity in detecting tumor cells compared to standard cytology.
Plus Therapeutics' financial position as of December 31, 2024, showed $3.6 million in cash and cash equivalents and short-term investments, against current liabilities of $15.55 million and a working capital deficit of $10.29 million. The company's accumulated deficit stood at $493.5 million. The company raised approximately $7.3 million in a private placement in May 2024 and engaged in further financing activities in February and March 2025, including a private placement that raised approximately $15 million in gross proceeds. The company acknowledged that its financial condition raises substantial doubt about its ability to continue as a going concern.
The company's outlook is contingent upon securing additional funding to support its ongoing clinical trials and operational expenses. Success hinges on the successful development and commercialization of its product candidates, obtaining regulatory approvals, and achieving market acceptance. The company anticipates increased research and development expenditures in 2025, driven by clinical trial expansion and licensing payments. The company also noted the uncertainties surrounding the future regulatory landscape for laboratory-developed tests and the potential impact on its CNSide™ platform.
About PLUS THERAPEUTICS, INC.
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