Plus Therapeutics, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in revenue, expenses, and overall financial health compared to the previous fiscal period.
For the third quarter of 2024, the company generated grant revenue of $1.5 million, an increase from $1.3 million in Q3 2023. For the nine months ended September 30, 2024, grant revenue rose to $4.4 million from $3.6 million in the same period last year. Despite this revenue growth, total operating expenses also increased, reaching $5.3 million in Q3 2024, up from $4.5 million in Q3 2023. For the nine-month period, operating expenses totaled $15.2 million, compared to $13.1 million in 2023. The increase in expenses was attributed to higher research and development costs, which rose by approximately $1.5 million year-over-year, primarily due to increased professional services and compensation expenses.
The company reported a net loss of $2.9 million for Q3 2024, a slight improvement from a net loss of $3.2 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $9.1 million, compared to $9.5 million in the prior year. The net loss per share for Q3 2024 was $(0.37), significantly better than $(1.00) in Q3 2023.
As of September 30, 2024, Plus Therapeutics had cash and cash equivalents of $1.2 million, a substantial decrease from $8.6 million at the end of 2023. Total current assets also fell to $5.4 million from $9.8 million, while current liabilities increased to $12.1 million from $10.7 million, resulting in a working capital deficit of $(6.7 million). The total stockholders’ deficit widened to $(5.2 million) from $(1.3 million) at the end of 2023.
Strategically, the company established a new subsidiary, CNSide Diagnostics, LLC, in May 2024, and acquired intellectual property from Biocept, Inc. for $400,000. Additionally, Plus Therapeutics entered into a $3.0 million award agreement with the Department of Defense for research and development, with the first payment of $0.9 million received in October 2024.
The company is actively seeking additional capital to support its clinical development programs and operations, as it faces substantial doubt about its ability to continue as a going concern. On September 5, 2024, Nasdaq notified Plus Therapeutics of non-compliance with its minimum stockholders’ equity requirement, leading to a hearing and a deadline of March 4, 2025, to demonstrate compliance.
About PLUS THERAPEUTICS, INC.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.