---
title: "Plus Therapeutics | 10-K: FY2025 Revenue Beats Estimate at USD 5.213 M"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/278940298.md"
datetime: "2026-03-12T20:37:48.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/278940298.md)
  - [en](https://longbridge.com/en/news/278940298.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/278940298.md)
---

# Plus Therapeutics | 10-K: FY2025 Revenue Beats Estimate at USD 5.213 M

Revenue: As of FY2025, the actual value is USD 5.213 M, beating the estimate of USD 5.065 M.

EPS: As of FY2025, the actual value is USD -0.29.

EBIT: As of FY2025, the actual value is USD -14.87 M.

#### Grant Revenue

-   In 2025, Plus Therapeutics, Inc. recognized $5.2 million from the CPRIT Grant and received $5.5 million.
-   In 2024, $5.8 million was recognized from the CPRIT Grant.
-   In 2023, $4.9 million was recognized from the CPRIT Grant.
-   In 2022, $0.2 million was recognized from the CPRIT Grant.

#### Research and Development Expenses

-   Total Research and Development Expenses were $8,379 thousand in 2025, a decrease of $2.2 million compared to $10,580 thousand in 2024.
-   This decrease was primarily due to reductions in clinical development expenses (-$1.4 million), compensation expenses (-$0.9 million), professional research and development service fees (-$0.5 million), and depreciation expense (-$0.3 million), partially offset by increases in research and development licensing expense (+$0.3 million) and diagnostic expenses (+$0.6 million).

#### General and Administrative Expenses

-   Total General and Administrative Expenses increased to $12,132 thousand in 2025 from $9,939 thousand in 2024, marking a $2.2 million increase primarily due to higher compensation expenses.

#### Share-Based Compensation Expenses

-   Total Share-Based Compensation increased to $1,540 thousand in 2025 from $550 thousand in 2024, attributed to an increased number of grants.

#### Other Income (Expense)

-   Total Other Income (Expense) was - $7,088 thousand in 2025, a significant change from $1,717 thousand in 2024.
-   Interest Income decreased from $273 thousand in 2024 to $116 thousand in 2025.
-   Interest Expense increased from - $179 thousand in 2024 to - $548 thousand in 2025.
-   Financing Expense was - $3,061 thousand in 2025 compared to - $3,545 thousand in 2024.
-   The Change in Fair Value of Derivative Instruments was - $2,631 thousand in 2025, a decrease from $5,654 thousand in 2024.
-   Warrant Issuance Costs increased from - $486 thousand in 2024 to - $964 thousand in 2025.

#### Net Loss

-   Plus Therapeutics, Inc. reported a Net Loss of - $22,386 thousand in 2025, an increase from - $12,978 thousand in 2024.

#### Liquidity and Capital Resources

-   As of December 31, 2025, Cash, Cash Equivalents, Restricted Cash, and Short-Term Investments totaled $13.1 million.
-   Working Capital as of December 31, 2025, was $2,856 thousand, an improvement from - $10,292 thousand in 2024.
-   Net Cash Used in Operating Activities increased to - $20,775 thousand in 2025 from - $10,554 thousand in 2024.
-   Net Cash Used in Investing Activities decreased to - $854 thousand in 2025 from - $4,111 thousand in 2024.
-   Net Cash Provided by Financing Activities significantly increased to $30,311 thousand in 2025 from $6,187 thousand in 2024.
-   A public offering in January 2026 generated approximately $13.3 million in net proceeds after deducting offering expenses.

#### Outlook / Guidance

-   Plus Therapeutics, Inc. anticipates increased research and development expenditures in 2026 due to the ReSPECT-LM clinical trial, manufacturing scale-up for rhenium (186Re) obisbemeda, initial patient enrollments in the ReSPECT-PBC clinical trial, and expansion of CNSide R&D teams.
-   General and administrative expenditures are also projected to increase in 2026 with the expansion of the CNSide commercial operations team.
-   The company expects to launch a portfolio of additional CSF tumor characterization tests later in 2026 and support commercial scale-up of CNSide in 2026.

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