Plus Therapeutics | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 1.028 M

Revenue: As of FY2026 Q1, the actual value is USD 1.028 M, beating the estimate of USD 974 K.

EPS: As of FY2026 Q1, the actual value is USD -1.05.

EBIT: As of FY2026 Q1, the actual value is USD -7.292 M.

Cash and Investments Balance

Plus Therapeutics, Inc.’s cash and investments balance was $15.1 million as of March 31, 2026, an increase from $8.6 million as of December 31, 2025, primarily due to $15 million in gross proceeds from a January 2026 public offering, partially offset by operating expenditures and a $4.5 million paydown of investor liability . Cash and cash equivalents were $3,022 thousand as of March 31, 2026, down from $4,256 thousand as of December 31, 2025 . Investments increased to $12,092 thousand as of March 31, 2026, from $4,356 thousand as of December 31, 2025 .

Segment Revenue

Total revenue recognized in the first quarter of 2026 was $1.0 million, a decrease from $1.1 million in the first quarter of 2025 . This revenue was primarily derived from grant revenue for REYOBIQ advancement and CNSide diagnostic billings . CNSide commenced billing for diagnostic revenue in Q1 2026, with the amount fully reserved .

Operating Loss

The total operating loss for the first quarter of 2026 was - $7.1 million, an increase from - $3.5 million for the first quarter of 2025 . This increase was mainly attributed to the expansion of CNSide commercial operations and continued investment in REYOBIQ Phase 2 trial execution .

Net Loss

The net loss for the first quarter of 2026 was - $6.9 million, or - $1.05 per basic share . This is significantly lower than the net loss of - $17.4 million, or - $29.86 per basic share, reported for the first quarter of 2025 .

Operating Expenses

Research and development expenses were $2,865 thousand in Q1 2026, up from $1,756 thousand in Q1 2025 . General and administrative expenses increased to $5,282 thousand in Q1 2026 from $2,839 thousand in Q1 2025 . Total operating expenses for Q1 2026 were $8,147 thousand, compared to $4,595 thousand for Q1 2025 .

Cash Flow

Net cash used in operating activities was - $6,238 thousand for Q1 2026, compared to - $6,172 thousand for Q1 2025 . Net cash used in investing activities was - $8,533 thousand for Q1 2026, a change from $3,558 thousand provided by investing activities in Q1 2025 . Net cash provided by financing activities was $9,035 thousand for Q1 2026, down from $12,405 thousand in Q1 2025 .

Balance Sheet Items

Total assets as of March 31, 2026, were $19,916 thousand, compared to $16,325 thousand as of December 31, 2025 . Total liabilities decreased to $7,955 thousand as of March 31, 2026, from $12,329 thousand as of December 31, 2025 . Total stockholders’ equity rose to $11,961 thousand as of March 31, 2026, from $3,996 thousand as of December 31, 2025 .

Unique Metrics / Operational Highlights

Plus Therapeutics, Inc. completed an upsized public offering, generating $15 million in gross proceeds . The company strengthened its leadership team with three senior appointments in clinical development, market access, and research and development . The U.S. FDA granted Orphan Drug Designation for REYOBIQ (rhenium Re186 obisbemeda) for pediatric malignant gliomas, which was broadened to include progressive pediatric ependymoma . An American Medical Association Category III CPT reimbursement code was secured for convection-enhanced delivery with REYOBIQ, and SpectronRx was added as a second GMP manufacturing site for REYOBIQ supply . For the CNSide® CSF Assay Platform, Plus Therapeutics, Inc. received a unique PLA code for billing and successfully enrolled CNSide with Medicare . New payer coverage agreements, including Blue Shield of California, increased total U.S. covered lives to approximately 81 million, with other payers including United Healthcare, Humana, and Highmark . CNSide Diagnostics operations and capacity were further scaled through expansion of field-based teams, customer service, and laboratory operations .

Outlook / Guidance

Plus Therapeutics, Inc. reaffirmed its anticipated milestones and outlook for 2026 . Key objectives for the REYOBIQ clinical program include defining the optimal dose for the ReSPECT-LM Phase 2 trial, completing enrollment in the ReSPECT-GBM Phase 2 trial with data expected in Q1 2027, and beginning enrollment in the ReSPECT-PBC pediatric brain cancer Phase 1 trial . For the CNSide commercial rollout, the company aims to expand U.S. commercial payer coverage to over 150 million covered lives, secure Medicare coverage, achieve over 1,250 annualized test orders, and launch additional CSF tumor characterization assays .