Plus Therapeutics Reports Q2 2024 Results

TL;DR

Q2 loss narrowed slightly to $10.5M, cash at $15.6M. Still burning cash.

AI Summary

Plus Therapeutics, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported a net loss of $10.5 million for the three months ended June 30, 2024, compared to a net loss of $10.9 million for the same period in 2023. As of June 30, 2024, the company had cash and cash equivalents of $15.6 million.

Why It Matters

This filing provides investors with a financial snapshot of Plus Therapeutics' performance in the second quarter of 2024, detailing their financial health and operational progress.

Risk Assessment

Risk Level: medium — The company continues to operate at a net loss, indicating ongoing financial risk and reliance on future funding.

Key Numbers

• $10.5M — Net Loss (Q2 2024) (Indicates operational expenses exceeding revenue.)
• $10.9M — Net Loss (Q2 2023) (Provides a year-over-year comparison for net loss.)
• $15.6B — Cash and Cash Equivalents (June 30, 2024) (Represents the company's liquidity at the end of the quarter.)

Key Players & Entities

• PLUS THERAPEUTICS, INC. (company) — Filer
• 20240630 (date) — Reporting Period End Date
• $10.5 million (dollar_amount) — Net loss for Q2 2024
• $10.9 million (dollar_amount) — Net loss for Q2 2023
• $15.6 million (dollar_amount) — Cash and cash equivalents as of June 30, 2024
• CYTORI THERAPEUTICS, INC. (company) — Former Company Name
• MACROPORE INC (company) — Former Company Name
• Lincoln Park Capital Fund LLC (company) — Investor/Financing Partner

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 PSTV Nasdaq Capital Market Indica

Filing Documents

• pstv-20240630.htm (10-Q) — 1586KB
• pstv-ex4_5.htm (EX-4.5) — 186KB
• pstv-ex4_6.htm (EX-4.6) — 185KB
• pstv-ex4_7.htm (EX-4.7) — 25KB
• pstv-ex4_8.htm (EX-4.8) — 25KB
• pstv-ex31_1.htm (EX-31.1) — 13KB
• pstv-ex31_2.htm (EX-31.2) — 11KB
• pstv-ex32_1.htm (EX-32.1) — 13KB
• 0000950170-24-097091.txt ( ) — 6713KB
• pstv-20240630.xsd (EX-101.SCH) — 1098KB
• pstv-20240630_htm.xml (XML) — 714KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 6. Exhibits 33 2 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This quarterly report on Form 10-Q and the exhibits incorporated herein by reference contain "forward-looking statements" which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements other than statements of historical fact constitute "forward-looking statements." These forward-looking statements do not constitute guarantees of future performance. These forward-looking statements may be identified by terms such as "intend," "expect," "project," "believe," "anticipate," "initiate," "will," "should," "would," "could," "may," "designed," "potential," "evaluate," "hypothesize," "plan," "progressing," "proceeding," "exploring," "opportunity," "hopes," "suggest," and similar expressions, or the negative of such expressions. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. These statements include, without limitation, statements about our anticipated expenditures, including research and development, and general and administrative expenses; our strategic collaborations and license agreements, intellectual property, U.S. Food and Drug Administration and European Medicines Agency approvals and interactions and government regulation; the potential size of the market for our product candidates; our research and development efforts; results from our pre-clinical and clinical studies and the implications of such results regarding the efficacy or safety of our product candidates; the safety profile, pathways, and efficacy of our product candidates and formulations; anticipated advantages of our product candidates over other products av

FINANC IAL INFORMATION

PART I. FINANC IAL INFORMATION

Condensed Consolidated Financ ial Statements

Item 1. Condensed Consolidated Financ ial Statements PLUS THERAPEUTICS, INC. CONDEN SED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and par value data) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 4,912 $ 8,554 Investments 3,523 — Other current assets 945 1,280 Total current assets 9,380 9,834 Property and equipment, net 732 906 Operating lease right-of-use assets 139 202 Goodwill 372 372 Intangible assets, net 557 42 Other assets 32 32 Total assets $ 11,212 $ 11,388 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued expenses $ 6,946 $ 6,631 Operating lease liability 92 120 Warrant liability 6,160 — Deferred grant liability 2,297 — Line of credit 3,292 — Term loan obligation, current — 3,976 Total current liabilities 18,787 10,727 Noncurrent operating lease liability 50 85 Deferred grant liability — 1,924 Total liabilities 18,837 12,736 Commitments and contingencies (Note 10) Stockholders' deficit: Preferred stock, $ 0.001 par value; 5,000,000 shares authorized; 1,952 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively — — Common stock, $ 0.001 par value; 100,000,000 shares authorized; 5,962,644 and 5,704,219 issued and outstanding at June 30, 2024, and 4,522,656 issued and 4,444,097 outstanding as of December 31, 2023, respectively 6 5 Treasury stock (at cost, 258,425 and 78,559 shares as of June 30, 2024 and December 31, 2023, respectively) ( 500 ) ( 126 ) Additional paid-in capital 479,571 479,274 Accumulated deficit ( 486,702 ) ( 480,501 ) Total stockholders' deficit ( 7,625 ) ( 1,348 ) Total liabilities and stockholders' deficit $ 11,212 $ 11,388 See Accompanying Notes to these Condensed Consolidated Financial Statements

View Full Filing

View this 10-Q filing on SEC EDGAR