On this page of StockholderLetter.com we present the latest annual shareholder letter from PLUS THERAPEUTICS, INC. — ticker symbol PSTV. Reading current and past PSTV letters to shareholders can bring important insights into the investment thesis.

 •  7/21/2025 Letter Continued (Full PDF)
 •  7/10/2024 PSTV Stockholder Letter
 •  More "Biotechnology" Category Stockholder Letters
 •  PSTV Benford's Law Stock Score = 50

PSTV Shareholder/Stockholder Letter Transcript:

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PROXY STATEMENT


2710 Reed Road, Suite 160,
Houston, TX 77002
(737) 255-7194
July 21, 2025
To Our Stockholders:
In the last year, Plus Therapeutics made significant progress in advancing our radiotherapeutic pipeline. In
addition, in mid-2024, we expanded our portfolio with our acquisition of CNSide  , a novel cerebrospinal fluid
assay platform that enables the detection and management of central nervous system (CNS) cancers, a strategic
complement to our therapeutic program.
Our lead investigational radiotherapeutic drug, REYOBIQ   , is currently being evaluated for use in patients with
three types of central nervous system cancers, specifically leptomeningeal metastases (LM), pediatric brain
cancer (PBC), and recurrent glioblastoma (rGBM). Earlier in 2025, we completed the ReSPECT-LM safety trial
and are now enrolling patients in a dose optimization trial intended to find a safe and effective dosing regime for
REYOBIQ that we can incorporate in a US registrational trial. Also in 2025, the FDA cleared Plus Therapeutics
to begin enrolling patients in our Phase 1/2a clinical trial for children with brain cancer, and we anticipate
enrollment to commence soon. Our pediatric trial builds on our successful Phase 1 adult glioblastoma trial, which
shows substantial safety margins and signals of efficacy. This data was published in early 2025 in the prestigious
medical journal, Nature Communications. Our glioblastoma Phase 2 trial, ReSPECT-GBM, continues to enroll
patients in 2025. Of note, each of these trials continues to benefit from approximately $25M in aggregate
grant support.
Since the acquisition of CNSide, we have laid the groundwork for a successful relaunch of CNSide in the US.
Our preparatory activities are largely complete and we plan to reintroduce the product in Texas in the second half
of 2025, extending that launch to all 50 states thereafter. Furthermore, in the past year, we achieved a number of
key milestones for CNSide. First, we published multiple scientific articles highlighting the clinical value of
CNSide. Second, the CNSide core test is now included in the National Comprehensive Cancer Center
Guidelines. Third, we have completed and presented positive FORSEE clinical trial results. Fourth, we have
built out a centralized testing laboratory in Houston and validated key commercial elements such as pricing
and reimbursement. Finally, we have hired an experienced diagnostics executive team to lead
Plus Therapeutics    CNSide commercial subsidiary. We continue to believe that our CNSide platform
uniquely fills a $6 billion market opportunity in the CNS cancer diagnostic space.
Additionally, we have taken action to capitalize the Company beyond our existing grant funding, supporting our
capital requirements in the U.S. commercial launch of CNSide, as well as our path to FDA approval of
REYOBIQ. We anticipate continued clinical progress for our radiotherapeutic technology and realizing
commercial value from our strategic acquisition of CNSide. On behalf of our employees, management and
directors, I would like to express our deep appreciation to our stockholders and partners for their help and
support in 2024 and beyond.
Sincerely,
Marc H. Hedrick, M.D.
President & Chief Executive Officer



 7/21/2025 Letter Continued (Full PDF)