Plus Therapeutics (PSTV) AI Stock Analysis

• Market Cap: $40.49M
• Dividend Yield: N/A
• Average Volume (3M): 4.76M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.41
• Revenue Growth: -8.16%
• EPS Growth: 22.44%
• Country: US
• Employees: 21
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.03
• Shares Outstanding: 171,550,700
• 10 Day Avg. Volume: 3,676,143
• 30 Day Avg. Volume: 4,756,735
• PEG Ratio: 0.21
• Price to Book (P/B): 99.75
• Price to Sales (P/S): 76.46
• P/FCF Ratio: -19.12
• Enterprise Value/Market Cap: 0.16
• Enterprise Value/Revenue: 1.28
• Enterprise Value/Gross Profit: 1.40
• Enterprise Value/Ebitda: -0.45
• 1Y Price Target: $1.50
• Price Target Upside: 158.62% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -0.13
• Revenue Forecast (FY): $6.23M

• Rating: 42 Neutral
• Price Target: $0.28 ▼(-51.38% Downside)
• Action: Upgraded Date: 03/13/26
• Date: Action: Upgraded 03/13/26

The score is primarily held down by weak financial performance (zero revenue in 2025, widening losses, and accelerating cash burn). Technicals also remain soft with the stock below key longer-term moving averages. A positive corporate strategy update provides some support, but valuation is constrained by ongoing unprofitability.

Positive Factors

Differentiated radiotherapeutic platform

Clinical data show REYOBIQ can deliver markedly higher tumor doses with favorable tolerance and early survival signals. If replicated in pivotal studies, the platform’s ability to bypass the blood–brain barrier and concentrate radiation offers a durable therapeutic moat in CNS oncology versus systemic therapies.

CNSide diagnostic traction and coverage

CNSide already provides recurring, reimbursed laboratory testing across many cancer centers with growing payor coverage. This diagnostic revenue stream can generate repeat, service-based income, support clinical adoption, and de-risk commercialization timelines relative to a pure drug-only model.

Improved liquidity from recent equity raise

The recent financing materially extended runway and funded commercial and pivotal-readiness activities. Combined with low reported debt and a positive equity position, this reduces immediate funding stress and supports execution on CNSide scale-up and REYOBIQ trial activities over the next 12–18 months.

Negative Factors

Severe cash burn and 2025 performance

The company’s cash consumption is large relative to current resources and operating scale. Persistent negative operating and free cash flow magnify reliance on external capital, compress management optionality, and raise the risk that program timelines or commercial rollouts will be delayed if further financing isn’t available on reasonable terms.

Clinical and regulatory execution risk

Plus’s value is tightly paired to successful pivotal trials and regulatory alignment. Even with constructive FDA dialogue, trial design, dose optimization and registrational endpoints remain to be finalized; setbacks, slower-than-expected enrollment, or negative pivotal results would materially impair long-term revenue prospects.

Historical dilution and funding risk

A lengthy history of negative equity and ongoing capital raises means future funding needs could dilute shareholders or come at unfavorable terms. This structural financing risk can limit long-term shareholder returns and constrain strategic optionality absent durable commercial cash flow.

Plus Therapeutics Business Overview & Revenue Model

Company Description

Plus Therapeutics, Inc., a clinical-stage pharmaceutical company, focuses on the development, manufacture, and commercialization of treatments for patients with cancer and other diseases. Its lead drug candidate is Rhenium-186 NanoLiposome, a patented radiotherapy that targets central nervous system cancers, including recurrent glioblastoma, leptomeningeal metastases, and pediatric brain cancers. It has a license agreement with NanoTx, Corp. to develop and commercialize NanoTx's glioblastoma treatment. The company was formerly known as Cytori Therapeutics, Inc. and changed its name to Plus Therapeutics, Inc. in July 2019. Plus Therapeutics, Inc. was founded in 1996 and is headquartered in Austin, Texas.

How the Company Makes Money

As a clinical-stage biotechnology company, Plus Therapeutics has historically not generated material recurring revenue from commercial product sales; its ability to make money in the future is primarily tied to successfully developing, obtaining regulatory approval for, and commercializing its radiotherapeutic product candidates. Potential future revenue streams would typically include: (1) product sales of approved radiotherapeutics to hospitals and oncology treatment centers; (2) licensing or collaboration revenue (e.g., upfront payments, milestone payments, and royalties) if the company partners its technology or product candidates with larger pharmaceutical or radiopharmaceutical companies; and (3) service or other revenue related to specialized manufacturing, supply, or distribution arrangements for radioisotopes and finished drug product, if such arrangements are pursued. Specific details on current revenue, named partnerships, and the exact mix of revenue streams are not available here and are therefore null.

Plus Therapeutics Financial Statement Overview

Summary

Financials are very weak: revenue fell to zero in 2025, net losses widened (about -$22.4M in 2025 vs -$13.0M in 2024), and operating/free cash flow burn accelerated (operating cash flow about -$20.8M in 2025). The main offset is an improved capital structure in 2025 with positive equity (~$4.0M) and low debt (~$0.8M), but funding/dilution risk remains high.

Income Statement

The income statement remains very weak. Revenue has been volatile and ultimately fell to zero in 2025 (annual), after reaching $5.8M in 2024 and $4.9M in 2023. Profitability is deeply negative across the period, with persistent net losses that worsened to about -$22.4M in 2025 versus -$13.0M in 2024. While 2024 showed strong gross profitability (gross profit margin ~85%), operating costs still overwhelmed the business, keeping operating and net results meaningfully negative.

Balance Sheet

The balance sheet shows mixed quality with a notable recent improvement, but still elevated risk. Total debt is low in 2025 (~$0.8M) and equity is positive (~$4.0M), which is a constructive shift versus 2023–2024 when equity was negative. However, the company’s history of negative equity and large losses highlights dilution/financing risk typical for early-stage biotech. Returns on equity are highly unstable and distorted by losses and prior negative equity, reinforcing that profitability has not been established.

Cash Flow

Cash flow generation is consistently negative, reflecting heavy cash burn. Operating cash flow was about -$20.8M in 2025 versus -$10.6M in 2024, and free cash flow remained deeply negative (about -$20.8M in 2025). A positive free cash flow growth rate in 2025 appears driven by year-to-year volatility rather than sustained improvement, since absolute free cash flow deteriorated materially. Free cash flow roughly tracked net loss (free cash flow to net income ~1.0), indicating losses are largely cash-based rather than purely accounting-driven.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.21M	5.82M	4.91M	224.00K	0.00
Gross Profit	4.77M	4.97M	-4.78M	-488.00K	-66.00K
EBITDA	-14.85M	-8.40M	-12.69M	-18.85M	-12.05M
Net Income	-22.39M	-12.98M	-13.32M	-20.27M	-13.40M
Balance Sheet
Total Assets	16.32M	6.63M	11.39M	23.87M	21.98M
Cash, Cash Equivalents and Short-Term Investments	8.76M	3.61M	8.55M	18.12M	18.40M
Total Debt	821.00K	3.37M	4.18M	5.75M	6.99M
Total Liabilities	12.33M	15.58M	12.74M	17.42M	11.14M
Stockholders Equity	4.00M	-8.95M	-1.35M	6.45M	10.84M
Cash Flow
Free Cash Flow	-20.84M	-10.70M	-13.01M	-13.73M	-10.42M
Operating Cash Flow	-20.77M	-10.55M	-12.85M	-12.97M	-10.28M
Investing Cash Flow	-854.00K	-4.11M	-160.00K	-759.00K	-82.00K
Financing Cash Flow	30.31M	6.19M	3.44M	13.45M	20.42M

Plus Therapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.58
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PSTV, the sentiment is Negative. The current price of 0.58 is above the 20-day moving average (MA) of 0.29, above the 50-day MA of 0.31, and above the 200-day MA of 0.46, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 36.43 is Neutral, neither overbought nor oversold. The STOCH value of 11.20 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PSTV.

Plus Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KPTI	54 Neutral	$154.09M	-0.41	77.87%	―	-3.98%	-29.94%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ACRV	49 Neutral	$51.75M	-0.96	-53.71%	―	―	21.17%
SNTI	48 Neutral	$25.51M	-0.51	-197.68%	―	―	78.60%
TVRD	46 Neutral	$32.27M	-16.53	-135.79%	―	-53.67%	86.75%
BRNS	46 Neutral	$26.10M	-0.64	-70.57%	―	-100.00%	-26.30%
PSTV	42 Neutral	$40.49M	-17.81	774.80%	―	-8.16%	22.44%

Plus Therapeutics Corporate Events

Plus Therapeutics Sets 2026 Virtual Annual Stockholder Meeting

On March 11, 2026, Plus Therapeutics’ board set the company’s 2026 Annual Meeting of Stockholders for Thursday, May 14, 2026, at 9:00 a.m. Eastern Time, to be held virtually by remote communication, with stockholders of record as of the close of business on March 18, 2026 entitled to notice and voting rights, though the company reserved the right to change the meeting details and record date. Because the 2026 Annual Meeting falls more than 30 days before the anniversary of the 2025 meeting, Plus Therapeutics reset the deadlines for shareholder proposals and director nominations, requiring Rule 14a-8 proposals, bylaw-based business, and any universal proxy-related director nomination notices to be received by the corporate secretary no later than 5:00 p.m. Eastern Time on March 22, 2026, reinforcing the procedural framework for shareholder participation and governance ahead of the meeting.

The most recent analyst rating on (PSTV) stock is a Buy with a $2.00 price target. To see the full list of analyst forecasts on Plus Therapeutics stock, see the PSTV Stock Forecast page.

Plus Therapeutics Updates Executive Compensation, Approves 2025 Bonuses

On January 9, 2026, Plus Therapeutics filed a registration statement that initially omitted 2025 discretionary cash bonus amounts for certain named executive officers, indicating these would be reported once determined. On February 9, 2026, the board’s compensation committee approved those bonuses and the company disclosed updated 2025 and 2024 compensation figures, highlighting a substantial increase in total pay for its chief executive officer and chief financial officer compared with the prior year, while noting the former chief medical officer had no 2025 compensation following his June 11, 2024 departure.

The most recent analyst rating on (PSTV) stock is a Hold with a $0.23 price target. To see the full list of analyst forecasts on Plus Therapeutics stock, see the PSTV Stock Forecast page.

Plus Therapeutics Sharpens Focus on CNS Cancer Strategy

On January 22, 2026, Plus Therapeutics updated its corporate presentation for investors, outlining an intensified strategic focus on CNS cancers, an area where metastases now outnumber primary brain cancers by roughly ten to one and survival improvements have lagged for decades. The company highlighted CNSide as a “best-in-class” diagnostic for CNS metastases, backed by prior use at 120 U.S. institutions and recent national coverage agreements with major insurers, and detailed its lead radiotherapeutic candidate REYOBIQ, which is in multiple mid-stage ReSPECT clinical trials for leptomeningeal metastases and recurrent glioblastoma and is designed to deliver up to 20 times more radiation than standard therapies while bypassing the blood–brain barrier. By combining improved diagnostics, precision radiotherapeutics, and unified data analytics, Plus Therapeutics is seeking to create a new treatment “playbook” for CNS oncology, with the goal of materially extending median overall survival in leptomeningeal metastases and strengthening its competitive positioning in the growing CNS cancer market.

The most recent analyst rating on (PSTV) stock is a Hold with a $0.28 price target. To see the full list of analyst forecasts on Plus Therapeutics stock, see the PSTV Stock Forecast page.

Plus Therapeutics completes underwritten public equity offering

On January 13, 2026, Plus Therapeutics entered into an underwriting agreement with Lake Street Capital Markets for an underwritten public offering of 39,473,684 shares of common stock and an equal number of warrants at $0.38 per unit, with a 30-day option for additional shares and warrants to cover over-allotments, which the underwriter exercised on January 14, 2026 for 5,921,052 additional warrants. The offering, which closed on January 15, 2026, generated approximately $13.3 million in net proceeds that the company plans to use for working capital and general corporate purposes, and it is subject to a series of post-offering restrictions, including 45-day lock-ups on new equity issuance and insider sales and a 120-day ban on variable rate financing transactions, measures that collectively stabilize the capital structure in the near term while modestly diluting existing shareholders as Plus Therapeutics continues funding its CNS cancer programs.

The most recent analyst rating on (PSTV) stock is a Hold with a $0.28 price target. To see the full list of analyst forecasts on Plus Therapeutics stock, see the PSTV Stock Forecast page.