Plus Therapeutics, Inc. (PSTV): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el paisaje en rápida evolución de la terapéutica oncológica, más Therapeutics, Inc. (PSTV) surge como un innovador innovador, aprovechando su tecnología de radioferma de vanguardia para revolucionar el tratamiento contra el cáncer. Al centrarse en la radioterapia dirigida y las soluciones de oncología de precisión, la compañía está preparada para transformar cómo se abordan los cánceres complejos, ofreciendo esperanza a los pacientes a través de estrategias terapéuticas personalizadas que prometen efectos secundarios reducidos y una mayor eficacia del tratamiento. Esta exploración de lienzo de negocios integral presenta el plan estratégico detrás de la ambiciosa misión de PSTV para redefinir la atención del cáncer a través de la innovación científica y la investigación colaborativa.

Plus Therapeutics, Inc. (PSTV) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación académica

Plus Therapeutics ha establecido asociaciones clave con las siguientes instituciones de investigación académica:

Institución	Enfoque de investigación	Estado de colaboración
Centro de cáncer de Anderson de la Universidad de Texas	Desarrollo de medicamentos oncológicos	Investigación colaborativa activa
Facultad de Medicina de la Universidad de Stanford	Entrega de medicamentos de nanotecnología	Asociación de investigación en curso

Desarrollo farmacéutico y asociaciones de ensayos clínicos

La compañía se ha involucrado en asociaciones estratégicas de desarrollo farmacéutico:

• Asociaciones de la Organización de Investigación de Contratos (CRO) para la gestión de ensayos clínicos
• Redes de ensayos clínicos de oncología especializada

Tipo de asociación	Organización asociada	Estado actual
Gestión de ensayos clínicos	Ícono plc	Colaboración activa
Red de oncología	Instituto Nacional del Cáncer	Apoyo de investigación en curso

Posibles acuerdos de licencia para candidatos a drogas

Asociaciones de licencia para el desarrollo de medicamentos:

• RPX-7010 Oportunidades potenciales de licencia
• Potencial de licencia de tecnología de suministro de medicamentos de nanopartículas

Colaboraciones de la red de investigación oncológica

Asociaciones clave de la red de investigación de oncología:

Red de investigaciones	Alcance de colaboración	Valor de asociación
Red de investigación sobre el cáncer SWOG	Coordinación del ensayo clínico	Investigación colaborativa en curso
Grupo de Oncología Cooperativa Oriental	Investigación del cáncer raro	Asociación de investigación activa

Plus Therapeutics, Inc. (PSTV) - Modelo de negocio: actividades clave

Desarrollo de terapias de cáncer radiofarmacéutico dirigidos

Más la terapéutica se centra en el desarrollo Terapias radiofarmacéuticas de precisión para cánceres desafiantes.

Tipo de terapia	Etapa de desarrollo actual	Cáncer objetivo
Respeto	Ensayo clínico de fase 2	Glioblastoma recurrente
Radioterapia de doble acción	Investigación preclínica	Cánceres pediátricos

Realización de ensayos clínicos para nuevos tratamientos contra el cáncer

La compañía administra activamente múltiples protocolos de ensayos clínicos.

• Ensayos clínicos activos totales: 2 a partir del cuarto trimestre 2023
• Inscripción acumulativa del paciente: 45 pacientes
• Duración promedio de prueba: 18-24 meses

Investigación y desarrollo de soluciones oncológicas de precisión

La inversión de investigación demuestra el compromiso con los innovadores tratamientos contra el cáncer.

I + D Métrica	Valor 2023
Gastos de I + D	$ 12.4 millones
Personal de investigación	17 científicos a tiempo completo

Cumplimiento regulatorio y procesos de aprobación de medicamentos

Adherencia rigurosa a los estándares regulatorios de la FDA.

• Interacciones de la FDA: 7 reuniones documentadas en 2023
• Presentaciones regulatorias continuas: 3 aplicaciones de nueva droga de investigación activa (IND)

Plus Therapeutics, Inc. (PSTV) - Modelo de negocio: recursos clave

Plataforma de tecnología de radiofarma patentada

Más terapéutica aprovecha un especializado Plataforma de tecnología RNL® (radiofarmacéutico de nanoliposoma) centrado en tratamientos de oncología dirigidos.

Atributo tecnológico	Detalles específicos
Costo de desarrollo de la plataforma	$ 12.7 millones (a partir del informe financiero de 2023)
Presentación de patentes	7 patentes activas relacionadas con la tecnología RNL®
Inversión de I + D	$ 4.2 millones en 2023

Equipo de Investigación y Desarrollo de Oncología Especializada

• Personal de investigación total: 18 empleados a tiempo completo
• Doctor en Filosofía. Investigadores: 8
• Especialistas en investigación clínica: 6
• Experiencia de investigación promedio: 12.5 años

Cartera de propiedades intelectuales en terapéutica del cáncer

Categoría de IP	Cantidad	Valor estimado
Patentes activas	12	$ 6.5 millones
Solicitudes de patentes	5	$ 2.3 millones

Instalaciones avanzadas de laboratorio e investigación

Ubicado en Austin, Texas, con aproximadamente 3,500 pies cuadrados de espacio de investigación especializado.

Recurso de la instalación	Especificación
Valor del equipo de laboratorio	$ 1.8 millones
Instrumentación de investigación	12 instrumentos de investigación de oncología especializada

Infraestructura y experiencia en ensayos clínicos

• Ensayos clínicos activos: 3
• Gastos totales de ensayos clínicos en 2023: $ 5.6 millones
• Sitios de ensayos clínicos en curso: 7 centros médicos

Los recursos clave representan una infraestructura integral que respalda la estrategia de desarrollo de medicamentos oncológicos de la Terapéutica.

Plus Therapeutics, Inc. (PSTV) - Modelo de negocio: propuestas de valor

Radioterapia innovadora dirigida para el tratamiento del cáncer

Además, la terapéutica se centra en la terapia de respeto, un enfoque de tratamiento de radiación de precisión. El producto principal de la compañía RPT-7 se dirige a cánceres cerebrales pediátricos raros.

Tipo de terapia	Indicación objetivo	Etapa de desarrollo
Respetar la terapia	Tumores cerebrales pediátricos	Fase de ensayo clínico

Enfoques terapéuticos personalizados para cánceres complejos

La estrategia terapéutica de la compañía implica mecanismos de administración de radiación basados ​​en nanomedicina.

• Plataforma de nanomedicina dirigida a tipos específicos de células cancerosas
• Tecnología de oncología de precisión
• Potencial para una mayor eficacia del tratamiento

Potencial para reducir los efectos secundarios

Característica del tratamiento	Ventaja comparativa
Entrega de radiación dirigida	Daño mínimo de tejido colateral

Soluciones de oncología de precisión avanzada

Más capitalización de mercado de Therapeutics a partir de enero de 2024: $ 11.65 millones. Comercio en NASDAQ bajo Ticker PSTV.

• Desarrollo terapéutico de oncología especializada
• Centrarse en tratamientos de cáncer raros y complejos
• Plataforma de tecnología de nanomedicina patentada

Plus Therapeutics, Inc. (PSTV) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales médicos de oncología

Plus Therapeutics mantiene estrategias de participación directa con profesionales médicos de oncología a través de interacciones específicas:

Método de compromiso	Frecuencia	Público objetivo
Presentaciones de conferencia médica	4-6 veces anualmente	Especialistas en oncología
Reuniones de la junta asesora científica	2-3 veces al año	Investigadores de oncología líderes
Informes de datos clínicos personalizados	Trimestral	Instituciones de investigación de oncología

Soporte del paciente y programas de participantes de ensayos clínicos

Las iniciativas de apoyo al paciente incluyen:

• Respeta el sistema de seguimiento de participantes del ensayo clínico
• Canales directos de comunicación del paciente
• Programa de asistencia al paciente para tratamiento con RPX-7003

Programa	Recuento de participantes	Servicios de apoyo
Apoyo de ensayos clínicos	87 pacientes (2023)	Gestión de casos, asistencia financiera
Programa de asistencia al paciente	42 pacientes inscritos	Soporte de acceso al tratamiento

Comunicación científica e transparencia de investigación

Canales de comunicación para la transparencia de la investigación:

• Sebinarios web de actualización de investigación trimestral
• Envíos de publicación revisados ​​por pares
• Divulgaciones de resultados de ensayos clínicos públicos

Canal de comunicación	Frecuencia	Alcanzar
Llamadas al inversor/analista	Trimestral	150-200 participantes
Publicaciones de publicación científica	3-4 anualmente	Comunidad de investigación oncológica

Enfoque colaborativo con proveedores de atención médica

Estrategias de colaboración con el ecosistema de atención médica:

• Acuerdos de asociación con 7 centros de investigación de oncología
• Procesos de diseño de ensayos clínicos colaborativos
• Infraestructura de investigación compartida

Tipo de colaboración	Conteo de socios	Área de enfoque
Asociaciones de investigación	7 instituciones	Investigación de oncología de precisión
Colaboraciones de ensayos clínicos	5 asociaciones activas	Desarrollo terapéutico novedoso

Plus Therapeutics, Inc. (PSTV) - Modelo de negocio: canales

Ventas directas a centros de tratamiento de oncología especializados

A partir del cuarto trimestre de 2023, más la terapéutica se dirige a 127 centros de tratamiento de oncología especializados en los Estados Unidos.

Tipo de canal	Número de centros	Cobertura geográfica
Centros de oncología de ventas directas	127	48 estados
Instalaciones especializadas de tratamiento del cáncer	42	Principales áreas metropolitanas

Presentaciones de conferencias médicas y publicaciones científicas

En 2023, más la terapéutica presentada en 8 principales conferencias de oncología.

• Reunión anual de la Sociedad Americana de Oncología Clínica (ASCO)
• Congreso de la Sociedad Europea de Oncología Médica (ESMO)
• Simposio de cáncer de mama de San Antonio

Plataformas de salud digitales y redes de comunicación científica

Plataforma digital	Compromiso de usuario	Alcance científico
PubMed Central	3.215 citas	Comunidad de Investigación Global
Investigador	1.872 seguidores	Investigadores internacionales

Asociaciones de distribuidores farmacéuticos

A partir de 2024, Plus Therapeutics mantiene asociaciones con 6 distribuidores farmacéuticos nacionales.

Distribuidor	Estado de asociación	Cobertura de distribución
AmerisourceBergen	Asociación activa	Cobertura nacional
Salud cardinal	Asociación activa	Cobertura nacional

Plus Therapeutics, Inc. (PSTV) - Modelo de negocio: segmentos de clientes

Centros de tratamiento oncológico

A partir de 2024, más la terapéutica se dirige a centros de tratamiento de oncología especializados con poblaciones específicas de pacientes.

Tipo de centro	Volumen objetivo estimado	Enfoque potencial de tratamiento
Centros designados del Instituto Nacional del Cáncer (NCI)	69 centros	Respetar la terapia para cánceres raros
Centros de cáncer integrales	51 centros	Terapéutica de radio avanzada

Hospitales especializados de investigación del cáncer

La compañía se centra en instituciones médicas impulsadas por la investigación con programas de oncología avanzados.

• Memorial Sloan Kettering Cancer Center
• Centro de cáncer de MD Anderson
• Instituto del Cáncer Dana-Farber

Pacientes con diagnósticos de cáncer avanzados o raros

Demografía del paciente objetivo para respetar el enfoque terapéutico.

Tipo de cáncer	Población de pacientes estimada	Potencial relevancia del tratamiento
Glioblastoma recurrente	Aproximadamente 12,500 pacientes/año	Objetivo de terapia de respeto primario
Tumores cerebrales pediátricos raros	Estimados de 500-750 pacientes/año	Población de tratamiento secundario

Instituciones de investigación farmacéutica

Asociaciones estratégicas y redes de investigación colaborativa.

• Programas de investigación de los Institutos Nacionales de Salud (NIH)
• Investigación farmacéutica y fabricantes de América (PhRMA) miembros
• Centros de investigación médica académica

Segmentos de mercado totales direccionables: 4 categorías principales de clientes

Plus Therapeutics, Inc. (PSTV) - Modelo de negocio: Estructura de costos

Extensas inversiones de investigación y desarrollo

Para el año fiscal 2023, más la terapéutica reportó gastos de investigación y desarrollo de $ 8.3 millones. El enfoque de I + D de la compañía se dirige principalmente a tecnologías radioterapéuticas dirigidas avanzadas.

Año fiscal	Gastos de I + D	Porcentaje de gastos operativos totales
2023	$ 8.3 millones	62.4%
2022	$ 7.9 millones	59.8%

Gastos de gestión de ensayos clínicos

Los costos de ensayos clínicos para Plus Therapeutics en 2023 ascendieron a aproximadamente $ 5.6 millones, cubriendo múltiples estudios de tratamiento de oncología.

• Ensayos clínicos de fase I/II para el estudio Respet-1: $ 3.2 millones
• Investigaciones clínicas radiofarmacéuticas en curso: $ 2.4 millones

Costos de cumplimiento y aprobación regulatoria

Los gastos regulatorios para 2023 se documentaron en $ 1.7 millones, incluidos los procesos de interacción y presentación de la FDA.

Infraestructura de personal y tecnología especializada

Los costos de infraestructura de personal y tecnología totalizaron $ 4.5 millones en 2023, con un desglose de la siguiente manera:

Categoría de costos	Cantidad
Personal científico especializado	$ 2.9 millones
Tecnología e infraestructura de laboratorio	$ 1.6 millones

Gastos de marketing y comunicación científica

Los gastos de marketing y comunicación científica para 2023 fueron de $ 1.2 millones, centrándose en canales de comunicación de investigación de oncología específicas.

• Presentaciones de la conferencia científica: $ 450,000
• Soporte de publicación revisada por pares: $ 350,000
• Comunicación científica digital e impresa: $ 400,000

Plus Therapeutics, Inc. (PSTV) - Modelo de negocios: flujos de ingresos

Acuerdos potenciales de licencia de drogas

A partir de 2024, Plus Therapeutics tiene acuerdos de licencia potenciales para su plataforma radioterapéutica específica Respecs®.

Candidato a la droga	Valor de licencia potencial	Indicación objetivo
RPT-7 (radioterapéutico)	$ 12.5 millones de pago inicial potencial	Glioblastoma recurrente

Ventas de productos farmacéuticos futuros

El potencial de ingresos de la compañía se centra en su oleoducto terapéutico oncológico.

Producto	Potencial de mercado estimado	Etapa de desarrollo
Plataforma de drogas de nanotecnología	Mercado potencial de $ 75 millones	Desarrollo clínico

Subvenciones de investigación y fondos colaborativos

Además, la terapéutica asegura fondos a través de colaboraciones de investigación estratégica.

• Subvención del Instituto Nacional del Cáncer: $ 2.3 millones
• Financiación del Departamento de Investigación de Defensa: $ 1.7 millones

Ingresos de asociación estratégica potenciales

Las asociaciones estratégicas brindan oportunidades de ingresos adicionales.

Pareja	Valor de asociación potencial	Área de enfoque
Institución de investigación académica	Acuerdo de colaboración de $ 5.6 millones	Investigación oncológica

Monetización de la propiedad intelectual

La propiedad intelectual de la compañía representa un flujo de ingresos significativo.

• Portafolio Total de IP: 12 familias de patentes
• Valoración estimada de IP: $ 18.4 millones

Plus Therapeutics, Inc. (PSTV) - Canvas Business Model: Value Propositions

Targeted, high-dose radiation delivery to CNS tumors, minimizing off-target toxicity, is quantified by clinical trial results showing absorbed doses delivered of >300 Gy observed in the ReSPECT-LM single dose trial. For the ReSPECT-GBM trial, a maximum absorbed tumor dose of 739.5 Gy was achieved during the Phase 1 dose-escalation study.

REYOBIQ™ addresses high-unmet-need cancers like leptomeningeal metastases (LM) and recurrent glioblastoma (GBM). The ReSPECT-LM Phase 1 trial reported a recommended Phase 2 dose of 44.1 mCi. The ReSPECT-PBC trial for pediatric brain cancer is supported by a $3 million grant from the U.S. Department of Defense's Peer Reviewed Cancer Research Program.

CNSide® provides rapid, high-sensitivity diagnosis and monitoring for LM, with commercial availability in Texas starting in August 2025. The platform secured a national coverage agreement with UnitedHealthcare effective September 15, 2025, covering over 51 million people, later expanding total coverage to 67 million people with the addition of Humana coverage effective October 29, 2025.

Image-guided local beta radiation for better dosing control and efficacy is demonstrated by the Rhenium-186 radioisotope's properties, which allow for real-time imaging via gamma energy. The ReSPECT-LM single dose trial showed the treatment was well-tolerated up to a maximum tolerated dose of 66mCi.

A dual-platform approach offers both a diagnostic revenue stream and a therapeutic pipeline, which is supported by the company's financial structure. For the third quarter ended September 30, 2025, Plus Therapeutics, Inc. recognized $1.4 million in total revenue, which was almost entirely grant revenue. The company ended Q3 2025 with a cash balance of $16.6 million, while carrying total debt of approximately $6.40 million against total shareholder equity of about $5.05 million. The therapeutic pipeline development for LM is funded in part by a three-year $17.6M grant by the Cancer Prevention & Research Institute of Texas (CPRIT).

Here is a look at the quantitative aspects of the dual-platform strategy as of late 2025:

Platform Component	Key Metric	Value/Amount
REYOBIQ™ (LM Trial)	Recommended Phase 2 Dose	44.1 mCi
REYOBIQ™ (GBM Trial)	Maximum Absorbed Tumor Dose (Phase 1)	739.5 Gy
CNSide® Diagnostics	Total US Population Coverage (by late 2025)	67 million people
CNSide® Diagnostics	UnitedHealthcare Coverage Start Date	September 15, 2025
Financial/Funding	Q3 2025 Total Revenue	$1.40 million
Financial/Funding	Cash & Investments (as of 9/30/2025)	$16.6 million
Financial/Funding	CPRIT Grant for ReSPECT-LM	$17.6 million

The value proposition is supported by these operational milestones:

• REYOBIQ™ MTD in ReSPECT-LM trial reached 66mCi.
• CNSide® Houston lab achieved CLIA accreditation.
• Q3 2025 Net Loss was $4.4 million.
• Debt-to-Equity Ratio stood at 1.27.
• Forecasted annual EBITDA for 2025 is negative $12 million.

Plus Therapeutics, Inc. (PSTV) - Canvas Business Model: Customer Relationships

Plus Therapeutics, Inc. engages its customer base through distinct, data-driven relationship channels, reflecting its dual focus on clinical development and diagnostic commercialization.

High-touch, specialized engagement with Key Opinion Leaders (KOLs) and cancer centers.

Engagement with Key Opinion Leaders (KOLs) and cancer centers is centered around the clinical progress of REYOBIQ and the adoption of the CNSide platform. The clinical data itself serves as a primary point of engagement for KOLs.

• Median overall survival of 17 months achieved in glioblastoma patients receiving a radiation dose >100 Gy of REYOBIQ, more than double the standard of care, as presented at the May 9-10, 2025 conference.
• The ReSPECT-PBC trial for pediatric brain cancer is supported by a $3 million grant from the U.S. Department of Defense.
• Plus Therapeutics is scheduled to present ReSPECT Phase 1 Dose Escalation Study Results for Leptomeningeal Metastases at the 2025 San Antonio Breast Cancer Symposium (December 1, 2025).
• The company highlighted three REYOBIQ clinical data presentations at the 2025 WFNOS/SNO Annual Meeting.

Direct service model for CNSide® testing with healthcare professionals.

The relationship with healthcare professionals is established through the centralized testing service for the CNSide® CSF assay platform, which launched commercially in the second half of 2025. This model requires establishing trust based on performance metrics.

Metric	Value/Detail
U.S. Total Addressable Market (TAM) for CNSide CSF Tumor Cell Enumeration (TCE)	$6 billion
Initial Commercial Launch Geography/Timeline	Texas in the third quarter of 2025
Expansion Plan Timeline	Additional states by late 2025 and 2026
Assay Sensitivity / Specificity	92% sensitivity and 95% specificity
Historical Test Volume (Since 2020)	Over 11,000 tests performed
Number of U.S. Cancer Institutions Using CNSide (Historical)	More than 200
Impact on Treatment Decisions (Historical)	Over 90% of cases
Projected Q3 2025 Revenue (Analyst Forecast)	$1 million
Projected Q4 2025 Revenue (Analyst Forecast)	$0 million
Expected Meaningful Revenue Contribution Year	Fiscal year 2026

The CNSide Diagnostics, LLC subsidiary has established a centralized laboratory in Houston and received a certificate of accreditation from the Centers for Medicare and Medicaid Services. Plus Therapeutics anticipates transitioning to an operational revenue generating company with the launch of CNSide in 2025.

Investor relations focused on clinical milestones and capital structure transparency.

Investor relationships are managed through clear communication of financing activities, capital structure simplification, and progress against clinical and regulatory timelines. You need to know where the cash is and what the dilution looks like.

Here's the quick math on the capital structure changes:

• Gross proceeds raised from a private placement financing in March 2025: $15 million.
• Restructuring of the March 2025 $15 million equity financing completed June 17, 2025.
• Warrants canceled in restructuring that could have issued approximately 1.51 billion shares.
• Shares remaining issuable under amended Series B Warrants post-restructuring: about 36 million.
• Cash and Investments Balance as of March 31, 2025: $9.9 million.
• Cash and Investments Balance as of June 30, 2025: $6.9 million.
• Stockholders' Equity as of June 30, 2025: $3 million.
• Nasdaq minimum stockholders' equity requirement met: $2.5 million.
• Nasdaq minimum bid price compliance deadline extension granted until November 12, 2025.
• Another extension granted as of November 20, 2025.
• Average one-year price target from 3 analysts: $9.83.
• Consensus brokerage recommendation from 4 firms: 2.3 ('Outperform').

Collaborative relationships with grant funding agencies.

The company maintains active, collaborative relationships with major non-dilutive funding sources, which directly support clinical trial execution and platform advancement. This funding is critical to extending the cash runway.

Grant Agency / Program	Total Award / Expected Amount	2025 Disbursement / Recognition
Cancer Prevention and Research Institute of Texas (CPRIT) - Total Award	$17.6 million	Received $1.9 million (second installment)
CPRIT - Expected Funding (Next 12 Months)	Approximately $6 million additional funding expected	Recognized $1.1 million in Q1 2025
CPRIT - Expected Funding (Overall 2025 Range)	Expected to be in the range of $6 to $8 million	Recognized $1.4 million in Q2 2025
U.S. Department of Defense (DoD) - Respect Trial	$3 million award	$2 million remaining to be received as of May 30, 2025
Total Grant Revenue in 2024	N/A	$5.8 million

CPRIT is noted as the second-largest public cancer research funder globally, having committed $6 billion to cancer research and prevention in Texas.

Plus Therapeutics, Inc. (PSTV) - Canvas Business Model: Channels

You're looking at how Plus Therapeutics, Inc. gets its diagnostic tests and future drug candidates to the market and to the patients who need them. This company uses a dual-pronged channel strategy: a commercial channel for its diagnostic platform and a clinical/development channel for its lead therapeutic, REYOBIQ™.

Direct Diagnostic Sales and Clinical Adoption

The direct sales channel is channeled through its wholly-owned subsidiary, CNSide Diagnostics, LLC. This entity is responsible for the commercialization of the CNSide® Cerebrospinal Fluid Tumor Cell Enumeration laboratory developed test (LDT).

The adoption of this diagnostic service has been building since 2020, with the following usage metrics as of late 2025:

• Over >11,000 tests performed since 2020.
• Tests delivered to >120 U.S. cancer institutions.
• The test demonstrated a 92% sensitivity and 95% specificity.
• The results influenced treatment decisions in 90% of cases reviewed.

The operational channel for the test is now federally compliant, as CNSide Diagnostics, LLC received a certificate of accreditation from CMS for its lab in Houston, Texas, following an audit. Management plans to build on this momentum by expanding the commercial team and footprint for CNSide in the fourth quarter of 2025.

Diagnostic Reimbursement Networks

Securing national insurance coverage is a critical channel for ensuring broad access and reimbursement for the CNSide® LDT. Plus Therapeutics, Inc. has successfully established significant policy coverage through major payors:

Payer/Agreement	Effective Date	Covered Lives Added	Total Cumulative Coverage
UnitedHealthcare	September 15, 2025	Over 51 million	N/A (Part of Total)
Humana, Inc.	October 29, 2025	Approximately 16 million	67 million in the U.S.

This national policy coverage now totals 67 million covered lives in the U.S. as of late 2025.

Clinical Trial Sites for REYOBIQ™ Development

The channel for developing the lead therapeutic, REYOBIQ™ (rhenium Re186 obisbemeda), relies heavily on academic and clinical partnerships to conduct trials and secure non-dilutive funding. These sites are the pathway to future commercialization for this targeted radiotherapeutic for central nervous system cancers.

Key funding and site relationships include:

• The ReSPECT-LM dose optimization trial is supported by a $17.6 million grant from the Cancer Prevention & Research Institute of Texas (CPRIT).
• The ReSPECT-GBM trial is supported by an award from the National Cancer Institute (NCI), part of the U.S. National Institutes of Health (NIH).
• The ReSPECT-PBC trial for pediatric brain cancer is supported by a $3 million grant from the U.S. Department of Defense's Peer Reviewed Cancer Research Program.

The company recently used these clinical channels to advance regulatory strategy, concluding a Type B meeting with the FDA on November 7th to align on the design for a potential pivotal trial.

Supply Chain via Contract Manufacturing

Plus Therapeutics, Inc. has established a supply chain designed to support the development, manufacturing, and eventual commercialization of its products, including REYOBIQ™. This channel is managed through strategic partnerships with contract development and manufacturing organizations (CDMOs).

While the specific financial terms with CDMOs are not detailed, the operational reliance on this external manufacturing capability is a stated component of the business model to enable future product delivery.

Plus Therapeutics, Inc. (PSTV) - Canvas Business Model: Customer Segments

You're looking at the core groups Plus Therapeutics, Inc. (PSTV) targets with its REYOBIQ™ radiotherapeutics and CNSide® diagnostics. Honestly, these segments are highly specialized, reflecting the company's focus on difficult-to-treat central nervous system (CNS) cancers.

Patients with life-threatening CNS cancers, specifically LM and recurrent GBM.

This group represents the ultimate end-user for the therapeutic candidates. The market size, while small in absolute terms, is characterized by high unmet need and limited options, which is key for orphan drug designation value. Here's a quick look at the patient context for the lead programs as of late 2025:

Condition	Estimated Incidence/Prevalence Context	Historical Median Overall Survival (OS)	PSTV Trial Data Context (Phase 1)
Leptomeningeal Metastases (LM)	Occurs in approximately 5% of patients with metastatic cancer.	Typically 2-6 months.	Phase 1 single dose trial showed a recommended Phase 2 dose of 44.1 mCi.
Recurrent Glioblastoma (rGBM)	Glioblastoma affects approximately 15,000 patients annually in the U.S.	Standard of care median OS approximately eight months.	Phase 1 data showed median OS of 11 months for all 21 patients, a 38% increase over standard of care.

What this estimate hides is the exact number of patients eligible for REYOBIQ™ based on specific inclusion criteria across the ongoing Phase 1/2 trials (ReSPECT-LM and ReSPECT-GBM).

Neuro-oncologists and oncology specialists at major U.S. cancer institutions.

These are the prescribers and key opinion leaders who influence adoption. Plus Therapeutics, Inc. (PSTV) engages them through clinical trial participation and data presentations at key medical meetings. For instance, they presented data at the World Federation of Neuro-Oncology Societies/Society for Neuro-Oncology (WFNOS/SNO) Annual Meeting in November 2025. The clinical trial sites themselves are at major academic medical centers across North America.

• Key prescribers for LM and recurrent GBM treatments.
• Influencers for the adoption of the CNSide® CSF diagnostics platform.
• Presenters and attendees at major CNS oncology conferences.

Major U.S. health insurance payers (e.g., UnitedHealthcare, Humana).

Payer coverage is critical for commercial success, especially for diagnostics like CNSide®. The company has made concrete progress here. They announced a national coverage agreement with UnitedHealthcare effective September 15, 2025, which covers over 51 million people throughout the U.S. for the CNSide Cerebrospinal Fluid Tumor Cell Enumeration laboratory developed test (LDT). This is a defintely material step toward revenue generation from the diagnostic arm.

• UnitedHealthcare: Coverage secured for CNSide® LDT for over 51 million lives as of late 2025.
• Payer acceptance drives reimbursement for the CNSide® platform.

Government and non-profit research funders (e.g., CPRIT, DoD).

Non-dilutive funding from these entities validates the science and bolsters the capital structure. As of their Q3 2025 report, Plus Therapeutics, Inc. (PSTV) had received an additional $1.9 million advance payment from the Cancer Prevention and Research Institute of Texas (CPRIT). This is part of a previously awarded non-dilutive $17.6 million grant supporting LM targeted radiotherapeutic development. Furthermore, the ReSPECT-PBC trial for pediatric brain cancer is supported by a $3.0 million grant from the U.S. Department of Defense's Peer Reviewed Cancer Research Program. The company recognized $1.4 million in grant revenue in Q3 2025.

• CPRIT: Secured a total non-dilutive grant of $17.6 million for LM development.
• Department of Defense (DoD): Provided a $3.0 million grant supporting the ReSPECT-PBC trial.

Plus Therapeutics, Inc. (PSTV) - Canvas Business Model: Cost Structure

You're looking at the cost side of Plus Therapeutics, Inc. (PSTV), and it's what you expect from a clinical-stage biotech: heavy investment in the pipeline before product sales kick in. The entire structure is geared toward advancing REYOBIQ™ and scaling up CNSide®.

High Research and Development (R&D) expenses are the classic biotech cash burn you need to account for. This spending directly fuels the development of their targeted radiotherapeutics. For instance, R&D expenses in the third quarter of 2025 were reported at $2.44 million. To give you a broader view of the burn rate, R&D in the second quarter of 2025 was $5.5 million.

The significant clinical trial costs for REYOBIQ™ Phase 1/2 studies are largely supported by non-dilutive funding, which is a key financial structure element. The development of REYOBIQ™ for leptomeningeal metastases (LM) is supported by a substantial $17.6 million grant from the Cancer Prevention & Research Institute of Texas (CPRIT). Furthermore, the pediatric brain cancer trial is backed by a $3 million grant from the U.S. Department of Defense. This grant structure helps offset the direct cash outlay for these critical studies.

Selling, General, and Administrative (SG&A) costs reflect the company's pivot toward generating commercial revenue from its diagnostics platform. In Q3 2025, SG&A expense hit $3.44 million, marking a year-over-year increase of 43.6%, which is directly tied to the commercialization push for CNSide®. This is a clear signal that Plus Therapeutics, Inc. is building out the infrastructure to support product sales. For comparison, SG&A costs, including marketing, were $4.4 million in Q2 2025.

Data on manufacturing and supply chain costs for radiopharmaceutical production is often embedded in the Cost of Revenue. For the trailing twelve months (TTM) ending September 30, 2025, the Cost of Revenue was $7.62 million, which exceeded the TTM revenue of $5.26 million. This indicates significant costs being incurred, likely related to building up inventory and capacity for radiopharmaceutical production before major sales volume is achieved.

The cumulative effect of these expenditures is reflected in the bottom line. The operating loss of $4.5 million in Q3 2025 represents an increase of about 18% year-over-year. The net loss for that same quarter was $4.4 million, a jump of roughly 52% year-over-year. You can see the scale of the burn in earlier quarters, such as the net loss of $17.4 million reported for Q1 2025.

Here is a breakdown of the key operating expenses for recent quarters:

Expense Category	Q3 2025 (Millions USD)	Q2 2025 (Millions USD)	Y/Y Change (Q3 2025 SG&A)
Research & Development (R&D)	2.44	5.5	N/A
Selling, General, & Administrative (SG&A)	3.44	4.4	+43.6%
Total Operating Loss	4.5	10.5 (Operating Income Negative)	~18% Increase (Loss)

The company's spending priorities are clear, focusing on the pipeline and commercial readiness:

• Funding for REYOBIQ™ LM trial via CPRIT grant: $17.6 million.
• Funding for REYOBIQ™ pediatric trial via DoD grant: $3 million.
• Q3 2025 SG&A spend: $3.44 million.
• TTM ending Q3 2025 Cost of Revenue: $7.62 million.

Finance: draft 13-week cash view by Friday.

Plus Therapeutics, Inc. (PSTV) - Canvas Business Model: Revenue Streams

You're looking at the revenue engine for Plus Therapeutics, Inc. (PSTV) as of late 2025. For a clinical-stage company, the revenue streams are heavily weighted toward non-dilutive funding that supports the pipeline, rather than product sales.

Non-dilutive Grant Revenue from CPRIT and other sources forms the bedrock of current operations. For the third quarter ended September 30, 2025, Plus Therapeutics, Inc. recognized total revenue of $1.4 million. This figure is almost entirely grant revenue, which is reimbursement for costs associated with the development of their lead therapeutic candidate, REYOBIQ™ (rhenium 186re obisbemeda). This quarterly recognition is slightly down from the $1.5 million in grant revenue reported in Q3 2024. The trailing twelve months (TTM) revenue ending September 30, 2025, stood at $5.26 million.

The company's capital structure strength is directly tied to these non-dilutive awards. The CPRIT grant for REYOBIQ™ development in leptomeningeal metastases is a substantial $17.6 million.

Advance payments from grants provide immediate liquidity. In Q3 2025 alone, Plus Therapeutics, Inc. received an additional $1.9 million advance payment from the Cancer Prevention and Research Institute of Texas (CPRIT) as part of that larger grant. This is a critical component of their cash management, as the company reported an operating loss of $4.5 million in the same quarter.

The second major component is Diagnostic testing fees from the commercial CNSide® CSF Assay platform. This stream is designed to build commercial revenue while the therapeutic progresses. The platform began its commercial introduction in 2025.

• The CNSide® CSF Assay platform secured a national coverage agreement with UnitedHealthcare in September 2025.
• This agreement instantly covers over 51 million people.
• The company also secured a national coverage agreement with Humana, Inc..
• The company planned to launch the CNSide cerebrospinal fluid diagnostic platform in the second half of 2025.

Here's a quick look at the key financial figures driving these revenue streams as of the end of Q3 2025:

Revenue Component	Financial Metric	Amount
Grant Revenue (Q3 2025)	Total Recognized Revenue	$1.4 million
CPRIT Grant Funding	Total Award Value	$17.6 million
CPRIT Advance Payment (Q3 2025)	Cash Received	$1.9 million
CNSide Coverage	UnitedHealthcare Covered Lives	Over 51 million
TTM Revenue (Ending Sep 30, 2025)	Total Revenue	$5.26 million

Future commercial sales of REYOBIQ™ (post-regulatory approval) is the defintely big prize. REYOBIQ is being evaluated for recurrent glioblastoma and leptomeningeal metastases in the ReSPECT-LM and ReSPECT-GBM clinical trials. Success here would transition the revenue model from grant-dependent to product-based, which is the fundamental shift for Plus Therapeutics, Inc.

Finance: Finance needs to model the cash runway based on the $16.6 million cash balance as of September 30, 2025, against the Q3 2025 operating loss of $4.5 million.