Plus Therapeutics, Inc. (PSTV): Marketing Mix Analysis [Dec-2025 Updated]

You're looking at Plus Therapeutics, Inc. (PSTV), and like many pre-revenue biotechs, you're trying to map the science to the stock price. Honestly, this is a classic high-risk play: they are funding a potentially groundbreaking CNS cancer pipeline, like REYOBIQ™, with cash while simultaneously launching the CNSide® diagnostic platform into a $6 billion market. The near-term reality is the burn rate-a Q3 net loss of $4.4 million and a forecasted negative $12 million EBITDA for 2025-means commercial traction is everything. Their marketing mix, the 4Ps, will tell us if they can bridge that gap before the runway ends. Let's check the math on their Product, Place, Promotion, and Price strategy.

Plus Therapeutics, Inc. (PSTV) - Marketing Mix: Product

You're looking at the core offering from Plus Therapeutics, Inc. (PSTV) as of late 2025, which centers on two distinct but related areas: radiotherapeutics and precision diagnostics for central nervous system (CNS) cancers. The product strategy is clearly dual-focused, aiming for near-term revenue from diagnostics while advancing longer-term, high-value radiopharmaceutical assets.

The lead radiotherapeutic product is REYOBIQ™ (rhenium Re186 obisbemeda). This is an injectable radiotherapy specifically formulated to deliver targeted, high-dose radiation to CNS tumors. Rhenium-186 is the radioisotope used, valued for its short half-life, beta energy for tissue destruction, and gamma energy for real-time imaging.

REYOBIQ is being evaluated across several critical indications through specific clinical trials:

• Recurrent glioblastoma (GBM) via the ReSPECT-GBM trial.
• Leptomeningeal metastases (LM) via the ReSPECT-LM trial.
• Pediatric brain cancer via the ReSPECT-PBC trial.

For the ReSPECT-LM trial, the Phase 1 single dose escalation study identified a recommended Phase 2 dose of 44 millicuries, with a maximum feasible dose of 75 millicuries. Data from this trial previously showed a clinical benefit rate exceeding 75% across three outcome measures, with no dose-limiting toxicities observed at doses up to the recommended Phase 2 dose of 44.1 mCi. Also, 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 second major product component is CNSide®, the commercially launched cerebrospinal fluid (CSF) diagnostic platform. This platform is designed for patients suspected of having CNS cancer metastases. The first test commercialized is the CNSide CSF Tumor Cell Enumeration (TCE) assay. The developer of this core technology invested over $300 million into it.

The commercialization of CNSide® is progressing rapidly in the U.S. market, which is estimated to represent an opportunity in excess of $6 billion. The test became commercially available in Texas in August 2025, following CLIA accreditation for the Houston laboratory. Plus Therapeutics expects revenue contributions from this subsidiary to become meaningful in fiscal year 2026.

Here is a quick look at the performance metrics and market penetration for the CNSide platform as of late 2025:

The platform's adoption is supported by significant payer access; a national coverage agreement with UnitedHealthcare became effective on September 15, 2025, covering over 51 million people. Furthermore, the company reported cash and investments of $16.6 million as of September 30, 2025, which included a $1.9 million advance toward a $17.6 million CPRIT grant supporting the radiotherapeutic platform advancement.

Finance: draft the 2026 revenue forecast model incorporating CNSide's expected meaningful contribution by Friday.

Plus Therapeutics, Inc. (PSTV) - Marketing Mix: Place

You're looking at how Plus Therapeutics, Inc. (PSTV) is getting its CNSide® diagnostic service into the hands of clinicians, which is a critical step after establishing the centralized lab. The distribution strategy for the CNSide® platform is phased, starting with a focused geographic area before scaling nationally.

CNSide® commercial rollout began in Texas in August 2025 from a Houston-based centralized lab. The initial commercial introduction of the CNSide® cerebrospinal fluid (CSF) assay platform commenced in Texas during August 2025. This service is managed from a centralized testing laboratory established in Houston, TX. The initial deployment specifically targeted major cancer centers within the state, including NCI-Designated Cancer Centers and large private healthcare systems. Key institutions prioritized in this initial phase include MD Anderson Cancer Center, UT Southwestern, Mays Cancer Center, Baylor Scott & White Health, and Texas Oncology.

Therapeutics distribution is currently limited to specialized clinical trial sites. For the radiotherapeutics pipeline, including REYOBIQ™, distribution remains confined to the specific sites participating in ongoing clinical trials, such as the ReSPECT-LM trial. This is standard for a clinical-stage company advancing drug candidates.

Expansion of the CNSide® diagnostic service to additional U.S. states is planned for late 2025 and 2026. Following the Texas debut, Plus Therapeutics, Inc. is executing a plan for rapid expansion into additional U.S. states throughout late 2025 and 2026. A significant step supporting this expansion is the national coverage agreement signed with UnitedHealthcare Insurance Company, effective September 15, 2025, which provides access to the CNSide® test for over 51 million people across the United States.

The company utilizes strategic partnerships for supply chain, manufacturing, and future commercialization. Plus Therapeutics, Inc. has established its operational foundation by building a supply chain supported by strategic partnerships. These agreements are in place to enable the development, manufacturing, and potential future commercialization efforts for its products.

Here's a quick look at the key operational and market numbers related to the CNSide® distribution strategy as of late 2025:

The initial focus on high-volume centers in Texas, which were prior users of the technology, suggests a lower barrier to initial adoption for the CNSide® platform.

Plus Therapeutics, Inc. (PSTV) - Marketing Mix: Promotion

You're looking at how Plus Therapeutics, Inc. (PSTV) is communicating the value of its pipeline, and promotion is definitely active across both the therapeutic and diagnostic arms as of late 2025. The promotional efforts are heavily weighted toward scientific validation and market access milestones, which is typical for a clinical-stage company pushing both a drug candidate and a new diagnostic platform.

REYOBIQ™ Regulatory Status and Data Dissemination

• REYOBIQ™ (rhenium Re186 obisbemeda) holds FDA Fast Track and Orphan Drug Designation for Leptomeningeal Metastases (LM).
• The company completed a Type B meeting with the U.S. Food and Drug Administration on November 7th, 2025, to finalize the design for an upcoming pivotal trial for REYOBIQ in LM.
• Plus Therapeutics presented three positive clinical data updates for REYOBIQ™ at the World Federation of Neuro-Oncology Societies/Society for Neuro-Oncology (WFNOS/SNO) Annual Meeting, November 19-23, 2025.
• Phase 1 single-dose escalation data showed a clinical benefit rate above 75% across three outcome measures.
• The data also indicated no dose-limiting toxicities up to the recommended Phase 2 dose of 44.1 mCi.
• In a subset of the ReSPECT-GBM trial, median overall survival reached 17 months for patients receiving $\ge \mathbf{100}$ Gy, versus 6 months for those receiving $<\mathbf{100}$ Gy.

The promotion of these clinical findings is designed to build confidence with prescribers and investors alike. The company also planned to present ReSPECT Phase 1 results at the 2025 San Antonio Breast Cancer Symposium on December 9 - 12, 2025.

CNSide® Commercial Launch and Market Access Strategy

The commercial strategy for the CNSide® diagnostic platform is centered on establishing foundational access points. You see the focus is definitely on securing the necessary regulatory and payor clearances to make the test accessible and reimbursable across the U.S. market.

The U.S. market opportunity for the first CNSide test is estimated at over $6 billion. Furthermore, the Houston laboratory received successful CLIA accreditation and certification.

Investor Relations Communication of Milestones

Investor relations actively communicates clinical and commercial milestones via webcasts and press releases to keep the market informed, especially given the company's focus on capital efficiency. The Q3 2025 financial results were released on October 30, 2025.

• Cash and investments balance stood at $16.6 million on September 30, 2025, an increase from $6.9 million on June 30, 2025.
• The company recognized $1.4 million in grant revenue in the third quarter of 2025.
• Plus Therapeutics received an additional $1.9 million advance payment from CPRIT, part of the total non-dilutive $17.6 million grant.
• The company regained compliance with applicable Nasdaq listing criteria.

The stated plan for the fourth quarter included building on the CNSide footprint and seeking to clarify the pivotal plan for REYOBIQ™ with the FDA. Finance: draft 13-week cash view by Friday.

Plus Therapeutics, Inc. (PSTV) - Marketing Mix: Price

You're looking at the pricing structure for Plus Therapeutics, Inc. (PSTV) as of late 2025, which is heavily influenced by its early-stage commercial activities and reliance on non-sales revenue streams. Right now, the price you pay to support the company's operations isn't coming from product sales as much as it is from external funding sources.

Current revenue is primarily grant-based, totaling $1.06 million in Q1 2025. This grant funding, which represents CPRIT's share of costs for the REYOBIQ™ platform advancement, is critical for near-term liquidity, but it doesn't reflect the commercial pricing strategy for the CNSide® diagnostic.

Pricing for CNSide® is moving toward a value-based model, optimizing revenue. This strategy aims to capture the economic benefit the test provides over the standard of care for managing leptomeningeal metastases, which is a market estimated at $6 billion in the United States. The company is executing a commercial market access strategy that explicitly includes value-based pricing to optimize revenue capture.

The commercial pricing realization for CNSide® is starting now, supported by significant payer coverage milestones. You need to watch these adoption metrics closely as they translate the value-based strategy into actual revenue streams.

• A national coverage agreement for CNSide® with UnitedHealthcare was effective September 15, 2025.
• This agreement extends coverage to over 51 million people across the United States.
• The CNSide® test has demonstrated 92% sensitivity and 95% specificity.
• The test influences treatment decisions in 90% of cases where it is used.
• CNSide® became commercially available in Texas in August 2025.

The current financial reality shows the cost of development still outweighs the initial revenue recognition. The company reported a Q3 2025 net loss of $4.4 million, reflecting high R&D costs and professional fees. This loss widened from the Q1 2025 net loss of $17.40 million, showing quarterly variability in operating expenses.

To be fair, the path to profitability is clearly projected beyond the current period. The 2025 forecasted annual EBITDA is a negative $12 million, so profitability is defintely a 2026 story. The success of the value-based pricing for CNSide® and the progress of REYOBIQ™ clinical trials are the primary drivers that will shift these negative figures into positive cash flow generation next year.

Finance: draft 13-week cash view by Friday.