Plus Therapeutics Announces Expansion of CNSide Team and Issuance of Inducement Grants

Rhea-AI Summary

Plus Therapeutics (Nasdaq: PSTV) announced two hires for its wholly owned subsidiary CNSide Diagnostics and the issuance of inducement equity grants on December 4, 2025. The company said it is scaling lab operations to address a stated $6 billion+ U.S. addressable market for a cerebrospinal fluid assay for metastatic CNS cancers and plans additional payor agreements beyond UnitedHealthcare and Humana.

The hires: Prem Gurnani (Senior Director, Lab Operations) and Elaine Luckey (Director, Quality & Regulatory). Each received options to buy 33,750 shares and 11,250 RSUs with multi-year vesting; option exercise price equals the Dec 4, 2025 closing stock price. A Form S-8 was filed covering the awards.

Key Figures

CNSide addressable market $6 billion+ U.S. addressable market for CNSide CSF assay

Current share price $0.63 Prior close before this announcement

Option grant size 33,750 shares each Stock options for Mr. Gurnani and Ms. Luckey

RSU grant size 11,250 RSUs each Inducement RSUs for new hires

Option vesting period 4 years Employee stock option vesting schedule

Monthly vesting tranches 36 installments Remaining options after first anniversary

RSU vesting period 3 years Inducement RSU vesting schedule

Rule reference Nasdaq Rule 5635(c)(4) Inducement grant listing rule

Market Reality Check

$0.6722 Last Close

Volume Volume 4,972,759 is slightly below the 20-day average of 5,763,462 (relative volume 0.86). normal

Technical Shares at $0.63 are trading above the $0.59 200-day moving average, after a -3.08% prior-day move.

Peers on Argus

Several biotech peers were also down, with moves such as RADX -9.26% and VRCA -8.05%, while PSTV declined -3.08%. Scanner data does not flag a coordinated sector momentum move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 04	Clinical data updates	Positive	+9.8%	Presented multiple REYOBIQ clinical data updates in LM and rGBM.
Dec 01	Conference presentation	Positive	-4.4%	Announced SABCS spotlight for LM Phase 1 dose-escalation results.
Nov 24	FDA meeting update	Positive	+8.0%	Completed Type B FDA meeting on future REYOBIQ LM development.
Nov 20	Coverage expansion	Positive	-0.3%	CNSide gained Humana national coverage for CSF assay in CNS cancer.
Nov 17	Nasdaq compliance	Negative	-7.1%	Received 180-day extension to regain <b>$1.00</b> Nasdaq bid compliance.

Pattern Detected

Recent news reactions are mixed: most positive clinical or business updates aligned with price gains, but some strong operational wins saw modest or negative price moves.

Recent Company History

Over the last month, Plus Therapeutics reported several REYOBIQ™ clinical milestones, including Phase 1 completion in rGBM and progress in leptomeningeal metastases, with price reactions from -4.44% to +9.75%. CNSide Diagnostics secured national Humana coverage, expanding test access to 67 million covered lives. Separately, Nasdaq granted a 180‑day extension to meet the $1.00 minimum bid, after prior noncompliance. Today’s CNSide team expansion and inducement grants build on the recent diagnostic coverage progress and ongoing development of the CNS franchise.

Market Pulse Summary

The stock moved +6.3% in the session following this news. A strong positive reaction aligns with Plus Therapeutics’ recent momentum, where multiple clinical and coverage milestones produced notable moves up to +9.75%. The expansion of the CNSide team and Nasdaq-compliant inducement grants support the push into a stated $6 billion+ addressable market. However, investors previously reacted negatively to listing-compliance risks and may reassess if dilution, execution challenges in scaling CNSide, or broader biotech weakness re-emerge and temper enthusiasm.

Key Terms

cerebrospinal fluid medical

"address the largely untapped $6billion+ U.S. addressable market for CNSide cerebrospinal fluid assay"

A clear fluid that surrounds and cushions the brain and spinal cord, acting like a protective bath and cleanup system that removes waste and helps circulate nutrients. For investors, cerebrospinal fluid matters because it is a common source of diagnostic markers and a route for delivering or testing neurological drugs; changes in its composition can signal disease or affect a therapy’s development, approval prospects, and market value.

regulatory compliance regulatory

"experience in diagnostics, clinical operations, regulatory compliance, and technology driven process"

Regulatory compliance is the process of ensuring that a company follows all applicable laws, rules, and standards set by government authorities or industry bodies. It is important to investors because it helps prevent legal penalties, financial losses, and reputational damage, contributing to the overall stability and trustworthiness of a business. Think of it as following the rules of a game to play fairly and avoid penalties.

clia/cap regulatory

"quality and regulatory affairs in CLIA/CAP laboratory environments"

CLIA/CAP refers to two complementary laboratory quality marks: CLIA (a government program that sets minimum standards for clinical testing) and CAP (a voluntary, more rigorous accreditation from a professional lab organization). Together they signal that a medical testing lab follows strict procedures, accurate reporting, and regular inspections — like a restaurant holding both basic health permits and a premium safety seal — which matters to investors because it reduces regulatory risk, supports billing and reimbursement, and protects a lab’s reputation and revenue.

stock options financial

"the Company granted stock options and restricted stock units"

Stock options are agreements that give a person the right to buy or sell a company's stock at a specific price within a certain time frame. They are often used as a reward or incentive, similar to a coupon that can be used later if the stock price rises, allowing the holder to make a profit.

restricted stock units financial

"granted stock options and restricted stock units (“RSUs”) to Mr. Gurnani and Ms. Luckey"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

nasdaq listing rule 5635(c)(4) regulatory

"intended to meet the requirements of a plan providing for inducement grants under Nasdaq Listing Rule 5635(c)(4)"

NASDAQ Listing Rule 5635(c)(4) is a rule that requires a company to get approval from its shareholders before selling a large amount of its shares, usually over 20%. This helps protect investors by making sure the company doesn't flood the market with new shares without their say, which could lower the stock's value.

exercise price financial

"The exercise price of the options is equal to the closing price of the Company’s common stock"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

form s-8 regulatory

"The Company has filed a Form S-8 covering these equity awards."

A Form S-8 is a U.S. Securities and Exchange Commission registration that lets a public company set aside shares for employee benefit plans and stock-based compensation. Think of it as opening a dedicated account that authorizes the company to issue or reserve stock for workers and directors; it matters to investors because it enables share dilution when those awards are granted or exercised and signals how management is compensated and incentivized.

AI-generated analysis. Not financial advice.

HOUSTON, Dec. 09, 2025 (GLOBE NEWSWIRE) -- Plus Therapeutics, Inc. (Nasdaq: PSTV) (“Plus” or the “Company”), a clinical-stage pharmaceutical company developing targeted radiotherapeutics with advanced platform technologies for central nervous system (CNS) cancers, today announced two new hires to its team for CNSide Diagnostics, LLC, its wholly-owned subsidiary.

“We are strategically building the team to bolster our capabilities as we scale up our laboratory operations to address the largely untapped $6billion+ U.S. addressable market for CNSide cerebrospinal fluid assay for metastatic CNS cancers, all the while maintaining the highest quality standards,” said Russ Bradley, CNSide Diagnostics, LLC President and General Manager. “We continue our steady progress toward national launch and test coverage expansion, with plans for additional payor agreements to the previously announced agreements with UnitedHealthcare and Humana.”

Two team members joining the CNSide Diagnostics team are:

• Mr. Prem Gurnani joins as Senior Director of Lab Operations and Systems Implementation, with over sixteen years of experience in diagnostics, clinical operations, regulatory compliance, and technology driven process improvement across high growth healthcare organizations and laboratory environments, with a strong record supporting operational scale up
• Ms. Elaine Luckey joins as Director of Quality and Regulatory affairs, with over twenty years of experience in quality and regulatory affairs in CLIA/CAP laboratory environments, with track record in start-ups, quality system implementation and regulatory compliance.

In connection with these two new hires, on December 4, 2025, the Company granted stock options and restricted stock units (“RSUs”) to Mr. Gurnani and Ms. Luckey under its 2015 New Employee Incentive Plan, which is intended to meet the requirements of a plan providing for inducement grants under Nasdaq Listing Rule 5635(c)(4). The awards were approved by the Company’s Compensation Committee and made as a material inducement to each employee's entry into employment with the Company.

The approved option awards for each of Mr. Gurnani and Ms. Luckey consist of options to purchase up to 33,750 shares of the common stock of the Company. The exercise price of the options is equal to the closing price of the Company’s common stock on December 4, 2025, the grant date. The approved option awards to Mr. Gurnani and Ms. Luckey are scheduled to vest over four years, with one-fourth of the options vesting on the first anniversary of the grant date with the remaining options vesting thereafter in 36 equal monthly installments. The vesting of the options is also subject to certain requirements, including each employee’s continued service as an employee of the Company through the applicable vesting dates.

In addition, the Company issued Mr. Gurnani and Ms. Luckey 11,250 RSUs each. The RSUs are scheduled to vest over three years, with one-third of the RSUs vesting on January 1, 2027 (approximately one-year from the first anniversary of the grant date) with the remaining RSUs vesting quarterly thereafter in eight (8) equal installments. The vesting of the RSUs is also subject to certain requirements, including continued service as an employee of the Company through the applicable vesting dates.

The Company believes that these equity grants create a strong alignment of interests between Mr. Gurnani, Ms. Luckey, and the Company’s shareholders. The equity awards were granted outside of the Company’s 2020 Incentive Plan but generally have terms and conditions consistent with those set forth in that plan. The Company has filed a Form S-8 covering these equity awards.

About CNSide Diagnostics, LLC
CNSide Diagnostics, LLC is a wholly owned subsidiary of Plus Therapeutics, Inc. that develops and commercializes proprietary laboratory-developed tests, such as CNSide®, designed to identify tumor cells that have metastasized to the central nervous system in patients with carcinomas and melanomas. The CNSide® CSF Assay Platform enables quantitative analysis of the cerebrospinal fluid that informs and improves the management of patients with leptomeningeal metastases. For more information, visit https://www.cnside-dx.com/.

About Plus Therapeutics
Headquartered in Houston, Texas, Plus Therapeutics, Inc. is a clinical-stage pharmaceutical company developing targeted radiotherapeutics for difficult-to-treat cancers of the central nervous system with the potential to enhance clinical outcomes. Combining image-guided local beta radiation and targeted drug delivery approaches, the Company is advancing a pipeline of product candidates with lead programs in leptomeningeal metastases (LM) and recurrent glioblastoma (GBM). The Company has built a supply chain through strategic partnerships that enable the development, manufacturing, and future potential commercialization of its products. For more information, visit https://www.plustherapeutics.com.

Forward-Looking Statements
This press release contains statements that may be deemed “forward-looking statements” within the meaning of U.S. securities laws, including statements regarding the market for CNSide and the potential launch and test coverage expansion, including plans for additional payor agreements. All statements in this press release other than statements of historical fact are forward-looking statements. These forward-looking statements may be identified by future verbs, as well as terms such as “expect” “potential,” “anticipating,” “planning” and similar expressions or the negatives thereof. Such statements are based upon certain assumptions and assessments made by 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.

The forward-looking statements included in this press release could differ materially from those expressed or implied by these forward-looking statements because of risks, uncertainties, and other factors that include, but are not limited to, the following: the Company’s ability to maintain the listing of its common stock on Nasdaq; the early stage of the Company’s product candidates and therapies; the results of the Company’s research and development activities, including uncertainties relating to the clinical trials of its product candidates and therapies; the Company’s liquidity position and capital resources and its ability to raise additional cash; the outcome of the Company’s partnering/licensing efforts, risks associated with laws or regulatory requirements applicable to it; market conditions, product performance, litigation or potential litigation, and competition within the cancer diagnostics and therapeutics field; ability to develop and protect proprietary intellectual property or obtain licenses to intellectual property developed by others on commercially reasonable and competitive terms; challenges associated with radiotherapeutic manufacturing, production and distribution capabilities necessary to support the Company’s clinical trials and any commercial level product demand; and material security breach or cybersecurity attack affecting the Company’s operations or property. This list of risks, uncertainties, and other factors is not complete. The Company discusses some of these matters more fully, as well as certain risk factors that could affect its business, financial condition, results of operations, and prospects, in its reports filed with the SEC, including its annual report on Form 10-K for the fiscal year ended December 31, 2024, quarterly reports on Form 10-Q, and current reports on Form 8-K. These filings are available for review through the SEC’s website at www.sec.gov. Any or all forward-looking statements the Company makes may turn out to be wrong and can be affected by inaccurate assumptions it might make or by known or unknown risks, uncertainties, and other factors, including those identified in this press release. Accordingly, you should not place undue reliance on the forward-looking statements made in this press release, which speak only as of its date. The Company assumes no responsibility to update or revise any forward-looking statements to reflect events, trends or circumstances after the date they are made unless the Company has an obligation under U.S. federal securities laws to do so.

Investor Contact
CORE IR
investor@plustherapeutics.com

FAQ

Who did Plus Therapeutics (PSTV) hire for CNSide Diagnostics on December 4, 2025?

Plus hired Prem Gurnani as Senior Director, Lab Operations and Elaine Luckey as Director, Quality & Regulatory.

What equity awards did Plus Therapeutics (PSTV) grant to the new CNSide hires?

Each hire received options to purchase 33,750 shares and 11,250 RSUs, granted as inducements on Dec 4, 2025.

What are the vesting schedules for the PSTV options and RSUs granted on Dec 4, 2025?

Options vest over 4 years (25% after 1 year, then 36 monthly installments); RSUs vest over 3 years (one-third on Jan 1, 2027, then 8 quarterly installments).

What exercise price applies to the PSTV option grants issued Dec 4, 2025?

The option exercise price equals the closing price of PSTV common stock on Dec 4, 2025, the grant date.

How does Plus Therapeutics (PSTV) say the CNSide expansion affects market opportunity and payor coverage?

The company cited scaling lab operations to address a $6 billion+ U.S. addressable market for the CNSide assay and plans additional payor agreements beyond UnitedHealthcare and Humana.