Plus Therapeutics Announces New Category III CPT Code for Convection-Enhanced Delivery Used with REYOBIQ™
Rhea-AI Summary
Plus Therapeutics (NASDAQ: PSTV) announced the AMA CPT Editorial Panel approved a new Category III CPT code X566T to track convection-enhanced delivery (CED) used with REYOBIQ for recurrent glioblastoma and pediatric brain cancer. The code will be published July 1, 2026 and effective for reporting January 1, 2027.
The company said the code enables standardized utilization tracking, may inform future coverage and reimbursement, and supports REYOBIQ commercialization while Plus advances clinical enrollment milestones in 2026.
Positive
- New CPT code X566T approved for CED with REYOBIQ, enabling procedure tracking
- Publication and effective dates: published July 1, 2026; effective January 1, 2027
- Supports reimbursement pathway by enabling utilization and data collection to inform coverage
- Clinical timelines: on track to complete Phase 2 rGBM enrollment in 2026; Phase 1 PBC enrollment expected 2026
Negative
- Category III is temporary and primarily for tracking; it does not guarantee permanent coverage or payment
- Reporting delayed until January 1, 2027, which may slow near-term utilization data collection
Market Reaction – PSTV
Following this news, PSTV has gained 16.93%, reflecting a significant positive market reaction. Our momentum scanner has triggered 31 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $0.33. This price movement has added approximately $8M to the company's valuation.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.
Key Figures
Market Reality Check
Peers on Argus
PSTV was up 2.94% pre-news while sector peers showed mixed moves: RADX and BRNS were positive, BCAB and VRCA were negative, and RNXT was modestly positive. Momentum scanner flagged two biotech names (IPSC, ACRV) moving up, but PSTV’s move appears more stock-specific than a broad sector trend.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 22 | Business update & funding | Neutral | -2.3% | Outlined REYOBIQ/CNSide plans and announced upsized $15M financing for 2026. |
| Jan 21 | Conference call notice | Neutral | +2.3% | Scheduled business update call and webcast with investors and analysts. |
| Jan 14 | Public offering priced | Negative | -38.2% | Priced upsized public offering of units and warrants at $0.38 per unit. |
| Jan 08 | FDA Type B meeting | Positive | -3.7% | FDA discussed pivotal strategy and potential accelerated approval path for REYOBIQ in LM. |
| Dec 11 | CNSide platform expansion | Positive | +7.1% | Expanded CNSide assay access to more states, reaching >90% of U.S. population. |
Recent financing and regulatory milestones often saw muted or negative reactions, while operational expansion news like CNSide’s state rollout drew a positive response.
Over the last few months, Plus Therapeutics combined clinical and commercial steps for REYOBIQ and CNSide with significant financing activity. A December CNSide expansion to cover over 90% of the U.S. population led to a 7.11% gain. In January 2026, an upsized $15 million offering and a subsequent priced public deal coincided with declines of -38.23% and smaller negatives, underscoring sensitivity to dilution. An FDA Type B meeting on REYOBIQ’s pivotal strategy for leptomeningeal metastases produced a -3.73% move despite the potential for accelerated approval.
Market Pulse Summary
The stock is surging +16.9% following this news. A strong positive reaction aligns with the strategic significance of a Category III CPT code for REYOBIQ’s convection-enhanced delivery in rGBM and pediatric brain cancer. Investors have previously responded favorably to commercial access milestones like CNSide’s expansion. However, prior equity offerings and ongoing development needs highlight financing and dilution risks that could cap sustained upside as the program moves toward Phase 2 completion and a future pivotal design.
Key Terms
category iii cpt code regulatory
stereotactic medical
AI-generated analysis. Not financial advice.
Unlocks market access and growth potential of REYOBIQ therapy in recurrent glioblastoma and pediatric brain cancer by enabling adoption and utilization tracking
HOUSTON, Feb. 25, 2026 (GLOBE NEWSWIRE) -- Plus Therapeutics, Inc. (NASDAQ: PSTV) (the “Company”), a healthcare company developing and commercializing precision diagnostics and radiopharmaceuticals for central nervous system (CNS) cancers, today announced the American Medical Association’s (AMA) CPT® (Current Procedural Terminology) Editorial Panel approved a new Category III CPT code to track utilization of convection-enhanced delivery (CED) used in the administration of REYOBIQ for recurrent glioblastoma (rGBM) and pediatric brain cancer (PBC).
“The approved Category III CPT code for convection-enhanced delivery of REYOBIQ in recurrent glioblastoma and pediatric brain cancer – the most prevalent malignant tumors of the brain and central nervous system – marks a major step in bringing market access for an innovative treatment targeting an aggressive and deadly disease resistant to conventional treatments. This milestone reflects the culmination of years of REYOBIQ development and represents an important advancement in our path to commercialization and reimbursement. With standardized REYOBIQ clinical use now tracked under the new CPT code, its utilization can be evaluated as a bridge to approval and broad adoption,” said Marc Hedrick MD, Plus Therapeutics President and CEO. “We remain focused on making strong clinical progress with REYOBIQ. We are on track to complete enrollment in our Phase 2 recurrent glioblastoma trial in 2026, followed by an end-of-Phase 2 meeting to align on pivotal trial design. In addition, we continue to expect first patient enrollment in our Phase 1 pediatric brain cancer trial in 2026.”
Category III CPT codes are established by the AMA’s CPT® Editorial Panel to describe emerging medical technologies and procedures and to support utilization tracking and data collection that may inform future coverage, reimbursement, and transition to permanent Category I CPT codes. The approved Category III CPT code for CED procedures is:
- X566T, Stereotactic placement of infusion catheter(s), brain, for delivery of therapeutic agent(s), including computerized stereotactic planning and burr hole(s).
The new Category III CPT code will be published on July 1, 2026 and will become effective for reporting on January 1, 2027.
About REYOBIQ™ (rhenium Re186 obisbemeda)
REYOBIQ (rhenium Re186 obisbemeda) is a novel injectable radiotherapy specifically formulated to deliver direct targeted high dose radiation in CNS tumors in a safe, effective, and convenient manner to optimize patient outcomes. REYOBIQ has the potential to reduce off target risks and improve outcomes for CNS cancer patients, versus currently approved therapies, with a more targeted and potent radiation dose. Rhenium-186 is an ideal radioisotope for CNS therapeutic applications due to its short half-life, beta energy for destroying cancerous tissue, and gamma energy for real-time imaging. REYOBIQ is being evaluated for the treatment of recurrent glioblastoma, leptomeningeal metastases, and pediatric brain cancer in the ReSPECT-GBM, ReSPECT-LM, and ReSPECT-PBC clinical trials. ReSPECT-GBM is supported by an award from the National Cancer Institute (NCI), part of the U.S. National Institutes of Health (NIH), and ReSPECT-LM is funded by a three-year
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.
Forward Looking Statements
This press release contains statements that may be deemed “forward-looking statements” within the meaning of U.S. securities laws. 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," "anticipate" "intend," "believe," "estimate," "will," 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: expectations regarding the completion of the proposed offering; the Company's ability to successfully raise sufficient capital on reasonable terms or at all; available cash on hand and contractual and statutory limitations that could impair our ability to pay future dividends; our ability to complete our pre-clinical or clinical studies; and changes in local or national economic conditions. This list of risks, uncertainties, and other factors is not complete. Any or all forward-looking statements the Company makes may turn out to be wrong and can be affected by inaccurate assumptions the Company 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. There may be events in the future that the Company is unable to predict, or over which it has no control, and its business, financial condition, results of operations and prospects may change in the future. 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
What is the new CPT code for REYOBIQ convection-enhanced delivery for PSTV and when is it effective?
How does the Category III CPT code X566T affect REYOBIQ reimbursement prospects for PSTV?
What timeline did Plus Therapeutics (PSTV) give for clinical enrollment related to REYOBIQ in 2026?
When will hospitals and clinicians be able to report the new X566T CPT code for REYOBIQ procedures?
What exactly does CPT code X566T describe for REYOBIQ CED procedures under PSTV?
