Plus Therapeutics Announces Pricing of Upsized $15 Million Public Offering

Rhea-AI Summary

Plus Therapeutics (NASDAQ: PSTV) priced an upsized underwritten public offering of 39,473,684 units at $0.38 per unit, producing expected gross proceeds of approximately $15 million before underwriting discounts, commissions and expenses. Each unit includes one share of common stock and one warrant exercisable immediately at $0.38 per share and expiring five years from issuance.

The underwriter has a 30‑day option to purchase up to an additional 5,921,052 shares and/or warrants to cover over‑allotments. Proceeds are intended for working capital and general corporate purposes. The offering is expected to close on January 15, 2026, subject to customary closing conditions; Lake Street Capital Markets is sole underwriter. Registration statements were declared effective January 13, 2026.

Positive

• Gross proceeds of approximately $15.0 million
• Immediate warrant exercisability provides near‑term optional capital

Negative

• Issuance of 39,473,684 units creates immediate share and warrant dilution
• Warrant exercise price of $0.38 may be dilutive if stock trades above that level
• Over‑allotment option for 5,921,052 additional shares/warrants increases potential dilution

News Market Reaction

-38.23% 15.7x vol

46 alerts

-38.23% News Effect

-43.5% Trough in 8 hr 10 min

-$40M Valuation Impact

$65M Market Cap

15.7x Rel. Volume

On the day this news was published, PSTV declined 38.23%, reflecting a significant negative market reaction. Argus tracked a trough of -43.5% from its starting point during tracking. Our momentum scanner triggered 46 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $40M from the company's valuation, bringing the market cap to $65M at that time. Trading volume was exceptionally heavy at 15.7x the daily average, suggesting significant selling pressure.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Gross offering size: $15 million Units offered: 39,473,684 units Unit price: $0.38 per unit +5 more

8 metrics

Gross offering size $15 million Upsized underwritten public offering

Units offered 39,473,684 units Each unit: 1 share + 1 warrant

Unit price $0.38 per unit Public offering price

Warrant exercise price $0.38 per share Immediately exercisable warrants

Over-allotment option size 5,921,052 shares/warrants 30-day underwriter option to cover over-allotments

Warrant term 5 years Expiration from date of issuance

Form S-1 file date January 9, 2026 Registration statement filing with SEC

Effectiveness date January 13, 2026 Form S-1 declared effective by SEC

Market Reality Check

Price: $0.2878 Vol: Volume 5,005,267 is 1.22x...

normal vol

$0.2878 Last Close

Volume Volume 5,005,267 is 1.22x the 20-day average of 4,086,922, indicating elevated trading interest pre-offering. normal

Technical Shares at $0.4701 are trading below the 200-day MA of $0.54 and 79.65% below the 52-week high.

Peers on Argus

PSTV was down 4.06% while the only peer in the momentum scan, BCAB, was up 5.22%...

1 Up

PSTV was down 4.06% while the only peer in the momentum scan, BCAB, was up 5.22%. Other peers showed mixed moves, indicating the pressure around this $15M unit offering was stock-specific rather than sector-driven.

Historical Context

5 past events · Latest: Jan 08 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 08	FDA meeting update	Positive	-3.7%	FDA Type B meeting outlined pivotal strategy and possible accelerated approval.
Dec 11	Commercial expansion	Positive	+7.1%	CNSide assay platform expanded licensing, boosting U.S. coverage and utilization.
Dec 09	Hiring & incentives	Positive	+6.3%	CNSide team expansion and inducement grants to scale lab operations and market reach.
Dec 04	Clinical data update	Positive	+9.8%	Multiple REYOBIQ clinical datasets presented with dose, safety and survival details.
Dec 01	Conference presentation	Neutral	-4.4%	Announcement of upcoming SABCS Phase 1 results presentation for leptomeningeal metastases.

Pattern Detected

Recent clinically or commercially positive updates often saw positive price reactions, while regulatory/strategic news has at times traded lower, showing occasional divergence on good news.

Recent Company History

Over the last two months, Plus Therapeutics reported multiple milestones around its REYOBIQ program and CNSide diagnostics platform. Clinical data presentations and CNSide commercial expansion in Dec 2025 were followed by price gains of 6–10%, while a Type B FDA meeting update on Jan 8, 2026 saw a 3.73% decline despite outlining an accelerated approval path. Alongside this, SEC filings highlighted ongoing losses, capital raising activity, and Nasdaq minimum bid price risks. The current underwritten public offering adds another financing event to this pattern of balance-sheet focused actions.

Market Pulse Summary

The stock dropped -38.2% in the session following this news. A negative reaction despite the capital...

Analysis

The stock dropped -38.2% in the session following this news. A negative reaction despite the capital raise fits a pattern where financing-heavy updates weigh on sentiment. The offering priced at $0.38 per unit with one share and one five-year warrant per unit, plus a 5,921,052-share over-allotment option, increased potential dilution for a stock already trading well below its $1.00 Nasdaq bid requirement. Investors would have focused on the balance between shoring up liquidity and the pressure from added shares and warrant overhang.

Key Terms

warrant, exercise price, underwritten public offering, over-allotments, +4 more

8 terms

warrant financial

"each unit consisting of one share of common stock and one warrant"

A warrant is a time-limited financial contract that gives its holder the right to buy a company's shares at a set price before a specified date, like a coupon that lets you purchase stock at a fixed discount for a limited time. It matters to investors because warrants offer leveraged exposure to a stock’s upside and can dilute existing shareholders if exercised, so they affect potential gains and the company’s outstanding share count.

exercise price financial

"entitle the holder to purchase one share of common stock at an exercise price of $0.38"

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.

underwritten public offering financial

"announces the pricing of its underwritten public offering of 39,473,684 units"

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

over-allotments financial

"solely to cover over-allotments, if any"

An over-allotment is a temporary extra batch of shares that the underwriters of a stock offering are allowed to sell beyond the original amount, with the right to buy those shares back later. Think of it as spare tickets sold to meet demand and then reclaimed if needed to keep the market orderly; it helps stabilize the stock price after an offering and can affect short-term supply and potential dilution, which matters to investors tracking price and ownership stakes.

registration statement regulatory

"A registration statement on Form S-1, as amended (File No. 333-292637)"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

form s-1 regulatory

"A registration statement on Form S-1, as amended (File No. 333-292637)"

A Form S-1 is the registration filing a company submits to the U.S. Securities and Exchange Commission when it plans to offer stock to the public, most commonly for an initial public offering. Think of it as the company’s full disclosure packet or blueprint: it contains audited financials, business description, management background, risk factors and details of the offering, giving investors the information needed to judge the company’s financial health and potential risks before buying shares.

rule 462(b) regulatory

"filed with the SEC on January 13, 2026 pursuant to Rule 462(b) under the Securities Act"

Rule 462(b) is an SEC provision that lets an issuer add more securities of the same class to an already-effective registration statement by filing a short post-effective amendment that becomes effective on filing, so the additional securities are immediately registered without redoing the full approval process. For investors this matters because it lets companies and underwriters expand an offering quickly—like adding extra seats to a sold-out show—changing supply and potential dilution that can affect the stock price.

prospectus regulatory

"This offering is being made only by means of a preliminary prospectus"

A prospectus is a detailed document that explains a company's plans for offering new shares or investments to the public. It’s important because it provides potential investors with key information about the company’s business, risks, and how they might make money, helping them decide whether to invest. Think of it as a guidebook for understanding what you're buying into.

AI-generated analysis. Not financial advice.

HOUSTON, Jan. 14, 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 announces the pricing of its underwritten public offering of 39,473,684 units, with each unit consisting of one share of common stock and one warrant (the “Warrants”). Each unit is being sold to the public at a price of $0.38 per unit. The gross proceeds to the Company from this offering are expected to be approximately $15 million, before deducting underwriting discounts and commissions and other estimated offering expenses. Each Warrant will be immediately exercisable, will entitle the holder to purchase one share of common stock at an exercise price of $0.38 per share and will expire five years from the date of issuance. The Company has granted the underwriter a 30-day option to purchase up to an additional 5,921,052 shares of common stock and/or warrants to purchase up to an additional 5,921,052 shares of common stock, or any combination thereof, solely to cover over-allotments, if any.

The Company intends to use the proceeds for working capital and general corporate purposes.

The offering is expected to close on January 15, 2026, subject to satisfaction of customary closing conditions.

Lake Street Capital Markets, LLC is acting as the sole underwriter for the offering.

A registration statement on Form S-1, as amended (File No. 333-292637) relating to the securities was filed with the Securities and Exchange Commission (“SEC”) on January 9, 2026 and was declared effective on January 13, 2026, and a related registration statement was filed with the SEC on January 13, 2026 pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and became automatically effective upon filing (together, the “Registration Statement”). This offering is being made only by means of a preliminary prospectus forming a part of the Registration Statement and a final prospectus. The Registration Statement and the preliminary prospectus relating to the offering are available for free on the SEC’s website at www.sec.gov. Copies of the final prospectus, when available, may be obtained from Lake Street Capital Markets, LLC, 121 S 8th St Suite 1000, Minneapolis, MN 55402. The final prospectus will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov.  

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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.

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.

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

How many units did Plus Therapeutics (PSTV) offer and at what price?

Plus Therapeutics priced 39,473,684 units at $0.38 per unit.

What are the total expected gross proceeds of the PSTV offering?

The offering is expected to generate approximately $15 million in gross proceeds before fees and expenses.

What are the PSTV warrant terms included in the units?

Each unit includes a warrant exercisable immediately to buy one share at $0.38, expiring five years from issuance.

When is the PSTV offering expected to close and who is the underwriter?

The offering is expected to close on January 15, 2026, and Lake Street Capital Markets is the sole underwriter.

Will Plus Therapeutics (PSTV) include an over‑allotment option in the offering?

Yes — a 30‑day option to purchase up to 5,921,052 additional shares and/or warrants to cover over‑allotments.