Plus Therapeutics Provides Business Update on REYOBIQ™ Clinical Program and U.S. CNSide® Commercialization

Rhea-AI Summary

Plus Therapeutics (NASDAQ: PSTV) provided a business update on REYOBIQ clinical progress and U.S. commercialization of CNSide, announcing an upsized $15 million offering to fund 2026 priorities and extend cash runway through 2027. Key 2026 milestones include REYOBIQ dose optimization and data in Q3 2026, ReSPECT-GBM data and FDA end-of-phase alignment in Q4 2026, commercial manufacturing scale-up, and ReSPECT-PBC Phase 1 enrollment. CNSide targets include coverage for 150 million US lives, Medicare/Medicaid coverage, >1,250 tests/year, and launch of additional CSF tumor characterization tests. A conference call and webcast are scheduled for January 22, 2026 at 9:00 a.m. ET.

Positive

• $15 million upsized offering completed
• Cash runway extended through 2027
• REYOBIQ dose/interval data due Q3 2026
• ReSPECT-GBM data and FDA meeting targeted Q4 2026
• CNSide coverage goal: 150 million US lives
• Commercial order target: >b>1,250 tests/year

Negative

• Capital raise via $15 million offering may dilute shareholders
• Key regulatory alignment dependent on an FDA end-of-phase meeting
• Commercial milestones (coverage, Medicare/Medicaid) are target goals, not guaranteed

News Market Reaction

-2.33% 4.2x vol

25 alerts

-2.33% News Effect

+24.0% Peak Tracked

-13.5% Trough Tracked

-$1M Valuation Impact

$52M Market Cap

4.2x Rel. Volume

On the day this news was published, PSTV declined 2.33%, reflecting a moderate negative market reaction. Argus tracked a peak move of +24.0% during that session. Argus tracked a trough of -13.5% from its starting point during tracking. Our momentum scanner triggered 25 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $1M from the company's valuation, bringing the market cap to $52M at that time. Trading volume was very high at 4.2x the daily average, suggesting heavy selling pressure.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Offering proceeds: $15 million Key 2026 goals: 2 goals ReSPECT-LM data timing: Q3 2026 +5 more

8 metrics

Offering proceeds $15 million Recently completed upsized offering to fund core programs

Key 2026 goals 2 goals CNSide commercial scale-up and REYOBIQ pivotal trial readiness in 2026

ReSPECT-LM data timing Q3 2026 Planned data readout for REYOBIQ ReSPECT-LM Phase 2 trial

ReSPECT-GBM data timing Q4 2026 Expected data from REYOBIQ ReSPECT-GBM Phase 2 trial

Coverage target 150 million lives Targeted U.S. covered lives under commercial payor agreements for CNSide

Test volume target 1,250 tests/year Planned CNSide commercial order rate per year

Cash runway Through 2027 Management statement on runway post $15M offering

Conference call time 9:00 a.m. ET Business update call on January 22, 2026

Market Reality Check

Price: $0.2451 Vol: Volume 11,751,463 is 4% a...

normal vol

$0.2451 Last Close

Volume Volume 11,751,463 is 4% above average 11,337,847, indicating mildly elevated interest pre-update. normal

Technical Pre-update price 0.2918, trading below 200-day MA of 0.53 and well under 52-week high of 2.3099.

Peers on Argus

PSTV was up 2.31% while key peers showed mostly negative moves intraday; momentu...

1 Up

PSTV was up 2.31% while key peers showed mostly negative moves intraday; momentum scanner only flagged RADX higher with a 7.38% gain, supporting a stock-specific read on this business update.

Historical Context

5 past events · Latest: Jan 21 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 21	Conference call notice	Neutral	+2.3%	Scheduled business update and access details for investors and analysts.
Jan 14	Equity offering	Negative	-38.2%	Upsized $15M public offering of units with attached warrants.
Jan 08	FDA meeting update	Positive	-3.7%	FDA feedback on REYOBIQ pivotal strategy and accelerated approval pathway.
Dec 11	CNSide expansion	Positive	+7.1%	Expansion of CNSide assay availability to additional U.S. states.
Dec 09	Team expansion	Positive	+6.3%	Hiring and inducement grants to scale CNSide operations for growth.

Pattern Detected

Recent operational and commercial updates often saw positive alignment, while the FDA strategy update showed a modest negative divergence.

Recent Company History

Over the past few months, Plus Therapeutics combined financing, regulatory, and commercial steps with CNSide and REYOBIQ. A January 2026 conference call announcement preceded a modest 2.31% gain, while the upsized public offering on Jan 14, 2026 coincided with a -38.23% move. Earlier, an FDA Type B meeting on REYOBIQ’s pivotal strategy led to a small decline despite seemingly constructive guidance. By contrast, CNSide platform expansion on Dec 11, 2025 and team growth on Dec 9, 2025 were followed by gains above 6%, suggesting the market has historically rewarded commercialization progress similar to today’s update.

Market Pulse Summary

This announcement outlines Plus Therapeutics’ 2026 roadmap, emphasizing CNSide commercialization and...

Analysis

This announcement outlines Plus Therapeutics’ 2026 roadmap, emphasizing CNSide commercialization and REYOBIQ clinical progression. Management highlights funding from a recent $15 million offering and an expected cash runway through 2027, alongside key milestones such as REYOBIQ Phase 2 data in Q3 and Q4 2026 and CNSide targets of 150 million covered lives and over 1,250 tests annually. Investors may watch execution on payor coverage, test adoption, and trial timelines versus these stated goals.

Key Terms

pivotal trial, phase 2 trial, phase 1 trial, medicare, +2 more

6 terms

pivotal trial medical

"pivotal trial readiness"

A pivotal trial is a key test of a new medicine or treatment to see if it works and is safe enough to be approved by health authorities. It's like a final exam for a new product, and passing it is essential for bringing the treatment to the public.

phase 2 trial medical

"ReSPECT-LM Phase 2 trial; anticipate reporting data in Q3 2026"

A phase 2 trial is an intermediate-stage clinical study that tests whether a new treatment works and is reasonably safe in a group of patients who have the condition it targets. Think of it as a field test of a prototype product: it checks real-world effectiveness and side effects on a modest number of users to decide whether the treatment should move to larger, definitive testing. Investors watch phase 2 results because positive outcomes can sharply increase the likelihood of regulatory approval and future sales, while failures often halt development.

phase 1 trial medical

"Begin enrollment in the ReSPECT-PBC pediatric brain cancer Phase 1 trial"

Phase 1 trial is the first stage of testing a new drug or treatment in humans, focused mainly on safety, tolerability and finding the right dose, usually in a small group of volunteers or patients. For investors it matters because clear safety and dosing results reduce development risk, unlock later, larger trials, and can meaningfully change a biotech’s value and timeline — like a prototype’s maiden test flight that shows whether further investment makes sense.

medicare regulatory

"Obtain Medicare and Medicaid coverage"

Medicare is a large government-run health insurance program that primarily covers people aged 65 and older and certain younger people with disabilities. For investors it matters because Medicare acts like a huge customer and rule-maker for hospitals, drugmakers and medical-device companies—its coverage decisions, payment rates and regulatory policies can change demand, revenue and profit margins across the healthcare sector, similar to how a major client or regulator can shape a business’s prospects.

medicaid regulatory

"Obtain Medicare and Medicaid coverage"

Medicaid is a government-funded health insurance program that provides medical coverage to low-income individuals, families, elderly people and people with disabilities, administered jointly by the federal government and state governments in the United States. For investors, Medicaid matters because changes in eligibility, funding, or payment rules can alter patient volume and the prices hospitals, nursing homes, insurers and medical suppliers receive—similar to how a large customer or contract can shift a company’s revenue outlook.

commercial payor financial

"lives covered under multiple commercial payor agreements"

A commercial payor is a private health insurance company or managed-care organization that pays for medical services and prescription drugs on behalf of employers or individuals. For investors, commercial payors act like large customers or gatekeepers whose coverage rules and negotiated payment rates directly affect a healthcare company’s sales, pricing power and predictability of revenue, so changes in payor policy can materially alter a product’s market value.

AI-generated analysis. Not financial advice.

Expands CNSide Clinical License in State of Pennsylvania

HOUSTON, Jan. 22, 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 provides a business update and highlights REYOBIQ clinical progress and CNSide US commercialization.

“Our 2 key goals in 2026 are CNSide commercial scale-up and REYOBIQ pivotal trial readiness,” said Dr. Marc H. Hedrick, President & Chief Executive of Plus Therapeutics. “Our recently completed upsized $15 million offering will fuel faster progress in these core areas of the business and extend our cash runway through 2027.”

Overview of anticipated company milestones for 2026:

REYOBIQ clinical program:

• Define optimal dose/interval for REYOBIQ in the ReSPECT-LM Phase 2 trial; anticipate reporting data in Q3 2026
• Completing enrollment in the ReSPECT-GBM Phase 2 trial for glioblastoma and conduct an end of phase meeting with the FDA to align on pivotal trial design, with data expected in Q4 2026
• Complete commercial manufacturing scale up for REYOBIQ
• Begin enrollment in the ReSPECT-PBC pediatric brain cancer Phase 1 trial

CNSide commercial roll out:

• Obtain a total of 150 million US lives covered under multiple commercial payor agreements
• Obtain Medicare and Medicaid coverage  
• Achieve a commercial order rate in excess of 1,250 tests per year
• Launch portfolio of additional CSF tumor characterization tests that expand the CNSide testing platform

For additional information, the Company’s corporate presentation can be found here.

Webcast and Conference Call
Plus Therapeutics will host a conference call and webcast today, January 22, 2026, at 9:00 a.m. ET to discuss and provide additional details on the business update. Participants can dial in to the call using 1-888-349-0106. Please dial in 15 minutes prior to the start time and ask to be joined to the Plus Therapeutics, Inc. conference call. A live webcast of the conference call will be available here as well as on the Investor Relations section of the Company’s website at ir.plustherapeutics.com. The webcast will be archived on the website following the completion of the call.

About LM
Leptomeningeal metastases (LM) are a rare but severe complication of advanced cancer, affecting the fluid-lined structures of the central nervous system. LM occurs in approximately 5% of patients with metastatic cancer, with breast cancer, lung cancer, and melanoma being the most common sources. Median survival is typically 2-6 months, and effective treatment options are limited, highlighting the urgent need for novel therapies.

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 $17.6M grant by the Cancer Prevention & Research Institute of Texas (CPRIT). The Company’s ReSPECT-PBC clinical 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.

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.

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 did Plus Therapeutics (PSTV) announce about REYOBIQ timelines on January 22, 2026?

The company expects REYOBIQ dose/interval data in Q3 2026 and ReSPECT-GBM data with FDA alignment in Q4 2026.

How much capital did Plus Therapeutics (PSTV) raise and what is its stated impact?

Plus completed an upsized $15 million offering, which the company says extends cash runway through 2027.

What commercial targets did Plus Therapeutics set for CNSide in 2026?

Targets include coverage for 150 million US lives, Medicare/Medicaid coverage, and >1,250 tests/year.

When is Plus Therapeutics holding its investor call and webcast for the January 22, 2026 update?

The conference call and webcast are scheduled for January 22, 2026 at 9:00 a.m. ET.

Will Plus Therapeutics start pediatric trials for REYOBIQ in 2026?

Yes; the company plans to begin enrollment in the ReSPECT-PBC pediatric Phase 1 trial in 2026.