PSTV enters Houston facility lease with ~3% annual rent increases

Rhea-AI Filing Summary

Plus Therapeutics (PSTV) disclosed a new long-term facility lease in Houston. The company agreed to lease approximately 11,370 rentable square feet at 6420 Levit Green Boulevard, with the lease expected to commence on or about November 1, 2026. The initial term is 120 calendar months.

Monthly base rent starts at $58,745 and increases annually by approximately 3%, plus the company’s share of the building’s direct expenses. This creates a multi-year operating commitment tied to growth and operational needs at the Houston site.

Insights

Lease & Accounting Analyst

Routine long-term lease; fixed cash outflows escalate annually.

Plus Therapeutics entered a Houston lease for 11,370 rentable square feet with a 120‑month initial term. Base rent starts at $58,745 per month and rises by approximately 3% annually, plus direct expense pass-throughs.

Because commencement is on or about November 1, 2026, recognition under lease accounting typically begins then, with straight-line rent likely creating a non-cash rent expense profile over the term. The contract sets predictable occupancy costs but adds a long-duration obligation.

Key items are the annual rent step-ups and shared direct expenses, which will determine total occupancy cost over the 10-year term once the lease commences.

NASDAQ false 0001095981 0001095981 2025-10-16 2025-10-16

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 16, 2025

PLUS THERAPEUTICS, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-34375		33-0827593
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

2710 Reed Road, Suite 160, Houston, Texas 77051

(Address of principal executive offices, with zip code)

(737) 255-7194

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001		PSTV		The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

On October 16, 2025, Plus Therapeutics, Inc. (the “Company”) entered into a lease (the “Lease”) with LG 1 Property Owner LP, pursuant to which the Company has agreed to lease approximately 11,370 rentable square feet of space located at 6420 Levit Green Boulevard, Houston, Texas 77021. The Lease is expected to commence on or about November 1, 2026. The Lease provides for a monthly base rent of $58,745, which increases annually by approximately 3%, plus the Company’s share of the building’s direct expenses. The Lease has an initial term of 120 calendar months.

The foregoing description of the Lease does not purport to be complete and is qualified in its entirety by reference to the full text of the Lease, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Description
10.1†		Lease, dated October 16, 2025, between the Company and LG 1 Property Owner LP.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

† Portions of this document have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 21, 2025

PLUS THERAPEUTICS, INC.
By:		/s/ Marc H. Hedrick, M.D.
		Marc H. Hedrick, M.D. President and Chief Executive Officer

FAQ

What lease did Plus Therapeutics (PSTV) enter in Houston?

The company agreed to lease approximately 11,370 rentable square feet at 6420 Levit Green Boulevard with a 120-month initial term.

When does the PSTV lease commence?

The lease is expected to commence on or about November 1, 2026.

What is the base rent for PSTV’s new lease?

Monthly base rent is $58,745, increasing annually by approximately 3%, plus the company’s share of direct expenses.

How long is Plus Therapeutics’ lease term?

The initial term is 120 calendar months.

Where is the leased space located?

6420 Levit Green Boulevard, Houston, Texas 77021.

Does the rent escalate over time?

Yes. Base rent increases annually by approximately 3%.