Plus Therapeutics (PSTV) Director Option Grant — 397,794 Shares

Rhea-AI Filing Summary

Richard J. Hawkins, a director of Plus Therapeutics, Inc. (PSTV), reported receipt of a stock option grant on 08/13/2025. The award is a stock option with an exercise price of $0.5744 covering 397,794 underlying shares. Following the reported transaction, the reporting person beneficially owns 397,794 shares on a direct basis. The option vests monthly over 12 months from the grant date and will vest in full at the issuer's 2026 annual stockholder meeting, subject to continued service. The option has an expiration date shown as 08/12/2035. The Form 4 was signed by an attorney-in-fact, Andrew Sims, on 08/15/2025.

Positive

• Alignment of interests: Time-based vesting ties the director's compensation to continued service and shareholder outcomes.
• Transparent reporting: The Form 4 discloses option terms, quantity, strike price, vesting schedule, and ownership form.

Negative

• Potential dilution: Grant of 397,794 options could dilute existing shareholders if exercised.
• No performance conditions disclosed: Vesting is service-based only, not tied to operational or financial milestones.

Insights

Financial Analyst

TL;DR: A director received a sizable option grant (397,794 shares) at a low strike, increasing potential dilution but aligning incentives.

The grant of 397,794 options at a $0.5744 exercise price represents meaningful equity compensation for a director relative to typical board awards for smaller companies. The monthly vesting over 12 months, with full vesting tied to the 2026 annual meeting, ties rewards to continued service and near-term shareholder outcomes. This is a compensation-related disclosure rather than an open-market purchase or sale. Investors should note the direct beneficial ownership reported equals the number of options granted under the Form 4, and the option term extends to the mid-2030s, allowing long-term optionality for the holder.

Corporate Governance Expert

TL;DR: The filing documents a routine director option award with time-based vesting and an attorney-in-fact signature.

The structure—monthly vesting over 12 months and accelerated full vesting at the next annual meeting—appears designed to retain the director through an upcoming corporate milestone. The filing is properly reported on Form 4 with direct beneficial ownership disclosed. The use of an attorney-in-fact to sign the form reflects standard administrative handling of filing logistics. There is no disclosure of performance-based vesting conditions in this filing; vesting is service-based.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Hawkins Richard J

(Last) (First) (Middle)

C/O PLUS THERAPEUTICS INC.

4200 MARATHON BOULEVARD, SUITE 200

(Street)

AUSTIN TX 78756

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PLUS THERAPEUTICS, INC. [ PSTV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/13/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$0.5744	08/13/2025		A		397,794		(1)	08/12/2035	Common Stock	397,794	$0.00	397,794	D

Explanation of Responses:

1. The options vest monthly over 12 months from the Grant Date in substantially equal monthly installments, provided that the options vest in full on the Issuer's 2026 Annual Stockholder Meeting, subject to the Reporting Person's continued service to the Issuer through each applicable vesting date or, if earlier, such annual meeting.

	/s/ Andrew Sims, attorney-in-fact	08/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Richard J. Hawkins report on the Form 4 for PSTV?

The Form 4 reports a stock option grant of 397,794 shares with an exercise price of $0.5744, dated 08/13/2025, with direct beneficial ownership of 397,794 shares.

When do the options vest and when do they expire?

The options vest monthly over 12 months from the grant date and vest in full at the issuer's 2026 annual stockholder meeting; the option expiration date is shown as 08/12/2035.

How is ownership reported on this Form 4 for PSTV?

Ownership is reported as direct (D), with 397,794 shares beneficially owned following the transaction.

Who signed the Form 4 and when?

The Form 4 was signed by an attorney-in-fact, Andrew Sims, on 08/15/2025.

Does the filing disclose any performance-based vesting conditions?

No. The filing discloses only time-based vesting (monthly over 12 months and full vesting at the 2026 annual meeting).