PSTV Form 4: 337,794 Options Granted to Director, Vesting Through 2026

Rhea-AI Filing Summary

Plus Therapeutics director received option awards totaling 337,794 shares on 08/13/2025. The grants consist of a 297,794-option award and a 40,000-option award, both with an exercise price of $0.5744 per share and an expiration date of 08/12/2035. The larger award vests monthly over 12 months but accelerates to full vesting at the issuer's 2026 annual meeting if the reporting person remains in service; the smaller award vests monthly over 24 months. The filing was reported by an attorney-in-fact and reflects beneficial ownership of 337,794 underlying shares following the transactions.

Positive

• Alignment with shareholders: Options link director incentives to long-term share performance via multi-year vesting.
• Retention-focused vesting: Acceleration to full vesting at the 2026 annual meeting may promote continuity through a key corporate milestone.

Negative

• Potential dilution: 337,794 underlying shares could increase share count if exercised, affecting existing shareholders.
• Concentrated grant to a director: Size of combined awards may be larger than routine annual grants depending on peer practices (peer context not provided).

Insights

Securities Analyst

TL;DR: Director option grants totaling 337,794 shares at $0.5744 signal standard equity compensation with time-based vesting and a single-meeting acceleration clause.

The awards align executive/director incentives with shareholder value by using long-dated options that vest over 12 and 24 months. The 12-month schedule with acceleration at the 2026 annual meeting could encourage retention through that date. From an investor-materiality perspective this is routine director compensation and likely not materially dilutive given the single grant disclosure, but it increases potential future share issuance if exercised.

Corporate Governance Expert

TL;DR: Compensation structure is conventional but includes an acceleration feature tied to the annual meeting, which is notable for retention motives.

The form shows clear time-based vesting mechanics and an acceleration provision for the larger grant, a common retention tool. Important governance considerations are disclosure completeness and whether similar grants were made to peers; this filing alone does not indicate governance concerns or departures from market practice.

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

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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^*

Guse Kyle

(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		297,794		(1)	08/12/2035	Common Stock	297,794	$0.00	297,794	D
Stock Option (Right to Buy)	$0.5744	08/13/2025		A		40,000		(2)	08/12/2035	Common Stock	40,000	$0.00	40,000	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.

2. The options vest monthly over 24 months from the Grant Date in substantially equal monthly installments.

	/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.
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FAQ

What option awards did PLUS THERAPEUTICS director receive in the Form 4 (PSTV)?

The director was granted two stock option awards totaling 337,794 options: 297,794 options and 40,000 options, each with an $0.5744 exercise price.

When do the PLUS THERAPEUTICS (PSTV) options vest and expire?

The 297,794-option grant vests monthly over 12 months with full vesting at the 2026 annual meeting; the 40,000-option grant vests monthly over 24 months. Both expire on 08/12/2035.

How many shares are beneficially owned after the reported transactions for PSTV?

Following the reported transactions the filing shows beneficial ownership of 337,794 underlying shares.

What is the exercise price of the options reported in the PSTV Form 4?

The exercise (conversion) price for both option awards is $0.5744 per share.

Who filed the Form 4 for PLUS THERAPEUTICS (PSTV)?

The Form 4 was signed by /s/ Andrew Sims, attorney-in-fact on behalf of the reporting person and dated 08/15/2025.