[Form 4] PLUS THERAPEUTICS, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Andrew John Hugh MacIntyre Sims, serving as Chief Financial Officer of PLUS THERAPEUTICS, Inc. (PSTV), reported equity awards granted on 08/13/2025. He received a stock option to purchase 1,379,636 shares at an exercise price of $0.5744 per share, exercisable through 08/12/2035, with the option vesting over four years in equal monthly 1/48th installments. He also received 459,878 restricted stock units (RSUs) that convert one-for-one into common stock upon vesting; the RSUs vest over three years with one-third vesting on the first anniversary and the remaining two-thirds vesting monthly over the next two years. The Form 4 was signed on 08/15/2025 and reports these grants as direct beneficial ownership following the transactions.

Positive

• Multi-year vesting
• Direct beneficial ownership reported, increasing CFO alignment with shareholders
• RSUs convert one-for-one into common stock on vesting, providing guaranteed equity value to the executive

Negative

• Large aggregate awards (1,379,636 options and 459,878 RSUs) could be dilutive depending on total outstanding share count, which is not provided
• Option value requires appreciation above $0.5744 to be realized, creating potential future stock overhang if exercised

Insights

Corporate Governance Expert

TL;DR: Significant executive equity grants align CFO incentives with shareholders but create potential dilution depending on outstanding share count.

The awards reported disclose a sizeable option grant of 1,379,636 shares and 459,878 RSUs to the CFO, both structured with multi-year vesting. From a governance perspective, multi-year vesting schedules encourage retention and long-term focus, while direct beneficial ownership aligns executive and shareholder interests. Materiality for shareholders depends on the company’s total diluted share count, which is not provided here; without that context, the potential dilution and voting impact cannot be quantified. The grants follow standard vesting mechanics and include a 10-year option life to 2035.

Compensation Analyst

TL;DR: The mix of options and RSUs balances upside participation with guaranteed equity value on vesting, typical for senior finance leaders.

The option strike of $0.5744 combined with nearly 1.38M option shares and ~460k RSUs provides both performance upside and retention value. RSUs deliver certain value upon vesting because they convert one-for-one into common stock, while options require stock appreciation above the strike to realize value. The vesting cadence—monthly over four years for options and a one-year cliff then monthly vesting for RSUs—is consistent with standard executive award design. Impact on reported compensation expense and future dilution will be determined in subsequent filings, which are not included here.

08/15/2025 - 04:29 PM

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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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^*

Sims Andrew John Hugh MacIntyre

(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)

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

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		1,379,636		(1)	08/12/2035	Common Stock	1,379,636	$0.00	1,379,636	D
Restricted Stock Units	(2)	08/13/2025		A		459,878		(2)	(2)	Common Stock	459,878	$0.00	459,878	D

Explanation of Responses:

1. The option vest over four years in equal 1/48th increments on each monthly anniversary of the issuance.

2. The Restricted Stock Units (RSUs) awarded on August 13, 2025 vest over three years, with 1/3rd vesting on the first anniversary of the Grant Date and the remaining 2/3rds vesting in equal monthly installments over the following two years. The RSUs convert into shares of Common Stock upon vesting on a one for one basis.

	/s/ Andrew Sims	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

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

The Form 4 was filed by Andrew John Hugh MacIntyre Sims, identified as the company’s Chief Financial Officer.

What equity awards were granted to the CFO on 08/13/2025?

He was granted a stock option for 1,379,636 shares at an exercise price of $0.5744 and 459,878 RSUs, both awarded on 08/13/2025.

How do the awards vest?

The option vests over four years in equal monthly 1/48th installments; the RSUs vest over three years with 1/3 on the first anniversary and the remaining 2/3 monthly over the next two years.

When do the options expire?

The option expiration date is listed as 08/12/2035.

Do the RSUs have a conversion ratio?

Yes, the RSUs convert into common stock on a one-for-one basis upon vesting.