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

Rhea-AI Filing Summary

PLUS THERAPEUTICS, Inc. (PSTV) reported an equity award to Marc H. Hedrick, its Chief Executive Officer and a director. On 08/13/2025 he was granted stock options to purchase 5,748,506 shares with an exercise price of $0.5744 and an expiration date of 08/12/2035, and 1,916,168 restricted stock units that convert one-for-one into common stock upon vesting. The option grant vests monthly over four years in equal 1/48th installments. The RSUs vest over three years with one-third vesting on the first anniversary and the remaining two-thirds vesting monthly over the following two years.

Positive

• 5,748,506 stock options were granted to Marc H. Hedrick with clear terms including exercise price $0.5744 and expiration 08/12/2035
• 1,916,168 RSUs were awarded that convert one-for-one into common stock upon vesting
• Vesting schedules disclosed: options vest monthly over four years; RSUs vest 1/3 after one year then monthly over two years

Negative

• None.

Insights

Financial Analyst

TL;DR Significant management equity grants were awarded, creating potential future dilution and aligning compensation with long-term equity performance.

The filing documents a large option grant of 5,748,506 shares at an exercise price of $0.5744 expiring in 2035, plus 1,916,168 RSUs. The options vest monthly over four years and the RSUs vest 1/3 after one year then monthly over two years. For valuation and dilution analysis, model the potential share count increase of 7,664,674 total shares if all instruments vest and convert. These awards are time‑based with multi‑year vesting, indicating retention and long‑term alignment objectives embedded in compensation structure.

Corporate Governance Expert

TL;DR CEO and director received time‑based equity awards with multi‑year vesting; disclosure is clear on vesting schedules and instrument terms.

The Form 4 clearly discloses the grant dates, quantities, exercise price, expiration, and vesting schedules for both options and RSUs. The report is filed individually for Marc H. Hedrick and is signed by an attorney‑in‑fact. From a governance and disclosure perspective, the filing meets Form 4 requirements by specifying grant mechanics and ownership form as direct. Further assessment would require company total share count and prior awards to judge materiality relative to shareholder interests.

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^*

HEDRICK MARC H

(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
X	Officer (give title below)		Other (specify below)
	Chief Executive 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		5,748,506		(1)	08/12/2035	Common Stock	5,748,506	$0.00	5,748,506	D
Restricted Stock Units	(2)	08/13/2025		A		1,916,168		(2)	(2)	Common Stock	1,916,168	$0.00	1,916,168	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 RUSs convert into shares of Common Stock upon vesting on a one for one basis.

	/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.
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FAQ

What equity awards did Marc H. Hedrick receive according to the Form 4?

He received 5,748,506 stock options and 1,916,168 restricted stock units (RSUs) on 08/13/2025.

What is the exercise price and expiration date of the options granted to PSTV's CEO?

The options have an exercise price of $0.5744 and expire on 08/12/2035.

How do the options vest as disclosed in the filing?

The options vest over four years in equal 1/48th monthly installments from the grant date.

What are the RSU vesting terms for the 1,916,168 units?

The RSUs vest over three years with 1/3 vesting on the first anniversary and the remaining 2/3 vesting monthly over the next two years.

Who filed the Form 4 and when was it signed?

The Form 4 reports Marc H. Hedrick as the reporting person and is signed by /s/ Andrew Sims, attorney-in-fact on 08/15/2025.