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

Rhea-AI Filing Summary

Reporting person: An van Es-Johansson, identified as a Director of PLUS THERAPEUTICS, Inc. (PSTV). Transaction: on 08/13/2025 the reporting person was granted 297,794 stock options with an exercise price of $0.5744. The options vest monthly over 12 months from the grant date in substantially equal installments and vest in full at the issuer's 2026 annual stockholder meeting if the reporting person remains in service. The options expire on 08/12/2035 and the report shows 297,794 underlying common shares beneficially owned following the transaction in a direct ownership form. The Form 4 was signed by an attorney-in-fact.

Positive

• Equity alignment: Director received 297,794 options, aligning incentives with long-term shareholder value through time-based vesting
• Clear vesting schedule: Options vest monthly over 12 months and fully vest at the 2026 annual meeting, providing predictable service-based vesting

Negative

• Potential dilution: Grant represents 297,794 underlying shares that could increase the company’s outstanding share count if exercised
• No disclosure of total outstanding share count: The Form 4 does not state company-wide share totals, limiting assessment of the grant’s proportional impact

Insights

Corporate Governance Expert

TL;DR: Board-level equity grant aligns director incentives with shareholders through time-based vesting, typical for non-employee directors.

This Form 4 documents a time-based equity award to a director consisting of 297,794 options at a $0.5744 exercise price, vesting monthly over one year and accelerating to full vesting at the 2026 annual meeting subject to continued service. From a governance perspective, the structure is standard: multi-year economic exposure is created while requiring continued service to realize value. The filing is informative about dilution potential but does not disclose any acceleration triggers beyond the stated vesting schedule.

Securities Analyst

TL;DR: This is a routine director option grant; watch potential dilution if options are exercised but no immediate cash impact until exercise.

The disclosure shows 297,794 options exercisable at $0.5744 and expiring on 08/12/2035. The options represent future potential issuance of common stock if exercised; the Form 4 records these as directly beneficially owned post-grant. There is no additional information about cash proceeds, hedging, or transfers. The item does not include other changes to outstanding share count or material corporate events.

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
Estimated average burden
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^*

van Es-Johansson An

(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

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 the Form 4 for PSTV report on 08/13/2025?

The Form 4 reports a grant of 297,794 stock options to director An van Es-Johansson with an exercise price of $0.5744 dated 08/13/2025.

What is the vesting schedule for the options reported in the PSTV Form 4?

The options vest in substantially equal monthly installments over 12 months from the grant date and vest in full at the issuer's 2026 Annual Stockholder Meeting if the reporting person remains in service.

When do the options expire according to the Form 4?

The options have an expiration date of 08/12/2035.

How many shares are shown as beneficially owned after the transaction?

The Form 4 shows 297,794 underlying common shares beneficially owned following the reported transaction, held in a direct ownership form.

What is the exercise price of the options reported for PSTV?

The reported exercise (conversion) price is $0.5744 per share.