PLUS THERAPEUTICS Director Option Grant: 297,794 Awards

Rhea-AI Filing Summary

Robert P. Lenk, a director of PLUS THERAPEUTICS, Inc. (PSTV), was granted stock options on 08/13/2025. The Form 4 reports acquisition of 297,794 stock options with an exercise price of $0.5744 per share. The filing states the options vest monthly over 12 months from the grant date and vest in full upon the issuer's 2026 Annual Stockholder Meeting, subject to continued service. The Form 4 shows the reporting person holds 297,794 underlying shares following the transaction and is filed by one reporting person. The filing is signed by an attorney-in-fact on behalf of the reporting person.

Positive

• Retention-aligned vesting: Options vest monthly over 12 months and fully at the 2026 Annual Stockholder Meeting, aligning director incentives with the company.
• Clear disclosure: Form 4 provides explicit details on number of options, exercise price, and vesting terms.

Negative

• Potential dilution: Grant of 297,794 options will increase potential shares outstanding if exercised.
• Limited context: Filing does not state total shares outstanding or grant date definition needed to assess relative materiality.

Insights

Financial Analyst

TL;DR: Director received a sizable option grant at a low exercise price, which is a routine retention incentive with modest immediate market impact.

The grant of 297,794 options at $0.5744 is material in absolute share count but must be viewed relative to the company's total shares outstanding to assess dilution; that metric is not provided in the filing. The vesting schedule—monthly over 12 months and full vesting at the 2026 Annual Meeting—aligns incentives to retain the director through next year. No cash proceeds or dispositions are reported and the transaction code indicates acquisition. The filing contains no additional financial performance data or changes to existing holdings beyond this grant.

Corporate Governance Expert

TL;DR: Standard director option grant with time-based vesting; disclosure complies with Section 16 reporting requirements.

The Form 4 properly discloses beneficial ownership change for a director via an option award and includes an explanation of vesting terms. The use of an attorney-in-fact signature is disclosed. The filing does not indicate any performance-based vesting conditions or related-party transactions beyond the director relationship. For governance review, the key missing context is the grant date definition and the company's equity pool size, which are not stated in this filing.

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^*

Lenk Robert P

(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 PSTV director Robert P. Lenk acquire on 08/13/2025?

The Form 4 reports acquisition of 297,794 stock options with an exercise price of $0.5744 per share.

What are the vesting terms of the options reported for PSTV?

The options vest monthly over 12 months from the grant date and vest in full at the issuer's 2026 Annual Stockholder Meeting, subject to continued service.

How many shares does the reporting person beneficially own after the transaction?

The filing reports 297,794 underlying shares beneficially owned following the reported transaction.

Who filed the Form 4 for Robert P. Lenk?

The Form 4 was filed by one reporting person and the document is signed by an attorney-in-fact on behalf of the reporting person.

What is the exercise price of the options granted to the director?

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