PLUS THERAPEUTICS Form 4: 297,794 options awarded to director

Rhea-AI Filing Summary

PLUS THERAPEUTICS, Inc. (PSTV) director Howard Clowes was reported as the recipient of a stock option grant. The Form 4 shows a grant of 297,794 stock options at an exercise price of $0.5744, with a transaction date of 08/13/2025.

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. Following the reported transaction, the reporting person beneficially owns 297,794 shares/options on a direct basis.

Positive

• Equity award disclosed: Grant of 297,794 stock options is explicitly reported
• Clear vesting schedule: Options vest monthly over 12 months and fully at the 2026 Annual Stockholder Meeting

Negative

• None.

Insights

Financial Analyst

TL;DR: Director granted 297,794 options at $0.5744, vesting over 12 months and fully by the 2026 Annual Meeting.

The Form 4 documents a non-derivative underlying position created by a stock option award dated 08/13/2025. Key numeric facts: 297,794 options, $0.5744 exercise price, direct ownership after grant 297,794. The vesting schedule is explicit: monthly over 12 months with full vesting at the 2026 Annual Stockholder Meeting contingent on continued service. From a capital-structure viewpoint the filing simply records the grant and direct beneficial ownership; it does not disclose any exercises, sales, or changes to other holdings.

Corporate Governance Expert

TL;DR: Report discloses a standard director option grant with time-based vesting and continued-service condition until the 2026 meeting.

The filing identifies Howard Clowes as a director and the sole reporting person for this Form 4. The explanation clarifies vesting mechanics: monthly installments over 12 months and acceleration to full vesting at the 2026 Annual Stockholder Meeting if service continues. The document is a routine Section 16 disclosure of a compensatory equity award and lists no amendments or other transactions. No additional governance actions or departures are described 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^*

Clowes Howard

(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 Howard Clowes report on the Form 4 for PSTV?

The Form 4 reports a grant of 297,794 stock options to Howard Clowes dated 08/13/2025 with an exercise price of $0.5744.

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

The filing shows 297,794 options at an exercise (conversion) price of $0.5744.

When do the reported options for PSTV vest?

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?

Following the reported transaction the reporting person beneficially owns 297,794 shares/options on a direct basis.

What is the reporting person's relationship to PLUS THERAPEUTICS (PSTV)?

The Form 4 indicates the reporting person, Howard Clowes, is a Director of PLUS THERAPEUTICS, INC.