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Plus Therapeutics reported 2025 results that combine larger losses with a much stronger balance sheet and strategic progress in CNS cancer programs. Grant revenue was $5.2 million for the year, while net loss widened to $22.4 million, or $(0.29) per basic share, compared with a $13.0 million loss in 2024.
Cash, cash equivalents and investments rose to $13.1 million as of December 31, 2025, up from $3.6 million a year earlier, helped by an upsized public offering that generated $15 million in gross proceeds and additional equity sales. The company is prioritizing CNSide commercial scale-up and pivotal trial readiness for its REYOBIQ radiotherapeutic.
Operationally, Plus Therapeutics secured an AMA Category III CPT code for REYOBIQ delivery, expanded CNSide laboratory licensing to 49 U.S. states, and added national coverage agreements that extend CNSide test policy coverage to about 67 million people. For 2026, it targets key REYOBIQ clinical milestones, expanded payer coverage to more than 150 million covered lives, and CNSide Diagnostics breakeven by 2027.
PLUS THERAPEUTICS, INC. reported that Chief Financial Officer Andrew John Hugh MacIntyre acquired equity awards consisting of restricted stock units and stock options. He received 349,542 Restricted Stock Units, each representing a contingent right to one share of common stock, and 349,541 stock options with a right to buy common stock.
The RSUs vest in substantially equal 1/12th increments over twelve quarters, beginning on April 1, 2026 with the remaining portions vesting quarterly thereafter. The options vest over four years in substantially equal 1/48th monthly increments on each monthly anniversary of grant and also vest upon a change of control in accordance with his employment agreement.
HEDRICK MARC H reported acquisition or exercise transactions in this Form 4 filing.
PLUS Therapeutics reported that Chief Executive Officer Marc H. Hedrick received new equity awards. He was granted 2,419,582 Restricted Stock Units, each representing one share of common stock, and 2,419,582 stock options with a right to buy common shares.
The RSUs vest in twelve equal quarterly installments, starting with the first 1/12th on April 1, 2026 and continuing quarterly thereafter. The stock options vest in 48 equal monthly installments over four years, and also vest upon a change of control as provided in his employment agreement.
Plus Therapeutics updated its executive pay disclosure by adding 2025 discretionary cash bonuses for its named executive officers. The Compensation Committee approved these bonuses on February 9, 2026, completing the previously incomplete 2025–2024 summary compensation table originally referenced in a Form S-1 registration statement.
For 2025, President and CEO Marc H. Hedrick, M.D. received total compensation of $5,566,732, including a $585,000 salary, option awards valued at $3,531,841, restricted stock awards of $1,100,647, non-equity incentive plan compensation of $305,663, and other compensation of $43,581. Chief Financial Officer Andrew Sims received 2025 total compensation of $1,631,279, including a $390,000 salary, option awards of $810,388, restricted stock awards of $264,154, non-equity incentive plan compensation of $149,175, and other compensation of $17,562. Former Chief Medical Officer Norman LaFrance, M.D., who stepped down on June 11, 2024, shows no 2025 compensation, with 2024 total compensation of $285,912.
CVI Investments, Inc. and Heights Capital Management, Inc. filed a Schedule 13G reporting beneficial ownership of 12,368,423 shares of Plus Therapeutics, Inc. common stock, representing 6.9% of the outstanding shares. All reported shares are held with shared voting and shared dispositive power, with no sole voting or dispositive authority. Heights Capital Management acts as investment manager to CVI Investments and may be deemed a beneficial owner, but both parties disclaim beneficial ownership beyond their pecuniary interest. The ownership percentage is based on 178,371,232 shares outstanding as indicated in a Plus Therapeutics prospectus filed on January 14, 2026. The filers certify that the securities are held without the purpose or effect of changing or influencing control of Plus Therapeutics.
Plus Therapeutics, Inc. filed a current report noting that it has updated its corporate investor presentation for use in meetings with investors, analysts, and other stakeholders. The updated materials are provided as an exhibit labeled an investor presentation as of January 22, 2026.
The company indicates that these slides are intended to support discussions about its business with the financial community and others by providing a refreshed overview in a single document.
Plus Therapeutics, Inc. completed an underwritten public offering of 39,473,684 shares of common stock and 39,473,684 warrants at a combined public offering price of $0.38 per share and warrant, generating approximately $13.3 million in net proceeds after underwriting discounts, commissions and expenses. The company also granted the underwriter a 30-day option to buy up to an additional 5,921,052 shares, additional warrants to purchase up to 5,921,052 shares, or a combination, and the underwriter exercised this option for additional warrants to purchase 5,921,052 shares. Each warrant is immediately exercisable at $0.38 per share and expires five years from issuance, and the company expects to use the net proceeds for working capital and general corporate purposes. The company and its directors and executive officers agreed to 45-day lock-up restrictions, and the company agreed to avoid variable rate transactions for 120 days after the final prospectus date.
Plus Therapeutics, Inc. has filed an S-1 to offer 22,321,429 units and 22,321,429 pre-funded units, each tied to one share (or pre-funded warrant) and one warrant, in an underwritten transaction. The assumed public offering price is $0.56 per unit, based on the January 6, 2026 Nasdaq closing price of the common stock, and each warrant is expected to have a $0.56 exercise price and a five-year term. The company is also registering the shares of common stock underlying the warrants and pre-funded warrants and has granted the underwriter an over-allotment option for up to 3,348,214 additional shares, pre-funded warrants and/or warrants. As of January 2, 2026, 138,897,548 shares of common stock were outstanding. The company highlights substantial net losses, going-concern doubt, dependence on additional financing, and the risk of Nasdaq delisting, alongside significant potential dilution and limited liquidity for the non-listed pre-funded warrants and warrants.