Plus Therapeutics expects cash to fund operations to 2H25

Plus Therapeutics announced financial updates and guidance for 2024. Plus is currently in the second year of a Cancer Prevention and Research Institute of Texas award totaling $17.8 million. The grant funds are advances on future spend and received based on hitting certain milestones. The $3.3 million payment is the first advance for the second year of the award. The Company forecasts an additional $6.9 million in grant revenue during the 2024 calendar year. Furthermore, the Company currently has a debt facility with Oxford Finance LLC. The remaining balance of the facility is $0.7 million as of YE 2023 with a $3.3 million deferred interest payment due in June 2024. The new facility carries a lower interest rate and principal payment flexibility allowing for principal payments to be deferred into 2025 and beyond and is expected to close in January 2024. To date, the Company has received $7 million from CPRIT and, in 2024, anticipates receiving an additional $6.9 million, $3.3 million in Q2 and $3.6 million in Q4, as part of the planned cadence of award payments. The Company reported $11.0 million in cash as of September 30, 2023. The Company believes that the award payment together with its cash on hand provide sufficient runway to fund operations to the second half of 2025. Plus’ grant from CPRIT provides for funding over the three-year grant period which began on August 31, 2022, and covers the majority of the development costs of the Company’s lead investigational targeted radiotherapeutic, rhenium obisbemeda, for the treatment of patients with leptomeningeal metastases.