r/Plus_Therapeutics

I was digging through the actual ISPOR presentation database and found more than just the original headline about up to 40% cost reduction.

This is where it gets interesting.

The presentation appears to frame CNSide not only around lowering healthcare costs, but also around improving patient outcomes and quality of life measurements used by payers. That matters because reimbursement discussions are not only about “does it work?” but also “does it improve care while lowering costs?”

Some points that stood out:

Up to 40% reduction in LM related healthcare costs

LM care costs can exceed $100,000 per month in advanced cases

Median inpatient admissions around $20,000

Discussion around QALY measurements which are commonly used in payer and reimbursement analysis

This is not new REYOBIQ efficacy data and this is not an OS update, so I want to be clear about that.

But if CNSide can potentially improve detection, reduce healthcare burden, and support better patient outcomes, that starts becoming a broader commercialization story rather than simply a diagnostic test story.

Clinical data moves stocks. Reimbursement and adoption can build businesses.

Just my thoughts after digging through the ISPOR material.

Source / ISPOR presentation:

https://www.ispor.org/heor-resources/presentations-database/presentation-cti/ispor-2026/poster-session-1-4/economic-impact-of-earlier-detection-and-therapeutic-management-of-leptomeningeal-metastases-using-cnside-a-cost-of-care-analysis

did you guys see this :
https://www.sec.gov/Archives/edgar/data/1095981/000119312526228917/xslF345X06/ownership.xml

https://www.sec.gov/Archives/edgar/data/1095981/000119312526228919/xslF345X06/ownership.xml

https://www.sec.gov/Archives/edgar/data/1095981/000119312526228922/xslF345X06/ownership.xml

https://www.sec.gov/Archives/edgar/data/1095981/000119312526228926/xslF345X06/ownership.xml

https://www.sec.gov/Archives/edgar/data/1095981/000119312526228929/xslF345X06/ownership.xml

https://www.sec.gov/Archives/edgar/data/1095981/000119312526228930/xslF345X06/ownership.xml

https://www.sec.gov/Archives/edgar/data/1095981/000119312526228933/xslF345X06/ownership.xml

From “Google”

Ephemeral Technologies, Inc. is a private company and does not have its own stock ticker symbol.
However, you can track its recent public-market exposure through its strategic partner, Plus Therapeutics, Inc., which trades on the Nasdaq under the ticker symbol PSTV

Partnership to deliver a novel AI-native integrated CNS oncology platform

Platform will unify and analyze Plus' proprietary therapeutic, diagnostic, and bioinformatics datasets to accelerate precision neuro-oncology

HOUSTON, May 19, 2026 (GLOBE NEWSWIRE) -- Plus Therapeutics, Inc. (NASDAQ:PSTV) (the "Company"), a clinical-stage pharmaceutical company developing targeted radiotherapeutics for central nervous system (CNS) cancers, today announces that it has signed an agreement to enter into a strategic partnership with Ephemeral Technologies ("Ephemeral") to deliver a unique AI execution platform for CNS oncology. The AI execution platform is designed to integrate, organize, and derive actionable intelligence from longitudinal therapeutic, diagnostic and bioinformatic data sets generated across Plus' CNS oncology technology programs.

Anyone see anything positive to come out of ISPOR? I know PSTV is presenting CNSide.

If you monitor the main online trading forums or micro-cap message boards, the dominant narrative is elementary and entirely driven by emotion: "They issued a Going Concern warning in their latest quarterly report, immediate cash is depleted, they will launch an offering tomorrow and wipe out everyone." This is the superficial analysis of those who stop at the first line of a balance sheet without understanding the financial engineering and game theory governing the relationship between management and institutional funds. Let's look at a cold, clear, and purely mathematical breakdown of the actual corporate situation.
1. The Myth of the Depleted Cash: Untangling Working Capital
The retail market saw the Cash and cash equivalents line item sit at around $3 million and assumed an imminent collapse. This reading completely ignores the structure of the company’s current assets.
The latest quarterly filing highlights over $12 million allocated in Short-term investments (highly liquid short-term securities). Total usable liquid capital sits at approximately $15 million.
While the net operational cash burn for the quarter was high (over $6 million), a rigorous breakdown of General and Administrative (G&A) expenses reveals about $2.4 million in one-time costs purely tied to extraordinary corporate actions at the beginning of the year (banking fees, legal expenses for the reverse split, and administrative charges). Stripped of these non-recurring items, the structural burn rate stabilizes at a much more manageable level. The Going Concern note is a mandatory legal disclosure under regulatory rules when financial runway drops below 12 months; it is not an announcement of imminent insolvency.
2. The Market's Blind Spot: CNSide and "Fully Reserved" Revenue
The market is treating the diagnostic division as a static cost center, completely missing a critical accounting detail tucked inside the financial statements.
Revenues from the CNSide diagnostic test were classified as "fully reserved" in the latest quarter due to accounting conservatism. This means the company has already incurred and paid all operational costs to run the tests, but could not yet record the actual cash revenue on the balance sheet because official government reimbursement approvals and major insurance coverages were finalized after the quarter had already closed.
What does this mean for the coming months?
• With the activation of the permanent unique billing code, these "frozen" cash flows will start hitting the operational stream directly.
• Upon reaching the company's projected annualized test target, CNSide is capable of generating high-margin, recurring revenue that can independently cover a significant portion of the company's operating expenses, progressively knocking down the overall burn rate without relying on new equity.
3. The Logic of Financial Efficiency: Equity Offering vs. The Warrant Alignment
Management has secured the necessary authorizations to issue new shares, and the temporary lock-up restriction has expired. The right question to ask is: does launching a public offering at current prices ahead of clinical data make sense? No, it is financially inefficient.
Let’s contrast the pure logic of both scenarios:
Scenario A: Immediate Public Offering (Destructive)
Executing a capital raise at open market prices right now to secure the liquidity needed for the upcoming year would require issuing a massive amount of new shares into a post-split float that is currently microscopic. This would trigger immediate toxic dilution, break the stock's technical setup, and crush the intrinsic value of the pipeline right on the eve of the scientific data presentation.
Scenario B: The "Warrant Playbook" (The Institutional Endgame)
The primary institutional funds that entered the capital structure hold structured warrants with a post-split strike price positioned significantly higher than current market values (around $9.50). At this current market price, those warrants are out-of-the-money (worthless paper).
The logic of financial arbitrage for the "smart money" dictates a different sequence:
1. Removing the Pressure: Institutional funds, which typically open short positions as a hedge (delta hedging) to protect their derivative packages, ease up on aggressive shorting pressure as the major clinical catalyst approaches.
2. The Spring Effect (Low Float): With a real float shrunk to bare minimums and a significant short interest sitting in the open market, the absence of aggressive institutional selling allows retail FOMO and momentum traders to generate a violent, vertical upward push.
3. Monetizing at the Strike: Driving the stock price toward the warrant zone reactivates the value of these contracts. Exercising the warrants (or a potential renegotiation/repricing agreed upon at intermediate levels) injects millions of dollars in cash directly into corporate coffers, healing the balance sheet cleanly and efficiently, without the trauma of a traditional discounted offering.
4. Conclusion
The company is not in the desperate position of having to fire-sale its capital tomorrow morning just to maintain business continuity. The current financial structure was engineered in the preceding months precisely to bridge the pipeline to this month's clinical data presentation.
Management has no economic incentive to penalize the stock before playing the scientific catalyst card. Pure financial logic dictates leveraging the momentum, reigniting the value of structured warrants, and executing any capital optimization at the peak of volume and market attention. For those evaluating the stock with cold detachment, the imbalance between currently shorted shares and the institutional necessity to revalue the warrants defines a highly compressed technical structure.

Highbridge Capital just filed a 13G disclosing a 7.1% stake in Plus Therapeutics via warrants (13.1M shares). Institutional money is paying attention.

This is a pre-revenue clinical-stage company burning cash fast. Progress on milestones is real, but the cash runway is tight and continued dilutive raises appear likely.​​​​​​​​​​​​​​​​

Damn its going downnnn
Anyone knows the reason???

People are starting to miss the bigger picture here.

Look at what is already being shown with REYOBIQ.

For recurrent GBM, historical therapies such as bevacizumab based approaches have often shown median overall survival in roughly the 7 to 10 month range, while PSTV has already reported approximately 17 months median overall survival in patients receiving ≥100 Gy. That is approaching 2x historical survival ranges and is not something you casually ignore.

Now look at LM.

LM is one of the most devastating CNS conditions with historical survival often around 2 to 6 months, and PSTV has already reported approximately 9 months median overall survival at the recommended Phase 2 dose. Depending on the comparison used, that represents a meaningful improvement versus historical outcomes.

And here is the part many seem to overlook…

This is not even including the ongoing Phase 2 strategy involving multiple doses.

The GBM data discussed above came from earlier findings, and LM has moved into a multidose design intended to optimize therapeutic exposure. Nobody can claim improved survival yet because the data still has to mature, but if increased and sustained exposure translates into better outcomes, the upside becomes very interesting.

Then add everything else around it:

CNSide reimbursement progress

Medicare enrollment progress

Manufacturing scale up already underway

FDA discussions involving overall survival and accelerated approval pathways

Diagnostics and therapeutics under one roof

At some point the discussion changes from “Can PSTV survive?” to “How big can PSTV become if the data continues holding up?”

Not financial advice. Just connecting publicly available information.

CNSide keeps advancing commercially. Medicare enrollment is now complete, they secured the PLA billing code, added Blue Shield of California, and are now at roughly 81M covered lives. They also reaffirmed the goal of exceeding 150M covered lives in 2026. That side of the business is clearly moving forward.

REYOBIQ also continues progressing across LM, GBM, and pediatric brain cancer.

One thing that really stood out to me was the FDA Orphan Drug Designation update. PSTV originally requested designation for pediatric malignant gliomas, but the FDA actually broadened the designation beyond what the company requested to also include progressive pediatric ependymoma.

That is not something the FDA had to do.

To me, that suggests the agency may see broader potential applicability for REYOBIQ across pediatric CNS tumors and highlights the level of unmet need in these indications. It does not guarantee approval obviously, but I do think it was an important detail in the release that Some people may overlook.

They also continue scaling manufacturing with SpectronRx added as a second GMP site. Small biotechs usually do not invest heavily into commercial manufacturing readiness unless they believe they have a real path forward.

The company also reaffirmed constructive FDA feedback and continued pivotal-trial readiness language.

Most importantly in my opinion: LM data is expected in Q3 2026.

If LM shows strong survival improvement again, I think the market could begin seriously re-rating PSTV well before GBM data even arrives. A move back above the $9.50 warrant level would obviously become a major point of interest because warrant exercises could potentially bring in substantial additional capital, potentially extending runway further into 2027 without the company immediately needing another financing.

Cash burn is still real of course. Operating expenses increased as they expanded CNSide commercialization and continued Phase 2 execution. This is still a clinical-stage biotech, so execution matters.

GBM timing also appears to have shifted slightly from prior expectations. Earlier investor expectations were leaning toward late 2026 data, while today’s release now guides GBM data into Q1 2027. Personally, I do not view that as thesis-breaking, but it is fair to acknowledge it.

Overall though, today’s update still looked more like a company actively building toward commercialization and pivotal readiness rather than one slowing down.

Everyone's super quiet today? Did a big news drop it something?

I really thought good news usually helps these biotech stocks, but I feel as there is just no coverage around anything these guys do. Maybe the powers at be are trying to purposefully manipulate things to make it an attractive price currently and then start hoarding when they get proper fda approval news. I’m just gonna hold my 2,000 shares and see you guys again in 2028! Good luck, don’t get down on yourself, you made a good decision investing in this, it’s just gonna way longer than expected, me thinks.

Out of curiosity, who will be attending the meeting tomorrow? And what do you think the talking points will be about?

Have you guys seen this video? I’m curious about what Marc said at the end.

The interviewer asked:

"...anything else last comments you want to say to any, you know, potential partners, investors or life science folks who might be listening today?"

Marc Hedrick responded:

"I'll just close by, you know, if you look at our website, you'll see the version of the company two years ago. So, you know, very soon we'll be doing a major sort of update of that and our messaging and so forth. and it's largely around what we talked about today. So, you're getting a sneak peek of what's coming."

Any thoughts on how a good earnings report for PSTV will look? I’m hoping to see revenue growth on the CNside side of things.

Plenary session at AANS underscores REYOBIQ’s potential as a differentiated targeted radiotherapeutic platform for CNS cancers

HOUSTON, Texas, May 08, 2026 (GLOBE NEWSWIRE) -- Plus Therapeutics, Inc. (Nasdaq: PSTV) (“Plus” or the “Company”), a healthcare company developing and commercializing precision diagnostics and radiopharmaceuticals for central nervous system (CNS) cancers, today announces a plenary session reviewing key clinical and translational data, including the Phase 1 ReSPECT-LM trial of REYOBIQ™ (rhenium Re186 obisbemeda) was presented at the 2026 American Association of Neurological Surgeons (AANS) Annual Scientific Meeting taking place May 1-4, 2026 in San Antonio, Texas.

“This oral plenary session, which reviewed data collected to date, and included an overview of the ReSPECT-LM single dose escalation study, is an important validation of the clinical and translational evidence supporting REYOBIQ as a differentiated therapeutic approach for patients with leptomeningeal metastases, a devastating condition with no FDA-approved therapies. AANS is an important congress, and we are encouraged by these data being featured in such a prominent part of the conference,” said Eric J. Daniels, M.D., M.B.A., Plus Therapeutics Chief Development Officer. “We continue to believe strongly in the potential of REYOBIQ in the clinical setting as we continue the ongoing multiple dose trial.”

The oral presentation, titled, “¹⁸⁶Rhenium-Nanoliposomes (¹⁸⁶RNL) for the Treatment of Leptomeningeal Metastases: Translational Insights from Clinical and Preclinical Models,” was delivered by Henriette U. Balinda, PhD, of UT Health San Antonio in a Plenary Session on Saturday, May 2, 2026.

Key Data Highlights

The Presentation highlighted the completed Phase 1 ReSPECT-LM study demonstrating:

Encouraging survival outcomes, with median overall survival of approximately 9 months in patients treated at the recommended Phase 2 dose, compared to historical survival of approximately 2–6 months

Robust anti-tumor activity, including high rates of circulating tumor cell (CTC) reduction and clinical benefit across evaluable patients

Favorable safety and tolerability profile, supporting advancement into later-stage clinical development
Highly targeted radiation delivery, with a target-to-off-target absorbed dose ratio exceeding 100:1, minimizing exposure to healthy tissue

In addition, translational analyses presented in the session demonstrate that REYOBIQ may induce immune remodeling within the tumor microenvironment, including activation of CD8+ T cells and enhancement of anti-tumor immune response, supporting potential future combination strategies with immunotherapies.

Currently, the ReSPECT-LM Phase 1 Multiple Dose trial is underway and enrolling patients at the University of Texas Health San Antonio. The primary objectives include characterizing safety and tolerability of multiple doses at defined intervals of REYOBIQ for patients of any primary solid tumor cancer with LM.