Plus Therapeutics, Inc. Q1 FY2024 earnings call

• Closed a private placement financing for an aggregate proceeds of up to $19.25 million on May 9, 2024. • Received a $3 million grant from the U.S. Department of Defense for a Phase I/II trial for pediatric patients with high-grade glioma and ependymoma. • Updates on clinical programs: ReSPECT-LM Phase I Dose Escalation basket trial enrollment progress, GBM trial enrollment, acquisition of CNSide platform, pediatric brain cancer program updates, and work on rhenium 188/186 nanoliposome biodegradable alginate microsphere. • Focus on building a supply chain for pivotal trials and commercialization, including selecting a third GMP manufacturing partner and expanding radiation services capability.

Cash balance at March 31, 2024 was $3 million, compared to $8.6 million at December 31, 2023. Grant revenue in the first quarter of 2024 was $1.7 million, up from $0.5 million in the first quarter of 2023. Total operating loss for the first quarter of 2024 was $3.3 million, down from $4.8 million in the same period of 2023. Net loss per share for the first quarter of 2024 was $0.75 per share, compared to $2.07 per share for the same period the prior year.

• Anticipate presenting updated enrollment and safety data at SNO/ASCO meeting in August 2024 and full data set from Phase I trial at SNO Annual Meeting in November 2024. • Plan to provide FDA feedback on ReSPECT-LM Type C meeting and ReSPECT-PBC investigational new drug application. • Aim to complete ReSPECT-LM Phase I dose escalation trial enrollment this year and determine recommended Phase II doses. • On track to file at least $10 million of new grant applications in 2024.

Q: What are current thoughts on development timelines for rhenium obisbemeda in GBM versus LM?

A: Marc Hedrick stated LM development timeline could mean approved product prior to GBM, with LM potentially first to market. Norman LaFrance added LM has shown positive efficacy signal in Phase I dose escalation, accelerating development.

Q: Is there an opportunity to expand the $3 million DoD grant beyond Phase 1 funding for pediatric brain cancer?

A: Norman LaFrance said there are opportunities to expand, but details couldn't be commented on.

Q: Qualitative differences in data presented at different meetings for ReSPECT-LM?

A: Marc Hedrick explained SNMMI presentation will have data already presented and dose imagery, SNO/ASCO in August will be update of enrollment and safety, with SNO in November having more definitive data.

Q: Dosing regimen for pediatric study?

A: Norman LaFrance said protocol approved in principle, with dosing comparable to LM, and pediatric trial protocol near finalization.