Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Earnings call: Plus Therapeutics reports Q3 2023 results, advances in clinical trials, and financial outlook

EditorHari Govind
Published 2023-11-01, 08:50 a/m
Updated 2023-11-01, 08:50 a/m

Plus Therapeutics (NASDAQ:PSTV), during its Third Quarter 2023 Results Conference Call, announced progress in its clinical and regulatory programs, financial health, and future milestones. The company is advancing in its ReSPECT-GBM trial for recurrent glioblastoma (rGBM) and expects to complete Phase II enrollment by the end of 2024. The company reported a net loss of $3.2 million for Q3 2023, with cash and cash equivalents standing at $11 million as of September 30, 2023. It expects to receive $10.2 million in non-dilutive cash grant funding from CPRIT by December 31, 2024, along with additional grants from the NIH.

Key takeaways from the call include:

  • The company's ReSPECT-GBM trial of Rhenium-186 Obisbemeda for rGBM is progressing well, with positive safety data and no dose-limiting toxicities. Efficacy data will be presented at the Society for Neuro-Oncology (SNO) meeting in November.
  • The ReSPECT-LM Phase I/IIa trial for leptomeningeal metastases (LM) is also advancing, with rapid enrollment in Cohort 4 and favorable safety profiles.
  • Plus Therapeutics has acquired the proprietary materials and equipment for the CNSide assay used in the LM trial, following Biocept (OTC:BIOCQ)'s insolvency.
  • The company is planning to initiate a pediatric brain cancer trial and develop its Rhenium-188 nanoliposome biodegradable alginate microsphere (BAM).
  • The company anticipates receiving a $3.3 million advance from CPRIT before reporting its full-year 2023 results, with additional advances in 2024 totaling $10.2 million.
  • The company also expects additional grants from the NIH and forecasts grant revenue of $1 million to $1.5 million in Q4 2023 and $6 million to $7 million for calendar year 2024.
  • Total operating expenses for Q3 2023 decreased by $0.7 million compared to the same period the prior year.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Looking forward, Plus Therapeutics plans to complete enrollment in the Phase II GBM and Phase I LM trials, initiate the Phase II LM trial, and seek FDA IND approval for the Phase I pediatric brain cancer trial. The company is also working towards key development milestones for the 188RNL-BAM device. The company's balance sheet, based on current cash on hand and committed grant funding, provides a runway into 2025.

The company also confirmed that they will continue utilizing the CNSide platform in their LM study, despite Biocept's bankruptcy. They have acquired the necessary protocols and testing kits and may exercise their option for exclusivity in the future. The company concluded the call by expressing gratitude for the questions and interest and stated they will provide further updates soon.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.