普莱思疗法有限公司2025年季度报告

(Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedSeptember 30,2025 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 PLUS THERAPEUTICS, INC. (Exact name of registrant as specified in its charter) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject tosuch filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting companyor an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerginggrowth company” in Rule 12b-2 of the Exchange Act. Accelerated Filer☐Smaller reporting company☒Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financing accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒As of October 29, 2025, there were137,429,055shares of the registrant’s common stock outstanding. PLUS THERAPEUTICS, INC. Table of Contents Item 1.Consolidated Financial Statements (Unaudited)4Condensed Consolidated Balance Sheets4Condensed Consolidated Statements of Operations5Condensed Consolidated Statements of Stockholders’ Equity/(Deficit)6Condensed Consolidated Statements of Cash Flows7Notes to Condensed Consolidated Financial Statements8Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations25Item 3.Quantitative and Qualitative Disclosures about Market Risk37Item 4.Controls and Procedures37PART II.OTHER INFORMATIONItem 1.Legal Proceedings37Item 1A.Risk Factors37Item 2.Unregistered Sales of Equity Securities and Use of Proceeds39Item 6.Exhibits41 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this “Quarterly Report”) and the exhibits incorporated herein by reference contain“forward-looking statements” which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933,as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements other than statements of historicalfactconstitute“forward-looking statements.”These forward-looking statements do not constitute guarantees of futureperformance. These forward-looking statements may be identified by terms such as “intend,” “expect,” “project,” “believe,”“anticipate,” “initiate,” “will,” “should,” “would,” “could,” “may,” “designed,” “potential,” “evaluate,” “hypothesize,”“plan,” “progressing,” “proceeding,” “exploring,” “opportunity,” “hopes,” “suggest,” and similar expressions, or the negativeof such expressions. Such statements are based upon certain assumptions and assessments made by our management in light oftheir experience and their perception of historical trends, current conditions, expected future developments and other factors theybelieve to be appropriate. These statements include, without limitation, statements about our anticipated expenditures, including research and development,and general and administrative expenses; our intent or ability to regain and maintain compliance with Nasdaq listing standards;our strategic collaborations and license agreements, intellectual property, U.S. Food and Drug Administration and EuropeanMedicines Agency approvals and interactions and government regulation; the potential size of the market for our productcandidates; our research and development efforts; results from our preclinical and clinical studies and the implications of suchresults regarding the efficacy or safety of our product candidates; the safety profile, pathways, and efficacy of our productcandidates and formulations; anticipated advantages of our product candidates over other products available in the market andbeing developed; the populations that will most benefit from our product candidates and indications that will be pursued with eachproduct candidate; anticipated progress in our current and future clinical trials; plans and strategies to create novel technologies;our IP strategy; competition; future development and/or expansion of our product candidates an