Plus Therapeutics, Inc. · NASDAQ:PSTV
Plus Therapeutics — Investor Presentation (January 2026)
36 slides from Plus Therapeutics's investor presentation, January 2026
Slide 1: Corporate Update January 2026
Corporate Update January 2026 Power and precision in cancer radiotherapeutics NASDAQ: PSTV
Slide 2: Cautionary Note Regarding Forward Looking Statements
Cautionary Note Regarding Forward Looking Statements This presentation contains statements that may be deemed “forward-looking statements” within the meaning of U.S. securities laws, including statements regarding clinical trials, expected operations and upcoming developments. All statements in this
Slide 3: Executive Summary
Executive Summary Contact us at investor@plustherapeutics.com
Slide 4: Plus Therapeutics (PSTV) Overview
Plus Therapeutics (PSTV) Overview Best-In-Class Diagnostic for CNS Mets - CNSide®: >$6B TAM + U.S. commercial relaunch Q3 2025 – Projected 500K patients / year + Announced first of planned national coverage agreements, with UnitedHealthcare and Humana + Previously commercialized, ordered by 120 U.S.
Slide 5: Company Overview
Company Overview Contact us at investor@plustherapeutics.com
Slide 6: Epidemic of Central Nervous System Cancers
Epidemic of Central Nervous System Cancers Growing mets epidemic dwarfs incidence of primary brain cancers 10:1 ratio >1M Over 1 million patients at risk of CNS mets in U.S.1 Epidemic due to improved outcomes for primary cancer treatments (breast, lung, melanoma, etc.) Up to 30% of adult cancer pati
Slide 7: CNS Cancer Survival Rate - Little Progress Over Years
CNS Cancer Survival Rate- Little Progress Over 40 Years The 4 decade-old CNS cancer ‘playbook’ has not worked 120 Median Overall Survival (Months) 100 80 60 40 20 0 1980 1985 1990 1995 2000 2005 2010 2015 2020 CNS Cancers Non-CNS Cancers Plus Therapeutics, Inc. NASDAQ: PSTV CBTRUS Statistical Report
Slide 8: Limitations to Gains in CNS Cancer Survival
Limitations to Gains in CNS Cancer Survival The unique nature of the CNS creates both diagnostic & therapeutic challenges Surgery If operative, clean tumor margins unobtainable Poor Diagnostic Options Leptomeningeal Mets: 2-4x underdiagnosed1 Standard diagnostic Cytology from 19042 Better imaging ha
Slide 9: Roadmap to Improve CNS Cancer Survival
Roadmap to Improve CNS Cancer Survival Plus is creating a new playbook ✔ Improved Diagnostic – CNSide Dx Platform ➢ Better Biomarkers / Concrete Outcomes Measures – CSF circulating tumor cells ✔ Improved Therapeutic – REYOBIQ targeted radiotherapeutic ➢ Reduce / Remove Impact of the BBB - Innovative
Slide 10: Plus' Playbook to Improve Survival in CNS Cancers
Plus’ Playbook to Improve Survival in CNS Cancers Focused ‘Roche’ model for CNS oncology CNSide Diagnostics Lead drug REYOBIQ + Launched in late 2025 + Up to 20x radiation delivery + Nearing 100m covered lives + Bypass BBB + $6B opportunity* + No MTD reached in multiple clinicals Fully Integrated +
Slide 11: LM Epidemiology & Standard Care Pathway
LM Epidemiology & Standard Care Pathway Near term path to doubling survival in LM Standard of Care + US LM Diagnoses ~ 125,000/year1 ~Half receive mOS palliative care, ~ 5 weeks + Underdiagnosed: LM cases are 2-4x hospice5 Blended mOS more common based on autopsy ~ 3 months6 findings2 ~Half receive
Slide 12: TAM for CNSide & REYOBIQ in CNS Mets
TAM for CNSide & REYOBIQ in CNS Mets Initial focus on Leptomeningeal Mets with significant growth potential in Brain Mets 500K+ $6B+ Total CNS Mets Patients* 1,2,3,4,5 U.S. Total Addressable Market* 56,250 $16B+ REYOBIQ Patients * U.S. Total Addressable Market* *N otes: 1. Cagney, D.N. , et al. N eu
Slide 13: 2026 Milestones
2026 Milestones Diagnostic Therapeutic + Reach > 150 million covered lives for CNSide + Complete enrollment in ReSPECT-GBM Phase 2 Diagnostic platform trial for recurrent glioblastoma and conduct end of phase meeting to align on pivotal trial + Obtain Medicare and Medicaid coverage design + Estab
Slide 14: Executive Management Team
Executive Management Team Marc H. Hedrick, MD MBA President & CEO, Plus Therapeutics 30+ years of clinical development and business leadership Russ Havranek, MS MBA Andrew Brenner, MD PhD Russell Bradley Andrew Sims, CPA Executive VP Corporate Strategy & Interim CMO President & General Manager CFO &
Slide 15: Diagnostics
Diagnostics Contact us at investor@plustherapeutics.com
Slide 16: Poor Diagnosis Standards in CNS Mets
Poor Diagnosis Standards in CNS Mets The current standard for LM diagnosis (cytology) introduced in 19041 + Cytology: not quantitative, ~ 50% sensitive, no FDA support an as endpoint 2 + Imaging: not quantitative, ~75% specific, no FDA support an as endpoint 2 + Neither tool helps disease monitoring
Slide 17: A Comprehensive CNS Diagnostic Solution
A Comprehensive CNS Diagnostic Solution Proprietary & highly sensitive tumor cell capture & interrogation system optimized for CNS mets 95% 92% >$300M Clinical specificity 1 Clinical sensitivity 1 Invested in core technology 1 Platform / 1 cell/5mL 1 ‘Stop Shop’ 4 Tests Tumor cell detection 2 testin
Slide 18: Platform with 4 Tests from a Single Sample
Platform with 4 Tests from a Single Sample CNSide® CSF Tumor Cell Enumeration (TCE) Cancer Patient Presents Signs & Symptoms Suggestive of LM Detects LM tumor cells in CSF; quantifies LM tumor cells for diagnosis & treatment monitoring Tests Performed & Info Gathered • SoC & CNSide TCE+FISH+ICC+NGS
Slide 19: CNSide Dx Platform: Products & Services
CNSide Dx Platform: Products & Services Provides a unique & clinically actionable dataset for providers Hospital / Clinic Shipment CNSide Lab A B Microfluidic Chip / TCI Probe Cocktail Channel Tumor Cell Isolation C Lumbar Puncture / CEE-Sure® Tube (TCE Cocktail) Ommaya Reservoir DNA Isolation NGS P
Slide 20: A Derisked Commercial Opportunity
A Derisked Commercial Opportunity 2025 commercial relaunch: clinically proven, market traction, & positioned for scale + Proven high throughput & scalable technology • ~$300M investment in core tech made by original developer • 9 peer-reviewed studies and publications • Clinically validated (FORESEE
Slide 21: CNSide Commercial Expansion Plans
CNSide Commercial Expansion Plans Commercial & operational foundation now in place for growth in 2026 and beyond 2025- Established core commercial & operational capabilities • CLIA certification and broad state licensure • Commercial operations team and IT infrastructure • Expand testing operations
Slide 22: Targeted Radiotherapeutics
Targeted Radiotherapeutics Contact us at investor@plustherapeutics.com
Slide 23: A First-In-Class Targeted Radiotherapeutic
A First-In-Class Targeted Radiotherapeutic 3 Part Drug Formulation 2 Delivery Modalities Therapeutic Impact Radioisotope, Small Intrathecal or Up to 20x Radiation Dose Molecule, Carrier Direct-to-Tumor Delivery vs. Standard of Care 186Re BMEDA C S F and Solid C N S C an cer s Tumor / ROI Exposure Ab
Slide 24: CNS Radiotherapeutic Pipeline
CNS Radiotherapeutic Pipeline Multiple mid-stage trials for unmet medical needs supported by $25M in grants Indication Trial Design Phase 1 Phase 2 Phase 3 Projected Milestones Rhenium (186Re) Obisbemeda Single Dose Escalation Completed Leptomeningeal Metastases Dose Optimization Enrolling, data 202
Slide 25: Pathology of Leptomeningeal Disease and REYOBIQ MOA
Pathology of Leptomeningeal Disease and REYOBIQ MOA Rhenium-186 energy profile, delivery modality, path length designed for intrathecal compartmental therapy Macroscopic Microscopic REYOBIQ Sub Arachnoid Space (CSF) 2.5 mm Linear Met . Cortical Ribbon (Grey) 186Re Radionuclide Nodular and Avg path l
Slide 26: ReSPECT-LM Phase 1 Single Dose Escalation Trial
ReSPECT-LM Phase 1 Single Dose Escalation Trial Completed: safe delivery very high doses of radiation, no MTD reached + Single outpatient injection + One dose delivers 10x radiation vs 10 doses of fractionated EBRT + Dose escalation • 6.6 to 75 mCi without max dose reached • Recommended Phase 2 Dose
Slide 27: LM Phase 1 Single-Dose Escalation Trial Summary Data
LM Phase 1 Single-Dose Escalation Trial Summary Data Comprehensive clinical response across all measures Clinical Benefit Rate Median Overall Survival (mOS) + Circulating tumor cells (CTC) response: 93% (14/15); 5/7 patients w/>80% CTC response survived >1 year + mOS of 9 months, compared to 4-6 mon
Slide 28: LM Clinical Development Plan
LM Clinical Development Plan Establishing RP2D and planning for pivotal trial Completed- Phase 1 Single Dose Safety Trial + No MTD, MFD of 66 mCi + MFD 44.1 mCi + Safety & evidence of clinical benefit at 13.2, 26.4 & 44.1 mCi Completed FDA End of Phase Meeting NOV 2025 Enrolling- Multiple Dose P
Slide 29: FDA Meeting and Feedback
FDA Meeting and Feedback FDA ReSPECT-LM end of phase meeting November 2025 Responses to key sponsor enquiries • Accelerated approval- May be appropriate for this indication. • Primary & key endpoints- FDA stated that there are insufficient data to use CTCs as a surrogate endpoint but provided feedba
Slide 30: Recurrent Glioblastoma
Recurrent Glioblastoma Aggressive & deadly disease, resistant to conventional treatments U.S. Annual Incidence 15K1 Infiltrative Margin: 90% of cases recur within 2 cm of original tumor site + Most prevalent malignant tumor affecting the brain & CNS2 + Large unmet medical need for GBM patients2 • Po
Slide 31: Advantages vs. External Beam Radiation Therapy
Advantages vs. External Beam Radiation Therapy Better precision & more radiation delivered than gold standard 30 Doses of EBRT 1 Dose of REYOBIQ + Maximum Dose ~ 30 Gy + Maximum Dose ~ 740 Gy + Poor precision + High precision + High doses to Infiltrative Margin Plus Therapeutics, Inc. NASDAQ: PSTV 3
Slide 32: ReSPECT-GBM Phase 1 Single Administration Dose Escalation Trial
ReSPECT-GBM Phase 1 Single Administration Dose Escalation Trial Positive Data published in NATURE Communications + Radiation doses to tumor of up to 740 Gy, average doses greater 300 Gy + Clear imaging responses and tumor reduction + Patients receiving >100 Gy had 17 months mOS vs 6 months <100 Gy (
Slide 33: ReSPECT-GBM Phase 2 Single Administration Dose Escalation Trial
ReSPECT-GBM Phase 2 Single Administration Dose Escalation Trial Interim data in P2 trial shows favorable effect on disease progression & survival + 23 (out of 34) patients treated w/RP2D safety + P2 data analyzed against 2 ‘real-world’ control profile consistent with Phase 1 data arms: + Survival at
Slide 34: ReSPECT-PBC Phase 1/2 Single Dose Escalation Trial
ReSPECT-PBC Phase 1/2 Single Dose Escalation Trial For the treatment of rare, aggressive pediatric brain cancers + Recurrent, refractory, or progressive ependymoma and high-grade glioma + Obtained FDA IND clearance Q2 2025 + Expect to begin enrollment in 1Q 2026 + Initial site: Lurie Children’s Hosp
Slide 35: REYOBIQ Manufacturing Logistics
REYOBIQ Manufacturing Logistics Scalability in 2026 to meet breadth of clinical and commercial scenarios GMP ‘Last Hospital or Target and GMP Irradiation Mile’ Overnight Clinic Drug Ordering Intermediates Services Unit Dose Delivery Receives Production Unit Dose + Manufactured + Institution + Target
Slide 36: Thank You
Thank You Contact us at investor@plustherapeutics.com
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