The EPS miss and widening operating loss signal accelerating cash burn as CNSide commercial ramp and REYOBIQ trials consume capital. With $15.1M cash and a $40M market cap, the company likely needs another capital raise within 12 months. Monitor for CNSide payer coverage milestones and ReSPECT-LM/GBM trial data — positive catalysts could offset dilution risk.
Price Chart
Executive Summary
Plus Therapeutics reported Q1 2026 EPS of -$1.05, a 19.2% miss vs consensus of -$0.87, on revenue of $1.0M (grant + CNSide billings) vs $1.1M a year ago. The operating loss widened to $7.1M from $3.5M as the company scaled CNSide commercial operations and advanced REYOBIQ trials. The company completed a $15M upsized public offering in January, boosting cash to $15.1M, and reaffirmed 2026 milestones including CNSide payer expansion to >150M covered lives and REYOBIQ pivotal-trial readiness.
Key Financial Metrics
Key Facts
- EPS of -$1.05 missed consensus of -$0.87 by 19.2%
- Revenue of $1.0M declined from $1.1M in Q1 2025
- Operating loss widened to $7.1M from $3.5M YoY
- Net loss of $6.9M vs $17.4M in Q1 2025 (improvement due to non-recurring financing charges)
- Cash and investments of $15.1M vs $8.6M at Dec 2025, boosted by $15M January public offering
- CNSide commenced billing for diagnostic revenue in Q1 2026, fully reserved
- Reaffirmed 2026 milestones: CNSide coverage to >150M lives, REYOBIQ pivotal-trial path
Financial Impact
EPS miss of 19.2% on a -$0.87 consensus; revenue down ~9% YoY; operating loss doubled to $7.1M
Risk Factors
- Cash runway limited to ~6-9 quarters at current burn rate; likely need for additional financing
- CNSide revenue fully reserved in Q1 — actual cash collection uncertain
- Clinical trial delays or negative data for REYOBIQ could impair pipeline value
- Nasdaq listing risk following reverse stock split (1:25) in April 2026
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3296124 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 21, 2026 14w ago | Press Release | $3.92 | awaiting T+20 | — | — |
Jun 30, 2026 17w ago | Press Release | $4.37 $3.73 | ▼ −14.65% | ▼ −13.62% | — |
Jun 8, 2026 20w ago | EFFECT | $5.53 $4.05 | ▲ +26.76% | ▲ +28.39% | — |
Jun 5, 2026 20w ago | S-3/A | $5.41 $4.05 | ▼ −25.14% | ▼ −27.00% | — |
May 19, 2026 23w ago | Press Release | $5.83 $4.31 | ▼ −26.07% | ▼ −27.06% | — |
May 15, 2026 23w ago | Press Release | $5.84 $4.57 | ▲ +21.75% | ▲ +23.33% | — |
May 8, 2026 24w ago | Press Release | $6.12 $5.41 | ▼ −11.60% | ▼ −11.62% | — |
Apr 28, 2026 26w ago | Press Release | $5.95 $6.60 | ▲ +10.92% | ▲ +5.46% | — |
Apr 21, 2026 27w ago | 8-K | $7.14 $5.84 | ▼ −18.21% | ▼ −23.12% | — |
Apr 9, 2026 28w ago | 8-K | $3.92 $6.00 | ▲ +53.06% | ▲ +45.49% | — |
US Market Status
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