Plus Therapeutics, Inc. (Nasdaq: PSTV) announced on June 24, 2025, a comprehensive restructuring of its $15 million equity financing originally completed in March 2025, eliminating potential dilution of up to 1.5 billion shares of common stock. The clinical-stage pharmaceutical company, which develops targeted radiotherapeutics for central nervous system (CNS) cancers, believes this strategic move will significantly enhance shareholder value and create a more straightforward equity capital structure.
Major Restructuring Components
The restructuring includes three key elements designed to reduce stockholder dilution. The company is canceling warrants associated with the equity financing that could have resulted in the issuance of up to 1.51 billion shares of common stock, leaving approximately 36 million shares of common stock issuable upon exercise of amended Series B Warrants at an alternative cashless exercise ratio of 1:1.
Additionally, the restructuring will lead to the cancellation of approximately 25 million shares of common stock or pre-funded warrants (PFWs) in lieu, further reducing stockholder dilution. The company has also established future financing provisions requiring the use of 90% of future proceeds from any capital raised subsequent to July 1, 2025 to repay holders of 22,727,270 shares of common stock or PFWs at 115% of the price originally paid for such securities in the March 2025 equity financing, based on an effective initial price of $0.66 per share.
Regulatory and Administrative Actions
Plus Therapeutics has filed a request with the U.S. Securities and Exchange Commission (SEC) to withdraw the resale registration statement related to the March 2025 equity financing. The company referenced a Current Report on Form 8-K filed with the SEC on June 17, 2025, for additional details regarding the restructuring.
Company Focus and Pipeline
Headquartered in Houston, Texas, Plus Therapeutics is a clinical-stage pharmaceutical company developing targeted radiotherapeutics for difficult-to-treat cancers of the central nervous system. The company combines image-guided local beta radiation and targeted drug delivery approaches, advancing a pipeline of product candidates with lead programs in leptomeningeal metastases (LM) and recurrent glioblastoma (GBM).
The company has built a supply chain through strategic partnerships that enable the development, manufacturing, and future potential commercialization of its radiotherapeutic products. The restructuring positions the company to move forward with its CNS cancer programs while maintaining a more manageable equity structure for future development activities.
