PSTV - Plus Therapeutics Q3 net loss widens Y/Y
Plus Therapeutics ( NASDAQ: PSTV ) stock was largely flat on Friday after the company's Q3 results which saw Q3 GAAP EPS beat estimates.
The cancer drugmaker's GAAP net loss was -$5.2M, or -$0.19 per share, compared to a net loss of -$3.7M, or -$0.28 per share in Q3 2021.
In August, Plus said it was getting a three-year, $17.6M grant from the Cancer Prevention & Research Institute of Texas (CPRIT) to fund the company's lead investigational drug Rhenium-186 Nanoliposome ( 186 RNL) to treat patients with leptomeningeal metastases (LM).
In Q3 grant revenue of $73K was recognized, representing CPRIT's initial share of the costs incurred for developing ( 186 RNL). The company expects the first CPRIT grant funds of ~$1.9M to be disbursed by Oct. 31.
Total operating expenses were $5.17M, compared to $3.5M in Q3 2021. The company said the increase was mainly due to incremental CMC spend, now winding down, related to the development of 186 RNL drug and regulatory consulting activities.
Research and development expenses grew +97.52% Y/Y to $2.95M.
PSTV added that to a lesser extent, it had forecasted an increase in litigation, legal, professional fees and other general corporate expenses.
As of Sept. 30, cash balance was $20.3M, compared to $18.4M at Dec. 31, 2021.
The company expects the cash on hand, anticipated funding from the National Institutes of Health and CPRIT and other capital sources to fund expenses through 2025.
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Plus Therapeutics Q3 net loss widens Y/Y