Plus Therapeutics Inc. (PSTV) was up by 9.73% at $1.24 premarket at the last check on Tuesday.
In the regular trading session, the stock opened at a price of $1.20 and ranged between $1.12 and $1.32 during the day. PSTV stock declined by 4.24% in the regular session at $1.13 but reversed its course in the premarket session today. While there is no news from the company driving the stock, the stock was bound to recover sooner or later.
The US-based company focuses on the development of innovative radiotherapeutics geared towards rare cancers that are not easily treatable. Currently, the company has a market capitalization of $18.12 million.
PSTV’s ReSPECTTM-GBM Phase 1 Data
PSTV has been conducting the ReSPECTTM-GBM Phase 1 clinical trial of its investigational drug Rhenium-186 NanoLiposome for patients with recurrent glioblastoma (GBM).
During the annual meeting of the Society for Neuro-Oncology, the firm announced positive interim results from the trial. The meeting was held in November 2021, in Boston, Massachusetts. The company revealed a positive correlation of higher absorbed radiation doses of the drug with the overall survival of patients.
According to the principal investigator of the trial, Andrew J. Brenner, the drug has shown good tolerance without any dose-limiting toxicities so far. Hence, further clinical investigation of relative efficacy is warranted. Moreover, Dr. Brenner is the Professor of Medicine, Neurology, and Neurosurgery at The University of Texas Health Science Center at San Antonio.
Employment Inducement Grants
On November 12, PSTV announced granting option awards to its chief medical officer, Dr. Norman LaFrance. The equity awards were used to mark the induction of LaFrance as the CMO. Moreover, the awards are to be utilized for the purchase of 120,000 common shares of the company.
PSTV’s Q3 Financial Highlights
On October 21, PSTV declared its financial results for the third quarter of 2021. In the third quarter of 2021, the company incurred a net loss of $3.7 million. This compares to $1.7 million in the year-ago quarter. Subsequently, the net loss per share was $0.28 and $0.39 in the third quarter of 2021 and 2020, respectively.
Moreover, PSTV ended the third quarter with a cash balance of $21.3 million against, $8.3 million on December 31, 2020.
Further, the total operating expenses of the company were $3.5 million in the third quarter of 2021. This compares to $1.4 million in the third quarter of 2020.
