Plus Therapeutics, Inc. (Nasdaq: PSTV) (the “Company”, “Plus”), today announced financial and business results for its Fourth Quarter and full Fiscal Year ended December 31, 2019.

Fiscal 2019 Fourth Quarter net income from continuing operations was $0.92 million, or $0.12 per share. Total net income for the quarter after factoring in discontinued operations was $0.88 million, or $0.11 per share. Net cash provided by operating activities for Q4 was approximately $1.03 million. Plus ended Q4 with approximately $17.6 million of cash and cash equivalents.

For the year ended December 31, 2019, net loss from continuing operations was ($3.3) million, or ($2.77) per share. Total net loss for the year after factoring in discontinued operations was ($10.9) million, or ($8.27) per share. Net cash used in operating activities for year 2019 was approximately $5.9 million. Plus ended 2019 with approximately $17.6 million of cash and cash equivalents.

“Last year was a remarkable year of transformation for the Company,” said Dr. Marc Hedrick, President and Chief Executive Officer of Plus Therapeutics. “The combination of key transactions, pipeline reformation, corporate rebranding and geographic relocation have combined to reposition the new company to achieve long-term viability and growth by bringing extraordinary new drugs to market.”

Fiscal 2019 Corporate Highlights

  • Plus successfully completed a comprehensive corporate transition emerging with the development focus, cost structure and financial capability to convert its drug development pipeline into market leadership.
  • The Company received $4.6 million from the U.S. Department of Health and Human Services / Office of the Assistant Secretary for Preparedness and Response / Biomedical Advanced Research and Development Authority.
  • Plus closed an underwritten public offering with gross proceeds of approximately $15 million and changed its trading symbol (Nasdaq: PSTV) to reflect its new corporate identity. 
  • Plus relocated its headquarters and focus of activities to Texas, from La Jolla, California.
  • The Company began a focused initiative on prospective partnerships associated with the State’s $6-billion Cancer Prevention & Research Institute (CPRIT), which is second only to the federal government in public funding of cancer research.

Q4 2019 Financial Performance Highlights

  • Q4 2019 net cash provided by operating activities was $1.03 million, compared to net cash used of $2.5 million for Q4 2018.
  • Q4 2019 government contract revenues were $1.2 million, compared to $0.7 million for Q4 2018.
  • Q4 2019 net income from continuing operations was $0.92 million or $0.12 per share, compared to a net loss of ($2.0) million or ($7.28) per share for Q4 2018.
  • Q4 2019 total net income after factoring in discontinued operations was $0.88 million or $0.11 per share compared to a total net loss of ($2.2) million or ($8.10) per share for Q4 2018, after factoring in discontinued operations.

Fiscal 2019 Financial Performance Highlights

  • FY 2019 net cash used in operating activities was $5.9 million, compared to $12 million for FY 2018.
  • FY 2019 government contract revenues were $7 million, compared to $3 million for FY 2018.
  • FY 2019 net loss from continuing operations was $3.3 million or $2.77 per share, compared to a net loss of ($8.9) million or ($65.37) per share for FY 2018.
  • FY 2019 total net loss after factoring in discontinued operations was ($10.9) million or ($8.27) per share compared to a total net loss of ($12.6) million or ($86.98) per share for FY 2018, after factoring in discontinued operations.
  • Cash and debt principal balances at December 31, 2019, were approximately $17.6 million and $9.3 million, respectively.

Investor Call Today at 5 p.m. EDT

The company plans to hold a conference call and live audio webcast at 5 PM Eastern Time to discuss its financial results and provide a general business update.

Event:  Plus Therapeutics Fourth Quarter and Full Fiscal Year 2019 Financial Results Conference Call and Webcast Time: 5:00 PM Eastern Time.Live Call: Phone Number:  (877) 402-3914; Conference ID:  2547614             Live Webcast: https://event.on24.com/wcc/r/2150991/A2883C8240CBAA08D701864A445894F6Beginning two hours after the conclusion of the conference call, a replay will be available. Replay:  http://ir.plustherapeutics.com/events/default.aspx

About Plus Therapeutics, Inc.

Plus Therapeutics, Inc. is a clinical-stage pharmaceutical company focused on the discovery, development, and manufacturing scale up of complex and innovative treatments for patients battling cancer and other life-threatening diseases.

Our proprietary nanotechnology platform is currently centered around the enhanced delivery of a variety of drugs using novel liposomal encapsulation technology. Liposomal encapsulation has been extensively explored and undergone significant technical and commercial advances since it was first developed. Our platform is designed to facilitate new delivery approaches and/or formulations of safe and effective, injectable drugs, potentially enhancing the safety, efficacy and convenience for patients and healthcare providers.

Our lead product candidate, DocePLUS, is a protein-stabilized PEGylated liposomal formulation of docetaxel, for which the process of preparation is patented. The active pharmaceutical ingredient, docetaxel, was approved by the FDA in 1999 and commonly used for treating cancers of the breast, head, neck, stomach, prostate, and lung. 

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements that may be deemed “forward-looking statements” within the meaning of U.S. securities laws. All statements, other than statements of historical fact, that address activities, events or developments that we intend, expect, project, believe or anticipate and similar expressions or future conditional verbs such as will, should, would, could or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. These statements include, without limitation, statements about the Company’s potential to facilitate new delivery approaches and/or formulations of safe and effective, injectable drugs, potentially enhancing the safety, efficacy and convenience for patients and healthcare providers. The forward-looking statements included in this press release are subject to a number of additional material risks and uncertainties, including but not limited to, the risks described under the heading “Risk Factors” in the Company’s Securities and Exchange Commission filings, including in the Company’s annual and quarterly reports. There may be events in the future that the company is unable to predict, or over which it has no control, and its business, financial condition, results of operations and prospects may change in the future. The company assumes no responsibility to update or revise any forward-looking statements to reflect events, trends or circumstances after the date they are made unless the company has an obligation under U.S. federal securities laws to do so.

PLUS THERAPEUTICS, INC.CONSOLIDATED BALANCE SHEETS(in thousands, except share and par value data)

  As of December 31,  
  2019     2018  
Assets              
Current assets:              
Cash and cash equivalents $ 17,552     $ 5,261  
Accounts receivable   1,169       178  
Restricted cash   40       40  
Inventories, net   107       107  
Other current assets   957       785  
Current assets held for sale         3,277  
Total current assets   19,825       9,648  
               
Property and equipment, net   2,179       2,299  
Operating lease right-use-of assets   781        
Other assets   72       39  
Noncurrent assets held for sale         11,633  
Goodwill   372       372  
Total assets $ 23,229     $ 23,991  
Liabilities and Stockholders’ Equity              
Current liabilities:              
Accounts payable and accrued expenses $ 3,279     $ 2,777  
Operating lease liability   147        
Term loan obligation, net of discount   11,060       14,202  
Current liabilities held for sale         580  
Total current liabilities   14,486       17,559  
               
Other noncurrent liabilities   8       46  
Noncurrent operating lease liability   646        
Warrant liability   6,929       916  
Noncurrent liabilities held for sale         245  
Total liabilities   22,069       18,766  
               
Commitments and contingencies (Note 7)              
               
Stockholders’ equity:              
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 1,959 and 4,606  shares issued and outstanding in 2019 and 2018, respectively          
Common stock, $0.001 par value; 100,000,000 shares authorized; 3,880,588 and  296,609 shares issued and outstanding in 2019 and 2018, respectively   4        
Additional paid-in capital   426,426       418,390  
Accumulated other comprehensive income         1,218  
Accumulated deficit   (425,270 )     (414,383 )
Total stockholders’ equity   1,160       5,225  
Total liabilities and stockholders’ equity $ 23,229     $ 23,991  
 
 

 

PLUS THERAPEUTICS, INC.CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(in thousands, except share and per share data)

  For the Years Ended December 31,  
  2019     2018  
Development revenues:              
Government contracts and other $ 6,998     $ 2,983  
    6,998       2,983  
Operating expenses:              
Research and development   5,365       5,523  
Sales and marketing   468       643  
General and administrative   4,822       5,579  
Total operating expenses   10,655       11,745  
Operating loss   (3,657 )     (8,762 )
               
Other income (expense):              
Interest income   55       43  
Interest expense   (1,855 )     (1,922 )
Change in fair value of warrants   3,407       2,233  
Issuance cost of warrants   (1,233 )     (470 )
Total other expense   374       (116 )
Loss from continuing operations $ (3,283 )   $ (8,878 )
Loss from discontinued operations   (7,604 )     (3,756 )
Net loss $ (10,887 )   $ (12,634 )
               
Income (Loss) from continuing operations $ (3,283 )   $ (8,878 )
Beneficial conversion feature for convertible preferred stock   (554 )     (2,487 )
Net loss allocable to common stockholders - continuing operations $ (3,837 )   $ (11,365 )
Net loss allocable to common stockholders - discontinued operations   (7,604 )     (3,756 )
Net loss allocable to common stockholders $ (11,441 )   $ (15,121 )
Basic and diluted net loss per share attributable to common stockholders - continuing  operations $ (2.77 )   $ (65.37 )
Basic and diluted net loss per share attributable to common stockholders - discontinued  operations   (5.49 )     (21.61 )
Net loss per share, basic and diluted $ (8.27 )   $ (86.98 )
               
Basic and diluted weighted average shares used in calculating net loss per share  attributable to common stockholders   1,384,012       173,851  
               
Comprehensive loss:              
Net loss $ (10,887 )   $ (12,634 )
Other comprehensive loss – foreign currency translation adjustments         (169 )
Comprehensive loss $ (10,887 )   $ (12,803 )
 
 

 

PLUS THERAPEUTICS, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)

  For the Years Ended December 31,  
  2019     2018  
Cash flows used in operating activities:              
Net loss $ (10,887 )   $ (12,634 )
Adjustments to reconcile net loss to net cash used in operating activities:              
Depreciation and amortization   896       2,004  
Amortization of deferred financing costs and debt discount   550       578  
Change in fair value of warrants   (3,407 )     (2,233 )
Allocation of issuance cost associated with warrants   1,233       470  
Share-based compensation expense   127       355  
Noncash lease expense   12          
Loss on sale of business   6,508        
Loss on asset disposal         36  
Provision for doubtful accounts         18  
Provision for excess inventory         463  
Increases (decreases) in cash caused by changes in operating assets and liabilities:              
Accounts receivable   (1,203 )     (173 )
Inventories   259       475  
Other current assets   (211 )     85  
Other assets   263       23  
Accounts payable and accrued expenses   (28 )     (1,532 )
Deferred revenues   29       73  
Other long-term liabilities   (47 )     17  
Net cash used in operating activities   (5,906 )     (11,975 )
               
Cash flows from (used in) investing activities:              
Purchases of property and equipment   (67 )     (133 )
Proceeds from sale of business   5,637        
Net cash provided by (used in) investing activities   5,570       (133 )
               
Cash flows from financing activities:              
Principal payments of long-term obligations   (3,692 )      
Payment of financing lease liability   (131 )   -  
Proceeds from sale of common stock and unit offering, net of offering cost   15,964        
Proceeds from exercise of warrants   490        
Proceeds from sale of common and preferred stock         7,234  
Financial capital expenditures         (66 )
Net cash provided by financing activities   12,631       7,168  
Effect of exchange rate changes on cash and cash equivalents   (4 )     16  
Net increase (decrease) in cash and cash equivalents   12,291       (4,924 )
Cash, cash equivalents, and restricted cash at beginning of period   5,301       10,225  
Cash, cash equivalents, and restricted cash at end of period $ 17,592     $ 5,301  
               
Supplemental disclosure of cash flows information:              
Cash paid during period for:              
Interest $ 1,188     $ 1,331  
Supplemental schedule of non-cash investing and financing activities:              
Proceeds from sales of business, net, paid directly to lender for principal payment of  long-term obligations $ 3,050     $  
Offering cost paid in warrants $ 213     $  
Reclass of warrants upon exercise from liability to equity $ 794     $  
Fair value of Convertible Preferred Stock beneficial conversion feature $ 554     $ 2,487  
Conversion of preferred stock into common $     $ 8  
               

Plus Therapeutics, Inc. Andrew SimsVP – Chief Financial Officer, Investor RelationsPhone: +1.619.333.4150Email: ir@plustherapeutics.comWebsite: plustherapeutics.com

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