Revenue remains stagnant and grant-dependent, with 2026Q1 operating expenses of $8.2M significantly exceeding the $1.0M in quarterly revenue.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 5.18M | 5.21M | 5.82M | 4.91M | 224K | 0 | 303K | 7M | 2.98M | 6.41M | 11.38M | 11.66M | 7.6M | 12.2M | 14.5M | 10M | 10.63M | 14.73M | 6.85M | 6.05M | 7.93M | 6M | 6.82M | 14.09M | 9.17M | 5.65M | 6.25M | 1.51M | 0 |
| Revenue Growth % | -0.46% | -10.49% | 18.54% | 2093.3% | - | -100% | -95.67% | 134.6% | -53.47% | -43.66% | -2.39% | 53.45% | -37.7% | -15.9% | 45.07% | -5.94% | -27.85% | 114.94% | 13.29% | -23.69% | 32.01% | -11.92% | -51.6% | 53.7% | 62.29% | -9.65% | 313.15% | - | - |
| Cost of Goods Sold | 373K | 445K | 852K | 9.69M | 712K | 66K | 2.7M | 0 | 1.15M | 1.32M | 2.71M | 3.19M | 2.94M | 3.42M | 4M | 3.84M | 3.91M | 3.39M | 1.85M | 422K | 1.63M | 3.15M | 3.38M | 4.24M | 3.17M | 2.4M | 2.39M | 486K | 0 |
| COGS % of Revenue | - | 8.54% | 14.63% | 197.23% | 317.86% | - | 891.09% | - | 38.48% | 20.56% | 23.86% | 27.33% | 38.69% | 28.05% | 27.58% | 38.39% | 36.77% | 23.04% | 27.05% | 6.98% | 20.61% | 52.52% | 49.63% | 30.12% | 34.57% | 42.51% | 38.3% | 32.12% | - |
| Gross Profit | 4.81M | 4.77M | 4.97M | -4.78M | -488K | -66K | -2.4M | 7M | 1.83M | 5.09M | 8.66M | 8.47M | 4.66M | 8.78M | 10.5M | 6.16M | 6.72M | 11.34M | 5M | 5.63M | 6.29M | 2.85M | 3.43M | 9.84M | 6M | 3.25M | 3.86M | 1.03M | 0 |
| Gross Margin % | 92.8% | 91.46% | 85.37% | -97.23% | -217.86% | - | -791.09% | 100% | 61.52% | 79.44% | 76.14% | 72.67% | 61.31% | 71.95% | 72.42% | 61.61% | 63.23% | 76.96% | 72.95% | 93.02% | 79.39% | 47.48% | 50.37% | 69.88% | 65.43% | 57.49% | 61.7% | 67.88% | - |
| Gross Profit Growth % | - | -4.1% | 204.08% | -878.89% | -639.39% | 97.25% | -134.25% | 281.36% | -63.97% | -41.22% | 2.27% | 81.9% | -46.92% | -16.44% | 70.5% | -8.33% | -40.73% | 126.77% | -11.16% | -10.58% | 120.73% | -16.98% | -65.12% | 64.15% | 84.69% | -15.82% | 275.56% | - | - |
| Operating Expenses | 23.69M | 20.07M | 19.67M | 8.54M | 19.22M | 12.43M | 7.19M | 10.65M | 10.77M | 25.78M | 28.37M | 31.43M | 37.46M | 42.12M | 38.79M | 28.29M | 33.3M | 29.23M | 33.7M | 35.26M | 34.46M | 30.85M | 19.35M | 19.5M | 17.5M | 14.68M | 13.47M | 5.5M | 2.06M |
| OpEx % of Revenue | - | 384.92% | 337.69% | 173.91% | 8582.14% | - | 2371.95% | 152.26% | 360.91% | 402.06% | 249.31% | 269.55% | 493.08% | 345.38% | 267.49% | 282.98% | 313.32% | 198.43% | 491.76% | 582.92% | 434.7% | 513.74% | 283.78% | 138.45% | 190.89% | 259.93% | 215.42% | 363.65% | - |
| Selling, General & Admin | 14.57M | 12.13M | 9.94M | 8.54M | 9.53M | 6.85M | 6.41M | 5.29M | 6.22M | 11.19M | 12.17M | 12.43M | 22.36M | 25.06M | 25.16M | 28.29M | 23.61M | 17M | 16.33M | 16.86M | 12.48M | 11.76M | 8.34M | 9M | 7.94M | 8.07M | 5.18M | 3.67M | 806K |
| SG&A % of Revenue | - | 232.73% | 170.66% | 173.91% | 4252.68% | - | 2114.19% | 75.59% | 208.58% | 174.5% | 106.98% | 106.59% | 294.27% | 205.45% | 173.51% | 282.98% | 222.17% | 115.4% | 238.28% | 278.67% | 157.46% | 195.75% | 122.34% | 63.87% | 86.61% | 142.9% | 82.93% | 242.5% | - |
| Research & Development | 9.49M | 8.38M | 10.58M | 9.69M | 9.7M | 5.32M | 3.48M | 5.37M | 5.52M | 13.36M | 16.2M | 19M | 15.11M | 17.07M | 13.63M | 10.9M | 9.69M | 12.23M | 17.37M | 14.76M | 21.98M | 15.27M | 10.38M | 9.07M | 7.9M | 5.49M | 2.58M | 1.17M | 1.18M |
| R&D % of Revenue | - | 160.73% | 181.66% | 197.23% | 4329.46% | - | 1148.84% | 76.66% | 185.15% | 208.45% | 142.33% | 162.96% | 198.8% | 139.92% | 93.98% | 109.08% | 91.15% | 83.03% | 253.48% | 244.06% | 277.24% | 254.3% | 152.3% | 64.39% | 86.2% | 97.15% | 41.34% | 77.46% | - |
| Other Operating Expenses | -373K | -445K | -852K | -9.69M | 0 | 250K | -2.7M | 0 | -1.15M | 1.23M | 0 | -7.67M | -369K | -2.67M | 0 | -3.62M | 0 | 0 | 0 | -5.16M | -10.91M | 3.82M | -125K | 0 | 0 | 0 | 5.7M | 661K | 76K |
| Operating Income | -18.88M | -15.3M | -14.7M | -13.32M | -19.71M | -12.49M | -9.58M | -3.66M | -8.76M | -20.68M | -19.71M | -15.29M | -32.44M | -30.68M | -28.29M | -33.03M | -26.58M | -21.55M | -29.76M | -31.35M | -25.86M | -28M | -16.06M | -9.66M | -11.5M | -11.43M | -9.61M | -4.47M | -2.06M |
| Operating Margin % | -364.36% | -293.46% | -252.32% | -271.14% | -8800% | - | -3163.04% | -52.26% | -293.73% | -322.62% | -173.16% | -131.11% | -426.91% | -251.55% | -195.07% | -330.45% | -250.1% | -146.28% | -434.28% | -518.27% | -326.16% | -466.26% | -235.6% | -68.58% | -125.46% | -202.44% | -153.72% | -295.77% | - |
| Operating Income Growth % | - | -4.1% | -10.31% | 32.42% | -57.8% | -30.34% | -162.07% | 58.26% | 57.64% | -4.96% | -28.92% | 52.87% | -5.73% | -8.46% | 14.36% | -24.28% | -23.35% | 27.6% | 5.07% | -21.25% | 7.66% | -74.31% | -66.27% | 15.99% | -0.58% | -18.99% | -114.73% | -117.55% | - |
| EBITDA | -18.51M | -14.85M | -13.84M | -12.69M | -19M | -12.07M | -9.22M | -2.76M | -6.76M | -18.53M | -18.52M | -14.19M | -31.66M | -29.05M | -27.35M | -32.18M | -25.65M | -19.87M | -28.23M | -29.73M | -23.73M | -26.27M | -15.24M | -8M | -10.03M | -10.25M | -9.17M | -4.47M | -2.06M |
| EBITDA Margin % | -357.16% | -284.92% | -237.69% | -258.36% | -8482.14% | - | -3042.24% | -39.45% | -226.55% | -289.07% | -162.78% | -121.73% | -416.66% | -238.18% | -188.64% | -321.9% | -241.34% | -134.87% | -411.91% | -491.55% | -299.42% | -437.55% | -223.51% | -56.81% | -109.42% | -181.48% | -146.66% | -295.77% | - |
| EBITDA Growth % | -31.4% | -7.3% | -9.06% | 33.19% | -57.38% | -30.97% | -233.86% | 59.14% | 63.53% | -0.04% | -30.51% | 55.17% | -8.98% | -6.2% | 14.99% | -25.46% | -29.1% | 29.62% | 5.06% | -25.27% | 9.67% | -72.42% | -90.39% | 20.19% | 2.16% | -11.8% | -104.87% | -117.55% | - |
| D&A (Non-Cash Add-back) | 373K | 445K | 852K | 628K | 712K | 419K | 366K | 896K | 2M | 2.15M | 1.18M | 1.09M | 779K | 1.63M | 933K | 855K | 931K | 1.68M | 1.53M | 1.62M | 2.12M | 1.72M | 824K | 1.66M | 1.47M | 1.18M | 441K | 0 | 0 |
| EBIT | -8.78M | -15.3M | -9.25M | -13.32M | -19.56M | -12.47M | -8.8M | -1.43M | -6.96M | -20.64M | -19.45M | -15.37M | -33M | -22.78M | -28.89M | -29.67M | -25.44M | -21.55M | -29.76M | -31.35M | -19.38M | -27.63M | -15.46M | -9.21M | -11.5M | -11.43M | -9.61M | -4.47M | 0 |
| Net Interest Income | 288K | -3.49M | -3.45M | 5K | -564K | -913K | -1.06M | -1.8M | -1.88M | -2.02M | -2.57M | -3.37M | -4.37M | -3.39M | -3.38M | -2.77M | -2.04M | -1.41M | -190K | 873K | 509K | 162K | 75K | 417K | 774K | 2.08M | 964K | 0 | -33K |
| Interest Income | 305K | 116K | 273K | 400K | 147K | 19K | 50K | 55K | 43K | 33K | 19K | 9K | 6K | 4K | 4K | 9K | 9K | 20K | 230K | 1.03M | 708K | 299K | 252K | 417K | 1.04M | 2.25M | 1.31M | 0 | 10K |
| Interest Expense | 17K | 3.61M | 3.72M | 395K | 711K | 932K | 1.11M | 1.85M | 1.92M | 2.05M | 2.59M | 3.38M | 4.37M | 3.4M | 3.39M | 2.78M | 2.05M | 1.43M | 420K | 155K | 199K | 137K | 177K | 0 | 263K | 168K | 351K | 0 | 43K |
| Other Income/Expense | 6.95M | -7.09M | 1.72M | 5K | -563K | -907K | 1.34M | 374K | -116K | -2M | -2.34M | -3.46M | -4.93M | 4.5M | -3.99M | 581K | -916K | -1.67M | -275K | 2.68M | 408K | 1.46M | 13.97M | 9.66M | 11.5M | 11.43M | 0 | 4.47M | 0 |
| Pretax Income | -11.93M | -22.39M | -12.98M | -13.32M | -20.27M | -13.4M | -8.24M | -3.28M | -8.88M | -22.69M | -22.05M | -18.74M | -37.37M | -26.18M | -32.28M | -32.45M | -27.49M | -23.22M | -30.04M | -28.67M | -25.45M | -26.54M | -2.09M | -9.21M | -11.5M | -13.18M | -9.61M | 0 | 0 |
| Pretax Margin % | -230.24% | -429.43% | -222.84% | -271.04% | -9051.34% | - | -2719.8% | -46.91% | -297.62% | -353.86% | -193.73% | -160.77% | -491.81% | -214.64% | -222.6% | -324.64% | -258.72% | -157.61% | -438.29% | -474% | -321.02% | -441.93% | -30.65% | -65.37% | -125.46% | -233.43% | -153.72% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 230K | 0 | 0 | 0 | 0 | 73K | 1.5M | -1.98M | -964K | 4.57M | 2.09M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.77% | 0% | 0% | 0% | 0% | -0.79% | -13.07% | 15% | 10.03% | - | - |
| Net Income | -11.93M | -22.39M | -12.98M | -13.32M | -20.27M | -13.4M | -8.24M | -10.89M | -12.63M | -22.69M | -22.05M | -18.74M | -37.37M | -26.18M | -32.28M | -32.45M | -27.49M | -23.22M | -30.04M | -28.67M | -25.45M | -26.54M | -2.09M | -9.28M | -13M | -11.21M | -8.64M | -4.57M | -2.09M |
| Net Margin % | -230.24% | -429.43% | -222.84% | -271.04% | -9051.34% | - | -2719.8% | -155.57% | -423.53% | -353.86% | -193.73% | -160.77% | -491.81% | -214.64% | -222.6% | -324.64% | -258.72% | -157.61% | -438.29% | -474% | -321.02% | -441.93% | -30.65% | -65.89% | -141.86% | -198.42% | -138.3% | -302.12% | - |
| Net Income Growth % | 56% | -72.49% | 2.54% | 34.32% | -51.32% | -62.59% | 24.3% | 13.83% | 44.31% | -2.9% | -17.62% | 49.84% | -42.75% | 18.9% | 0.53% | -18.03% | -18.43% | 22.71% | -4.76% | -12.67% | 4.11% | -1169.76% | 77.49% | 28.61% | -16.03% | -29.64% | -89.13% | -118.71% | - |
| Net Income (Continuing) | -11.93M | -22.39M | -12.98M | -13.32M | -20.27M | -13.4M | -8.24M | -3.28M | -8.88M | -22.69M | -22.05M | -18.74M | -37.37M | -26.18M | -32.28M | -32.45M | -27.49M | -23.22M | -30.04M | -28.67M | -25.45M | -26.54M | -2.09M | -9.28M | -13M | -11.21M | -8.64M | -4.57M | -2.09M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.6M | -3.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.80 | -7.19 | -58.50 | -106000.00 | -288750.00 | -444500.00 | -697500.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 |
| EPS Growth % | 99.73% | 87.71% | 99.94% | 63.29% | 35.04% | 36.27% | 79.8% | 89.42% | 75.17% | 45.27% | 35.98% | 62.8% | -2.41% | 25% | 14.6% | -8.42% | 8.92% | 43.43% | 14.05% | 12.48% | 21.19% | -1054.33% | 77.49% | 25.86% | -21.18% | -955.47% | 76.94% | -118.71% | - |
| EPS (Basic) | - | -7.19 | -48.75 | -106000.00 | -288750.00 | -444500.00 | -697500.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 |
| Diluted Shares Outstanding | 6.65M | 3.11M | 308.03K | 126 | 70 | 32 | 12 | 4 | 0 | 17 | 692 | 5.63K | 3.23K | 2.71K | 2.35K | 21 | 19 | 15 | 11 | 9 | 7 | 6 | 5 | 5 | 5 | 6 | 46 | 6 | 6 |
| Basic Shares Outstanding | 6.65M | 3.11M | 265.61K | 126 | 70 | 32 | 12 | 4 | 0 | 17 | 692 | 5.63K | 3.23K | 2.71K | 2.35K | 21 | 19 | 15 | 11 | 9 | 7 | 6 | 5 | 5 | 5 | 6 | 46 | 6 | 6 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial funding dependency
According to recent financial filings, PSTV's revenue has shown a decelerating trend, with quarterly figures hovering near $1.0M to $1.4M, reflecting a reliance on non-recurring research grants rather than commercial product sales, which complicates the assessment of long-term organic growth durability for the firm.
The lack of consistent top-line expansion suggests that the company remains in a pre-commercial phase where revenue is tied to clinical milestones rather than market adoption. Investors should monitor whether future grant awards can offset the persistent operational burn, as the current revenue trajectory appears insufficient to support the company's long-term R&D requirements.
Based on reported income statements, PSTV's operating expenses, particularly SG&A and R&D, consistently exceed quarterly revenue, with SG&A reaching $5.3M in 2026Q1, indicating that the company's cost structure is currently misaligned with its limited, grant-based income streams and requires significant external capital to maintain operations.
The high level of SG&A relative to revenue suggests that administrative and overhead costs are consuming a disproportionate share of available liquidity. This expense discipline warrants further investigation, as the current burn rate appears to be accelerating while the clinical pipeline remains in the early stages of development.
As reported in financial statements, the company's net income is frequently distorted by non-operating items and significant stock-based compensation, which reached $1.0M in 2026Q1, suggesting that reported EPS figures may not accurately reflect the underlying cash-based operational performance or the true cost of capital.
The volatility in EPS, including extreme fluctuations in recent quarters, appears to be driven by accounting adjustments rather than fundamental operational improvements. Investors should focus on cash burn metrics rather than net income, as the latter is heavily influenced by non-cash expenses and financing-related activities.
Based on the provided data, the company's reliance on grant revenue and the absence of commercial product sales suggest that the current business model may be unsustainable without frequent dilutive financing, a risk that is underscored by the persistent negative operating margins observed over the last ten quarters.
Short-sellers might focus on the widening gap between R&D spending and revenue, which implies that the company is effectively trading equity for time. The lack of a clear path to commercialization suggests that the current valuation may be vulnerable to further downward pressure if clinical trial enrollment or isotope supply chain stability falters.
Quick answers to the most common questions about buying PSTV stock.
For fiscal year 2025, Plus Therapeutics, Inc. (PSTV) reported total revenue of $5.2M.
Plus Therapeutics, Inc. (PSTV) reported a net loss of $22.4M for the fiscal year ending 2025.
Plus Therapeutics, Inc. (PSTV) reported an operating income of $-15.3M, resulting in an operating profit margin of -293.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Plus Therapeutics, Inc. (PSTV) generated $4.8M in gross profit for the year, representing a gross profit margin of 91.5%. This demonstrates the company's core pricing power and production efficiency.