Plus Therapeutics has priced an underwritten public offering of 39,473,684 units at $0.38 per unit, generating gross proceeds of approximately $15 million before underwriting discounts and other expenses. Each unit comprises one share of common stock and one warrant exercisable at $0.38 per share for five years. The company granted the underwriter a 30-day option to purchase up to an additional 5,921,052 shares and/or warrants to cover any over-allotments.

On the day of the announcement, Plus Therapeutics’ stock plunged, declining by more than 25% in intraday trading. Investors reacted to the sizable equity issuance at a deep discount to recent trading levels, which will significantly expand the share count and dilute existing holders upon closing, expected on January 15, 2026, subject to customary conditions.

The company intends to deploy the net proceeds for working capital and general corporate purposes, supporting its development programs in leptomeningeal metastases and recurrent glioblastoma. Management has emphasized that the capital infusion will extend the cash runway through key clinical milestones for its CNS-targeted radiotherapeutics and diagnostics platforms.

Lake Street Capital Markets, LLC is acting as sole underwriter for the offering. A Form S-1 registration statement (File No. 333-292637) was declared effective on January 13, 2026, and a related Rule 462(b) registration became effective upon filing. Final prospectuses will be available via the SEC and Lake Street’s Minneapolis office once issued.