Plus Therapeutics Raises $15M, Expands CNSide Coverage to 81M Lives, Gains FDA Orphan Status
Plus Therapeutics raised $15 million in an upsized public offering, boosting cash to $15.1 million as it scales CNSide commercialization and advances two Phase 2 trials. The company expanded CNSide payer coverage to 81 million lives, secured FDA Orphan Drug designation for REYOBIQ in pediatric gliomas and reported a $7.1 million operating loss for Q1.
1. Upsized Public Offering and Cash Position
Plus Therapeutics completed an upsized public offering in January 2026, generating $15 million in gross proceeds and increasing its cash and investments balance to $15.1 million as of March 31. These funds are earmarked for scaling CNSide commercialization and advancing two Phase 2 REYOBIQ trials.
2. CNSide Payer Coverage Expansion
The CNSide CSF assay platform secured a unique PLA billing code and commenced Medicare enrollment, while new agreements with Blue Shield of California and other payers expanded total U.S. coverage to approximately 81 million lives. Operations also scaled with expanded laboratory capacity and field teams.
3. REYOBIQ Clinical and Regulatory Progress
REYOBIQ received FDA Orphan Drug designation for pediatric malignant gliomas and progressive ependymoma, and a Category III CPT code for convection-enhanced delivery, supporting market access for recurrent glioblastoma and pediatric brain cancer. SpectronRx was added as a second GMP manufacturing site, bolstering supply readiness for the ReSPECT-LM and ReSPECT-GBM trials.
4. First Quarter Financial Results
In Q1 2026, revenue was $1.0 million, primarily from diagnostic billings and grant funding, compared to $1.1 million year-over-year. The company reported a $7.1 million operating loss and net loss of $6.9 million, reflecting expanded CNSide operations and ongoing investment in REYOBIQ trials.