Plus Therapeutics Raises $15M, Secures CPT Code and Expands CNSide Coverage to 67M Lives
Plus Therapeutics raised $15 million in an upsized public offering, boosting its cash to $13.1M at year-end and extending runway for CNSide commercialization and REYOBIQ trials. The company secured an AMA Category III CPT code for REYOBIQ delivery, expanded CNSide licensing to 49 states and payer coverage to 67M lives.
1. Financial Results and Capital Raise
Plus Therapeutics completed an upsized public offering generating $15 million in gross proceeds, increasing cash and investments to $13.1 million at year-end 2025 from $3.6 million a year earlier. The company reported a net loss of $22.4 million ($0.29 per share), reflecting expanded CNSide operations.
2. REYOBIQ Development Progress
Plus secured an AMA Category III CPT reimbursement code for convection-enhanced delivery of REYOBIQ, unlocking market access for recurrent glioblastoma and pediatric brain cancer therapies. Constructive FDA Type B meeting feedback aims to accelerate pivotal trial design for leptomeningeal metastases, with three clinical data presentations highlighting favorable safety and efficacy signals.
3. CNSide Diagnostics Expansion
Plus expanded its CNSide CSF assay laboratory licensing to 49 U.S. states, covering approximately 95% of the population, and secured national coverage agreements with Humana and UnitedHealthcare, extending test coverage to around 67 million people. The diagnostics team has grown to support anticipated test adoption and commercial scale-up.
4. 2026 Milestones and Outlook
In 2026, Plus plans to define optimal dosing in the ReSPECT-LM Phase 2 trial with data expected in Q3 2026, complete enrollment for ReSPECT-GBM with data in Q4, and initiate pediatric brain cancer dosing. Additional objectives include scaling up REYOBIQ manufacturing, expanding payer coverage to over 150 million lives, securing Medicare coverage, and achieving breakeven for CNSide by 2027.