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Plus Therapeutics Reports Fourth Quarter and Full Fiscal Year 2019 Financial and Business Results

AUSTIN, Texas, March 30, 2020 (GLOBE NEWSWIRE) -- 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/A2883C8240CBAA08D701864A445894F6
Beginning 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 Sims
VP – Chief Financial Officer, Investor Relations
Phone: +1.619.333.4150
Email: ir@plustherapeutics.com
Website: plustherapeutics.com