Plus Therapeutics, Inc., announced financial and business results for its Fourth Quarter and full Fiscal Year ended December 31, 2019.
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.
Andrew Sims
VP – Chief Financial Officer, Investor Relations
Phone: +1.619.333.4150
Email: ir@plustherapeutics.com
Website: plustherapeutics.com
