r/Plus_Therapeutics

Out of curiosity, who will be attending the meeting tomorrow? And what do you think the talking points will be about?

Have you guys seen this video? I’m curious about what Marc said at the end.

The interviewer asked:

"...anything else last comments you want to say to any, you know, potential partners, investors or life science folks who might be listening today?"

Marc Hedrick responded:

"I'll just close by, you know, if you look at our website, you'll see the version of the company two years ago. So, you know, very soon we'll be doing a major sort of update of that and our messaging and so forth. and it's largely around what we talked about today. So, you're getting a sneak peek of what's coming."

Enables billing under traditional Medicare and creates a pathway to ~35 million Medicare Advantage beneficiaries through future payer coverage decisions
HOUSTON, May 07, 2026 (GLOBE NEWSWIRE) -- Plus Therapeutics, Inc. (Nasdaq: PSTV) (“Plus” or the “Company”), a healthcare company developing and commercializing precision diagnostics and radiopharmaceuticals for central nervous system (CNS) cancers, today announced that its wholly owned subsidiary, CNSide Diagnostics, LLC (“CNSide Diagnostics”), has successfully enrolled in the Medicare program and received a Provider Transaction Access Number (PTAN) from the Centers for Medicare & Medicaid Services (CMS).

This key milestone establishes CNSide Diagnostics as a Medicare-enrolled clinical laboratory, enabling the submission of claims for its CNSide® Cerebrospinal Fluid (CSF) Assay Platform, including the tumor cell enumeration (TCE) test. Claims will be reimbursed when determined to be reasonable and necessary by the Medicare Administrative Contractor (MAC) with jurisdiction over the laboratory.

“Medicare enrollment represents a critical step in our commercialization strategy,” said Russ Havranek, EVP Corporate and Commercial Strategy. “It enables access to approximately half of the U.S. Medicare population through Traditional Medicare, subject to coverage determinations, while establishing a clear pathway to expand into Medicare Advantage populations over time. Combined with our existing ~81 million commercial covered lives, this milestone strengthens our pathway to broader patient access, adoption, and revenue growth.”

Strategic and Commercial Impact
Expanded Billing of Traditional Medicare: Enables billing for testing furnished to Medicare Fee-For-Service beneficiaries, subject to coverage determination by our local Medicare Administrative Contractor (MAC)

Pathway to Medicare Advantage: Positions CNSide Diagnostics to pursue coverage with Medicare Advantage plans, including those administered by United Healthcare, Humana, Highmark, Blue Shield of California, and other national and regional payers

Accelerates Coverage and Pricing Efforts: Enables active engagement with MACs to pursue local coverage determinations (LCDs) and supports CMS pricing determinations under the Clinical Laboratory Fee Schedule (CLFS)

Medicaid Momentum: Provides essential credentialing for state-by-state Medicaid enrollment

Next Steps: Reimbursement Momentum
With Medicare enrollment secured, CNSide Diagnostics is focused on the following near-term milestones:

Medicare Coverage Pathway — Engagement with MACs to secure formal coverage determinations

CLFS Pricing — Establishment of a payment rate for the new CPT code 0640U (CNSide CSF TCE Test), effective for billing July 1, 2026, via crosswalk or gapfill methodology

Further Commercial Expansion — Continued execution of national and regional payer contracts toward the 2026 goal of 150 million+ covered lives

Positioning CNSide Diagnostics for Scaled Adoption
The CNSide® CSF Assay Platform is a novel diagnostic tool that detects and characterizes tumor cells and circulating tumor DNA in cerebrospinal fluid. It enables earlier and more accurate diagnosis, disease monitoring, and treatment decision-making for patients with leptomeningeal metastases — a devastating complication of CNS cancers where conventional methods like MRI and cytology frequently fall short.

With Medicare enrollment now complete, CNSide Diagnostics is executing a focused commercialization strategy to drive broad clinical adoption:

Payer Coverage Expansion: Building on the current 81 million commercial covered lives to further broaden access through additional national and regional payer contracts
Clinical Utility & Health Economics: Generating robust real-world data to demonstrate improved patient outcomes and cost-effectiveness

Key Account Engagement: Deepening relationships with leading academic medical centers and community oncology networks

Reimbursement Optimization: Refining coding, billing, and collections processes to maximize efficiency and revenue capture

Any thoughts on how a good earnings report for PSTV will look? I’m hoping to see revenue growth on the CNside side of things.

Plenary session at AANS underscores REYOBIQ’s potential as a differentiated targeted radiotherapeutic platform for CNS cancers

HOUSTON, Texas, May 08, 2026 (GLOBE NEWSWIRE) -- Plus Therapeutics, Inc. (Nasdaq: PSTV) (“Plus” or the “Company”), a healthcare company developing and commercializing precision diagnostics and radiopharmaceuticals for central nervous system (CNS) cancers, today announces a plenary session reviewing key clinical and translational data, including the Phase 1 ReSPECT-LM trial of REYOBIQ™ (rhenium Re186 obisbemeda) was presented at the 2026 American Association of Neurological Surgeons (AANS) Annual Scientific Meeting taking place May 1-4, 2026 in San Antonio, Texas.

“This oral plenary session, which reviewed data collected to date, and included an overview of the ReSPECT-LM single dose escalation study, is an important validation of the clinical and translational evidence supporting REYOBIQ as a differentiated therapeutic approach for patients with leptomeningeal metastases, a devastating condition with no FDA-approved therapies. AANS is an important congress, and we are encouraged by these data being featured in such a prominent part of the conference,” said Eric J. Daniels, M.D., M.B.A., Plus Therapeutics Chief Development Officer. “We continue to believe strongly in the potential of REYOBIQ in the clinical setting as we continue the ongoing multiple dose trial.”

The oral presentation, titled, “¹⁸⁶Rhenium-Nanoliposomes (¹⁸⁶RNL) for the Treatment of Leptomeningeal Metastases: Translational Insights from Clinical and Preclinical Models,” was delivered by Henriette U. Balinda, PhD, of UT Health San Antonio in a Plenary Session on Saturday, May 2, 2026.

Key Data Highlights

The Presentation highlighted the completed Phase 1 ReSPECT-LM study demonstrating:

Encouraging survival outcomes, with median overall survival of approximately 9 months in patients treated at the recommended Phase 2 dose, compared to historical survival of approximately 2–6 months

Robust anti-tumor activity, including high rates of circulating tumor cell (CTC) reduction and clinical benefit across evaluable patients

Favorable safety and tolerability profile, supporting advancement into later-stage clinical development
Highly targeted radiation delivery, with a target-to-off-target absorbed dose ratio exceeding 100:1, minimizing exposure to healthy tissue

In addition, translational analyses presented in the session demonstrate that REYOBIQ may induce immune remodeling within the tumor microenvironment, including activation of CD8+ T cells and enhancement of anti-tumor immune response, supporting potential future combination strategies with immunotherapies.

Currently, the ReSPECT-LM Phase 1 Multiple Dose trial is underway and enrolling patients at the University of Texas Health San Antonio. The primary objectives include characterizing safety and tolerability of multiple doses at defined intervals of REYOBIQ for patients of any primary solid tumor cancer with LM.

The M&A Hunter Scoreboard

Stack subscribers know the model. We hunt small and mid cap names where consolidation pressure is real, where the science holds up, where the cap structure works for a buyer, and where the tape has not yet caught on. Some names work standalone. Some get taken out. The takeouts are the fun ones.

M&A Hunter launched in November 2025. Six months in, nine names from the coverage have hit a takeout offer. Eight in biotech. One in regional banking, where local and regional bank consolidation is the parallel thesis we have been running. That is the scoreboard. Quick recap of where we have landed.

1. RAPT to GSK

Announced January 20 2026, closed March 3. $58.00 per share in cash. $2.2 billion equity, $1.9 billion net of cash. 65% premium to the prior close. RAPT had ozureprubart, an anti-IgE mAb for food allergy prophylaxis in Phase 2b. GSK's first major deal under new CEO Luke Miels.

2. DAWN, Day One Biopharmaceuticals to Servier

Announced March 6 2026, closed April 23. $21.50 per share cash. $2.5 billion equity. 68% premium to prior close, 86% to 30 day VWAP. The asset was Ojemda, the only FDA-approved monotherapy for pediatric low grade glioma with BRAF alterations, plus the Mersana ADC pipeline. Tender 85.34%. Was Miami Tier 1.

3. TERN, Terns Pharmaceuticals to Merck

Announced March 25 2026. $53.00 per share cash. $6.7 billion equity, $5.7 billion net. 31% premium to 60-day VWAP, 42% to 90-day VWAP. Tender launched April 7, closes Q2 2026. The asset was TERN-701, an oral allosteric BCR::ABL1 TKI in Phase 1/2 for CML. Merck's third multibillion-dollar deal in the past year as the Keytruda patent cliff approaches. Was Miami Tier 1.

4. CNTA, Centessa Pharmaceuticals to Eli Lilly

Announced March 31 2026. $38.00 per share upfront cash plus a CVR worth up to $9.00 tied to clinical and regulatory milestones. $7.8 billion total deal value, $6.3 billion upfront. The asset was cleminorexton (ORX750) plus ORX142, OX2R agonists for narcolepsy type 1, narcolepsy type 2, and idiopathic hypersomnia. Largest deal in the cohort. Was Miami Tier 3.

5. APLS, Apellis Pharmaceuticals to Biogen

Announced March 31 2026, tender launched April 14. $41.00 per share cash plus a CVR worth up to $4.00 (two payments of $2 each tied to SYFOVRE global net sales milestones). $5.6 billion upfront. 140% premium to the March 30 close of $17.09. Largest premium in the cohort, by a mile. Biogen wanted EMPAVELI for the complement franchise (C3G, IC-MPGN, PNH) and SYFOVRE for the geographic atrophy footprint. $689 million in 2025 net product revenue, with the company having just achieved its first year of profitability.

6. SLNO, Soleno Therapeutics to Neurocrine Biosciences

Announced April 6 2026. $53.00 per share cash. $2.9 billion equity. 34% premium. The asset was VYKAT XR, the first and only FDA approved therapy for hyperphagia in Prader-Willi syndrome. $190.4 million in 2025 sales despite less than nine months on market, with 859 active patients, 630 prescribers, and roughly 12.5% of the US addressable market penetrated already. Tender launched April 20.

7. OGN, Organon to Sun Pharma

Announced April 26 2026. $14.00 per share cash. $6.8 billion equity, $11.75 billion EV. 103% premium to the unaffected April 9 close. Largest Indian pharma deal ever. Biosimilars and women's health franchise. Closes early 2027.

8. KALV, KalVista Pharmaceuticals to Chiesi Group

Announced April 29 2026, today. $27.00 per share cash tender. $1.9 billion equity. 40% premium. The asset was EKTERLY (sebetralstat), the first oral on demand HAE therapy. Chiesi's largest acquisition ever. Closes Q3.

9. LNKB, LINKBANCORP to Burke & Herbert (BHRB)

Announced December 18 2025. All stock deal. $9.38 per share based on the BHRB closing price the day before, exchange ratio of 0.1350 BHRB shares per LNKB share. $354 million equity. Shareholder vote approved March 25, regulatory approvals received April 13, expected to close May 1 2026. Creates an $11.0 billion asset bank with $9.1 billion in deposits, 100 plus branches across Delaware, Kentucky, Maryland, Pennsylvania, Virginia, and West Virginia. This is the local and regional bank consolidation thesis playing out exactly as scripted. Smaller community bank with valuable deposit franchise gets folded into a stronger, expanding regional. We expect more of these.

The Read

Nine names. Nine different buyers. $36.65 billion in aggregate equity. No concentration. GSK, Servier, Merck, Lilly, Biogen, Neurocrine, Sun Pharma, Chiesi, Burke & Herbert. American big pharma, French foundation pharma, Italian family-owned, Indian generics specialist, Mid-Atlantic community banker. Different motivations, same conclusion. They needed what was on our list.

April 2026 was the month. Six of the nine moved on the tape in the last 30 days. DAWN closed. TERN HSR cleared. SLNO announced and tendered. OGN announced. KALV announced. LNKB regulatory approvals received with closing scheduled May 1. There is a real wave underway in rare disease, complement biology, neuroscience, specialty pharma, and regional banking, and the pattern is going to continue through the back half of 2026.

A few things worth flagging.

Premium dispersion is huge. SLNO got 34%, KALV got 40%, RAPT got 65%, DAWN got 68%, OGN got 103%, APLS got 140%. The spread tells you something. When a buyer is desperate (Biogen needed revenue diversification), you see triple-digit premiums. When the buyer has multiple options (Neurocrine on SLNO), you see 30s. The takeaway for hunting is that buyer urgency matters at least as much as asset quality. Asset quality gets you on the list. Buyer urgency moves the price.

Lilly has been busy. CNTA in the coverage, Kelonia in the broader vertical, plus Stemcell Therapeutics. The neuroscience and cell therapy build is live. There are more LLY deals coming.

Biogen at 140% is the loudest signal in the cohort. A buyer paying that kind of premium is not optimizing return. They are buying time. That is what revenue desperation looks like, and it tells you which other names with commercial assets and challenged buyers might come next.

Regional banks are quietly working. LNKB is the first hit on the banking thesis but the setup is identical to what we have flagged before. Sub $5 billion in assets, valuable deposit franchise, larger acquirer with capital available, regulatory environment supportive of consolidation. This was not the loudest deal of the year, but it is the cleanest validation of the framework.

What This Means For The List

Six months. Nine hits. The names still on Miami Tier 1, Tier 2, and Tier 3 that have not yet been touched are the next set worth watching closely. The buyer field is deep. The cell therapy vertical is still hot. The complement and rare disease verticals just printed money for shareholders. The regional banking trade is just getting started. We keep doing the work, and we let the tape come to us.

If you have been here from launch, you saw most of these called early. If you are new, this is what the model looks like when it works.

More to come. The tape is not done.
Updated Scoreboard, Bio Hits 2026

1. RAPT to GSK, $2.2B
2. DAWN to Servier, $2.5B
3. TERN to Merck, $6.7B
4. CNTA to Lilly, $7.8B
5. APLS to Biogen, $5.6B upfront
6. SLNO to Neurocrine, $2.9B
7. OGN to Sun Pharma, $6.8B
8. KALV to Chiesi, $1.9B
9. ESPR to ARCHIMED, $1.1B

Plus LNKB to BHRB ($354M) on the banking side, closing today May 1.

Vanguard Capital Management Llc ownership in PSTV / Plus Therapeutics, Inc. On May 8, 2026 - Vanguard Capital Management Llc filed a 13F-HR form disclosing ownership of 2,427,098 shares of Plus Therapeutics, Inc. (US:PSTV) valued at $394,646 USD as of March 31, 2026. The current value of the position is $14,441,233 USD.

Is there any reason not to invest in this company, only see good things on the horizon!!!

Attempted to set purchase of PSTV on SoFi and receiving this message:

Buying is not available
Buying this security is currently unavailable due to a temporary
halt. Please check back in a bit.

Is anyone else seeing this on other platforms? If so, do we know the cause?

Edited to correct from PTSD 😬

Vanguard Global Advisers, LLC ownership in PSTV / Plus Therapeutics, Inc. On May 8, 2026 - Vanguard Global Advisers, LLC filed a 13F-HR form disclosing ownership of 57,068 shares of Plus Therapeutics, Inc. (US:PSTV) valued at $9,279 USD as of March 31, 2026. The current value of the position is $339,555 USD