Full Press Release Details
January nuary 2 2026 026 P Power ower a and nd p precision recision iin n c cancer ancer rradiotherapeutics adiotherapeutics N NASDAQ: ASDAQ: P PSTV STV
Cautionary Note Regarding Forward Looking Statements This presentation
contains statements that may be deemed "forward-looking statements" within the meaning of U.S. securities laws, including statements regarding clinical trials, expected operations and upcoming developments. All statements in this
presentation other than statements of historical fact are forward-looking statements. These forward-looking statements may be identified by future verbs, as well as terms such as "potential," "anticipating,"
"planning", "projecting", "expecting" and similar expressions or the negatives thereof. Such statements are based upon certain assumptions and assessments made by 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 regarding the following: the potential promise of REYOBIQ
including the ability of REYOBIQ to safely and effectively deliver radiation directly to the tumor at high doses; expectations as to the Company's future performance including the next steps in developing the Company's current assets,
which include the Company's nanomedicine platform and commercializing CNSide, REYOBIQ and 188RNL-BAM; the Company's manufacturing capabilities and commercial scalability of the Company's product candidates; the Company's
clinical trials including statements regarding the timing and characteristics of the ReSPECT-GBM, ReSPECT-LM and ReSPECT-PBC clinical trials; possible negative effects of REYOBIQ ; the continued evaluation of REYOBIQ , including through evaluations
in additional patient cohorts; the intended functions of the Company's platform and expected benefits from such functions; development and utility of the CNSide leptomeningeal metastases diagnostic test; and upcoming catalysts and cash runway.
The forward-looking statements included in this presentation could differ materially from those expressed or implied by these forward-looking statements because of risks, uncertainties, and other factors that include, but are not limited to, the
following: the early stage of the Company's product candidates and therapies; the results of the Company's research and development activities, including uncertainties relating to the clinical trials of its product candidates and
therapies; the Company's liquidity and capital resources and its ability to raise additional cash; to fund its operations in the near-term and long-term, on terms acceptable to us or at all; the outcome of the Company's
partnering/licensing efforts; risks associated with laws or regulatory requirements applicable to the Company, including the ability to come into compliance with The Nasdaq Capital Market listing requirements; market conditions; product performance;
litigation or potential litigation; and competition within the cancer diagnostics and therapeutics field; ability to develop and protect proprietary intellectual property or obtain licenses to intellectual property developed by others on
commercially reasonable and competitive terms; manufacturing supply chain risks; and material security breach or cybersecurity attack affecting the Company's operations or property. This list of risks, uncertainties, and other factors is not
complete. Plus Therapeutics discusses some of these matters more fully, as well as certain risk factors that could affect Plus Therapeutics' business, financial condition, results of operations, and prospects, in its reports filed with the
SEC, including Plus Therapeutics' annual report on Form 10-K for the fiscal year ended December 31, 2024, quarterly reports on Form 10-Q, and current reports on Form 8-K. These filings are available for review through the SEC's website
at www.sec.gov. Any or all forward-looking statements Plus Therapeutics makes may turn out to be wrong and can be affected by inaccurate assumptions Plus Therapeutics might make or by known or unknown risks, uncertainties, and other factors,
including those identified in this presentation. Accordingly, you should not place undue reliance on the forward-looking statements made in this presentation, which speak only as of its date. 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. 2 Plus Therapeutics, Inc. NASDAQ: PSTV
Execut > Clava ive Summary Summary ve THERAPEUTICS obisbemeda
injection Contact us at investor@plustherapeutics.com Contact us at investor@plustherapeutics.com Basrect evn CNSIde
Plus Therapeutics (PSTV) Overview Best-In-Class Diagnostic for CNS Mets
- CNSide : >$6B TAM + U.S. commercial relaunch Q3 2025 - Projected 500K patients / year + Announced first of planned national coverage agreements, with UnitedHealthcare and Humana + Previously commercialized, ordered by 120 U.S.
institutions + Data and analytics for personalized therapeutic approach and predictive models First-In-Class Radiotherapeutic for CNS Cancers: >$16B TAM + Safe, precision therapy with up to 20x radiation delivery vs. standard of care + FDA Fast
Track & Orphan Designations facilitate expeditious approval process Multiple Mid-Stage ReSPECT Clinical Trials of REYOBIQ + First-in-class drug treating leptomeningeal mets (LM), Dosing/Phase 2 trial enrolling + Completing recurrent glioblastoma
(rGBM) Phase 2 trial in 2025 Glossary: rGBM - recurrent glioblastoma Dx - diagnostic TAM - total addressable market CTC - circulating tumor cells LM - leptomeningeal metastases mets - metastases BBB - blood
brain barrier CSF - cerebral spinal fluid PBC - pediatric brain cancer mOS - median overall survival MTD - maximum tolerated dose 4 Plus Therapeutics, Inc. NASDAQ: PSTV Tx - radiotherapeutics CNS - central nervous
system SOC - standard of care
CLINICAL TRIALS obisbemeda injection Company Company Overview Overview
ve PLUS THERAPEUTICS Contact us at investor@plustherapeutics.com Contact us at investor@plustherapeutics.com Basrect evn CNSIde
Epidemic of Central Nervous System Cancers Growing mets epidemic dwarfs
incidence of primary brain cancers 10:1 ratio >1M Over 1 million patients at risk of 1 CNS mets in U.S. Epidemic due to improved outcomes for primary cancer treatments (breast, lung, melanoma, etc.) Up to 30% of adult cancer patients will develop
CNS 1 mets 1. Boire A. Metastasis to the Central Nervous System. Continuum (Minneap Minn). 20 20 Dec;26(6):1584-1601 . doi: 10.121 2/CON.000000 000000 0939. PMID: 33 273173 ; PMCID: PM C992 4436. 6 Plus Therapeutics, Inc. NASDAQ:
CNS Cancer Survival Rate- Little Progress Over 40 Years The 4 decade-old
CNS cancer playbook' has not worked 120 100 80 60 40 20 0 1980 1985 1990 1995 2000 2005 2010 2015 2020 CNS Cancers Non-CNS Cancers CBTRUS Statistical Report: Primary Brain and Other Central Nervous System Tumors D iagnose d in the
United State s in 2015 -2019 . Neuro Oncol. 202 2 Oct5;24(Suppl 5):v1-v95. doi: 10.109 3/ne uonc/noac202. PM ID: 7 Plus Therapeutics, Inc. NASDAQ: PSTV 3619 6752; PMCI D: PMC9533 228. Median Overall Survival (Months)
Limitations to Gains in CNS Cancer Survival The unique nature of the CNS
creates both diagnostic & therapeutic challenges Surgery If operative, clean tumor margins unobtainable Poor Diagnostic Options 1 Leptomeningeal Mets: 2-4x underdiagnosed 2 Standard diagnostic Cytology from 1904 Better imaging has not been the
answer External Radiation Pharmaceuticals Proven MOA, Only 2% of drugs can cross BBB dosing limited Genetic drift common in mets 1. Le Rhun E, et al. - Le ptomeninge al metastasis: a RANO proposalLancet Oncology, 2017 8 Plus Therapeutics, Inc.
NASDAQ: PSTV 2. Dufour, H. J Bras Patol Med Lab 57 , 5-13 (2021 )
Roadmap to Improve CNS Cancer Survival Plus is creating a new playbook
Improved Diagnostic - CNSide Dx Platform Better Biomarkers / Concrete Outcomes Measures - CSF circulating tumor cells Improved Therapeutic - REYOBIQ targeted radiotherapeutic Reduce / Remove
Impact of the BBB - Innovative Drug Delivery Unified Advanced Data Analytics - Dx & Tx Improvements + Partnerships 9 Plus Therapeutics, Inc. NASDAQ: PSTV
D a t a A n a l y t i c s Plus' Playbook to Improve Survival in
CNS Cancers Focused Roche' model for CNS oncology CNSide Diagnostics Lead drug REYOBIQ + Up to 20x radiation delivery + Launched in late 2025 + Bypass BBB + Nearing 100m covered lives + No MTD reached in multiple + $6B opportunity*
clinicals Fully Integrated + $16B opportunity* CNS Platform Unified data analytics platform Improved survivals in LM + CNSide cellular and molecular data + CNSide: est. 50% inc. in OS + REYOBIQ imaging & delivery data + REYOBIQ: est. additional
50% inc. + Pipeline development in OS + Further OS gains * Refe r to slide 14 10 Plus Therapeutics, Inc. NASDAQ: PSTV C l i n i c a l I m p a c t
LM Epidemiology & Standard Care Pathway Near term path to doubling
survival in LM Standard of Care 1 ~Half receive mOS + US LM Diagnoses ~ 125,000/year palliative care, ~ 5 weeks 5 hospice + Underdiagnosed: LM cases are 2-4x Blended mOS 6 more common based on autopsy ~ 3 months 2 findings ~Half receive Tx mOS ~ 5
months + Poor survival: 4-6 weeks without treatment vs. 4-6 months with + CNSide 3 treatment Increase to 90% Blended mOS 7 receive Tx ~ 4.5 months + Primary Solid Cancers: ~ 80% of cases + REYOBIQ 4 due to breast & lung CA and Melanoma Blended
mOS 50% of Tx receive 7 ~ 7 months REYOBIQ 1. Nayar G, et al. Le ptomeninge al disease : curre nt diagnostic and therapeutic strate gie s. Nature Reviews Clinical Oncology. 2017 .DOI: 10 .1038/nrclinonc.2017. 128 2. Le Rhun E, et al. -
Le ptomeninge al metastasis: a RANO proposal Lance t Oncology, 201 7 3. Boire A. Metastasis to the Central Nervous System. Continuum (Minneap Minn). 202 0 Dec;26(6):1584 -1601 . doi: 1 0.1212/CON.00 0000000000 0939. PMID: 33 273173 ; PMCID:
PM C992 4436 4. J Exp M ed (2024) 221 (4): e20212 121. https:// doi.org/ 10.10 84/jem.2021 2121 5. Gensler, R., Xia, Y., Horowitz, M.A.et al. Outcomes of leptome ningeal disease after only vertebral osseous me tastases: a real -world
analysis using the TriNetX database. J Neurooncol 175, 2 19-229 (202 5). https://doi.org/10.10 07/s11060-025-0512 2-w 6. Batool A, Kasi A. Le ptomeninge al Carcinomatosis. [Update d 2023 M ar 2 7]. In: StatPearls [I nternet]. Treasure I
sland (FL): StaP te arls Publishing; 2025 Jan-. Available from: https://www.ncbi.nlm.nih.gov/books/NBK4 99862/?referre r= grok.com 11 7. Manage ment e stimates Plus Therapeutics, Inc. NASDAQ: PSTV PLUS
TAM for CNSide & REYOBIQ in CNS Mets Initial focus on
Leptomeningeal Mets with significant growth potential in Brain Mets 500K+ $6B+ * 1,2,3,4,5 * Total CNS Mets Patients U.S. Total Addressable Market 56,250 $16B+ * * REYOBIQ Patients U.S. Total Addressable Market 1. Cagney, D.N. , et al. Neuro Oncol
19(11), 1511-1521 (20 17). https://doi.org/10.109 3/ne uonc/nox077 *Notes: 2. Groves, M.D. Neurosurg Clin N Am 22, 6 7-78 (2011 ). https://doi.org/10.101 6/j.ne c.201 0.08.00 6 500K+ CNS mets patients include incidence, at risk,
and prevalence populations (base case estimate) 3. Lamba, N., et al. Neuro Oncol 23 (9), 1447-1456 (20 21). https://doi.org/10.109 3/ne uonc/noab10 1 $6B TAM assumes 4.3 tests/patie nt at ~ $3,000 list price (base case estimate on # of
tests and pricing) 4. Le Rhun, E., et al. Surg Neurol Int 4, 265 (201 3). https://doi.org/10.410 3/215 2-7806 .11130 4 $16B TAM assumes 56,250 (50% of 90% of the current US LM diagnoses) LM patients receiving 3 REYOBIQ doses @ $100,00 0 per
dose 5. Nguyen, A., et al. Curr Oncol 30(6), 5906-5931 (20 23). https://doi.org/10.339 0/curroncol300 60442 12 Plus Therapeutics, Inc. NASDAQ: PSTV
2026 Milestones Therapeutic Diagnostic + Reach > 150 million covered
lives for CNSide + Complete enrollment in ReSPECT-GBM Phase 2 Diagnostic platform trial for recurrent glioblastoma and conduct end of phase meeting to align on pivotal trial + Obtain Medicare and Medicaid coverage design +
Establish prior commercial order rate (1,250 TCE + Define optimal dose/interval for REYOBIQ in tests per annum) ReSPECT-LM Phase 2 expansion trial and begin + Establish 50 or more unique ordering physician enrollment customer base for
CNSide + Complete manufacturing scale-up for REYOBIQ + Expand platform and launch additional CSF commercial and approval trial supply tumor characterization tests + Enroll first patient in the ReSPECT-PBC pediatric brain cancer Phase 1 trial
with REYOBIQ * These state me nt s a nd figure s a re targe ts for 202 6 a nd ar e not pr oje ctions and should not be rel ied upon as such. Fur the r, these targe ts are subject to occurre nce s that ma y nega tivel y impa ct our business and our
industry g enera lly, whi ch may be out of our control, and which may impact our ability to achieve these ta rge ts. 13 Plus Therapeutics, Inc. NASDAQ: PSTV
Executive Management Team Marc H. Hedrick, MD MBA President & CEO,
Plus Therapeutics 30+ years of clinical development and business leadership Russell Bradley Russ Havranek, MS MBA Andrew Brenner, MD PhD Andrew Sims, CPA President & General Manager Executive VP Corporate Strategy & Interim CMO CFO & VP
of Finance (CNSide) Business Development Professor of Medicine and Neuro-Oncology 25+ years of Financial 30+ years of diagnostic & life 25+ years of development & Leadership Clinical Investigator sciences leadership commercialization
experience Endowed Chair, Mays Cancer Center, UT Health San Antonio 14 Plus Therapeutics, Inc. NASDAQ: PSTV
D DIET iag =dalexya nostic es s ra Ges Contact us at
investor@plustherapeutics.com Contact us at investor@plustherapeutics.com
Poor Diagnosis Standards in CNS Mets 1 The current standard for LM
diagnosis (cytology) introduced in 1904 2 + Cytology: not quantitative, ~ 50% sensitive, no FDA support an as endpoint 2 + Imaging: not quantitative, ~75% specific, no FDA support an as endpoint + Neither tool helps disease monitoring or treatment
selection + Therefore therapeutic nihilism' is common and hospice referrals high 1. DUFOUR, M. H.: M nigite sarcomateuse diffuse avec encahissement de la moe lle e t des racines: Cytologie positive e t sp ciale d u liquide c
phalorachidiien. Rev. Neurol. 12: 1 04-106, 1 904 16 Plus Therapeutics, Inc. NASDAQ: PSTV 2. Batool A, Kasi A. Le ptomeninge al Carcinomatosis. [Update d 2023 M ar 2 7]. In: StatPearls [Internet]. Treasure Island (FL): StatPearls Publishing;
A Comprehensive CNS Diagnostic Solution Proprietary & highly
sensitive tumor cell capture & interrogation system optimized for CNS mets >$300M 95% 92% 1 1 Invested in core technology Clinical specificity Clinical sensitivity 1 Platform / 1 1 cell/5mL Stop Shop' 2 Tumor cell detection 4
Tests testing platform 0 to 25,000+ 4 day >11,000 2 Tumor cell count range 2 3 Sample Stability Tests completed 1. Sweed, N., e t al. Arch Pathol Lab Med (2025 ) 149 (3): 242-252. https://doi.org/10.585 8/arpa.2 023-0295-OA 2. Manage ment
estimates 17 Plus Therapeutics, Inc. NASDAQ: PSTV 3. Historical Commercial D ata
Platform with 4 Tests from a Single Sample Cancer Patient Presents
Signs & Symptoms CNSide CSF Tumor Cell Enumeration (TCE) Suggestive of LM Detects LM tumor cells in CSF; quantifies LM tumor cells for diagnosis & treatment monitoring Tests Performed & Info Gathered SoC & CNSide
TCE+FISH+ICC+NGS CNSide CSF Fluorescence In Situ Hybridization (FISH) Tumor cell count & biomarker detection Identifies gene expression abnormalities using fluorescent probes; used by physicians to personalize therapy selection
Clinical Decision Making Diagnosis (LM: + or -) based on TCE LM treatment based on FISH, ICC, NGS CNSide CSF Immunocytochemistry (ICC) LM Patient Follow-Up Visit Confirms origin of tumor cells & identifies gene
expression abnormalities Tests Performed & Info Gathered SoC & CNSide TCE+FISH+ICC Tumor cell count & biomarker detection CNSide CSF Next-Generation Sequencing (NGS) Detects clinically relevant mutations in DNA
& RNA Clinical Decision Making LM treatment based on TCE, FISH, ICC Continue/Discontinue LM therapy Use different LM therapy 18 Plus Therapeutics, Inc. NASDAQ: PSTV
CNSide Dx Platform: Products & Services Provides a unique &
clinically actionable dataset for providers Shipment CNSide Lab Hospital / Clinic A B Microfluidic Chip / TCI Probe Cocktail Channel Tumor Cell Isolation C (TCE Cocktail) Lumbar Puncture / CEE-Sure Tube Ommaya Reservoir DNA Isolation NGS Data
Reports w/ Pathologist Interpretation (Service): Proprietary Tech Manufactured In-house (Product): A. Tumor Cell Enumeration (TCE) 1. CEE-Sure Tube Preserves collected CSF specimen (LP/OR) Quantifies tumor cell count B. Tumor Cell
Interrogation (TCI) 2. Microfluidic Chip Cell capture for tumor cell enumeration Identifies gene expression / guides treatment C. Cell Free DNA Analytics (CF-DNA) 3. Cell Interrogation Probe Cocktail Cell capture for tumor
cell interrogation Detected clinically relevant mutations 19 Plus Therapeutics, Inc. NASDAQ: PSTV
A Derisked Commercial Opportunity 2025 commercial relaunch: clinically
proven, market traction, & positioned for scale + Proven high throughput & scalable technology ~$300M investment in core tech made by original developer 9 peer-reviewed studies and publications Clinically validated
(FORESEE trial completed) CSF CTCs in NCCN guidelines* + CNSide commercially available since 2020 by original developer (paused 2023) Previously launched & accepted by CMS in 2020 11,000+ tests ordered 200+ unique
physician users across 120+ institutions Avg. 4.3 tests/patient st + 1 national policy coverages: United Healthcare and Humana 51 million covered lives with United Healthcare 16 million covered lives with Humana *Jl Clin
Oncology, vol 42,No. 16 suppl, Jume 2024 20 Plus Therapeutics, Inc. NASDAQ: PSTV
CNSide Commercial Expansion Plans Commercial & operational