MeritValue

PLUS THERAPEUTICS, INC.

PSTVdata completeness 88%17 fiscal years on file
The thesis, from the filings

PLUS THERAPEUTICS, INC. earns about -333% on equity, but has diluted owners by 544% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue——$4.91M1$5.82M2$5.21M2
Net income−$13.4M3−$20.3M4−$13.3M5−$13M6−$22.4M6
Operating cash flow−$10.3M7−$13M8−$12.9M9−$10.6M10−$20.8M10
Capital expenditure——$160,00011$146,00012$67,00012
Free cash flow (derived)——−$13M9−$10.7M10−$20.8M10
Total debt$6.61M13$5.39M14$3.98M15——
Cash & equivalents$18.4M16$18.1M17$8.55M18$76,00019$4.26M19
Diluted shares12.1M1.8M3.1M7.7M77.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0.51
your share of equity
Profit it earned you last year
−$2.88
Free cash flow it threw off
−$2.68
Debt you’d be carrying
—

10 shares is a claim on $0.51 of net worth that earned you −$2.88 and generated −$2.68 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-333% avg · 5y
FY21 -124%FY22 -315%FY23 —FY24 —FY25 -560%

It earned an average -333% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+544% shares · 5y

Share count is up 544% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 40% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2023-12-31 · accession 0000950170-25-047698 (Revenues)
  2. 10-K · period ending 2024-12-31 · accession 0001193125-26-104258 (Revenues)
  3. 10-K · period ending 2021-12-31 · accession 0000950170-23-004099 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0000950170-24-025851 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0000950170-25-047698 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-104258 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-23-004099 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-24-025851 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000950170-25-047698 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001193125-26-104258 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-047698 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-104258 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-004099 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-025851 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-047698 (LongTermDebtCurrent)
  16. 10-K · period ending 2021-12-31 · accession 0000950170-23-004099 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0000950170-24-025851 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0000950170-25-047698 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001193125-26-104258 (CashAndCashEquivalentsAtCarryingValue)