PSTVHIGH SIGNALFINANCIAL10-K

PSTV experienced a dramatic deterioration in profitability and cash generation despite maintaining relatively stable revenue levels.

The company's gross profit collapsed while operating cash flow deteriorated substantially, indicating severe margin compression and operational inefficiency. The massive inventory reduction alongside the profitability decline suggests potential write-downs or liquidation of assets, raising questions about the company's business model sustainability.

Comparing 2026-03-12 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

Revenue declined modestly by 10.5% to $5.2M, but gross profit collapsed from $1.9M to just $146K, signaling severe margin compression. Operating cash flow deteriorated substantially while net losses expanded meaningfully to -$22.4M. The company reduced inventory by 96% and lowered total liabilities by 21%, suggesting possible asset liquidation or significant write-downs during the period.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
-96.8%
-$10.6M→-$20.8M

Operating cash flow fell 96.8% — earnings quality concerns; investigate working capital changes and non-cash items.

Inventory
Balance Sheet
-96.4%
$2.9M→$107K

Inventory drawn down 96.4% — strong sell-through or deliberate destocking; watch for supply constraints.

Gross Profit
P&L
-92.5%
$1.9M→$146K

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Net Income
P&L
-72.5%
-$13.0M→-$22.4M

Net income declined 72.5% — review whether driven by operations, interest costs, or non-recurring items.

Capital Expenditure
Cash Flow
-54.1%
$146K→$67K

Capex reduced 54.1% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Interest Expense
P&L
-44.4%
$711K→$395K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Total Liabilities
Balance Sheet
-20.9%
$15.6M→$12.3M

Liabilities reduced 20.9% — deleveraging improves balance sheet strength and financial flexibility.

R&D Expense
P&L
-20.8%
$10.6M→$8.4M

R&D spending cut 20.8% — could signal cost discipline or concerning reduction in innovation investment.

Current Liabilities
Balance Sheet
-20.8%
$15.6M→$12.3M

Current liabilities reduced — improved short-term financial position and working capital health.

Revenue
P&L
-10.5%
$5.8M→$5.2M

Revenue softened 10.5% — monitor whether this is cyclical or structural.

LANGUAGE CHANGES
NEW — 2026-03-12
PRIOR — 2025-03-31
ADDED
As of March 10, 2026, there were 171,550,698 shares of the registrant s common stock issued and outstanding.
These statements include, without limitation, statements about our anticipated expenditures, including research and development, and general and administrative expenses; our intent or ability to regain and maintain compliance with Nasdaq listing standards; our strategic collaborations and license agreements, intellectual property, U.S.
healthcare company developing and commercializing precision diagnostics and targeted radiopharmaceuticals for central nervous system ( CNS ) cancers.
CNSide Diagnostics, LLC ( CNSide Diagnostics ) is our wholly owned subsidiary that develops and commercializes proprietary laboratory-developed tests, such as CNSide , designed to identify tumor cells that have metastasized to the central nervous system in patients with carcinomas and melanomas.
In radiopharmaceuticals, our lead candidate, rhenium ( 186 Re) obisbemeda, is designed specifically for CNS cancers including recurrent glioblastoma ( GBM ), leptomeningeal metastases ( LM ), and pediatric brain cancers ( PBC ) by direct localized delivery utilizing approved standard-of-care tissue access such as with convection-enhanced delivery ( CED ) and intraventricular brain (Ommaya reservoir) catheters.
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REMOVED
As of March 21, 2025, there were 16,999,626 shares of the registrant s common stock issued and outstanding.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 103 Item 13.
Form 10-K Summary 104 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This report contains certain statements that may be deemed forward-looking statements within the meaning of U.S.
These statements include, without limitation, statements about our anticipated expenditures, including research and development, and general and administrative expenses; our strategic collaborations and license agreements, intellectual property, U.S.
4 Risk Factor Summary Below is a summary of the principal factors that may affect our business, financial condition, and results of operations.
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