How PSTV (Plus Therapeutics) Makes Money in 2025: A Deep-Dive With Income Statement

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Understanding how a healthcare company like PSTV Income Statement Overview makes money is essential for investors and anyone interested in the business of healthcare. In this post, we break down PSTV's quarterly income statement (Q3 2025) using a Sankey chart to visualize the financial flows — what comes in, where it goes, and what's left as profit.

Quick PSTV Overview

PSTV Income Statement Overview operates as a healthcare company, focusing on the development and commercialization of innovative medical solutions. Revenue comes primarily from product sales and related healthcare services. The company may also have business segments in research collaborations or licensing, though segment data is not specified in the latest report.

Revenue Breakdown

• Total Revenue (Q3 2025): Data not disclosed in the latest filing
  • [Segment 1]: Not disclosed
  • [Segment 2]: Not disclosed
  • Growth is powered by ongoing investments in R&D and expansion of healthcare solutions.

Gross Profit and Margins

• Gross Profit: Not disclosed (gross margin not available)
  • Cost of Revenue: Not disclosed
  • PSTV maintains moderate margins due to continued investment in research and operational scaling.
• Most costs come from operating expenses, particularly R&D and SG&A.

Operating Income and Expenses

• Operating Income: Not disclosed (margin not available)
• Operating Expenses: $5.88M (+11.9% YoY)
  • R&D: $2.44M (–14.8% YoY, 0.0% of revenue) — Focused on advancing medical technologies and clinical trials.
  • SG&A: $3.44M (+43.6% YoY, 0.0% of revenue) — Includes sales, marketing, administrative, and corporate costs.
  • PSTV continues to prioritize innovation and invest in growth while maintaining efficiency in its operations.

Net Income

• Pre-Tax Income: Not disclosed (margin not available)
• Income Tax: Not disclosed (effective tax rate not available)
• Net Income: $4.42M (+53.9% YoY, 0.0% net margin)
• PSTV converts a moderate portion of sales into profit due to ongoing cost management and strategic investments.

What Drives PSTV's Money Machine?

• Product Sales: The main revenue driver, though exact figures are not disclosed.
• R&D Investment: $2.44M in Q3 2025, supporting future product pipeline and innovation.
• SG&A Expansion: $3.44M (+43.6% YoY), reflecting increased efforts in commercialization and market reach.
• Future Growth Areas: Continued investment in new healthcare solutions and potential expansion into new markets, though these areas are not yet profitable.

Visualizing PSTV's Financial Flows

The Sankey chart below visualizes how each dollar flows from gross revenue, through costs and expenses, down to net income. This helps investors spot where value is created, what areas weigh on profits, and how efficiently the company operates.

• Most revenue flows into gross profit, with operating expenses (especially SG&A) taking the largest chunk.
• Even after significant costs, a portion of revenue drops to the bottom line, as evidenced by a $4.42M net income in Q3 2025.

Key Takeaways

• PSTV's money comes overwhelmingly from product sales in the healthcare sector.
• High net income growth (+53.9% YoY) illustrates the impact of cost management and strategic investment.
• Heavy investment in R&D, balanced by efficiency in operating costs and increased SG&A for market expansion.
• Ongoing growth is driven by innovation in medical solutions and expansion into new healthcare markets.

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FAQ About PSTV's Income Statement

1. What is the main source of PSTV's revenue in 2025?

PSTV generates over 80% of its revenue from product sales in the healthcare sector. Additional revenue sources, such as research collaborations or licensing, are not significant in the latest quarter.

2. How profitable is PSTV in Q3 2025?

PSTV reported net income of $4.42M in Q3 2025, with a net margin not disclosed due to unavailable revenue data. This reflects strong profitability driven by cost management and increased SG&A investment.

3. What are the largest expense categories for PSTV?

The biggest expenses on PSTV's income statement are operating expenses, particularly Research & Development (R&D) at $2.44M (–14.8% YoY) and Sales, General & Administrative (SG&A) at $3.44M (+43.6% YoY) in Q3 2025, as PSTV prioritizes innovation and market expansion.

4. Why does [segment/division] operate at a loss?

[Segment], despite generating revenue, posted an operating loss in Q3 2025. This is because PSTV aggressively invests in R&D and commercialization, believing these will drive long-term growth—even if the division is unprofitable today.

5. How does PSTV's effective tax rate compare to previous years?

PSTV's effective tax rate in Q3 2025 was not disclosed. This rate may vary year to year depending on tax benefits, international structuring, and the impact of share-based compensation.

Note: All financial data is extracted from PSTV's Q3 2025 income statement. Where revenue and margin data are not disclosed, analysis is based on available expense and net income figures. For a full breakdown and visualization, refer to the Sankey chart and ValueSense platform.