How PSTV (Plus Therapeutics) Makes Money in 2026: A Deep-Dive With Income Statement

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Understanding how a biotechnology company like PSTV makes money is essential for investors and anyone interested in the business of biotech. 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 operates as a clinical-stage biotechnology company focused on developing novel therapies for unmet medical needs, particularly in oncology and rare diseases. Revenue comes from other income sources, such as grants, partnerships, or milestone payments, rather than traditional product sales. No segmented revenue breakdown is reported, reflecting its pre-commercial stage with emphasis on R&D.

Revenue Breakdown

• Total Revenue (Q3 2025): Not reported (N/A)
  • No segment breakdowns available.
  • Growth is powered by strategic partnerships and grant funding, enabling R&D advancement without significant product revenue.

Gross Profit and Margins

• Gross Profit: Not applicable (N/A gross margin)
  • Cost of Revenue: Not reported (N/A)
  • PSTV maintains N/A margins due to its early-stage biotech model, where costs are primarily R&D-driven rather than production-related.
• Most costs come from operating expenses, dominated by R&D and SG&A.

Operating Income and Expenses

• Operating Income: -$5879 (N/A YoY, N/A margin)
• Operating Expenses: $5879 (+11.9% YoY)
  • R&D: $2436 (-14.8% YoY, 0.0% of revenue) — Investments in clinical trials and drug development pipelines for oncology therapies.
  • SG&A: $3443 (+43.6% YoY, 0.0% of revenue) — Covers administrative, legal, and sales-related activities amid growth in operations.
  • PSTV continues to prioritize innovation while expanding operations to advance its clinical programs.

Net Income

• Pre-Tax Income: Not reported (N/A YoY, N/A margin)
• Income Tax: Not reported (N/A effective tax rate)
• Net Income: $4423 (+53.9% YoY, 0.0% net margin)
• PSTV converts a significant portion of other income into profit due to non-operating gains offsetting operating losses.

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What Drives PSTV's Money Machine?

• Other Income: 100% of reported income / $4423 from "Other" category, likely including grants, licensing deals, or investment gains.
• Net Income Growth: +53.9% YoY, driven by non-operating items despite operating losses.
• R&D Investments: Focus on clinical-stage assets, with $2436 spent to push pipeline forward.
• Future growth areas: Commercialization of therapies in oncology, though 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 investments, other income boosts the bottom line positively.

Key Takeaways

• PSTV's money comes overwhelmingly from other income sources
• High net income despite operating losses illustrates the power of PSTV's grant and partnership funding model
• Heavy investment in R&D, balanced by efficiency in non-operating gains
• Ongoing growth is driven by clinical pipeline advancements

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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 100% of its income from other sources ($4423 in Q3 2025). No traditional revenue segments reported, typical for clinical-stage biotech.

2. How profitable is PSTV in Q3 2025?

PSTV reported net income of $4423 in Q3 2025, with a net margin of approximately 0.0%, reflecting strong profitability driven by non-operating other income offsetting operating losses.

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) and Sales, General & Administrative (SG&A) costs. R&D investment reached $2436 in Q3 2025, as PSTV prioritizes clinical trials and pipeline development.

4. Why does the operating division operate at a loss?

Operating activities, despite no revenue reported, posted an operating loss of over $5879 in Q3 2025. This is because PSTV aggressively invests in R&D and expansion, believing these will drive long-term growth—even if unprofitable today.

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

PSTV's effective tax rate in Q3 2025 was N/A, [consistent with] previous years. This [moderate] rate is primarily due to net operating loss carryforwards and R&D tax credits common in biotech.