From Plus to Cerenome: A New Identity for an Integrated CNS Cancer Strategy

HOUSTON, TX – June 30, 2026 – In a move signaling a fundamental strategic shift, Plus Therapeutics, Inc. (Nasdaq: PSTV) today announced it will rebrand as Cerenome, effective August 3, 2026. The change, which includes a new Nasdaq ticker, CNSY, is more than a cosmetic update; it represents the culmination of a deliberate pivot towards an integrated platform for treating central nervous system (CNS) cancers. The new identity aims to encapsulate a comprehensive approach that weaves together therapeutics, diagnostics, and artificial intelligence to tackle some of the most challenging brain and spinal cord malignancies.

This transformation comes at a pivotal moment for the company. While facing the market headwinds common to clinical-stage biotechs, including a significant year-to-date stock decline, the firm is simultaneously reporting substantive progress across its clinical and commercial operations. The newly christened Cerenome is betting that this integrated model—uniting its REYOBIQ radiopharmaceutical, its CNSide diagnostic test, and a nascent AI strategy—is the key to unlocking value and, more importantly, improving outcomes for patients with devastating CNS cancers.

The Strategic Metamorphosis to Cerenome

The rebranding to Cerenome is a deliberate attempt to align the company's public identity with its operational reality. The name itself—a portmanteau of “cerebrum” (brain) and “-ome” (denoting a complete set, as in genome or proteome)—is meant to convey a holistic, data-rich approach to CNS oncology. According to the company, this new identity will be more fully showcased to the scientific community at the SNO/ASCO CNS Metastases Conference in August.

“The Cerenome identity change is the capstone of months of planning reflecting the Company’s current de facto identity as an integrated CNS oncology platform company,” said Marc H. Hedrick, M.D., President and Chief Executive Officer. He emphasized the design is to “combine therapeutic interventions, diagnostic insights and advanced data analytics for physicians to improve outcomes for patients with CNS cancers and create long-term value for stockholders.”

This strategic repositioning occurs against a challenging financial backdrop. Despite holding more cash than debt and maintaining a healthy current ratio, the company's stock has fallen by over 66% year-to-date, a reflection of investor concerns about cash burn and potential shareholder dilution that are typical in the sector. The company previously executed a reverse stock split to maintain Nasdaq compliance, a move that analysts have watched with caution. The transition to Cerenome is therefore not just a branding exercise; it is a high-stakes declaration that the company's integrated strategy is the most viable path forward, intended to convince the market that its component parts are creating a whole greater than their sum.

CNSide: The Commercial Engine Gains Traction

While long-term clinical development continues, the company’s diagnostic arm is already delivering tangible commercial results. The CNSide® platform, a cerebrospinal fluid (CSF) assay for detecting and managing CNS cancers, is emerging as a significant growth driver and a proof-of-point for the integrated strategy.

During the first half of 2026, the company made remarkable strides in market access. Following new agreements with major payers like Highmark, Blue Shield of California, and Elevance Health, the number of U.S. lives with commercial coverage for the CNSide test has nearly doubled, jumping from 67 million to 126 million. The company remains on track to surpass its goal of 150 million covered lives by year's end.

Progress on the reimbursement front has been equally critical. On May 7, the company secured its Provider Transaction Access Number (PTAN), enabling it to bill Medicare directly. This was followed by the activation of a dedicated billing identifier, PLA Code 0640U, on July 1. These administrative but crucial milestones pave the way for a more streamlined and predictable revenue cycle.

This expanded access is translating into accelerating adoption. The company reported that 232 CNSide tests were performed year-to-date, with June setting a record of 72 tests. Based on current demand, the company projects an annual run rate of 1,250 tests by the end of 2026. With 18 institutions actively ordering and another 17 in the onboarding process, the infrastructure for sustained growth appears to be taking shape. This momentum is further bolstered by the recent CAP Accreditation of its clinical laboratory, a key quality endorsement, and data suggesting the test can lead to substantial healthcare cost reductions.

Advancing the Therapeutic Frontline with REYOBIQ

The therapeutic cornerstone of the Cerenome strategy remains REYOBIQ™ (rhenium-186 obisbemeda), a precision radiopharmaceutical being evaluated for multiple CNS cancers. The mid-year update confirmed steady progress across its key clinical programs.

In the ReSPECT-GBM trial for recurrent glioblastoma, enrollment is nearing completion with 31 of 34 subjects now recruited. The company believes this positions it for an end-of-Phase 2 meeting with the FDA, a critical step toward a potential registration study. For the ReSPECT-LM trial in patients with leptomeningeal metastases, the company is focused on defining the optimal dose and has enrolled approximately one-third of the target patients. The absence of dose-limiting toxicities to date is an encouraging sign.

Perhaps most notably, the company is set to enter the pediatric oncology space. After securing approvals from the Department of Defense and the Institutional Review Board, the ReSPECT-PBC trial for pediatric brain cancer is on track to dose its first patient in the third quarter of 2026 at Lurie Children’s Hospital. Simultaneously, the complex work of scaling up commercial manufacturing for REYOBIQ is advancing, with key FDA recommendations being addressed and a new CDMO partner being audited, resolving previous logistical constraints.

Weaving the Digital Thread: The Promise of an AI-Driven Platform

The final, and perhaps most forward-looking, piece of the puzzle is the company's native artificial intelligence strategy. This initiative aims to be the digital nervous system connecting its diagnostic and therapeutic platforms. By creating proprietary data infrastructure and workflows, Cerenome intends to leverage the wealth of information generated by CNSide tests and REYOBIQ treatments.

In May, the company engaged Ephemeral Technologies to help build out this data and AI infrastructure. The initial focus is on improving internal efficiency and execution. However, the long-term vision is far more ambitious. The company believes this integrated data strategy will support the generation of real-world evidence, uncover novel disease insights, and ultimately guide pipeline expansion and partnership opportunities. By linking diagnostic data from a patient's CSF with their therapeutic response to REYOBIQ, the AI platform could unlock patterns that enable more personalized and effective treatment regimens, embodying the true promise of the new Cerenome identity.