Cerenome, Inc. · Nasdaq: CNSY · Houston, Texas · formerly Plus Therapeutics
Cerenome says it is building an integrated CNS oncology platform connecting diagnostics, therapeutics, and clinical data into one system.
The 10-K, filed under the former name Plus Therapeutics, describes the company as “a U.S. healthcare company developing and commercializing precision diagnostics and targeted radiopharmaceuticals for central nervous system (‘CNS’) cancers.” Company statement 10-K
The company changed its name from Plus Therapeutics, Inc. to Cerenome, Inc. effective August 3, 2026; its Nasdaq symbol changed to CNSY from PSTV the same day, and the CUSIP did not change. Filed 8-K, Aug 4 8-K, Apr 2 10-Q
Read first: four things the filings say
- Going concern. The 10-Q says the company “has had, and will continue to have, an ongoing need to raise additional cash from outside sources” and that “These factors raise substantial doubt about the Company’s ability to continue as a going concern.” Company statement 10-Q The same doubt is stated in the two earlier 10-Qs, the 10-K and the 10-K’s auditor’s report, which carries an explanatory paragraph on going concern; all of them predate the September 2026 financing. At June 30, 2026 the company held cash and cash equivalents of $2,366,000 and investments of $6,221,000. Filed 10-Q, May 10-Q, Oct 2025 10-K
- Funding. After the quarter, on September 4, 2026, the company agreed to sell senior secured convertible notes of up to $21,276,596 in original principal to one institutional investor, secured by substantially all of its assets, with $3,000,000 of gross proceeds expected at the first closing. A press release furnished with the 8-K says the company “received initial funding at closing,” and the 8-K does not state the amount received. Cash used in operating activities in the six months to June 30, 2026 was $13,370,000. Filed 8-K, Sep 10 10-Q
- Listing. After a 1-for-25 reverse split effective April 2, 2026, Nasdaq notified the company on April 20, 2026 that it had regained compliance with the minimum bid price requirement. The 10-Q says the company is in compliance with the minimum stockholders’ equity requirement and is subject to a panel monitoring period through August 22, 2026, during which a new shortfall would bring a delist determination with no compliance plan or extra time; stockholders’ equity was $5,463,000 at June 30. The earlier notices and hearings are listed under funding, and no filing used here after the 10-Q reports a Nasdaq notice. Filed 8-K, Apr 2 8-K, Apr 21 10-Q
- Grant revenue. All reported revenue is grant revenue: $1,439,000 in the six months to June 30, 2026 against $2,449,000 a year earlier. The 10-Q says the company “started commercial billing for diagnostic revenue” but the estimated net revenue was “immaterial for recognition in the statement of operations.” The 10-Q says the CPRIT contract “will terminate on August 28, 2026” unless ended earlier; the company had received about $15.9 million of a grant of up to $17.6 million. Filed 10-Q
Cut-off: the newest 10-Q used here is the Form 10-Q filed Aug 14, 2026; the newest 8-K that reports a financing is the one filed Sep 10, 2026; the newest 8-K of any kind, filed Oct 2, 2026, furnishes an investor presentation and does not report the closing of that financing. EDGAR was last checked on October 19, 2026. Read the funding section
Diagnostics, therapeutics and data, described as one system
The company’s website says “Cerenome connects precision diagnostics, targeted therapeutics, and patient data into an integrated central nervous system (CNS) oncology platform designed to improve how CNS cancers are detected, treated, and understood.” The filings describe the products one by one; the stage labels below are the website’s own. Company site Home page
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01 Diagnostics: CNSide®
The website says CNSide “detects, characterizes, and monitors CNS cancer from cerebrospinal fluid.” The 10-K says the company re-introduced the CNSide Cerebrospinal Fluid Tumor Cell Enumeration test, a laboratory developed test, in August 2025, and that its Houston laboratory has a CMS certificate of accreditation under CLIA. The 10-Q lists payer coverage and reimbursement for the assay among its risks. Company statement 10-K 10-Q Company site Home page
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02 Therapeutics: REYOBIQ™
The website calls REYOBIQ the lead of “a portfolio of targeted radiotherapeutics being designed to deliver where conventional therapies often cannot.” The 10-Q gives its chemical name: “rhenium (186 Re) obisbemeda (REYOBIQ).” Company statement 10-Q Company site Home page
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03 Data insights
The website says “Clinical data and AI help to generate insights that improve future patient care,” and labels its Clinical Intelligence Platform “Launching soon.” Company site Home page
REYOBIQ by indication, CNSide, and one acquired candidate
The stage column is the company website’s own label; the right column is what the filings say. Of glioblastoma (GBM) the 10-K says it “affects approximately 15,000 patients annually in the U.S.” Company statement 10-K
The 10-K describes ReSPECT-GBM as a Phase 1/2 multicenter, open-label, volume and dose escalation study of the safety, tolerability and distribution of rhenium (186 Re) obisbemeda given by CED catheters. It says the drug has orphan drug designation for GBM and Fast Track designation for recurrent GBM, and that a $3.0 million award from the U.S. National Institutes of Health/National Cancer Institute “is expected to provide financial support” through a Phase 2 trial “including enrollment of up to 55 patients.” Company statement 10-K
The 10-K says that in December 2025 the company reported completion of the ReSPECT-LM single-dose trial: well tolerated up to a maximum tolerated dose of 66mCi, with a recommended phase 2 dose of 44.1 mCi. It adds that the ReSPECT-LM multi-dose Phase 1/2 study “is currently enrolling patients for the Phase 2 portion of the Study.” The 10-Q says CPRIT funds development of the drug for this indication. The 10-K and 10-Q add that at the November 2025 end-of-phase-1 meeting the “FDA conveyed that while accelerated approval may be appropriate for this indication, there are insufficient data to support the use of CTCs as an intermediate clinical endpoint,” and recommended an endpoint with established clinical benefit, such as overall survival. Company statement 10-K 10-Q
An 8-K filed April 8, 2026 reports that the company announced REYOBIQ (rhenium Re186 obisbemeda) was granted Orphan Drug Designation by the FDA for the treatment of pediatric malignant gliomas. Filed 8-K, Apr 8 The 10-Q says the company anticipates beginning enrollment, with its first patient enrolled, “in the second half of 2026.” Company statement 10-Q
The 10-K calls CNSide Diagnostics, LLC a wholly owned subsidiary that “develops and commercializes proprietary laboratory-developed tests, such as CNSide®.” The 10-Q says the company “started commercial billing for diagnostic revenue” in the six months but the estimated net revenue was “immaterial for recognition in the statement of operations”; the only revenue line it reports is grant revenue. Among the 10-K risk factors: “There can be no assurance that we will be able to generate or grow sales of the CNSide Test …” Company statement 10-K Filed 10-Q
The 10-K describes Rhenium-188 NanoLiposome Biodegradable Alginate Microsphere (188RNL-BAM) as an acquired radiotherapeutic candidate “designed to treat many solid organ cancers including primary and secondary liver cancers by intra-arterial injection.” The 10-K and 10-Q also call it “a preclinical investigational device we intend to further develop and move into clinical trials,” and say the FDA has informed the company it will be regulated as a medical device. Company statement 10-K 10-Q
What the statements show
US dollars as filed; the filings print thousands. Columns are labelled by the period they end. The company filed as Plus Therapeutics from July 2019 until August 2026, and before that as Cytori Therapeutics; years before 2023 are not shown.
| Period | Year ended Dec 31, 2025 | Year ended Dec 31, 2024 |
|---|---|---|
| Grant revenue | $5,213,000 | $5,824,000 |
| Research and development expenses | $8,379,000 | $10,580,000 |
| General and administrative expenses | $12,132,000 | $9,939,000 |
| Operating loss | ($15,298,000) | ($14,695,000) |
| Total other income (expense) | ($7,088,000) | $1,717,000 |
| Net loss | ($22,386,000) | ($12,978,000) |
| Net cash used in operating activities | ($20,775,000) | ($10,554,000) |
Inside the 2025 net loss. Operating loss was $15,298,000; the other $7,088,000 of net other expense is made up of financing expense of $3,061,000, a $2,631,000 change in the fair value of derivative instruments, warrant issuance costs of $964,000 and interest expense of $548,000, less interest income of $116,000. Filed 10-K
| Period | Six months ended Jun 30, 2026 | Six months ended Jun 30, 2025 |
|---|---|---|
| Grant revenue | $1,439,000 | $2,449,000 |
| Research and development expenses | $7,130,000 | $3,002,000 |
| General and administrative expenses | $10,485,000 | $4,521,000 |
| Operating loss | ($16,176,000) | ($5,074,000) |
| Total other income (expense) | $224,000 | ($7,176,000) |
| Net loss | ($15,952,000) | ($12,250,000) |
| Net cash used in operating activities | ($13,370,000) | ($11,970,000) |
Expenses are rising while grant revenue falls. The six months to June 30, 2025 carried $7,176,000 of net other expense, mostly financing expenses of $3,061,000, derivative fair-value changes of $2,631,000 and warrant issuance costs of $964,000; the 2026 period had net other income of $224,000. Filed 10-Q The 10-Q says general and administrative expenses rose $6.0 million in the six months, primarily from $2.6 million more compensation (including $1.5 million more stock-based compensation), $2.1 million more legal and professional fees and $0.6 million more rent, and research and development expenses rose about $4.1 million. Company statement 10-Q
| Period | Jun 30, 2026 | Dec 31, 2025 |
|---|---|---|
| Cash and cash equivalents | $2,366,000 | $4,256,000 |
| Investments | $6,221,000 | $4,356,000 |
| Total current assets | $11,771,000 | $15,170,000 |
| Total current liabilities | $8,567,000 | $12,314,000 |
| Working capital (current assets less current liabilities, computed) | $3,204,000 | $2,856,000 |
| Total stockholders’ equity | $5,463,000 | $3,996,000 |
| Accumulated deficit | ($531,817,000) | ($515,865,000) |
| Common shares outstanding | 7,310,008 | 5,547,034 |
At December 31, 2025 the balance sheet also carried $4,502,000 of restricted cash and an equal “investor liability pursuant to Letter Agreement”; neither remains at June 30, 2026: the 10-Q says the company paid the March 2025 private-placement purchasers $4.5 million to fully satisfy the investor liability, and 272,821 shares were returned and cancelled. The company also reports a $927,000 deferred grant liability at both dates and no line of credit at June 30, 2026 against $750,000 at December 31, 2025. Filed 10-Q
Funding, dilution and the listing record
The company’s own statement on funding comes first, then what each number in it is, then each financing and listing event with its terms, newest last.
Management’s statement
“The Company has had, and will continue to have, an ongoing need to raise additional cash from outside sources to fund its future clinical development programs, launch the CNSide Test, and fund other operations. There can be no assurance that the Company will be able to continue to raise additional capital in the future. The Company’s inability to raise additional cash would have a material and adverse impact on its operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern.”
“If sufficient capital is not raised, the Company will at a minimum need to significantly reduce or curtail its research and development and other operations, and this would have a material adverse impact on its operations.”
Company statement 10-Q, filed Aug 14, 2026
- Cash and cash equivalents, Jun 30, 2026$2.37M
- Investments, Jun 30, 2026$6.22M
- Cash used in operations, six months to Jun 30, 2026$13.37M
- At-the-market net proceeds, same six months$1.8M
- Grant revenue, same six months$1.44M
- At-the-market agreement size, Jun 1, 2026: capacity, not cash; about $1.85M gross sold by Jun 30$17.35M
| When | What | Terms as filed | Source |
|---|---|---|---|
| Nasdaq notice: stockholders’ equity below the minimum | Written notice that the company no longer complied with Nasdaq Listing Rule 5550(b)(1), which requires $2.5 million in stockholders’ equity or an alternative standard | 10-Q, Oct 2025 10-K | |
| Compliance not regained; panel hearing | Nasdaq notified the company it had not regained compliance; the company requested a hearing, and on Oct 30, 2024 the panel gave it until March 4, 2025 | 10-Q, Oct 2025 10-K | |
| Equity compliance regained; panel monitor | Nasdaq notified the company it had regained compliance and that it was subject to a Mandatory Panel Monitor until March 7, 2026 | 10-Q, Oct 2025 10-K | |
| Nasdaq staff delist determination | The Staff notified the company it was not in compliance after stockholders’ equity (deficit) of ($23,641,000) at March 31, 2025, and determined to delist the securities unless the company timely requested an appeal | 10-Q, Oct 2025 10-K | |
| Purchase agreement with Lincoln Park Capital Fund | Up to $50.0 million of common stock over 36 months from June 23, 2025 at the company's right but not its obligation; resale registration for up to 2,000,000 shares; no shares were issued under it in the six months to June 30, 2026 | 10-Q | |
| Nasdaq letter confirming compliance; one-year monitoring | Confirmed compliance with Rule 5550(b), and that the company remains subject to a one-year panel monitoring period through August 22, 2026 on the stockholders’ equity requirement | 10-Q, Oct 2025 10-K | |
| Nasdaq grants an additional 180 days for the minimum bid price | A second Nasdaq Staff letter, dated Nov 13 and announced Nov 17, granted an additional 180 calendar days, until May 11, 2026; the first notice was May 16, 2025, with a compliance period to Nov 12, 2025 | 8-K, Nov 17 10-Q, Oct 2025 | |
| Underwritten public offering of common stock and warrants (Lake Street Capital Markets) | 39,473,684 shares and warrants to buy 39,473,684 shares at a combined $0.38; warrants at $0.38 for five years; underwriter’s option exercised for 5,921,052 additional warrants; closed Jan 15; net proceeds about $13.3 million. Figures are before the April reverse split; the 10-Q later reports net proceeds of about $13.9 million and 1,578,947 shares issued in the offering on the post-split count | 8-K, Jan 16 10-Q | |
| 1-for-25 reverse stock split | Effective 12:01 a.m. Eastern on April 2, 2026; every twenty-five shares became one | 8-K, Apr 2 | |
| Nasdaq notice: minimum bid price compliance regained | Sent after the reverse split | 8-K, Apr 21 | |
| At-the-market Equity Distribution Agreement (Canaccord Genuity) | Up to $17,350,000 of common stock, depending on market demand; 436,448 shares issued in the six months to June 30 for net proceeds of about $1.8M | 8-K, Jun 5 10-Q | |
| Securities purchase agreement for senior secured convertible notes, one institutional investor | Up to $21,276,596 original principal: $3,191,489 initial notes, $2,127,660 second notes and $15,957,447 additional notes; $3,000,000 gross proceeds expected at the initial closing, expected on or about Sep 10 | 8-K, Sep 10 |
The September notes, term by term
The 8-K says each note is issued with an original issue discount of 6.0%, accrues interest at 8.0% a year (up to 18% after an event of default) and matures one year after issue. The notes are secured by a first-priority security interest in substantially all assets of the company and CNSide Diagnostics, LLC, including a pledge of the equity of CNSide. The initial conversion price of the initial notes is $2.74 a share with a floor price of $0.50; on an event of default the holder can convert at the lowest of the conversion price, 85% of the prior-day VWAP and a lower VWAP-based price. A change of control lets the holder require redemption in cash at a price that includes a 120% redemption premium. The holder cannot own more than 4.99% of the shares (up to 9.99% at its election), and each note has an exchange cap intended to comply with Nasdaq rules, subject to stockholder approval or an opinion of counsel. Interest is guaranteed through maturity even if a note is converted or redeemed earlier. CNSide is to pay the investor each quarter 2.5% of its gross revenues, subject to customary exclusions and to a quarterly cap of 2.5% of the unpaid balance of the notes, within 30 days after quarter end, until the notes are paid in full; the company guarantees it. The second notes are issued when the resale registration statement is effective, and the investor can elect, and in some conditions the company can require, purchases of the additional notes for 18 months after the initial closing. The company intends to use net proceeds for working capital and general corporate purposes. Filed 8-K, Sep 10
The 8-K body describes the initial closing as expected on or about September 10, 2026 and does not state the amount received. A press release furnished as Exhibit 99.1 to the same 8-K, dated September 10, calls the deal “a senior secured facility of up to $20 million” with 3i, LP, says the company “received initial funding at closing,” and says: “We forecast our cash runway is now well into 2028 when we consider, the 3i facility, other existing facilities along with current cash and forecasted CNSide related sales and cash flow.” Company statement 8-K, Sep 10
The going-concern language above is from the 10-Q filed August 14, 2026, before the September 4 agreement; no filing used here updates it. The newest 8-K, filed October 2, 2026, furnishes an investor presentation and does not report the closing. Filed 8-K, Oct 2
Shares, and the grant that ends
After the quarter, on August 10, 2026, the company amended its Houston lease to about 36,473 rentable square feet at a monthly base rent of $188,443.83 rising about 3.0% a year, with a rent abatement for the first seven months of the term and an initial term of 120 calendar months. Filed 10-Q
The 10-Q also reports preferred stock that converts into common stock: 938 Series C shares into 1,111 common shares and 1,014 Series B shares into 15. The 10-Q also lists warrants outstanding at June 30, 2026 of 1,817,714 (1,815,784 January 2026 warrants, exercisable at $9.50 for five years from issue, and 1,930 May 2024 Series A warrants), 667,413 options and 314,561 unvested restricted stock units, against 7,310,008 shares outstanding. Filed 10-Q
The CPRIT grant is up to $17.6M, of which about $15.9M had been received at June 30, 2026. It carries a matching-fund requirement (one dollar for every two dollars awarded), and revenue-sharing and royalty obligations on commercialization of rhenium (186 Re) obisbemeda until CPRIT receives 400% of the proceeds awarded. The contract “will terminate on August 28, 2026” unless ended earlier. CPRIT may require repayment of disbursed funds, with interest not above 5% a year, if CPRIT ends the contract for the company’s default, the company ends it for convenience, or the company moves its principal place of business out of Texas; the grant receivable was $1.8M at June 30, 2026 against $0.3M at December 31, 2025. The 10-Q also describes a $3.0 million Department of Defense award over three years from September 1, 2024. Filed 10-Q
The 13 filings this page cites
Newest first. Other filings, including the other 8-Ks, the proxy statement and the Forms 4, are on EDGAR. The company’s own investor site carries its news and presentations.
| Filed | Form | What it is | Open |
|---|---|---|---|
| 8-K | Investor presentation as of September 30, 2026 (Items 8.01, 9.01) | Document Index | |
| 8-K | Senior secured convertible note financing and royalty agreement (Items 1.01, 2.03, 3.02, 8.01, 9.01) | Document Index | |
| 10-Q | Quarterly report for the quarter ended June 30, 2026 | Document Index | |
| 8-K | Name change from Plus Therapeutics, Inc. to Cerenome, Inc., effective August 3, 2026, and Nasdaq symbol change to CNSY (Items 5.03, 9.01) | Document Index | |
| 8-K | At-the-market Equity Distribution Agreement with Canaccord Genuity (Items 1.01, 9.01) | Document Index | |
| 10-Q | Quarterly report for the quarter ended March 31, 2026 | Document Index | |
| 8-K | Nasdaq notice that minimum bid price compliance was regained (Items 8.01, 9.01) | Document Index | |
| 8-K | Orphan Drug Designation for pediatric malignant gliomas (Items 8.01, 9.01) | Document Index | |
| 8-K | 1-for-25 reverse stock split (Items 3.03, 5.03, 8.01, 9.01) | Document Index | |
| 10-K | Annual report for the year ended December 31, 2025 | Document Index | |
| 8-K | Underwritten public offering of common stock and warrants (Items 1.01, 8.01, 9.01) | Document Index | |
| 8-K | Nasdaq extension for the minimum bid price requirement (Items 7.01, 8.01, 9.01) | Document Index | |
| 10-Q | Quarterly report for the quarter ended September 30, 2025 | Document Index |
Where the official record lives
This page is an independent concept. Questions about the company belong with the sources below.
Official investor relations
The company’s own investor site carries its news, filings and presentations. This concept page has no sign-up form.
ir.cerenome.comThe company
Cerenome, Inc., 6420 Levit Green Boulevard, Houston, Texas 77021. Telephone +1.210.974.6900, as on the company’s website.
cerenome.comSEC filings
Every filing, as the company filed it, including anything after the filings listed here.
EDGAR, CIK 0001095981