Why did PSTV's Q3 2024 earnings beat forecasts?

Plus Therapeutics (PSTV) reported earnings per share (EPS) of -$2.87 million and total revenue of $1.46 million for Q3 2024, with an EPS surprise of $0.19. Despite the negative EPS, the company's revenue exceeded forecasts, which can be attributed to several factors:

|code|Ticker|Name|Date|Total Revenue|Diluted EPS|market_code|
|---|---|---|---|---|---|---|
|PSTV|PSTV.O|Plus Therapeutics|2023 Q4|1313000||186|
|PSTV|PSTV.O|Plus Therapeutics|2024 Q1|1677000|-0.75|186|
|PSTV|PSTV.O|Plus Therapeutics|2024 Q2|1279000|-0.71|186|
|PSTV|PSTV.O|Plus Therapeutics|2024 Q3|1456000|-0.37|186|

|code|Ticker|Name|Date|Revenue Surprise|market_code|
|---|---|---|---|---|---|
|PSTV|PSTV.O|Plus Therapeutics|2024 Q1|-23000|186|
|PSTV|PSTV.O|Plus Therapeutics|2024 Q2|-421000|186|
|PSTV|PSTV.O|Plus Therapeutics|2024 Q3|-10333|186|

1. **Revenue from Clinical Trials and Grants**: Plus Therapeutics has been actively involved in clinical trials and has received significant grant funding. For instance, the company received a $3 million grant from the U.S. Department of Defense for a pediatric brain cancer trial. Such funding can provide a steady stream of revenue, helping to offset the costs associated with drug development and clinical trials.
2. **Diagnostic Tool CNSide**: The company's CNSide diagnostic tool has shown high sensitivity and specificity, influencing treatment decisions in over 90% of clinical cases. This tool's effectiveness could have led to increased revenue from sales or licensing agreements related to its use.
3. **Financial Position**: Plus Therapeutics reported a cash and investments balance of $8.4 million at the end of June 2024. This strong financial position likely provided the necessary resources to support ongoing clinical trials and other operations, which in turn may have contributed to the revenue exceeding forecasts.

In summary, the combination of revenue from clinical trials and grants, the sales potential of the CNSide diagnostic tool, and a robust financial position likely helped Plus Therapeutics' Q3 2024 revenue exceed forecasts despite the negative EPS surprise.