PDS Biotechnology Corp

Listed Company

PDSBCIK 0001472091NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-34.50M

Total Assets

—

Equity

—

Shares Out

55.82M

Op. Cash Flow

$-27.75M

Business

PDS Biotechnology Corp is a clinical-stage immunotherapy company developing targeted cancer immunotherapies and infectious disease vaccines based on proprietary cationic lipid platforms. Its main products and candidates include Versamune® tumor-targeting T cell activators, the tumor‑targeting IL-12 fusion antibody drug conjugate PDS01ADC, and the Infectimune® vaccine platform including PDS0202. Key business segments comprise oncology programs (e.g., Versamune® HPV, PDS0102, PDS0103) and infectious disease vaccine development. The company advances programs through clinical collaborations, academic investigator‑initiated trials, third‑party contract manufacturers, and global licensing arrangements.

Summary from filing dated 2025-03-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development expenses	19	23	28	29	11
General and administrative expenses	13	14	15	12	10
Total operating expenses	32	36	43	42	21
Loss from operations	−32	−36	−43	−42	−21
Interest income	1	3	3	935,180	4,346
Interest expense	−5	−5	−4	—	—
Interest income (expenses), net	−4	−2	−1	−381,339	4,346
Loss before income taxes	−36	−38	−44	−42	−21
Benefit for income taxes	1	869,169	1	1	5
Net loss	−34	−38	−43	−41	−17
Comprehensive loss	−34	−38	−43	−41	−17
Net loss per share, basic (in dollars per share)	−0.74	−1.03	−1.39	−1.43	−0.66
Net loss per share, diluted (in dollars per share)	−0.74	−1.03	−1.39	−1.43	−0.66
Weighted average common shares outstanding, basic (in shares)	46	36	31	29	26
Weighted average common shares outstanding, diluted (in shares)	46	36	31	29	26

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-09-30	FY 2025 2025-06-30	FY 2025 2025-03-31	FY 2024 2024-12-31
Cash and cash equivalents	27	—	—	—	42
Prepaid expenses and other assets	2	—	—	—	3
Total current assets	28	—	—	—	45
Prepaid expenses	2	—	—	—	0
Property and equipment, net	120,184	—	—	—	142,020
Financing lease right-of-use assets	123,514	—	—	—	162,194
Total assets	30	—	—	—	45
Accounts payable	4	—	—	—	2
Accrued expenses	742,227	—	—	—	3
Current portion of notes payable	5	—	—	—	13
Financing lease obligation - short term	36,167	—	—	—	61,119
Total current liabilities	9	—	—	—	17
Note payable, net of current portion	12	—	—	—	9
Financing lease obligation-long term	25,686	—	—	—	61,853
Total liabilities	21	—	—	—	26
Commitments and contingencies (Note 11)	—	—	—	—	—
Common stock, $0.00033 par value, 150,000,000 shares authorized at December 31, 2025 and December 31, 2024, 54,878,233 shares and 37,987,380 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	18,111	—	—	—	12,536
Additional paid-in capital	226	—	—	—	201
Accumulated deficit	−217	—	—	—	−182
Total stockholders' equity	9	9	16	22	19
Total liabilities and stockholders' equity	30	—	—	—	45

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation expense	4	7	8	5	4
Issuance of shares in consulting agreements	298,501	267,000	1	0	—
Amortization of debt discount	2	1	652,006	183,914	0
Loss on retirement of debt	1	0	—	—	—
Depreciation expense	21,836	21,112	17,359	86	5,357
Finance lease amortization expense	38,682	38,679	39,967	48,992	0
Prepaid expenses and other current assets	−173,564	−870,294	165,672	−1	−99,904
Accounts payable	2	−5	6	−90,116	−105,821
Accrued expenses	−2	416,522	−6	6	452,382
Operating lease liabilities	0	0	−239,469	−294,988	−170,839
Net cash used in operating activities	−28	−35	−34	−26	−12
Purchase of equipment	0	−29,000	0	—	—
Net cash used in investing activities	0	−29,000	0	—	—
Proceeds from issuance of pre-funded warrants	1	0	—	—	—
Proceeds from issuance of warrants	5	0	—	—	—
Proceeds from exercise of pre-funded warrants	100	0	—	—	0
Proceeds from exercise of stock options	0	774,091	308,942	151,416	344,125
Payments of finance lease obligations	−61,119	−55,795	−59,300	0	—
Loan principal payments	−7	−3	0	—	—
Loan repayment	−19	0	—	—	—
Net proceeds from issuance of loan	18	0	—	—	—
Proceeds from issuance of common stock, net of issuance costs	10	0	16	10	49
Proceeds from issuance of common stock from at-the-market program, net of issuance costs	4	23	—	—	—
Net cash provided by financing activities	13	20	16	34	49
Net (decrease) increase in cash and cash equivalents	−15	−15	−17	9	36
Cash paid for interest	3	4	4	852,221	0

Filings

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