PDS Biotechnology CorpPDSB

PDS Biotechnology Corp Segments Disclosure

10-KFiled Mar 30, 20261 min read
Note 15 – Segment Reporting


In accordance with FASB ASC Topic 280, Segment Reporting, the Company has determined that it operates as a single reportable segment, developing a growing pipeline of targeted immunotherapies designed to overcome the limitations of current immunotherapy. The financial results of the Company’s operations are managed and reported to the Chief Executive Officer who is considered the Company’s chief operating decision maker (CODM), on a consolidated basis.

The CODM assesses performance and allocates resources based on the Company’s consolidated statements of operations and key components and processes of the Company’s operations are managed centrally. Segment asset information is not used by the CODM to allocate resources.


As a single reportable segment entity, the Company’s segment performance measure is net income / (loss) attributable to shareholders. Significant segment expenses, as provided to the CODM, are presented below:

   
Year Ended December 31,
  
   
2025
    
2024
  
Segment expenses
            
Salaries and benefits
  
$
12,128,616
    
$
15,282,537
  
Professional fees     4,955,128       4,819,562  
General administrative expenses
    
1,452,946
      
1,438,833
  
Clinical development expenses
    
4,158,848
      
6,480,674
  
Other development expenses
    
8,848,421
      
8,299,589
  
Total operating and segment expenses
   $
31,543,959
     $
36,321,195
  
                 
Interest income     1,217,241       2,514,816  
Interest expense     (5,338,607 )     (4,673,174 )
Benefit from income taxes     1,169,820       869,169  
Segment and consolidated net loss
   $ (34,495,505 )   $ (37,610,384 )

Historical Timeline

Fiscal YearFiled
2025Mar 30, 2026Showing above
2024Mar 27, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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