Pds Biotechnology Corporation Financials

PDSB

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Weak

1/9

Pds Biotechnology Corporation passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.93x

For every $1 of reported earnings, Pds Biotechnology Corporation generates $0.93 in operating cash flow (-$35.0M OCF vs -$37.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-7.8x

Pds Biotechnology Corporation earns $-7.8 in operating income for every $1 of interest expense (-$36.3M vs $4.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Pds Biotechnology Corporation (PDSB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

N/A

EBITDA

-$36.3M

YoY+15.6%

Pds Biotechnology Corporation's EBITDA was -$36.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 15.6% from the prior year.

Free Cash Flow

-$35.1M

YoY-4.2%

Pds Biotechnology Corporation generated -$35.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 4.2% from the prior year.

Net Income

-$37.6M

YoY+12.4%

Pds Biotechnology Corporation reported -$37.6M in net income in fiscal year 2024. This represents an increase of 12.4% from the prior year.

EPS (Diluted)

$-1.03

YoY+25.9%

Pds Biotechnology Corporation earned $-1.03 per diluted share (EPS) in fiscal year 2024. This represents an increase of 25.9% from the prior year.

Cash & Debt

$41.7M

YoY-26.3%

5Y CAGR+27.9%

10Y CAGR+11.7%

Pds Biotechnology Corporation held $41.7M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

38M

YoY+14.8%

Pds Biotechnology Corporation had 38M shares outstanding in fiscal year 2024. This represents an increase of 14.8% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$22.6M

YoY-18.7%

5Y CAGR+29.9%

10Y CAGR+10.3%

Pds Biotechnology Corporation invested $22.6M in research and development in fiscal year 2024. This represents a decrease of 18.7% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$29K

10Y CAGR-29.0%

Pds Biotechnology Corporation invested $29K in capex in fiscal year 2024, funding long-term assets and infrastructure.

PDSB Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$22.6M-18.7%	$27.8M-5.7%	$29.4M+161.5%	$11.3M+42.0%	$7.9M+29.9%	$6.1M
SG&A Expenses	$13.8M-10.0%	$15.3M+24.8%	$12.2M+20.2%	$10.2M+46.0%	$7.0M-36.5%	$11.0M
Operating Income	-$36.3M+15.6%	-$43.0M-3.3%	-$41.7M-94.4%	-$21.4M-43.9%	-$14.9M+29.2%	-$21.0M
Interest Expense	$4.7M+10.8%	$4.2M+219.5%	$1.3M	$0	$0-100.0%	$34K
Income Tax	-$869K+38.2%	-$1.4M-17.3%	-$1.2M+73.5%	-$4.5M	$0+100.0%	-$382K
Net Income	-$37.6M+12.4%	-$42.9M-5.1%	-$40.9M-141.5%	-$16.9M-13.9%	-$14.8M-112.1%	-$7.0M
EPS (Diluted)	$-1.03+25.9%	$-1.39+2.8%	$-1.43-116.7%	$-0.66+25.8%	$-0.89	N/A

Metric	Q3'25	Q4'24	Q3'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$4.6M	N/A	$6.8M	N/A	$6.4M-19.4%	$8.0M+37.0%	$5.8M	N/A
SG&A Expenses	$3.6M	N/A	$3.4M	N/A	$4.1M-13.2%	$4.7M+31.1%	$3.6M	N/A
Operating Income	-$8.1M	N/A	-$10.2M	N/A	-$10.5M+17.1%	-$12.7M-34.7%	-$9.4M	N/A
Interest Expense	$1.2M	N/A	$1.2M	N/A	$1.1M+7.4%	$995K+3.0%	$967K	N/A
Income Tax	$0	N/A	$0	N/A	$0+100.0%	-$1.4M	N/A	N/A
Net Income	-$9.0M-13.3%	-$8.0M+25.9%	-$10.7M+1.6%	-$10.9M-0.5%	-$10.8M+5.9%	-$11.5M-19.4%	-$9.7M+49.5%	-$19.1M
EPS (Diluted)	$-0.19	N/A	$-0.29	N/A	$-0.35+5.4%	$-0.37-15.6%	$-0.32	N/A

PDSB Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$45.4M-23.6%	$59.4M-22.9%	$77.0M+14.6%	$67.2M+117.5%	$30.9M+113.2%	$14.5M
Current Assets	$45.1M-23.7%	$59.1M-22.8%	$76.5M+14.4%	$66.8M+120.3%	$30.3M+109.7%	$14.5M
Cash & Equivalents	$41.7M-26.3%	$56.6M-23.4%	$73.8M+13.1%	$65.2M+126.2%	$28.8M+137.1%	$12.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$26.4M-20.8%	$33.3M+0.8%	$33.0M+727.7%	$4.0M+6.0%	$3.8M+34.6%	$2.8M
Current Liabilities	$17.1M+25.4%	$13.6M+38.8%	$9.8M+161.5%	$3.8M+14.8%	$3.3M+17.1%	$2.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$19.0M-27.3%	$26.1M-40.6%	$44.0M-30.4%	$63.2M+133.0%	$27.1M+131.9%	$11.7M
Retained Earnings	-$182.1M-26.0%	-$144.5M-42.3%	-$101.6M-67.3%	-$60.7M-38.6%	-$43.8M-51.3%	-$28.9M

Metric	Q3'25	Q4'24	Q3'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
Total Assets	$34.7M-23.5%	$45.4M-13.5%	$52.5M-11.7%	$59.4M+3.9%	$57.2M-10.3%	$63.8M-6.9%	$68.4M-11.1%	$77.0M
Current Assets	$27.9M-38.1%	$45.1M-13.6%	$52.1M-11.7%	$59.1M+3.9%	$56.8M-10.3%	$63.4M-6.8%	$68.0M-11.1%	$76.5M
Cash & Equivalents	$26.2M-37.2%	$41.7M-16.2%	$49.8M-12.0%	$56.6M+4.3%	$54.3M-10.5%	$60.6M-7.0%	$65.2M-11.7%	$73.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$25.3M-4.2%	$26.4M-13.5%	$30.4M-8.4%	$33.3M+1.7%	$32.7M+4.5%	$31.3M+14.1%	$27.4M-16.9%	$33.0M
Current Liabilities	$13.3M-22.0%	$17.1M-6.8%	$18.3M+34.6%	$13.6M+48.9%	$9.2M+15.8%	$7.9M+91.4%	$4.1M-58.0%	$9.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$9.5M-50.3%	$19.0M-13.6%	$22.0M-15.8%	$26.1M+6.7%	$24.5M-24.5%	$32.4M-20.9%	$41.0M-6.8%	$44.0M
Retained Earnings	-$209.0M-14.8%	-$182.1M-4.6%	-$174.2M-20.5%	-$144.5M-8.2%	-$133.6M-8.8%	-$122.8M-10.4%	-$111.2M-9.5%	-$101.6M

PDSB Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$35.0M-4.1%	-$33.6M-30.8%	-$25.7M-105.9%	-$12.5M+5.0%	-$13.1M+27.2%	-$18.1M
Capital Expenditures	$29K	$0	N/A	N/A	N/A	N/A
Free Cash Flow	-$35.1M-4.2%	-$33.6M	N/A	N/A	N/A	N/A
Investing Cash Flow	-$29K	$0	N/A	N/A	$0-100.0%	$29.4M
Financing Cash Flow	$20.2M+23.3%	$16.4M-52.2%	$34.3M-29.9%	$48.9M+63.9%	$29.8M+3876.9%	$750K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q4'24	Q3'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
Operating Cash Flow	-$5.9M+28.2%	-$8.2M-2.9%	-$8.0M+5.4%	-$8.5M-17.9%	-$7.2M-49.1%	-$4.8M+63.5%	-$13.2M-75.2%	-$7.5M
Capital Expenditures	$0	$0-100.0%	$1	$0	$0	N/A	N/A	N/A
Free Cash Flow	-$5.9M+28.2%	-$8.2M-2.9%	-$8.0M+5.4%	-$8.5M-17.9%	-$7.2M	N/A	N/A	N/A
Investing Cash Flow	$0	$0+100.0%	-$1	$0	$0	N/A	N/A	N/A
Financing Cash Flow	$241K+39.6%	$173K+903.6%	$17K-99.8%	$10.8M+1241.9%	$802K+234.3%	$240K-94.7%	$4.6M-52.9%	$9.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PDSB Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-82.9%-10.6pp	-72.3%-19.3pp	-53.0%-27.9pp	-25.2%+22.9pp	-48.1%+0.2pp	-48.3%
Current Ratio	2.64-1.7	4.33-3.5	7.79-10.0	17.80+8.5	9.28+4.1	5.18
Debt-to-Equity	1.39+0.1	1.27+0.5	0.75+0.7	0.06-0.1	0.14-0.1	0.24
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q4'24	Q3'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-26.0%-8.4pp	-17.5%+2.9pp	-20.4%-2.1pp	-18.4%+0.6pp	-19.0%-0.9pp	-18.1%-4.0pp	-14.1%+10.7pp	-24.9%
Current Ratio	2.09-0.5	2.64-0.2	2.84-1.5	4.33-1.9	6.21-1.8	8.01-8.4	16.46+8.7	7.79
Debt-to-Equity	2.67+1.3	1.390.0	1.38+0.1	1.27-0.1	1.34+0.4	0.96+0.3	0.67-0.1	0.75
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Pds Biotechnology Corporation profitable?

No, Pds Biotechnology Corporation (PDSB) reported a net income of -$37.6M in fiscal year 2024.

What is Pds Biotechnology Corporation's earnings per share (EPS)?

Pds Biotechnology Corporation (PDSB) reported diluted earnings per share of $-1.03 for fiscal year 2024. This represents a 25.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Pds Biotechnology Corporation's EBITDA?

Pds Biotechnology Corporation (PDSB) had EBITDA of -$36.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Pds Biotechnology Corporation's free cash flow?

Pds Biotechnology Corporation (PDSB) generated -$35.1M in free cash flow during fiscal year 2024. This represents a -4.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Pds Biotechnology Corporation's operating cash flow?

Pds Biotechnology Corporation (PDSB) generated -$35.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Pds Biotechnology Corporation's total assets?

Pds Biotechnology Corporation (PDSB) had $45.4M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Pds Biotechnology Corporation's capital expenditures?

Pds Biotechnology Corporation (PDSB) invested $29K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Pds Biotechnology Corporation spend on research and development?

Pds Biotechnology Corporation (PDSB) invested $22.6M in research and development during fiscal year 2024.

How many shares does Pds Biotechnology Corporation have outstanding?

Pds Biotechnology Corporation (PDSB) had 38M shares outstanding as of fiscal year 2024.

What is Pds Biotechnology Corporation's current ratio?

Pds Biotechnology Corporation (PDSB) had a current ratio of 2.64 as of fiscal year 2024, which is generally considered healthy.

What is Pds Biotechnology Corporation's debt-to-equity ratio?

Pds Biotechnology Corporation (PDSB) had a debt-to-equity ratio of 1.39 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Pds Biotechnology Corporation's return on assets (ROA)?

Pds Biotechnology Corporation (PDSB) had a return on assets of -82.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Pds Biotechnology Corporation's cash runway?

Based on fiscal year 2024 data, Pds Biotechnology Corporation (PDSB) had $41.7M in cash against an annual operating cash burn of $35.0M. This gives an estimated cash runway of approximately 14 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Pds Biotechnology Corporation's Piotroski F-Score?

Pds Biotechnology Corporation (PDSB) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Pds Biotechnology Corporation's earnings high quality?

Pds Biotechnology Corporation (PDSB) has an earnings quality ratio of 0.93x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Pds Biotechnology Corporation cover its interest payments?

Pds Biotechnology Corporation (PDSB) has an interest coverage ratio of -7.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.