PDS Biotech Reports First Quarter 2026 Financial Results and Provides Clinical Programs and Corporate Update
Rhea-AI Summary
PDS Biotech (Nasdaq:PDSB) reported Q1 2026 results and clinical updates. The VERSATILE-003 Phase 3 protocol now uses progression-free survival as an interim primary endpoint, potentially supporting accelerated approval of PDS0101, while overall survival remains the primary endpoint for full approval.
Stage 1 data for PDS01ADC in metastatic colorectal cancer showed 77.8% ORR (7/9) and ~85% 24‑month survival. Early metastatic castration-resistant prostate cancer data reported median PFS of 9.6 months. New U.S. and Japan patents extend PDS0101 protection into the 2040s. Q1 2026 net loss was $7.3M ($0.13/share) versus $8.5M ($0.21/share) a year earlier; operating expenses were $6.5M, and cash was $21.7M.
AI-generated analysis. Not financial advice.
Positive
- VERSATILE-003 adds PFS interim endpoint, enabling potential accelerated approval path
- PDS01ADC mCRC trial ORR 77.8% (7/9) at six months
- mCRC 24‑month survival ~85% with PDS01ADC versus ~40% without
- mCRC extrahepatic PFS median not reached at 13.1‑month follow-up
- mCRPC trial median PFS 9.6 months with PDS01ADC plus docetaxel
- Q1 2026 net loss narrowed to $7.3M from $8.5M
- Research and development expenses fell to $3.5M from $5.8M
- Total operating expenses decreased to $6.5M from $9.1M
- Cash balance of $21.7M as of March 31, 2026
- New U.S. and Japan patents extend PDS0101 protection into 2040s
Negative
- Company remains loss-making with Q1 2026 net loss of $7.3M
- Net interest expense increased to $0.8M from $0.6M year over year
News Market Reaction – PDSB
On the day this news was published, PDSB gained 20.91%, reflecting a significant positive market reaction. Argus tracked a peak move of +34.3% during that session. Argus tracked a trough of -11.6% from its starting point during tracking. Our momentum scanner triggered 32 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $15M to the company's valuation, bringing the market cap to $86.51M at that time. Trading volume was above average at 1.8x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
PDSB fell 15.38% while close peers showed mixed moves (e.g., CUE -4.88%, CAMP +2.97%, PYPD +7.80%, VTVT +7.36%), indicating a stock-specific reaction rather than a uniform biotech move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 13 | Q3 2025 earnings | Positive | -12.3% | Q3 2025 results plus VERSATILE‑002 completion and strong survival data. |
| Aug 13 | Q2 2025 earnings | Positive | -5.7% | Q2 2025 loss with VERSATILE‑003 progress and mCRC expansion data. |
| May 14 | Q1 2025 earnings | Positive | +3.1% | Q1 2025 loss, VERSATILE‑003 initiation, and $40M cash balance. |
| Mar 27 | FY 2024 results | Positive | +0.8% | Full-year 2024 loss narrowing with VERSATILE‑003 initiation and strong cash. |
| Nov 14 | Q3 2024 earnings | Positive | -18.3% | Q3 2024 loss and VERSATILE‑003 design changes to cut time and cost. |
Earnings and financial updates with clinical progress have often been met with negative or muted price reactions.
Over the past five earnings-related releases from Nov 2024 to Nov 2025, PDS Biotech repeatedly paired pipeline progress on VERSATILE‑003 and PDS01ADC with continued net losses and declining cash balances. Updates typically highlighted reduced expenses and strong oncology signals, such as positive colorectal cancer and head and neck cancer data, yet market reactions skewed negative, with three notably down sessions. Today’s Q1 2026 update continues this pattern of clinical advancement alongside ongoing losses and cash usage.
Historical Comparison
In the past five earnings updates, PDSB moved an average of -6.48%. Today’s pre‑news move of -15.38% skews more negative than prior earnings reactions.
Earnings updates have tracked VERSATILE‑003 from initiation through protocol changes and highlighted strengthening PDS01ADC data while net losses gradually narrowed and cash balances declined.
Regulatory & Risk Context
An effective S-3/A shelf dated 2026-04-27 registers up to $200,000,000 of mixed securities with no recorded usage to date, providing substantial financing flexibility alongside recent debt and ATM arrangements.
Market Pulse Summary
The stock surged +20.9% in the session following this news. A strong positive reaction aligns with the company’s pattern of investors rewarding robust clinical data, such as high ORR and survival in colorectal cancer and encouraging mCRPC PFS. However, past earnings have shown mixed follow-through, and an effective $200,000,000 shelf plus recent structured financing could introduce future dilution over time. Traders would need to weigh strong oncology signals against continued net losses and funding needs when assessing durability of any sharp upside.
Key Terms
progression-free survival (PFS) medical
overall survival medical
objective response rate (ORR) medical
RECIST v1.1 medical
metastatic castration-resistant prostate cancer (mCRPC) medical
immunocytokine medical
PSA medical
at-the-market sales agreement financial
AI-generated analysis. Not financial advice.
Investor Webcast Scheduled for 8:00 am ET
PRINCETON, N.J., May 13, 2026 (GLOBE NEWSWIRE) -- PDS Biotechnology Corporation (Nasdaq: PDSB) (“PDS Biotech” or the “Company”), a late-stage immunotherapy company focused on transforming how the immune system targets and kills cancers, today provided a business and clinical programs update and reported financial results for the quarter ended March 31, 2026.
“During the first quarter, we made meaningful clinical and regulatory progress across our clinical pipeline,” said Frank Bedu-Addo, PhD, President and CEO of PDS Biotech. “We work towards restarting enrollment in the amended VERSATILE-003 Phase 3 trial. With regards to PDS01ADC, we have completed enrollment in the metastatic colorectal cancer trial, and the advanced castration resistant prostate cancer trial continues to recruit well”.
Dr. Bedu-Addo continued: “We believe the progress achieved during the quarter reflects the continued advancement and maturation of our clinical portfolio. We remain focused on advancing potentially differentiated immunotherapy candidates designed to address significant unmet medical needs for patients with difficult-to-treat cancers”.
Clinical and Corporate Update
- Amended VERSATILE-003 Phase 3 clinical trial protocol to incorporate progression-free survival (PFS) as an interim primary endpoint, creating a potential accelerated approval pathway for PDS0101 in HPV16-positive recurrent and/or metastatic head and neck cancer. Median overall survival remains the primary endpoint for full FDA approval. The amendment also reduces the number of enrolled patients while maintaining statistical power. Patients already enrolled prior to the amendment remain on the trial and continue to receive treatment.
- Announced publication of positive clinical and immunological biomarker data from Stage 1 of NCI-led Metastatic Colorectal Cancer (mCRC) trial evaluating PDS01ADC, the Company’s tumor-targeted IL-12 immunocytokine. The results, published in the March issue of Journal of Clinical Oncology (JCO) Oncology Advances, included:
- Objective response rate (ORR) by RECIST v1.1:
77.8% (7/9) at six months; in the parallel trial without PDS01ADC, the ORR was35% (7/20) - 24-month survival rate approximately
85% ; in the parallel trial without PDS01ADC, the 24-month survival rate was approximately40% - Extrahepatic progression-free survival (PFS): median not reached at minimum follow-up of 13.1 months; in the parallel trial without PDS01ADC, the PFS was 8.1 months
- Objective response rate (ORR) by RECIST v1.1:
- Presented encouraging early results from an NCI-led trial investigating PDS01ADC at the AACR special conference on prostate cancer research. In patients with metastatic castration-resistant prostate cancer (mCRPC) the majority of whom received third-line treatment options — the combination of PDS01ADC and docetaxel demonstrated encouraging median PFS of 9.6 months and a median PSA decline of
40% , with 6 of 16 patients achieving greater than50% decline. - Strengthened the intellectual property estate for PDS0101 with new patents granted in the U.S. and Japan. The new U.S. patent, combined with anticipated biologics exclusivity, extends market protection into the 2040s. The Japanese patent adds broad composition of matter claims to existing protections across major markets.
First Quarter 2026 Financial Results
Reported net loss for the quarter ended March 31, 2026, was approximately
Research and development expenses for the quarter ended March 31, 2026, were
General and administrative expenses for the year ended March 31, 2026, were
Total operating expenses for the year ended March 31, 2026, were
Net interest expense was
The Company’s cash balance as of March 31, 2026, was
Conference Call Details
- Date: May 13, 2026
- Time: 8:00 a.m. Eastern Time
- Dial-in: 1-877-704-4453 (Domestic) or 1-201-389-0920 (International)
- Conference I.D.: 13760368
- Webcast: Click Here
- CallMeTM: Click Here (available 15 minutes prior to the call)
After the live webcast, the event will be archived on PDS Biotech’s website for six months.
About PDS Biotechnology
PDS Biotechnology is a late-stage immunotherapy company focused on transforming how the immune system targets and kills cancers. The Company has initiated a pivotal clinical trial to advance its lead program in advanced HPV16-positive head and neck squamous cell cancers. PDS Biotech’s lead investigational targeted immunotherapy PDS0101 is being developed in combination with a standard-of-care immune checkpoint inhibitor, and also in a triple combination including PDS01ADC, an IL-12 fused antibody drug conjugate (ADC), and a standard-of-care immune checkpoint inhibitor. PDS01ADC is being evaluated in multiple phase 2 trials in various cancer indications in combination with standard of care.
For more information, please visit www.pdsbiotech.com
Forward Looking Statements
This communication contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning PDS Biotechnology Corporation (the “Company”) and other matters. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, management. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend,” “forecast,” “guidance”, “outlook” and other similar expressions among others. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the Company’s ability to protect its intellectual property rights; the Company’s anticipated capital requirements, including the Company’s anticipated cash runway and the Company’s current expectations regarding its plans for future equity financings; the Company’s dependence on additional financing to fund its operations and complete the development and commercialization of its product candidates, and the risks that raising such additional capital may restrict the Company’s operations or require the Company to relinquish rights to the Company’s technologies or product candidates; the Company’s limited operating history in the Company’s current line of business, which makes it difficult to evaluate the Company’s prospects, the Company’s business plan or the likelihood of the Company’s successful implementation of such business plan; the timing for the Company or its partners to conduct clinical trials for PDS0101 (Versamune® HPV), PDS01ADC, PDS0103 (Versamune® MUC1) and other Versamune® based product candidates; the future success of such trials; the successful implementation of the Company’s research and development programs and collaborations, including any collaboration studies concerning PDS0101, PDS01ADC, PDS0103 and other Versamune® based product candidates and the Company’s interpretation of the results and findings of such programs and collaborations and whether such results are sufficient to support the future success of the Company’s product candidates; the success, timing and cost of the Company’s or its partners’ ongoing clinical trials and anticipated clinical trials for the Company’s current product candidates, including statements regarding response rates, the timing of initiation, pace of enrollment and completion of the trials (including the Company’s ability to fully fund its disclosed clinical trials, which assumes no material changes to the Company’s currently projected expenses), futility analyses, presentations at conferences and data reported in an abstract, and receipt of interim or preliminary results (including, without limitation, any preclinical results or data), which are not necessarily indicative of the final results of the Company’s ongoing clinical trials; any Company statements about its understanding of product candidates mechanisms of action and interpretation of preclinical and early clinical results from its clinical development programs and any collaboration studies; the Company’s ability to continue as a going concern; and other factors, including legislative, regulatory, political and economic developments not within the Company’s control. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the other risks, uncertainties, and other factors described under “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in the documents we file with the U.S. Securities and Exchange Commission. The forward-looking statements are made only as of the date of this press release and, except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Versamune® is a registered trademark of PDS Biotechnology Corporation.
Investor Contact:
Mike Moyer
LifeSci Advisors
Phone +1 (617) 308-4306
Email: mmoyer@lifesciadvisors.com
Media Contact:
Jude Gorman / Kiki Torpey
Collected Strategies
PDS-CS@collectedstrategies.com
---tables to follow---
| PDS BIOTECHNOLOGY CORPORATION AND SUBSIDIARY | ||||||||
| Selected Balance Sheet Data | ||||||||
| (Unaudited) | ||||||||
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Cash and cash equivalents | $ | 21,660,496 | $ | 26,711,969 | ||||
| Working capital | $ | 12,739,152 | $ | 18,770,871 | ||||
| Total assets | $ | 24,663,026 | $ | 30,494,083 | ||||
| Long term debt | $ | 10,605,985 | $ | 11,733,350 | ||||
| Accumulated deficit | $ | (223,955,560 | ) | $ | (216,606,504 | ) | ||
| Total stockholders’ equity | $ | 3,892,643 | $ | 9,251,833 | ||||
| PDS BIOTECHNOLOGY CORPORATION AND SUBSIDIARY Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) | ||||||||
| Three Months Ended Mar 31, | ||||||||
| 2026 | 2025 | |||||||
| Operating expenses: | ||||||||
| Research and development expenses | $ | 3,457,032 | $ | 5,830,999 | ||||
| General and administrative expenses | 3,064,055 | 3,274,759 | ||||||
| Total operating expenses | $ | 6,521,087 | $ | 9,105,758 | ||||
| Loss from operations | $ | (6,521,087 | ) | $ | (9,105,758 | ) | ||
| Interest income (expense) | ||||||||
| Interest income | $ | 186,814 | $ | 377,849 | ||||
| Interest expense | (1,014,782 | ) | (930,878 | ) | ||||
| Interest income (expense), net | $ | (827,968 | ) | $ | (553,028 | ) | ||
| Loss before income taxes | $ | (7,349,055 | ) | $ | (9,658,786 | ) | ||
| Benefit from income taxes | - | 1,169,820 | ||||||
| Net loss and comprehensive loss | $ | (7,349,055 | ) | $ | (8,488,966 | ) | ||
| Per share information: | ||||||||
| Net loss per share, basic and diluted | $ | (0.13 | ) | $ | (0.21 | ) | ||
| Weighted average common shares outstanding basic and diluted | 55,496,279 | 40,521,001 | ||||||
