PDS Biotech Reports Third Quarter 2026 Financial Results
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
PDS Biotechnology (Nasdaq: PDSB) reported a narrower third-quarter 2026 net loss while continuing to prioritize PDS0301 as its lead development program. Net loss was $7.6 million, or $0.11 per share, versus $9.0 million, or $0.19 per share, a year earlier. Research and development expenses fell to $2.1 million from $4.6 million; general and administrative expenses rose to $3.8 million from $3.6 million. Net interest expense increased to $1.7 million from $0.9 million.
Cash was $15,245,081 at September 30, versus $26,711,969 at December 31, 2025. The initial closing of a PIPE private financing of up to $22.3 million, led by Nant Capital, was completed during the quarter. A further closing depends on submitting a PDS0301 Phase 3 protocol to the FDA and applicable closing conditions. PDS0101 Phase 2 results were published in JAMA Oncology, and patents issued in Japan, India and Israel.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major pointPIPE private financing of up to $22.3 million, led by Nant Capital, completed its initial closing. 31% of market cap
- Moderate pointThird-quarter net loss narrowed to $7.6 million, or $0.11 per share, from $9.0 million, or $0.19, year-over-year.
- Moderate pointThird-quarter research and development expenses fell to $2.1 million from $4.6 million year-over-year.
- Moderate pointLong-term debt was zero at September 30, 2026, versus $11,733,350 at December 31, 2025.
- Moderate pointStockholders’ equity rose to $13,495,140 from $9,251,833 between December 31, 2025, and September 30, 2026.
8 minor points
- Minor pointNine-month net loss narrowed to $24,720,556, or $0.40 per share, from $26,932,586, or $0.60, year-over-year.
- Minor pointNine-month research and development expenses fell to $8,773,832 from $14,620,308 year-over-year.
- Minor pointNine-month general and administrative expenses fell to $10,140,094 from $10,248,943 year-over-year.
- Minor pointPDS0301 remains the company's prioritized lead development program, with ongoing clinical trials at the NCI.
- Minor pointPDS0101 with pembrolizumab Phase 2 results in HPV16-positive recurrent or metastatic head and neck cancer were published in JAMA Oncology.
- Minor pointJapanese patent JP 7909860 issued covering Versamune compositions and use as a T cell activating immunotherapy.
- Minor pointIndian and Israeli patents issued covering PDS0101 composition and use for HPV16-positive cancers.
- Minor point. Forward-looking: it has not happened yet and may not happen.PDS0101 Phase 3 development is intended to pursue strategic partnerships or other externally funded opportunities.
Negative
- Moderate pointCash fell to $15,245,081 at September 30, 2026, from $26,711,969 at December 31, 2025.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Further PIPE funding is contingent on FDA submission of a PDS0301 Phase 3 protocol and applicable closing conditions.
- Moderate pointNantWorks received a one-year exclusive right to negotiate an exclusive license for PDS0101.
- Moderate pointThird-quarter net interest expense increased to $1.7 million from $0.9 million year-over-year.
- Moderate pointThird-quarter weighted-average shares increased to 71,936,955 from 46,869,531 year-over-year.
- Moderate pointWorking capital fell to $13,297,920 from $18,770,871 between December 31, 2025, and September 30, 2026.
5 minor points
- Minor pointThird-quarter general and administrative expenses increased to $3.8 million from $3.6 million year-over-year.
- Minor pointNine-month net interest expense increased to $5,806,630 from $3,233,155 year-over-year.
- Minor pointNine-month weighted-average shares increased to 61,145,055 from 44,648,508 year-over-year.
- Minor pointTotal assets fell to $18,571,942 from $30,494,083 between December 31, 2025, and September 30, 2026.
- Minor pointAccumulated deficit widened to $241,327,060 from $216,606,504 between December 31, 2025, and September 30, 2026.
News Explained
The company granted NantWorks a one-year exclusive right to negotiate an exclusive license for PDS0101, giving NantWorks a time-limited exclusive negotiating position; the release describes a right to negotiate, not a completed license.
Key Figures
- PIPE financing
- up to $22.3 million
- Initial closing completed this quarter; additional milestone closing is contingent on FDA protocol submission and closing conditions
- Cash and cash equivalents
- $15.2 million
- As of September 30, 2026
- Net loss
- $7.6 million vs. $9.0 million
- Three months ended September 30, 2026 vs. 2025
- Net loss per share
- $0.11 vs. $0.19
- Basic and diluted; three months ended September 30, 2026 vs. 2025
- Research and development expenses
- $2.1 million vs. $4.6 million
- Three months ended September 30, 2026 vs. 2025
- Total operating expenses
- $5.9 million vs. $8.1 million
- Three months ended September 30, 2026 vs. 2025
- Net interest expenses
- $1.7 million vs. $0.9 million
- Three months ended September 30, 2026 vs. 2025
Previous Earnings Reports
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Net loss rose year over year; release also highlighted PDS0301 Phase 2 data and cash.
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VERSATILE-002 reported 39.3-month median overall survival alongside quarterly financial results.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
pipe financing financial
immunocytokine medical
il-12 medical
mcrc medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
PRINCETON, N.J., Nov. 13, 2026 (GLOBE NEWSWIRE) -- PDS Biotechnology Corporation (Nasdaq: PDSB) (“PDS Biotech” or the “Company”), a clinical-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 September 30, 2026.
“During our third quarter, we continued to execute our strategic prioritization of PDS0301, our investigational tumor-targeted IL-12 immunocytokine, as our lead development program,” said Frank Bedu-Addo, PhD, President and Chief Executive Officer of PDS Biotech. “We believe the ongoing clinical trials of PDS0301 at the NCI, along with those of our cancer vaccine platform, support our view that targeted T cell immunotherapy has the potential to change how solid tumors are treated. We are pleased to have the support of Dr. Soon-Shiong and NantWorks, who share our belief in the promise of our immunotherapy platforms and led our PIPE financing of up to
Clinical and Corporate Update
- Announced the initial closing of a PIPE financing of up to
$22.3 million led by Nant Capital, LLC with additional participation from current investors.- The PIPE includes a contingent milestone closing triggered by the Company’s submission to the FDA of a registrational Phase 3 clinical trial protocol for PDS0301 designed in collaboration with NantWorks, subject to the satisfaction or waiver of applicable closing conditions.
- In connection with the PIPE, the Company entered into an option agreement granting NantWorks, LLC a one-year exclusive right to negotiate an exclusive license for the PDS0101 program.
- Dr. Patrick Soon-Shiong, founder of NantWorks, and James Banaag appointed to the Company’s Board of Directors as Nant Capital designees.
- Appointed three pharma veterans to the Company’s Board of Directors, effective October 18, 2026:
- John Dawson CBE, Deborah Ramsdell, and Bruce Wendel bring deep corporate development, commercialization, and regulatory expertise to the Company.
- Hosted a Key Opinion Leader (KOL) event discussing PDS0301 Phase 2 trials and projected clinical progress.
- The event featured Jonathan M. Hernandez, M.D., an investigator with the Surgical Oncology Program at the National Cancer Institute’s Center for Cancer Research. Dr. Hernandez joined company management to discuss clinical outcomes from PDS0301 in the treatment of advanced liver-associated cancers, with a focus on the metastatic colorectal cancer (mCRC) cohort.
- A replay of the event is available here.
- Announced publication of VERSATILE-002 Phase 2 clinical trial results of PDS0101 with pembrolizumab in HPV16-positive recurrent and/or metastatic (R/M) head and neck cancer in JAMA Oncology.
- Received issuance of a Japanese patent, JP Patent No.7909860, titled Methods and Compositions Comprising Cationic Lipids for Stimulating Type I Interferon Genes. The patent broadly covers compositions and use of the Versamune® technology platform broadly for use as a T cell activating immunotherapy. A related US patent, US Patent No. 12,551,460, issued earlier in 2026.
- Received issuance of patents titled HPV16 Non-HLA Restricted T Cell vaccines, Compositions and Methods of Use Thereof in both India and Israel, IN Patent No. 603830 and IL Patent No. 265833. The patents cover the composition and use of PDS0101 being developed to treat HPV16-positive cancers. A related US patent, US Patent No. 11,401,306, issued in 2022.
Third Quarter 2026 Financial Results
The Company’s cash and cash equivalents as of September 30, 2026 were
Reported net loss was
Research and development expenses were
General and administrative expenses increased to
Total operating expenses were
Net interest expenses were
About PDS Biotechnology
PDS Biotechnology is a clinical-stage biotechnology company focused on developing targeted immunotherapies for cancer. The Company’s lead development program, PDS0301 (also referred to as PDS01ADC & NHS-IL12), is an investigational tumor-targeted interleukin-12 (IL-12) immunocytokine designed to deliver IL-12 preferentially to the tumor microenvironment, with the goal of enhancing anti-tumor immune activity while limiting systemic exposure. PDS0301 has been clinically evaluated across multiple solid tumors, including metastatic colorectal cancer and prostate cancer. The Company is focused on advancing PDS0301 in indications where its tumor-targeted mechanism may help address and overcome mechanisms of resistance to immunotherapy. PDS Biotechnology owns the Versamune® cancer vaccine platform, including PDS0101, which has been evaluated in HPV16-positive cancers. The Company intends to pursue strategic partnerships or other externally funded opportunities for the Phase 3 development of PDS0101.
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 the Company’s ability to identify, negotiate or consummate strategic partnerships or other externally funded opportunities for PDS0101, including under its option agreement with NantWorks, LLC; 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 PDS0301, PDS0101 (Versamune® HPV), 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 PDS0301, PDS0101 (Versamune® HPV), PDS0103 (Versamune® MUC1) 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; the Company’s ability to regain and maintain compliance with Nasdaq continued listing requirements, including the minimum bid price requirement, and the risk of delisting; 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 the Company files 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 Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development expenses | $ | 2,051,213 | $ | 4,576,389 | $ | 8,773,832 | $ | 14,620,308 | ||||||||
| General and administrative expenses | 3,844,891 | 3,563,753 | 10,140,094 | 10,248,943 | ||||||||||||
| Total operating expenses | 5,896,104 | 8,140,142 | 18,913,926 | 24,869,251 | ||||||||||||
| Loss from operations | (5,896,104 | ) | (8,140,142 | ) | (18,913,926 | ) | (24,869,251 | ) | ||||||||
| Interest income (expense) | ||||||||||||||||
| Interest income | 41,630 | 281,109 | 353,850 | 992,582 | ||||||||||||
| Interest expense | (1,766,451 | ) | (1,150,378 | ) | (6,160,480 | ) | (4,225,737 | ) | ||||||||
| Interest income (expense), net | (1,724,821 | ) | (869,269 | ) | (5,806,630 | ) | (3,233,155 | ) | ||||||||
| Loss before income taxes | (7,620,925 | ) | (9,009,411 | ) | (24,720,556 | ) | (28,102,406 | ) | ||||||||
| Benefit from income taxes | - | - | - | 1,169,820 | ||||||||||||
| Net loss and comprehensive loss | (7,620,925 | ) | (9,009,411 | ) | (24,720,556 | ) | (26,932,586 | ) | ||||||||
| Per share information: | ||||||||||||||||
| Net loss per share, basic and diluted | $ | (0.11 | ) | $ | (0.19 | ) | $ | (0.40 | ) | $ | (0.60 | ) | ||||
| Weighted average common shares outstanding basic and diluted | 71,936,955 | 46,869,531 | 61,145,055 | 44,648,508 | ||||||||||||
| PDS BIOTECHNOLOGY CORPORATION AND SUBSIDIARY | ||||||||
| Selected Balance Sheet Data | ||||||||
| (Unaudited) | ||||||||
| | September 30, | December 31, | ||||||
| 2026 | 2025 | |||||||
| Cash and cash equivalents | $ | 15,245,081 | $ | 26,711,969 | ||||
| Working capital | 13,297,920 | 18,770,871 | ||||||
| Total assets | 18,571,942 | 30,494,083 | ||||||
| Long term debt | - | 11,733,350 | ||||||
| Accumulated deficit | (241,327,060 | ) | (216,606,504 | ) | ||||
| Total stockholders’ equity | 13,495,140 | 9,251,833 | ||||||
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were PDS Biotechnology's third-quarter 2026 financial results?
PDS Biotechnology reported a $7.6 million net loss, or $0.11 per basic and diluted share, compared with $9.0 million, or $0.19 per share, in the third quarter of 2025. Cash and cash equivalents totaled $15,245,081 at September 30, 2026.
What triggers the additional closing of PDS Biotechnology's PIPE financing?
The contingent milestone closing is triggered by submission to the FDA of a registrational Phase 3 clinical trial protocol for PDS0301 designed in collaboration with NantWorks. It remains subject to satisfaction or waiver of applicable closing conditions. The financing totals up to $22.3 million, with the initial closing completed during the quarter.
What rights did NantWorks receive over PDS Biotechnology's PDS0101 program?
NantWorks received a one-year exclusive right to negotiate an exclusive license for the PDS0101 program. The option agreement was entered into in connection with the PIPE financing; it grants negotiation rights rather than a completed license.
Why did PDS Biotechnology's third-quarter 2026 research and development expenses decrease?
The $2.5 million decrease primarily reflected $1.6 million lower clinical trial costs, $0.6 million lower personnel costs and $0.3 million lower manufacturing costs. Research and development expenses were $2.1 million, compared with $4.6 million in the third quarter of 2025.