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PDS Biotechnology Corp (PDSB) entered into a private PIPE financing with accredited investors, structured as an Initial Closing and a contingent Milestone Closing, for up to $22.55 million in equity and warrant securities. At the Initial Closing, PDS Biotech expects to raise approximately $11.55 million through units of common stock or pre-funded warrants plus accompanying one-year common warrants priced at $0.2825 per share unit and $0.28217 per pre-funded unit. Nant Capital and AB Group have committed a further $10 million and $1 million, respectively, at $0.22 per share (or $0.21967 per pre-funded warrant) upon submission of a registrational Phase 3 protocol for PDS0301. The company discloses that the maximum number of common shares issuable from the private placement, including warrant exercises, is 111,327,435 shares.
Nant will have the right to designate two directors, including Dr. Patrick Soon-Shiong, while it holds at least 15% of the outstanding common stock, and the board size has been increased from six to eight seats to accommodate these designees. PDS Biotech committed to maintain Nasdaq listing, reserve sufficient shares for warrant exercises, register the resale of the new securities with liquidated-damages protections for investors, and apply proceeds to repay indebtedness and fund working capital and clinical development. The company also granted NantWorks a one-year exclusive right to negotiate a potential exclusive license for its PDS0101 program.
PDS Biotechnology Corp (PDSB) reports that on August 31, 2026 it entered into a First Amendment to Promissory Note with YA II PN, Ltd., amending a promissory note originally issued on June 15, 2026 with an original principal amount of $6,000,000.
The amendment document is filed as an exhibit, but the specific modified terms are not described in the body of the report.
PDS Biotechnology Corp (symbol PDSB) reports that its Board approved a significant reduction in force to align operating expenses with strategic priorities and focus on advancing its PDS0301 program. The plan, approved on August 6, 2026, is expected to impact approximately 36% of the workforce and be substantially completed during the third quarter of 2026.
The company expects to record a one-time charge of about $842,000 in the third quarter of 2026 for employee separation benefits, all anticipated to be cash expenditures. PDS Biotechnology also states that additional, currently uncontemplated costs may arise and that actual results may differ materially from its estimates. Separately, effective August 21, 2026, the company terminated Chief Operating Officer Stephan Toutain without cause. Under his employment agreement, he is eligible for severance equal to 12 months of base salary, paid in installments, plus up to 12 months of company-paid COBRA health-care contributions, subject to signing a separation agreement and release of claims.
PDS Biotechnology Corp (PDSB) reported that Lars Boesgaard resigned as Chief Financial Officer, Principal Financial Officer and Principal Accounting Officer, effective September 12, 2026, to pursue other professional endeavors. He acknowledged that his resignation is not due to any disagreement regarding operations, policies, or practices.
Effective the same date, the board appointed Janetta Trochimiuk, the company’s Controller, as interim Principal Accounting Officer and Frank Bedu-Addo, Ph.D., President and Chief Executive Officer, as interim Principal Financial Officer. Ms. Trochimiuk, age 63, has over 25 years of experience in senior finance roles and will continue as Controller with an annual base salary of $279,519.57, remaining eligible for equity awards under the Third Amended and Restated 2014 Equity Incentive Plan.
PDS Biotechnology Corporation reported results of its 2026 annual stockholders meeting held on August 10, 2026. Stockholders approved an amendment to the Eighth Amended and Restated Certificate of Incorporation increasing authorized common stock from 150,000,000 to 300,000,000 shares; the charter is unchanged otherwise.
Two Class B directors, Kamil Ali-Jackson, J.D. and Ilian Iliev, Ph.D., were elected to serve until the 2029 annual meeting. Stockholders also ratified the appointment of KPMG US LLP as independent registered public accounting firm for the fiscal year ending December 31, 2026, and approved, on a non-binding advisory basis, the compensation of the Company’s named executive officers.
Of 55,815,653 shares entitled to vote, 31,594,722 shares (approximately 56.60%) were represented in person or by proxy, constituting a quorum for conducting business.
PDS Biotechnology Corporation reported a net loss of $17.1 million for the six months ended June 30, 2026, similar to the prior-year period, with no product revenue as a clinical-stage company. Operating expenses declined to $13.0 million from $16.7 million, driven by lower clinical trial, manufacturing, and personnel costs, partially offset by higher stock-based compensation.
Liquidity is tight: cash and cash equivalents were $5.6 million versus $26.7 million at year-end 2025, and total assets of $8.8 million are below total liabilities of $12.4 million, resulting in negative stockholders’ equity of $3.6 million. Management disclosed that substantial doubt exists about the company’s ability to continue as a going concern over the next 12 months.
The company refinanced its capital structure, fully redeeming $22.2 million of senior secured convertible debentures in June 2026 at 103% of principal plus interest, recognizing a significant loss on extinguishment, and issuing a new $6.0 million promissory note bearing 10% interest along with equity warrants. Strategically, PDS Biotech is prioritizing its tumor-targeted IL-12 immunocytokine PDS0301 and has stopped internal investment in PDS0101, including discontinuation of the VERSATILE-003 Phase 3 trial, while seeking partnerships for any further PDS0101 development.
PDS Biotechnology Corporation reported second quarter 2026 results and outlined a strategic refocus. Management is prioritizing lead program PDS0301, a tumor-targeted IL-12 immunocytokine, and will cease further internal investment in PDS0101, including discontinuation of the VERSATILE-003 Phase 3 trial, while seeking partnerships or other externally funded paths for PDS0101.
For the quarter ended June 30, 2026, net loss was $9.8 million, or $0.18 per share, versus $9.4 million, or $0.21 per share, a year earlier. Research and development expenses declined to $3.3 million from $4.2 million, and general and administrative expenses declined to $3.2 million from $3.4 million, leading to total operating expenses of $6.5 million versus $7.6 million. Net interest expense increased to $3.3 million, largely due to a non-cash loss on retirement of debt.
At June 30, 2026, cash and cash equivalents were $5.6 million. Working capital was $(5.3) million, total stockholders’ equity was $(3.6) million, and accumulated deficit reached $233.7 million, reflecting ongoing losses despite reduced operating spending.
PDS Biotechnology Corporation furnished a shareholder letter outlining a strategic refocus of its oncology pipeline. The company plans to prioritize PDS0301, a tumor-targeted IL-12 immunocytokine, particularly in metastatic colorectal cancer, and to seek strategic partnerships or other externally funded opportunities for PDS0101.
Management reported Phase 2 data in metastatic microsatellite stable and mismatch repair-proficient colorectal cancer with liver metastases, citing a 71% objective response rate at 6 months and an 80% 24-month survival rate, with safety observed in more than 380 treated patients. Internal investment in the PDS0101 Phase 3 VERSATILE-003 trial will cease, and the trial will be discontinued. A randomized Phase 2b trial of PDS0301 has been designed with FDA feedback, targeting meaningful data generation over the next 18 to 24 months. The company also states it will announce financial results for the quarter ended June 30, 2026, on August 13, 2026.
PDS Biotechnology Corporation reported receiving a Nasdaq Listing Qualifications deficiency notice because the closing bid price of its common stock has been below the $1.00 minimum required by Nasdaq Listing Rule 5550(a)(2) for the last 30 consecutive business days. The notice has no immediate effect on trading, and the shares continue to trade on The Nasdaq Capital Market under the symbol PDSB.
Under Nasdaq Listing Rule 5810(c)(3)(A), the company has a 180-day compliance period, until January 26, 2027, to regain compliance by maintaining a closing bid price of at least $1.00 for a minimum of 10 consecutive business days. If compliance is not regained, PDS Biotechnology may qualify for an additional 180-day period but ultimately faces potential delisting, with the right to appeal any delisting decision. The company plans to monitor its share price and may consider actions such as a reverse stock split to address the deficiency.