Every 10-Q that PDS Biotechnology Corporation (PDSB) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow PDSB and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PDSB filings page.
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 reported another quarterly loss as it continues to fund its cancer and infectious disease immunotherapy pipeline with no product revenue. For the three months ended March 31, 2026, net loss was $7.3 million, improving from $8.5 million a year earlier, mainly because research and development spending fell to $3.5 million from $5.8 million. General and administrative costs eased slightly to $3.1 million.
Cash and cash equivalents were $21.7 million at March 31, 2026, down from $40.0 million a year earlier, after using $4.4 million in operating cash during the quarter and making $1.5 million of principal payments on senior secured convertible debentures. Total assets were $24.7 million and stockholders’ equity declined to $3.9 million, with an accumulated deficit of $224.0 million.
The company reiterates that it has no revenues, expects ongoing operating losses, and faces restrictive covenants on its $22.2 million debentures, including minimum cash requirements. Management concludes that these conditions raise substantial doubt about its ability to continue as a going concern over the next 12 months. Subsequent to quarter-end, PDS agreed to issue a $6.0 million promissory note with attached warrants and plans to redeem all outstanding debentures for cash in June 2026, subject to closing conditions.
PDS Biotechnology (PDSB) filed its Q3 2025 report, showing continued operating losses and tighter liquidity. Cash and cash equivalents were $26.2 million as of September 30, 2025, down from $41.7 million at year-end. The company reported a Q3 net loss of $9.0 million and a nine‑month net loss of $26.9 million, with Q3 loss per share of $0.19. Operating expenses fell year over year to $8.1 million, driven by lower R&D and steady G&A.
PDS completed financings to support operations. In February, it raised approximately $10.05 million net via common stock, pre‑funded warrants, and warrants. On April 30, it issued $22,222,222 senior secured convertible debentures for a $20 million purchase price, using about $19 million to retire prior debt; the debentures carry a variable coupon (prime +5%) and had an effective annual interest rate ~24.1% as of quarter‑end, with lenders able to require up to $500,000 monthly redemptions; $1.0 million was redeemed in Q3. The company also sold 1,072,080 shares under its ATM for $1.3 million net in Q3 and, subsequently on November 11, raised approximately $4.8 million net in a registered direct offering.
Management disclosed substantial doubt about continuing as a going concern, citing ongoing losses, no revenues, and minimum cash covenants under the debentures. Common shares outstanding were 47,705,442 at September 30, 2025, and 48,980,307 as of November 6, 2025.
PDS Biotechnology reported $31.9 million in cash and cash equivalents and a consolidated net loss of $9.4 million for the quarter and $17.9 million for the six months ended June 30, 2025. Total assets were $40.5 million and total liabilities were $24.5 million, leaving stockholders' equity of $16.0 million and an accumulated deficit of $200.0 million. Shares outstanding increased to 46,633,362. The company used $18.1 million of cash in operating activities during the first half of 2025 and reduced cash from $41.7 million at year-end 2024 to $31.9 million at June 30, 2025.
PDSB completed financings in early 2025, including a February offering that generated net proceeds of about $10.05 million and a securities purchase agreement that raised $20.0 million (including $22.22 million principal debentures) used largely to retire prior debt. The debentures carry a high effective annual interest rate (~24.1%) and include cash-maintenance and customary restrictive covenants. The company disclosed substantial doubt about its ability to continue as a going concern for at least 12 months. Clinically, PDSB advanced VERSATILE-003 into Phase 3 and reported multiple encouraging trial updates and a JAMA Oncology publication showing strong survival and response results in certain cohorts.