PDS Biotechnology Q3 2026 loss narrows to $7.6M
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.
Form Type
8-K
Rhea-AI Filing Summary
PDS Biotechnology Corporation (PDSB) reported third-quarter 2026 results and said it continued to prioritize PDS0301, an investigational tumor-targeted IL-12 immunocytokine, as its lead development program. Cash and cash equivalents were $15.2 million as of September 30, 2026. The company reported a $7.6 million net loss, or $0.11 per basic and diluted share, compared with a $9.0 million net loss, or $0.19 per share, in the year-ago quarter. Total operating expenses were $5.9 million, down from $8.1 million.
Research and development expenses were $2.1 million versus $4.6 million, while general and administrative expenses were $3.8 million versus $3.6 million. Net interest expense was $1.7 million, compared with $0.9 million. PDS Biotech said Dr. Soon-Shiong and NantWorks led a PIPE financing of up to $22.3 million, with the initial closing completed during the quarter. The company intends to pursue strategic partnerships or other externally funded opportunities for Phase 3 development of PDS0101.
1 point · 0 major0 major · 0 points
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.
Positive
- Moderate pointQuarterly net loss narrowed to $7.6 million from $9.0 million.
Negative
- None.
Filing Explained
PDS Biotech reported no long-term debt at
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Cash and cash equivalents: $15.2 million
Net loss: $7.6 million
Net loss per basic and diluted share: $0.11
+4 more
7 metrics
Cash and cash equivalents
$15.2 million
As of September 30, 2026
Net loss
$7.6 million
Three months ended September 30, 2026; compared with $9.0 million in the same period of 2025
Net loss per basic and diluted share
$0.11
Three months ended September 30, 2026; compared with $0.19 in the same period of 2025
Research and development expenses
$2.1 million
Three months ended September 30, 2026; compared with $4.6 million in the same period of 2025
Total operating expenses
$5.9 million
Three months ended September 30, 2026; compared with $8.1 million in the same period of 2025
Net interest expense
$1.7 million
Three months ended September 30, 2026; compared with $0.9 million in the same period of 2025
PIPE financing
Up to $22.3 million
Led by Dr. Soon-Shiong and NantWorks; initial closing completed during the third quarter of 2026
Key Terms
immunocytokine, tumor microenvironment, targeted T cell immunotherapy, Versamune® cancer vaccine platform, +2 more
6 terms
immunocytokine medical
"investigational tumor-targeted IL-12 immunocytokine"
An immunocytokine is a lab-designed medicine that fuses a targeting antibody with an immune signaling protein so the immune response is directed to specific cells or tissue. Think of it as a guided package that brings a signal to rally the body's defenses where needed; investors pay attention because this targeted approach can improve effectiveness, reduce side effects, and strongly influence clinical results, approvals, and commercial value.
tumor microenvironment medical
"deliver IL-12 preferentially to the tumor microenvironment"
The tumor microenvironment is the immediate area surrounding a cancer cell, made up of nearby cells, blood vessels, and support structures that influence how the cancer grows and spreads. It functions like a bustling neighborhood that can either help or hinder the tumor’s development. For investors, understanding changes in this environment can signal the effectiveness of treatments and potential shifts in a cancer-related market.
targeted T cell immunotherapy medical
"targeted T cell immunotherapy has the potential"
Versamune® cancer vaccine platform medical
"owns the Versamune® cancer vaccine platform"
PIPE financing financial
"led our PIPE financing of up to $22.3 million"
Pipe financing is a way for companies to raise money quickly by selling new shares or bonds directly to investors, often before their stock is publicly traded or in the early stages of a project. It’s similar to a company securing a loan from investors, providing quick capital needed for growth or operations. For investors, it can offer opportunities for early involvement and potentially higher returns, but it may also carry increased risk due to the immediate nature of the deal.
working capital financial
"Working capital"
Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.
Earnings Snapshot
Net loss: $7.6 million
Third quarter ended September 30, 2026
Net loss
$7.6 million
Compared with $9.0 million in the same period of 2025
Net loss per basic and diluted share
$0.11
Compared with $0.19 in the same period of 2025
Research and development expenses
$2.1 million
Compared with $4.6 million in the same period of 2025
Total operating expenses
$5.9 million
Compared with $8.1 million in the same period of 2025
Net interest expense
$1.7 million
Compared with $0.9 million in the same period of 2025
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much cash did PDSB report at September 30, 2026?
PDS Biotech reported $15.2 million in cash and cash equivalents as of September 30, 2026. Working capital was $13.3 million on that date.
What was PDSB's third-quarter 2026 net loss?
PDS Biotech reported a $7.6 million net loss, or $0.11 per basic and diluted share, for the quarter ended September 30, 2026. The year-ago quarter's net loss was $9.0 million, or $0.19 per basic and diluted share.
What are PDSB's plans for PDS0101?
PDS Biotech said it intends to pursue strategic partnerships or other externally funded opportunities for the Phase 3 development of PDS0101, which has been evaluated in HPV16-positive cancers.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 13, 2026
(Exact Name of Registrant as Specified in Charter)
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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(Address of Principal Executive Offices, and Zip Code)
(800 ) 208-3343
Registrant’s Telephone Number, Including Area Code
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
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Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Yes ☐ No ☐
| Item 2.02 |
Results of Operation and Financial Condition.
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On November 13, 2026, PDS Biotechnology Corporation (the “Company”) issued a press release announcing a business update and its
financial results for the quarter ended September 30, 2026. The Company is furnishing a copy of the press release, which is attached hereto as Exhibit 99.1.
In accordance with General Instruction B.2 of Form 8-K, the information set forth in this Current Report on Form 8-K (including
Exhibit 99.1) is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of the section, nor
shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
| Item 9.01 |
Financial Statements and Exhibits.
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(d) Exhibits.
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Exhibit
Number
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Description
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99.1
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Press Release dated November 13, 2026.
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
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PDS BIOTECHNOLOGY CORPORATION
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| Date: November 13, 2026 |
By: /s/ Frank Bedu-Addo, Ph.D.
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Name: Frank Bedu-Addo, Ph.D.
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Title: President and Chief Executive Officer
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Exhibit 99.1
PDS Biotech Reports Third Quarter 2026 Financial Results
PRINCETON, N.J., November 13, 2026 -- 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 $22.3 million, the initial closing of which we completed this quarter.”
Clinical and Corporate Update
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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.
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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.
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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.
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Dr. Patrick Soon-Shiong, founder of NantWorks, and James Banaag appointed to the Company’s Board of Directors as Nant Capital designees.
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Appointed three pharma veterans to the Company’s Board of Directors, effective October 18, 2026:
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John Dawson CBE, Deborah Ramsdell, and Bruce Wendel bring deep corporate development, commercialization, and regulatory expertise to the Company.
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Hosted a Key Opinion Leader (KOL) event discussing PDS0301 Phase 2 trials and projected clinical progress.
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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.
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A replay of the event is available here.
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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.
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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.
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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.
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Third Quarter 2026 Financial Results
The Company’s cash and cash equivalents as of September 30, 2026 were $15.2 million.
Reported net loss was $7.6 million, or $0.11 per basic and diluted share, for the three months ended September 30, 2026, compared to $9.0 million, or $0.19 per basic and
diluted share, for the three months ended September 30, 2025.
Research and development expenses were $2.1 million for the three months ended September 30, 2026, compared to $4.6 million for the three months ended September 30,
2025. The decrease of $2.5 million was primarily attributable to decreases of $1.6 million in clinical trial costs, $0.6 million in personnel costs and $0.3 million in manufacturing costs.
General and administrative expenses increased to $3.8 million for the three months ended September 30, 2026 from $3.6 million for the three months ended September 30,
2025. The increase of $0.2 million was primarily attributable to an increase of $0.3 million in professional fees, an increase of $0.1 million in personnel costs offset by a decrease of $0.2 million in stock based compensation costs.
Total operating expenses were $5.9 million for the three months ended September 30, 2026, compared to $8.1 million for the three months ended September 30, 2025.
Net interest expenses were $1.7 million for the three months ended September 30, 2026, compared to $0.9 million for the three months ended September 30, 2025.
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 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)
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
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Three Months Ended September 30,
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Nine Months Ended September 30,
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|||||||||||||||
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2026
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2025
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2026
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2025
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|||||||||||||
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Operating expenses:
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||||||||||||||||
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Research and development expenses
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$
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2,051,213
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$
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4,576,389
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$
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8,773,832
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$
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14,620,308
|
||||||||
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General and administrative expenses
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3,844,891
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3,563,753
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10,140,094
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10,248,943
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||||||||||||
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Total operating expenses
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5,896,104
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8,140,142
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18,913,926
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24,869,251
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||||||||||||
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Loss from operations
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(5,896,104
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)
|
(8,140,142
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)
|
(18,913,926
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)
|
(24,869,251
|
)
|
||||||||
|
Interest income (expense)
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||||||||||||||||
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Interest income
|
41,630
|
281,109
|
353,850
|
992,582
|
||||||||||||
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Interest expense
|
(1,766,451
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)
|
(1,150,378
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)
|
(6,160,480
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)
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(4,225,737
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)
|
||||||||
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Interest income (expense), net
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(1,724,821
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)
|
(869,269
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)
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(5,806,630
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)
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(3,233,155
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)
|
||||||||
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Loss before income taxes
|
(7,620,925
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)
|
(9,009,411
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)
|
(24,720,556
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)
|
(28,102,406
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)
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||||||||
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Benefit from income taxes
|
-
|
-
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-
|
1,169,820
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||||||||||||
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Net loss and comprehensive loss
|
(7,620,925
|
)
|
(9,009,411
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)
|
(24,720,556
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)
|
(26,932,586
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)
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||||||||
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Per share information:
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||||||||||||||||
|
Net loss per share, basic and diluted
|
$
|
(0.11
|
)
|
$
|
(0.19
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)
|
$
|
(0.40
|
)
|
$
|
(0.60
|
)
|
||||
|
Weighted average common shares outstanding basic and diluted
|
71,936,955
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46,869,531
|
61,145,055
|
44,648,508
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||||||||||||
PDS BIOTECHNOLOGY CORPORATION AND SUBSIDIARY
Selected Balance Sheet Data
(Unaudited)
|
September 30,
|
December 31,
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|||||||
|
2026
|
2025
|
|||||||
|
Cash and cash equivalents
|
$
|
15,245,081
|
$
|
26,711,969
|
||||
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Working capital
|
13,297,920
|
18,770,871
|
||||||
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Total assets
|
18,571,942
|
30,494,083
|
||||||
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Long term debt
|
-
|
11,733,350
|
||||||
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Accumulated deficit
|
(241,327,060
|
)
|
(216,606,504
|
)
|
||||
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Total stockholders’ equity
|
13,495,140
|
9,251,833
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