PDS Biotechnology Corp PDSB
We are a clinical-stage immunotherapy company developing a growing pipeline of targeted cancer and infectious disease immunotherapies
based on our Versamune® T cell activator and Versamune® in combination with our interleukin 12 (IL-12) fused anti-body drug conjugate (ADC), PDS01ADC. In addition, we are developing the Infectimune® T cell-activator in infectious diseases.
have the potential to overcome limitations of current immunotherapy approaches through effective conversion of the immune suppressive tumor to an immunogenic microenvironment in addition to the induction of the right type, potency and quantity of
tumor-targeting killer (CD8) T cells. Our Versamune® immunotherapies and Versamune® in combination with PDS01ADC, are being developed for treatments in oncology, and Infectimune® is being developed for preventive vaccines against infectious
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| R&D | $19.0M | $22.6M | $27.8M | $29.4M | $11.3M | $7.9M | $6.1M | $830.7K | $34.3M | $24.8M |
| SG&A | $12.5M | $13.8M | $15.3M | $12.2M | $10.2M | $7.0M | $11.0M | $2.8M | $17.7M | $14.7M |
| Total operating expenses | $31.5M | $36.3M | $43.0M | $41.7M | $21.4M | $14.9M | $21.0M | $3.6M | $52.0M | $39.5M |
| Operating income | -$31.5M | -$36.3M | -$43.0M | -$41.7M | -$21.4M | -$14.9M | -$21.0M | -$3.6M | -$52.0M | -$39.5M |
| Interest expense | $5.3M | $4.7M | $4.2M | $1.3M | $0 | $0 | $33.6K | $3.6K | $2.2M | $1.2M |
| Pre-tax income | -$35.7M | -$38.5M | -$44.3M | -$42.1M | -$21.4M | -$14.8M | -$7.4M | -$3.8M | -$53.4M | -$40.7M |
| Income tax | $1.2M | $869.2K | $1.4M | $1.2M | $4.5M | $0 | $381.5K | $0 | $2.6M | $1.8M |
| Net income | -$34.5M | -$37.6M | -$42.9M | -$40.9M | -$16.9M | -$14.8M | -$7.0M | -$3.8M | -$50.9M | -$38.8M |
| EPS, basic | -0.74 | -1.03 | -1.39 | -1.43 | -0.66 | -0.89 | — | — | — | — |
| EPS, diluted | -0.74 | -1.03 | -1.39 | -1.43 | -0.66 | -0.89 | -1.44 | 1.15 | — | — |
| Shares, diluted (wtd. avg.) | 46.4M | 36.5M | 31.0M | 28.6M | 25.6M | 16.7M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $26.7M | $41.7M | $56.6M | $73.8M | $65.2M | $28.8M | $12.2M | $103.7K | $175.9K | $106.4M |
| Total current assets | $28.3M | $45.1M | $59.1M | $76.5M | $66.8M | $30.3M | $14.5M | $122.1K | $89.1M | $107.4M |
| Property, plant and equipment | $120.2K | $142.0K | $134.1K | $0 | $86 | $5.4K | $21.1K | $29.5K | $3.4M | $3.4M |
| Other intangibles | — | — | — | — | — | $3.0M | $3.0M | $0 | — | — |
| Total assets | $30.5M | $45.4M | $59.4M | $77.0M | $67.2M | $30.9M | $14.5M | $164.4K | $92.6M | $110.9M |
| Accounts payable | $3.6M | $1.7M | $7.0M | $1.2M | $1.3M | $1.4M | $1.2M | $1.3M | $4.4M | $3.5M |
| Total current liabilities | $9.5M | $17.1M | $13.6M | $9.8M | $3.8M | $3.3M | $2.8M | $1.9M | $12.9M | $6.7M |
| Total liabilities | $21.2M | $26.4M | $33.3M | $33.0M | $4.0M | $3.8M | $2.8M | $2.2M | — | — |
| Retained earnings | -$216.6M | -$182.1M | -$144.5M | -$101.6M | -$60.7M | -$43.8M | -$28.9M | -$21.9M | -$151.9M | -$101.1M |
| Total equity | $16.0M | $30.9M | $26.1M | $44.0M | $63.2M | $27.1M | $11.7M | -$2.1M | -$609.5K | $89.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$27.8M | -$35.0M | -$33.6M | -$25.7M | -$12.5M | -$13.1M | -$18.1M | -$1.6M | -$40.7M | -$32.2M |
| Depreciation and amortisation | $21.8K | $21.1K | $17.4K | $86 | $5.4K | $15.6K | $98.4K | $69.1K | $182.9K | $100.1K |
| Stock-based compensation | $4.1M | $6.8M | $7.6M | $5.2M | $4.1M | $432.3K | $3.1M | $866.8K | $6.2M | $5.3M |
| Capital expenditure | $0 | $29.0K | $0 | — | — | — | — | $0 | $188.7K | $686.7K |
| Investing cash flow | $0 | -$29.0K | $0 | — | — | $0 | $29.4M | $0 | -$188.7K | -$686.7K |
| Financing cash flow | $12.8M | $20.2M | $16.4M | $34.3M | $48.9M | $29.8M | $750.0K | $1.5M | $22.6M | $9.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-026564.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | -$38.8M | -$50.9M | -$3.8M | -$7.0M | -$14.8M | -$16.9M | -$40.9M | -$42.9M | -$37.6M | -$34.5M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Restructuring or exit costs A restructuring: layoffs, a plant closure, a business being wound down. Item 2.05
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Officer or director change Item 5.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Material agreement signed Item 1.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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