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.
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