PDS Biotechnology Corporation reported a net loss of $9.0 million for the quarter ended September 30, 2025, a $1.7 million improvement over the $10.7 million loss for the same period in 2024. The loss translated to $0.19 per basic and diluted share, beating the consensus estimate of $-0.21 by $0.02. The narrower loss was driven primarily by a $2.1 million reduction in operating expenses, which fell to $8.1 million from $10.2 million in Q3 2024, while the company’s interest expense rose to $0.9 million from $0.5 million due to lower interest income on cash balances.
Cash and cash equivalents stood at $26.2 million as of September 30, 2025, down from $41.7 million at the end of 2024, underscoring the company’s ongoing cash burn and the substantial doubt about its ability to continue as a going concern beyond 12 months. To extend its runway, PDS completed a private placement on November 12, 2025, selling 5.8 million shares of common stock at $0.91 per share, generating gross proceeds of $5.3 million. The offering also included up to 5.8 million pre‑funded warrants exercisable at $1.00 per share, potentially raising an additional $5.8 million if all warrants are exercised.
The company’s clinical pipeline remains the primary growth engine. PDS plans to request an FDA meeting to amend its VERSATILE‑003 Phase 3 trial to use progression‑free survival as a surrogate primary endpoint for accelerated approval, while retaining overall survival for full approval. This strategy follows encouraging data from the completed VERSATILE‑002 trial, which reported a median overall survival of 39.3 months and a median progression‑free survival of 6.3 months in patients with HPV16+ recurrent/metastatic head and neck cancer.
CEO Frank Bedu‑Addo emphasized the clinical rationale: “The positive PFS data from VERSATILE‑002 offers an important opportunity to shorten the trial duration and time to regulatory submission while maintaining mOS as the endpoint for full FDA approval. Importantly, we believe this approach may also accelerate the availability of this promising treatment to patients in need.”
Market reaction to the earnings beat was mixed. While the EPS beat and the announcement of a share sale provided short‑term liquidity, investors remained cautious due to the company’s significant cash burn and the disclosed going‑concern risk. The EPS beat was the primary driver of positive sentiment, but the need for additional capital and the absence of revenue in the quarter tempered enthusiasm.
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