PDS Biotech Reports Second Quarter 2026 Financial Results
PDS Biotechnology Corp (PDSB) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 PDS Biotech Reports Second Quarter 2026 Financial Results PRINCETON, N.J., August 13, 2026 -- PDS Biotechnology Corporation (Nasdaq: PDSB) (“PDS Biotech” or the “Company”), a clinical-stage biotechnology company focused on developing targeted immunotherapies for canc
How this was made
The 30-second read
Why it matters
Traders may reprice the probability-weighted value of PDS0301 based on the reported Stage 1 efficacy and the explicit decision to stop internal investment in PDS0101 (including discontinuing VERSATILE-003), while monitoring funding risk given the reported cash balance and ongoing losses.
Market read
This 8-K is a combined catalyst: new published efficacy metrics for PDS0301 plus a concrete portfolio shift away from PDS0101, alongside updated quarterly financials and cash balance.
What to watch
Net interest expense rose due to a non-cash debt retirement charge, and the cash balance of $5.6M could keep financing overhang elevated even if PDS0301 data are strong.
PDS Biotech Reports Second Quarter 2026 Financial Results
The Company reported a net loss of $ (9,750,575 ) and ended June 30, 2026 with $ 5,596,254 of cash and cash equivalents, negative working capital of $ (5,332,283 ), and total stockholders’ equity of $ (3,579,739 ). It is refocusing internal investment on PDS0301 and discontinuing the VERSATILE-003 Phase 3 trial for PDS0101.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Research and development expensesGAAP | $ 3,265,586 | – | – |
| General and administrative expensesGAAP | 3,231,148 | – | – |
| Total operating expensesGAAP | $ 6,496,734 | – | – |
| Loss from operationsGAAP | $ (6,496,734 ) | – | – |
| Interest incomeGAAP | $ 125,405 | – | – |
| Interest expenseGAAP | (3,379,246 ) | – | – |
| Interest income (expense), netGAAP | $ (3,253,841 ) | – | – |
| Loss before income taxesGAAP | $ (9,750,575 ) | – | – |
| Benefit from income taxesGAAP | - | – | – |
| Net loss and comprehensive lossGAAP | $ (9,750,575 ) | – | – |
| Net loss per share, basic and dilutedGAAP | $ (0.18 ) | – | – |
| Weighted average common shares outstanding basic and dilutedGAAP | 55,659,669 | – | – |
| Six months ended June 30 research and development expensesGAAP | $ 6,722,618 | – | – |
| Six months ended June 30 general and administrative expensesGAAP | 6,295,203 | – | – |
| Six months ended June 30 total operating expensesGAAP | $ 13,017,821 | – | – |
| Six months ended June 30 loss from operationsGAAP | $ (13,017,821 ) | – | – |
| Six months ended June 30 interest incomeGAAP | $ 312,219 | – | – |
| Six months ended June 30 interest expenseGAAP | (4,394,029 ) | – | – |
| Six months ended June 30 interest income (expense), netGAAP | $ (4,081,810 ) | – | – |
| Six months ended June 30 loss before income taxesGAAP | $ (17,099,631 ) | – | – |
| Six months ended June 30 benefit from income taxesGAAP | - | – | – |
| Six months ended June 30 net loss and comprehensive lossGAAP | $ (17,099,631 ) | – | – |
| Six months ended June 30 net loss per share, basic and dilutedGAAP | $ (0.31 ) | – | – |
| Six months ended June 30 weighted average common shares outstanding basic and dilutedGAAP | 55,659,669 | – | – |
What drove it
- Research and development expenses decreased primarily due to lower clinical trial costs, manufacturing costs and personnel costs, partially offset by higher stock-based compensation expense.
- General and administrative expenses decreased primarily due to a decrease in professional fees.
- Interest expense increased primarily due to a non-cash charge for loss on retirement of debt, partially offset by lower cash interest payments.
- The Company announced a strategic refocus to prioritize PDS0301 as its lead development program.
Concerns
- The Company reported negative working capital of $ (5,332,283 ) and total stockholders’ equity of $ (3,579,739 ) as of June 30, 2026.
- Cash and cash equivalents were $ 5,596,254 as of June 30, 2026, compared with $ 26,711,969 as of December 31, 2025.
- The Company will cease further internal investment in PDS0101, including discontinuation of the VERSATILE-003 Phase 3 trial.
- Net interest expense was $ (3,253,841 ), compared with $ (1,810,857 ) for the three months ended June 30, 2025.
- The Company identifies its ability to continue as a going concern and dependence on additional financing among its risk factors.
What to watch
- Strategic partnerships or other externally funded opportunities for continued development of PDS0101.
- Execution of the strategic refocus and advancement of PDS0301.
- The timing, availability and sufficiency of capital resources to execute the Company’s business strategy.
- Further clinical results for PDS0301, including its evaluation in metastatic colorectal cancer and prostate cancer.
Balance sheet and cash flow
- Cash and cash equivalents as of June 30, 2026: $ 5,596,254; December 31, 2025: $ 26,711,969.
- Working capital as of June 30, 2026: $ (5,332,283 ); December 31, 2025: $ 18,770,871.
- Total assets as of June 30, 2026: $ 8,807,213; December 31, 2025: $ 30,494,083.
- Long term debt as of June 30, 2026: $ -; December 31, 2025: $ 11,733,350.
- Accumulated deficit as of June 30, 2026: $ (233,706,135 ); December 31, 2025: $ (216,606,504 ).
- Total stockholders’ equity as of June 30, 2026: $ (3,579,739 ); December 31, 2025: $ 9,251,833.
Analysis
PDS Biotechnology reported a GAAP net loss and comprehensive loss of $ (9,750,575 ) for the three months ended June 30, 2026, compared with $ (9,434,208 ) in the prior-year period. The operating loss was $ (6,496,734 ), compared with $ (7,623,351 ), as total operating expenses declined to $ 6,496,734 from $ 7,623,351. The filing reports no revenue, gross-profit, or segment-revenue line items.
Cost reductions were concentrated in research and development, which was $ 3,265,586 compared with $ 4,212,918, principally reflecting lower clinical trial, manufacturing, and personnel costs. General and administrative expense was 3,231,148 compared with 3,410,433, driven by lower professional fees. These operating-expense reductions were partly offset at the bottom line by interest income (expense), net of $ (3,253,841 ), compared with $ (1,810,857 ), following a non-cash charge for loss on retirement of debt.
Liquidity and balance-sheet figures warrant close attention. Cash and cash equivalents were $ 5,596,254 at June 30, 2026, compared with $ 26,711,969 at December 31, 2025. The Company reported working capital of $ (5,332,283 ), total stockholders’ equity of $ (3,579,739 ), and accumulated deficit of $ (233,706,135 ) at June 30, 2026. Long term debt was reported as $ - at June 30, 2026, compared with $ 11,733,350 at December 31, 2025.
The principal corporate development is the strategic refocus on PDS0301, with the Company ceasing further internal investment in PDS0101 and discontinuing the VERSATILE-003 Phase 3 trial. Management intends to seek strategic partnerships or other externally funded opportunities for PDS0101. The update also highlighted published Stage 1 data from an NCI-led metastatic colorectal cancer trial of PDS0301, including ORR by RECIST v1.1 of 77.8% (7/9) at six months and a 24-month survival rate of approximately 80%.
No financial guidance was provided. The filing instead emphasizes capital discipline, the need for additional financing, the ability to continue as a going concern, and the Company’s ability to identify and complete partnerships or other external funding opportunities as material execution considerations.
Not in the filing
stated, not guessed- Revenue and revenue comparisons were not reported.
- Gross profit and gross margin were not reported.
- Segment revenue, segment margins, and segment comparisons were not reported.
- Non-GAAP financial measures were not reported.
- Operating cash flow, free cash flow, and other cash-flow-statement metrics were not reported.
- Capital-return information, including share repurchases and dividends, was not reported.
- Financial guidance was not provided.
- Prior-quarter comparisons were not reported.
- Named executive quotes were not provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
PDSB is a clinical-stage biotech that, after a strategic review, is prioritizing its tumor-targeted IL-12 immunocytokine PDS0301 as the lead program.
Ticker impact
PDS Biotechnology reported Q2 2026 financials and disclosed positive Stage 1 JCO data for PDS0301, plus a strategic shift to prioritize it over PDS0101.
Likely positive bias for PDSB on the clinical data and lead-program refocus, partially offset by cash burn and higher net interest expense.
The article provides concrete efficacy metrics (ORR, survival, PFS) and a stated plan to discontinue VERSATILE-003 for PDS0101, but it does not provide guidance, cash runway duration, or a financing plan beyond noting a $5.6M cash balance.
Market effects
Adds incremental read-through for targeted IL-12 immunocytokines and ADC-adjacent tumor-targeting approaches in solid tumors.
Primarily US small-cap biotech sentiment via Nasdaq-listed issuer filing.
Limited, as the disclosure is company-specific and trial publication-focused.
Counterpoint
The strategic refocus may signal that PDS0101 is not expected to be value-accretive without external partners, and the company still reports a sizable net loss with a modest cash balance.
Key entities
- companyPDS Biotechnology Corporation
Nasdaq-listed clinical-stage biotech filing an 8-K with Q2 2026 results, clinical update, and strategic refocus.
- clinical_programPDS0301 (formerly PDS01ADC)
Tumor-targeted IL-12 immunocytokine with positive Stage 1 data published in JCO Oncology Advances.
- clinical_programPDS0101 (Versamune platform)
HPV16-positive program where the company will cease further internal investment and discontinue VERSATILE-003.
- clinical_trialVERSATILE-003 Phase 3 trial
Discontinued as part of the company’s capital reallocation toward PDS0301.
