PDS Biotechnology Corporation, a clinical-stage immunotherapy company, reported its financial results for the three and nine months ended September 30, 2024. The company continues to focus on developing targeted immunotherapies, including its key products Versamune® and PDS01ADC, aimed at treating various cancers and infectious diseases.

As of September 30, 2024, PDS Biotech had cash and cash equivalents of $49.8 million, a decrease from $56.6 million at the end of 2023. Total current assets also fell to $52.1 million from $59.1 million, while total assets decreased to $52.5 million from $59.4 million. The company’s total stockholders’ equity declined to $22.0 million from $26.1 million over the same period.

For the three months ended September 30, 2024, total operating expenses were $10.2 million, down from $10.5 million in the same period in 2023. Research and development expenses increased to $6.8 million, primarily due to a $1.6 million rise in manufacturing costs. General and administrative expenses decreased significantly to $3.4 million, reflecting a reduction in professional fees and personnel costs. The net loss for the quarter was $10.7 million, slightly improved from a loss of $10.8 million in the prior year.

For the nine months ended September 30, 2024, total operating expenses were $29.0 million, down from $32.6 million in 2023. The net loss for this period was $29.7 million, compared to $32.0 million in the previous year. The company reported a net loss per share of $(0.82) for the nine months, an improvement from $(1.04) in 2023.

PDS Biotech has not generated any revenue from product sales and does not anticipate doing so in the near future. The company continues to rely on financing activities, raising $19.4 million from the sale of common stock during the nine months ended September 30, 2024, compared to $5.7 million in the same period in 2023. The company also received approximately $0.9 million from the sale of tax benefits in April 2024.

The company is preparing for upcoming principal payments on its loans, which begin on October 1, 2024. PDS Biotech has expressed substantial doubt about its ability to continue as a going concern for at least the next 12 months, primarily due to ongoing losses and reliance on available financial resources. The company plans to secure additional capital through equity or debt financing, collaborations, or licensing agreements to support its operations and clinical development efforts.