PDS Biotechnology Corp (PDSB) Reports Increased Net Loss in Q3 2023 Amid Advancements in ...
PDS Biotechnology Corp (NASDAQ:PDSB) reported a net loss of $10.8 million in Q3 2023, a significant increase from the $7.4 million loss in Q3 2022.
Research and development expenses climbed to $6.4 million, reflecting ongoing investment in clinical trials and personnel costs.
PDSB's cash balance stood at $54.3 million, with the company expecting to sustain operations into the third quarter of 2024.
On November 14, 2023, PDS Biotechnology Corp (NASDAQ:PDSB) released its 8-K filing, disclosing its financial results for the third quarter ended September 30, 2023. The company, which specializes in developing immunotherapies for cancer and infectious diseases, reported a net loss of approximately $10.8 million, or $0.35 per basic and diluted share. This represents an increase from the net loss of approximately $7.4 million, or $0.26 per basic and diluted share, for the same period in the previous year.
Financial Performance and Operational Highlights
The increase in net loss is primarily attributed to heightened research and development expenses, which rose to $6.4 million from $4.4 million in Q3 2022. This $2.0 million increase was mainly due to a $1.3 million rise in clinical trial costs and a $0.7 million uptick in personnel costs, including $0.3 million in non-cash stock-based compensation. General and administrative expenses also saw a rise to $4.1 million from $2.9 million in the prior year, driven by a $0.7 million increase in personnel costs, including $0.5 million in non-cash stock-based compensation, and $0.5 million in investor relations costs.
Despite the increased net loss, PDSB's CEO, Dr. Frank Bedu-Addo, expressed optimism about the company's progress, particularly with the promising outcomes of the National Cancer Institute-led Phase 2 trial of PDS0101 and the development of PDS01ADC.
We are excited about the strides we are making across our pipeline, fueled by our commitment to developing groundbreaking therapies that revolutionize cancer treatments,"
said Dr. Bedu-Addo.
Balance Sheet and Cash Flow Analysis
PDSB's cash balance as of September 30, 2023, was approximately $54.3 million. The company believes its available cash resources will be sufficient to support its operational and research and development endeavors into the third quarter of 2024. PDSB plans to fund its future operations through collaborations, strategic alliances, license agreements, and additional public or private debt and equity financings.
The balance sheet shows a total asset value of $57.2 million as of September 30, 2023, with current assets including cash and cash equivalents and prepaid expenses. The company's total liabilities stood at $32.7 million, with stockholders' equity at $24.5 million.
Outlook and Future Developments
PDSB is preparing to initiate the VERSATILE-003 Phase 3 clinical trial in the first quarter of 2024. The company's pipeline, including PDS0101 and PDS01ADC, continues to show potential in treating various cancers, with the CEO highlighting significant milestones and data presentations that reinforce the company's therapeutic approach.
Investors and analysts are encouraged to review the full financial statements and listen to the conference call and webcast for a more comprehensive understanding of PDSB's financial health and strategic direction.
For more detailed information on PDS Biotechnology Corp's financial results, please refer to the full 8-K filing.
Explore the complete 8-K earnings release (here) from PDS Biotechnology Corp for further details.
This article first appeared on GuruFocus.
