PDS Biotechnology (PDSB) Q3 2026 earnings summary

Executive summary

• Prioritized PDS0301, a tumor-targeted IL-12 immunocytokine, as the lead development program; NCI trials and the Versamune vaccine platform remain central to targeted T-cell immunotherapy strategy.

• Completed the initial closing of a PIPE of up to $22.3 million, led by Nant Capital, with a further closing contingent on submitting an FDA registrational Phase 3 protocol for PDS0301.

Financial highlights

• Q3 2026 net loss was $7.6 million, or $0.11 per basic and diluted share, versus $9.0 million, or $0.19 per share, in Q3 2025.

• Q3 operating expenses were $5.9 million versus $8.1 million YoY; R&D was $2.1 million versus $4.6 million, while G&A was $3.8 million versus $3.6 million.

• 9M 2026 net loss was $24.7 million versus $28.1 million in 9M 2025; net loss per share was $0.40 versus $0.60.

• 9M operating expenses were $18.9 million versus $24.9 million YoY; net interest expense increased to $5.8 million from $3.2 million.

Outlook and guidance

• Development focus is PDS0301 in indications where tumor-targeted delivery may address resistance to immunotherapy; trials include advanced liver-associated cancers and prostate cancer.

• PDS0101 Phase 3 development is intended to advance through strategic partnerships or other externally funded opportunities.