PDS Biotechnology (PDSB) Registration Filing summary

Company overview and business model

• Clinical-stage immunotherapy company focused on targeted cancer and infectious disease therapies using proprietary Versamune® and Infectimune® T cell activators, and PDS01ADC, an IL-12 antibody drug conjugate.

• Versamune® platform aims to convert immune-suppressive tumors to immunogenic microenvironments and induce potent CD8 T cell responses.

• Ongoing development includes oncology treatments and preventive vaccines for infectious agents.

• Initiated a Phase 3 trial for PDS0101 in HPV16-positive head and neck cancer in March 2025; expanded a Phase 2 colorectal cancer trial for PDS01ADC in July 2025 after positive results.

Financial performance and metrics

• As of August 27, 2025, public float was approximately $60.7 million, with 45,614,111 shares held by non-affiliates at $1.33 per share.

• Net tangible book value as of June 30, 2025, was $15,959,784, or $0.34 per share; after a $20 million offering, as-adjusted net tangible book value would be $0.57 per share, with dilution of $0.71 per share to new investors.

• The company has never generated product revenues and continues to incur significant operating losses, with expectations for increased R&D and commercialization expenses.

Use of proceeds and capital allocation

• Net proceeds from offerings will be used for clinical pipeline development and general corporate purposes, including working capital.

• Management has broad discretion over the application of proceeds, which may also include reducing debt, acquisitions, licensing, stock repurchases, and capital expenditures.

• Until used, proceeds will be invested in investment-grade, interest-bearing securities.