PDS Biotechnology Corp. (PDSB) reported a net loss of $34.5 million for the year ended December 31, 2025, compared to a net loss of $37.6 million for the previous year. The company's operations have been primarily funded through the issuance of common stock and debt, and it has not generated any product revenue to date. As of December 31, 2025, PDS Biotech had cash and cash equivalents of $26.7 million.
The company's research and development expenses decreased to $19.0 million in 2025 from $22.6 million in 2024, mainly due to reduced manufacturing and personnel costs, partially offset by increased clinical costs. General and administrative expenses also decreased, totaling $12.5 million in 2025 compared to $13.8 million in 2024, primarily due to lower personnel costs. Net interest expense increased to $4.1 million in 2025 from $2.2 million in 2024, driven by decreased interest income and a loss on debt retirement, partially offset by lower debt interest payments.
PDS Biotech has been actively advancing its clinical pipeline. In March 2025, the company initiated the VERSATILE-003 Phase 3 clinical trial, evaluating PDS0101 in combination with pembrolizumab for HPV16-positive head and neck squamous cell carcinoma. In July 2025, the colorectal cancer cohort of a Phase 2 clinical trial with PDS01ADC met the criteria for expansion to stage 2. The company also announced final topline survival data from the VERSATILE-002 Phase 2 trial in August 2025. In October 2025, PDS Biotech announced its request for a Type C meeting with the FDA to discuss a proposed expedited pathway for its VERSATILE-003 Phase 3 clinical trial.
PDS Biotech's future success depends on the successful development, regulatory approval, and commercialization of its Versamune® and Infectimune® products. The company's leadership team includes Frank Bedu-Addo (President and CEO), Gregory L. Conn (Chief Scientific Officer), Kirk V. Shepard (Chief Medical Officer), Lars Boesgaard (Chief Financial Officer), Stephan Toutain (Chief Operating Officer), and Spencer Brown (Senior Vice President, General Counsel, Chief Compliance Officer). The company's research and development activities are located at the Princeton Innovation Center BioLabs, and it relies on third-party contract manufacturing organizations for the production of its product candidates.
About PDS Biotechnology Corp
PDS Biotechnology develops innovative immunotherapies targeting cancer and infectious diseases. Its core platform, Versamune, stimulates potent, tumor-specific T cell responses with a favorable safety profile. The company focuses on cancer treatments, including HPV-related and resistant cancers, and vaccines for infectious diseases like influenza. Its business model combines proprietary immunotherapy platforms with strategic collaborations to advance targeted, immune-based therapies.
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