PDS Biotechnology Reports $8.5 Million Net Loss in Q1 2025, Focuses on Clinical Development

PDS Biotechnology Corporation reported a net loss of $8.5 million for the first quarter of 2025, a decrease from the $10.6 million loss recorded in the same period of 2024. The company's total operating expenses fell to $9.1 million, down 10% from $10.1 million year-over-year, primarily due to reduced research and development costs, which decreased from $6.7 million to $5.8 million. General and administrative expenses also saw a slight decline, totaling $3.3 million compared to $3.4 million in the previous year. The company’s accumulated deficit now stands at $190.6 million.

In terms of liquidity, PDS Biotechnology had $40 million in cash and cash equivalents as of March 31, 2025, a decrease from $41.7 million at the end of 2024. The company utilized $9 million in operating activities during the quarter, a slight improvement from the $9.9 million used in the same quarter last year. Financing activities provided $7.3 million, significantly lower than the $20 million generated in the first quarter of 2024, primarily due to reduced proceeds from stock sales.

Strategically, PDS Biotechnology has been active in its clinical development efforts. The company is advancing its pipeline of immunotherapies, including the Versamune® platform and PDS01ADC, with ongoing clinical trials for various cancer treatments. Notably, the company initiated the VERSATILE-003 Phase 3 clinical trial for Versamune® HPV in first-line treatment of recurrent/metastatic head and neck squamous cell carcinoma in HPV16-positive patients. Additionally, the company has entered into a Securities Purchase Agreement to sell senior secured convertible debentures and warrants, which is expected to bolster its financial position.

PDS Biotechnology's operational metrics indicate a focus on clinical trials and product development, with no revenues generated from commercial product sales to date. The company continues to rely on equity and debt financing to fund its operations, with plans to pursue additional capital through various means, including collaborations and strategic partnerships. However, the company has acknowledged substantial doubt about its ability to continue as a going concern for at least the next 12 months, emphasizing the need for ongoing financial support to sustain its research and development activities.