Key Highlights

  • PDSB reported a Q3 net loss of US$7.6 million, or US$0.11 per share.
  • Cash and cash equivalents were US$15.2 million at September 30, 2026.
  • The company completed the initial closing of a PIPE financing of up to US$22.3 million.
  • Research and development expenses were US$2.1 million versus US$4.6 million a year earlier.

PDSB reported third-quarter 2026 results on November 13, 2026, for the quarter ended September 30. Cash and cash equivalents were US$15.2 million. Net loss was US$7.6 million, or US$0.11 per basic and diluted share, compared with US$9.0 million, or US$0.19 per share, in the third quarter of 2025.

The company said it continued to prioritize PDS0301, its investigational tumor-targeted IL-12 immunocytokine, as its lead development program, with ongoing Clinical Trials at the National Cancer Institute.

Operating Expenses and Interest Costs

Research and development expenses were US$2.1 million versus US$4.6 million. The company attributed the US$2.5 million decrease primarily to decreases of US$1.6 million in clinical trial costs, US$0.6 million in personnel costs and US$0.3 million in Manufacturing costs.

General and administrative expenses were US$3.8 million versus US$3.6 million. The company attributed the US$0.2 million increase to a US$0.3 million rise in professional fees and a US$0.1 million rise in personnel costs, offset by a US$0.2 million decrease in stock-based compensation. Total operating expenses were US$5.9 million versus US$8.1 million. Net interest expense was US$1.7 million versus US$0.9 million.

PIPE Financing, Board Changes and Clinical Updates

The company announced the initial closing of a PIPE financing of up to US$22.3 million led by Nant Capital, LLC, with additional participation from current investors. The PIPE includes a contingent milestone closing triggered by the company's submission to the FDA of a registrational Phase 3 clinical trial protocol for PDS0301, designed in collaboration with NantWorks, subject to closing conditions or waiver. In connection with the PIPE, the company granted NantWorks, LLC a one-year exclusive right to negotiate an exclusive license for the PDS0101 program.

Dr. Patrick Soon-Shiong and James Banaag joined the board as Nant Capital designees. Separately, John Dawson CBE, Deborah Ramsdell and Bruce Wendel were appointed to the board effective October 18, 2026. The company hosted a key opinion leader event with an investigator from the National Cancer Institute's Center for Cancer Research on PDS0301 Phase 2 trials, including the metastatic colorectal cancer cohort. It also announced publication of VERSATILE-002 Phase 2 results for PDS0101 with pembrolizumab in HPV16-positive recurrent or metastatic head and neck cancer in JAMA Oncology.

Patent Issuances and Quarter in Review

The company received Japanese Patent JP 7909860, covering compositions and use of its Versamune platform, with a related US patent, 12,551,460, issued earlier in 2026. It also received patents covering HPV16 non-HLA restricted T cell vaccines in India (IN 603830) and Israel (IL 265833), related to PDS0101, with a related US patent issued in 2022.

PDSB's third quarter combined a net loss of US$7.6 million and cash of US$15.2 million with the PIPE closing, the NantWorks option agreement, board appointments, published Phase 2 results and patent issuances. The company said it intends to pursue strategic partnerships or other externally funded opportunities for Phase 3 development of PDS0101.