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Mar 31, 2023
PDS Biotechnology Q1 2023 Earnings Report
PDS Biotech reported a net loss for Q1 2023 and progressed toward initiating the Phase 3 VERSATILE-003 trial.
Key Takeaways
PDS Biotech reported a net loss of $9.7 million, or $0.32 per share, for the first quarter of 2023, compared to a net loss of $8.5 million, or $0.32 per share, for the first quarter of 2022. The increase in net loss was primarily due to increased personnel, clinical studies, medical affairs, and manufacturing expenses. The company's cash and cash equivalents totaled $65.2 million as of March 31, 2023, which is expected to fund operations into the third quarter of 2024.
PDS Biotech is progressing toward initiating the Phase 3 VERSATILE-003 trial for PDS0101 in combination with KEYTRUDA® in HPV16-positive head and neck cancer patients in Q4 2023.
Updated data from the VERSATILE-002 Phase 2 clinical trial will be presented at ASCO in June.
The company's cash resources are expected to fund operations and research and development programs into the third quarter of 2024.
Received $1.4 million from the net sale of net operating loss tax benefits through the New Jersey economic development program
Forward Guidance
Based on the Company’s cash resources with the anticipated initiation of one registrational trial in 2023, PDS Biotech believes this balance is sufficient to fund the Company’s operations and research and development programs into the third quarter of 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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