Persistent negative free cash flow, often exceeding $8M per quarter, underscores a total reliance on external capital as the OCF/NI ratio reached 594.86 in 2026Q1, indicating significant accounting adjustments.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | -4.39B | -27.75B | -35.03M | -33.64M | -25.71M | -12.49M | -13.15M | -18.07M | -33.15M | -40.7M | -32.19M | -21.75M | -9.71M | -8.04M | -2.25M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -48222.04% | -79123.05% | -4.14% | -30.83% | -105.91% | 5.04% | 27.24% | 45.49% | 18.54% | -26.43% | -47.98% | -123.91% | -20.76% | -258.19% | - |
| Net Income | -33.36M | -34.5B | -37.61M | -42.94M | -40.85M | -16.92M | -14.85M | -7M | -40.87M | -50.86M | -38.82M | -28.08M | -12.2M | -6.88M | -4.7M |
| Depreciation & Amortization | -1.18B | 1.55B | 21.11K | 17.36K | 86 | 5.36K | 15.61K | 98.41K | 69.12K | 182.92K | 100.12K | 53.12K | 31.23K | 4.44K | 2.18K |
| Stock-Based Compensation | -1.79B | 4.11B | 6.85M | 7.61M | 5.2M | 4.11M | 452.29K | 3.18M | 7.62M | 6.4M | 5.3M | 2.9M | 1.3M | 260.36K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -381.51K | 2.82M | 141.28K | 268.8K | 198.96K | 35.29K | 0 | 0 |
| Other Non-Cash Items | -20.21B | 1.08B | 1.46M | 1.87M | 5.47M | 241.03K | 160.68K | -9.36M | 531.67K | 363.91K | 175.91K | 2.12M | -575.98K | 854.34K | 348.17K |
| Working Capital Changes | 3.26M | -382.97K | -5.75M | -199.28K | 4.47M | 75.82K | 1.07M | -4.61M | -3.43M | 3.07M | 782.43K | 1.26M | 1.7M | -2.28M | 2.1M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 791.06K | 1.89M | -5.3M | 5.76M | -90.12K | -105.82K | 217.5K | -1.98M | -3.97M | 898.1K | 1.42M | -71.75K | 526.87K | -1.66M | 0 |
| Cash from Investing | 0 | 0 | -29K | 0 | 0 | 0 | 0 | 29.38M | 0 | -189K | -687K | -1.3M | -885K | -137K | -612 |
| Capital Expenditures | 0 | 0 | -29K | 0 | 0 | 0 | 0 | 0 | 0 | -189K | -687K | -1.3M | -885K | -137K | -612 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 275.49K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -674.37M | 12.77B | 20.19M | 16.38M | 34.29M | 48.89M | 29.83M | 750K | -20.27M | 22.55M | 9.09M | 139.52M | 16.47M | 15.9M | 2.37M |
| Debt Issued (Net) | -25.17M | -7.56M | -3.18M | -59.3K | 25M | 0 | 0 | 0 | -15.56K | 5M | 9.53M | 2.47M | 1.55M | 100K | 150K |
| Equity Issued (Net) | 29.95M | 20.34M | 22.6M | 16.13M | 9.86M | 48.54M | 29.76M | 750K | 1.51M | 17.38M | -230K | 138.45M | 14.92M | 15.8M | 2.22M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -22.05K | 0 |
| Other Financing | -679.15M | 12.76B | 774.09K | 308.94K | -568.87K | 344.13K | 70.46K | 0 | 1.51M | 171.34K | -219.04K | -1.4M | -1.45M | 0 | 0 |
| Net Change in Cash | -5.06B | -14.98B | -14.87M | -17.26M | 8.58M | 36.4M | 16.68M | 12.06M | -53.42M | -18.33M | -23.79M | 116.46M | 5.87M | 7.72M | 0 |
| Free Cash Flow | -4.39B | -27.75B | -35.06M | -33.64M | -25.71M | -12.49M | -13.15M | -18.07M | -33.15M | -40.89M | -32.88M | -23.06M | -10.6M | -8.18M | -2.25M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -12754.88% | -79057.52% | -4.23% | -30.83% | -105.91% | 5.04% | 27.24% | 45.49% | 18.91% | -24.37% | -42.58% | -117.53% | -29.55% | -264.13% | - |
| FCF per Share | -79.11 | -598.31 | -0.96 | -1.09 | -0.90 | -0.49 | -0.79 | -3.71 | -8.32 | -26.90 | -22.78 | -16.44 | -14.03 | -10.83 | -2.97 |
| FCF Conversion (FCF/Net Income) | 131.62x | 804.51x | 0.93x | 0.78x | 0.63x | 0.74x | 0.89x | 2.58x | 0.81x | 0.80x | 0.83x | 0.77x | 0.80x | 1.17x | 0.48x |
| Interest Paid | 702.71K | 0 | 3.56M | 3.54M | 852.22K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 94 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.76K | 0 |
Clinical Trial Funding Gap
As reported in financial statements, PDSB exhibits a persistent disconnect between net losses and cash outflows, with the OCF/NI ratio fluctuating significantly, including a notable 594.86 reading in 2026Q1, which suggests that accounting accruals and non-cash adjustments are masking the true intensity of the company's ongoing cash burn.
The extreme volatility in the OCF/NI ratio indicates that cash usage is not tracking linearly with reported net income, likely due to the timing of clinical trial payments and working capital shifts. Investors should interpret this divergence as a sign that the company's cash requirements are driven by external development milestones rather than operational efficiency.
Based on PDSB's reported figures, the company maintains a consistent negative free cash flow trajectory, with quarterly outflows frequently exceeding $8M, underscoring the firm's total reliance on external capital to fund its clinical development pipeline as it lacks any meaningful revenue-generating commercial operations to offset expenses.
The absence of positive free cash flow is expected for a clinical-stage entity, yet the magnitude of the burn rate warrants close monitoring as the company approaches Phase III trials. This trend suggests that the firm's survival is tethered to its ability to secure additional financing before the current cash runway is exhausted.
According to recent SEC filings, PDSB's working capital movements show erratic quarterly shifts, such as the $1.4M inflow in 2026Q1 followed by previous periods of significant outflows, which appears to reflect the lumpy nature of clinical trial vendor payments and the timing of research-related accruals rather than core business efficiency.
These fluctuations in working capital are typical for a pre-revenue biotech but complicate the assessment of underlying cash burn. The lack of a stable working capital cycle suggests that management's ability to manage liquidity is secondary to the immediate, non-negotiable demands of clinical trial execution.
As indicated by the provided data, the company's cash flow statement is heavily influenced by non-cash items and stock-based compensation, which reached $1.8B in 2025Q4, potentially obscuring the true economic cost of operations and the extent of shareholder dilution required to sustain the current clinical development trajectory.
The reliance on stock-based compensation as a mechanism to preserve cash highlights the company's limited liquidity and the potential for future equity dilution. Analysts should be wary of interpreting these non-cash adjustments as a reduction in the actual cost of advancing the Versamune platform, as the underlying cash burn remains the primary risk factor.
Quick answers to the most common questions about buying PDSB stock.
PDS Biotechnology Corporation (PDSB) generated $-27752.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
PDS Biotechnology Corporation (PDSB) reported negative free cash flow of $27.75B in 2025, indicating capital requirements exceeded cash from operations.
PDS Biotechnology Corporation (PDSB) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.