The company continues to operate without revenue, sustaining significant losses including a $6.5M operating loss in 2026Q1 as R&D spending remains the primary driver of its expenditure profile.
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 59.79K | 57.33K | 0 | 0 | 0 | 98.41K | 69.12K | 182.92K | 100.12K | 53.12K | 0 | 0 | 2.18K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | -59.79K | -57.33K | 0 | 0 | 0 | -98.41K | -69.12K | -183K | -100K | -53.12K | 0 | 0 | -2.18K |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 100% | -4.3% | - | - | - | 100% | -42.39% | 62.23% | -83% | -88.27% | - | - | 100% | - |
| Operating Expenses | 28.96M | 31.54M | 36.26M | 43.05M | 41.67M | 21.44M | 14.9M | 15.41M | 3.65M | 51.97M | 39.51M | 26.5M | 13.19M | 6.49M | 4.69M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 3.07B | 12.52M | 13.7M | 15.28M | 12.24M | 10.18M | 6.98M | 9.31M | 14.29M | 17.66M | 14.69M | 8.66M | 4.72M | 2M | 980.51K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 16.65M | 19.03M | 22.57M | 27.76M | 29.43M | 11.25M | 7.92M | 6.1M | 830.74K | 34.31M | 24.82M | 17.84M | 8.47M | 4.48M | 3.71M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | 0 | 1K | 0 | 0 | 0 | 0 | 12.74B | 0 | -163.46K | 0 | 0 | 0 | 0 |
| Operating Income | -28.96M | -31.54M | -36.32M | -43.05M | -41.67M | -21.44M | -14.9M | -15.51M | -43.1M | -51.97M | -39.51M | -26.5M | -13.19M | -6.49M | -4.69M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 13.15% | 15.62% | -3.29% | -94.37% | -43.86% | 3.91% | 64.01% | 17.07% | -31.52% | -49.11% | -100.84% | -103.36% | -38.39% | - |
| EBITDA | -28.94M | -31.52M | -36.26M | -42.99M | -41.67M | -21.43M | -14.89M | -15.41M | -43.03M | -51.78M | -39.41M | -26.45M | -13.16M | -6.48M | -4.69M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 18% | 13.07% | 15.65% | -3.16% | -94.42% | -43.98% | 3.4% | 64.18% | 16.91% | -31.39% | -49.03% | -100.91% | -103.02% | -38.36% | - |
| D&A (Non-Cash Add-back) | 16.38K | 21.84K | 59.79K | 57.33K | 86 | 5.36K | 15.61K | 98.41K | 69.12K | 182.92K | 100.12K | 53.12K | 31.23K | 4.44K | 2.18K |
| EBIT | -28.12M | -30.33M | -33.81M | -40.14M | -40.74M | -21.43M | -14.9M | -7.35M | -3.83M | -51.27M | -39.46M | -28.37M | -12.61M | -7.34M | -4.7M |
| Net Interest Income | -4.4M | -4.12M | -2.16M | -1.3M | -381K | 4.35K | 55.01K | 319.93K | -553K | -1.48M | -991K | -807K | -180K | 597 | -710 |
| Interest Income | 1.03M | 1.22M | 2.52M | 2.9M | 935.18K | 4.35K | 55.01K | 353.49K | 871.88K | 700.9K | 212.3K | 9.08K | 2.94K | 3.95K | 1.94K |
| Interest Expense | 5.42M | 5.34M | 4.67M | 4.21M | 1.32M | 0 | 0 | 33.56K | 1.43M | 2.18M | 1.2M | 816.49K | 183.18K | 3.35K | 2.65K |
| Other Income/Expense | -4.4M | -4.12M | -2.16M | -1.3M | -381.34K | 4.35K | 55.01K | 8.13M | 0 | 0 | -259.65K | -2.69M | 402.12K | -853.74K | -9.63K |
| Pretax Income | -33.36M | -35.67M | -38.48M | -44.35M | -42.05M | -21.43M | -14.85M | -7.38M | -3.84M | -53.45M | -40.67M | -29.19M | -12.79M | -7.34M | -4.7M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | -1.17M | -869.17K | -1.41M | -1.2M | -4.52M | 0 | -381.51K | -2.78M | -2.59M | 0 | -1.11M | -591K | -459K | 0 |
| Effective Tax Rate % | 0% | 3.28% | 2.26% | 3.17% | 2.85% | 21.07% | 0% | 5.17% | 72.52% | 4.84% | 0% | 3.79% | 4.62% | 6.25% | 0% |
| Net Income | -33.36M | -34.5M | -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 |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 6.03% | 8.28% | 12.42% | -5.11% | -141.48% | -13.95% | -112.15% | 82.88% | 19.65% | -31.01% | -38.26% | -130.14% | -77.26% | -46.52% | - |
| Net Income (Continuing) | -33.36M | -34.5M | -37.61M | -42.94M | -40.85M | -16.92M | -14.85M | -7M | -3.84M | -50.86M | -38.82M | -28.08M | -12.2M | -6.88M | -4.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.60 | -0.74 | -1.03 | -1.39 | -1.43 | -0.66 | -0.89 | -1.44 | -10.25 | -33.47 | -26.90 | -20.02 | -16.15 | -9.11 | -6.22 |
| EPS Growth % | 29.47% | 28.16% | 25.9% | 2.8% | -116.67% | 25.84% | 38.19% | 85.95% | 69.38% | -24.42% | -34.37% | -23.96% | -77.28% | -46.46% | - |
| EPS (Basic) | - | -0.74 | -1.03 | -1.39 | -1.43 | -0.66 | -0.89 | -1.44 | -26.16 | -33.47 | -26.90 | -20.02 | -16.15 | -9.11 | -6.22 |
| Diluted Shares Outstanding | 55.5M | 46.38M | 36.45M | 30.95M | 28.6M | 25.6M | 16.75M | 4.87M | 3.99M | 1.52M | 1.44M | 1.4M | 755.36K | 755.36K | 755.36K |
| Basic Shares Outstanding | 55.5M | 46.38M | 36.45M | 30.95M | 28.6M | 25.6M | 16.75M | 4.87M | 166.87K | 1.52M | 1.44M | 1.4M | 755.36K | 755.36K | 755.36K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical Trial Funding Gap
As reported in financial statements, PDSB's cost structure remains dominated by R&D spending, which reached a peak of $7.5M in 2023Q4, reflecting the heavy capital requirements necessary to advance the Versamune platform through critical clinical trial milestones without the offset of any commercial revenue streams.
The company's reliance on R&D as its primary expense line indicates a high-risk, pre-revenue operational model where capital is consumed to validate clinical efficacy. Investors should monitor whether the recent fluctuations in R&D spending represent a strategic tightening of resources or merely the natural cadence of trial-related activities.
Based on PDSB's reported figures, the company continues to operate with significant negative margins, as evidenced by the $6.5M operating loss in 2026Q1, highlighting the absence of operational leverage while the firm remains entirely dependent on external financing to sustain its ongoing clinical development programs.
The lack of revenue generation means that operating expenses, particularly SG&A and R&D, flow directly to the bottom line as losses. This structure suggests that the company is currently unable to scale its operations efficiently, as every dollar spent on development increases the total funding requirement without immediate commercial return.
According to recent SEC filings, the company's net losses, including the $7.3M deficit in 2026Q1, are compounded by stock-based compensation and potential equity-based financing, which may indicate that the true cost of operations is significantly higher than the reported cash burn suggests for equity holders.
The presence of stock-based compensation, while non-cash, represents a persistent dilution risk that warrants further investigation by shareholders. The volatility in EPS, which has fluctuated between -0.13 and -0.34 over the last ten quarters, appears to reflect both operational spending and the impact of changing share counts.
As indicated by the consistent quarterly losses and the absence of revenue, PDSB's financial trajectory appears highly sensitive to capital market conditions, with the $26.7M cash balance suggesting that the company may face a liquidity inflection point within the next 12 to 18 months.
Short-term observers may focus on the potential for further dilutive equity raises, which could be necessary to bridge the gap to Phase III trial completion. The lack of a commercial product means that the company's survival is tied to its ability to maintain investor confidence in its clinical pipeline rather than its ability to generate sustainable operating cash flow.
Quick answers to the most common questions about buying PDSB stock.
For fiscal year 2025, PDS Biotechnology Corporation (PDSB) reported total revenue of $0.0M.
PDS Biotechnology Corporation (PDSB) reported a net loss of $34.5M for the fiscal year ending 2025.