PDS Biotechnology Corporation
PDSBHealthcare|Biotechnology|US
$1.23
+0.06 (+5.13%)
DCF Value
$0.14
Cash / Share
$0.10
Financials
Financial Snapshot
Market Cap
$68.7M
Enterprise Value
$67.4M
Revenue (TTM)
$0.00
Net Income (TTM)
-$33.7M
Cash & Investments
$5.6M
Net Cash
$1.2M
Free Cash Flow (TTM)
-$16.8M
Operating CF (TTM)
-$16.8M
Debt/Equity
-1.22
Cash Runway & Burn Rate
Cash on Hand
$5.6M
Quarterly Burn
$4.2M
Monthly Burn
$1.4M
Est. Runway
~1.3 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $106.4M | $88.1M | $34.6M | $12.2M | $28.8M | $65.2M | $73.8M | $56.6M | $41.7M | $26.7M | $5.6M | |
| Operating Cash Flow | -$32.2M | -$40.7M | -$33.2M | -$18.1M | -$13.1M | -$12.5M | -$25.7M | -$33.6M | -$35.0M | -$27.8M | -$16.8M | |
| Free Cash Flow | -$32.9M | -$40.9M | -$33.2M | -$18.1M | -$13.1M | -$12.5M | -$25.7M | -$33.6M | -$35.1M | -$27.8M | -$16.8M | |
| Capital Expenditure | -$687.0K | -$189.0K | -$3.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$29.0K | $0.00 | $1.00 | |
| Financing Cash Flow | $9.1M | $22.6M | -$20.3M | $750.0K | $29.8M | $48.9M | $34.3M | $16.4M | $20.2M | $12.8M | -$9.5M |
R&D Spending
R&D (TTM)
$15.7M
R&D Intensity
—
R&D Growth vs Prior
-17.5%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $24.8M | $34.3M | $830.7K | $6.1M | $7.9M | $11.3M | $29.4M | $27.8M | $22.6M | $19.0M | $15.7M | |
| SG&A | $14.7M | $17.7M | $14.3M | $9.3M | $7.0M | $10.2M | $12.2M | $15.3M | $13.7M | $12.5M | $3.07B |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $100.1K | $182.9K | $69.1K | $98.4K | $0.00 | $0.00 | $0.00 | $57.3K | $59.8K | $0.00 | $0.00 | |
| Gross Profit | -$100.0K | -$183.0K | -$69.1K | -$98.4K | $0.00 | $0.00 | $0.00 | -$57.3K | -$59.8K | $0.00 | $0.00 | |
| R&D | $24.8M | $34.3M | $830.7K | $6.1M | $7.9M | $11.3M | $29.4M | $27.8M | $22.6M | $19.0M | $15.7M | |
| SG&A | $14.7M | $17.7M | $14.3M | $9.3M | $7.0M | $10.2M | $12.2M | $15.3M | $13.7M | $12.5M | $3.07B | |
| Operating Income | -$39.5M | -$52.0M | -$43.1M | -$15.5M | -$14.9M | -$21.4M | -$41.7M | -$43.0M | -$36.3M | -$31.5M | -$27.8M | |
| Interest Expense | $1.2M | $2.2M | $1.4M | $33.6K | $0.00 | $0.00 | $1.3M | $4.2M | $4.7M | $5.3M | $6.7M | |
| Pretax Income | -$40.7M | -$53.4M | -$3.8M | -$7.4M | -$14.8M | -$21.4M | -$42.1M | -$44.3M | -$38.5M | -$35.7M | -$33.7M | |
| Net Income | -$38.8M | -$50.9M | -$40.9M | -$7.0M | -$14.8M | -$16.9M | -$40.9M | -$42.9M | -$37.6M | -$34.5M | -$33.7M | |
| EPS (Diluted) | -26.90 | -33.47 | -10.25 | -1.44 | -0.89 | -0.66 | -1.43 | -1.39 | -1.03 | -0.74 | -0.64 | |
| EBITDA | -$39.4M | -$51.1M | -$3.6M | -$7.2M | -$14.9M | -$21.4M | -$40.7M | -$40.1M | -$12.7M | -$30.3M | -$27.1M | |
| Shares Out. (M) | 1.44 | 1.52 | 3.99 | 4.87 | 16.75 | 25.60 | 28.60 | 30.95 | 36.45 | 46.38 | 55.66 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $106.4M | $88.1M | $34.6M | $12.2M | $28.8M | $65.2M | $73.8M | $56.6M | $41.7M | $26.7M | $5.6M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $107.4M | $89.1M | $35.7M | $14.5M | $30.3M | $66.8M | $76.5M | $59.1M | $45.1M | $28.3M | $7.0M | |
| Total Assets | $110.9M | $92.6M | $36.2M | $14.5M | $30.9M | $67.2M | $77.0M | $59.4M | $45.4M | $30.5M | $8.8M | |
| Total Current Liabilities | $6.7M | $12.9M | $6.4M | $2.8M | $3.3M | $3.8M | $9.8M | $13.6M | $17.1M | $9.5M | $12.4M | |
| Long-Term Debt | $15.0M | $17.4M | $30.0K | $0.00 | $0.00 | $0.00 | $23.0M | $19.5M | $9.2M | $11.7M | $0.00 | |
| Total Liabilities | $21.6M | $30.2M | $6.4M | $2.8M | $3.8M | $4.0M | $33.0M | $33.3M | $26.4M | $21.2M | $12.4M | |
| Stockholders' Equity | $89.3M | $62.4M | $29.8M | $11.7M | $27.1M | $63.2M | $44.0M | $26.1M | $19.0M | $9.3M | -$3.6M | |
| Retained Earnings | -$101.1M | -$151.9M | -$192.8M | -$28.9M | -$43.8M | -$60.7M | -$101.6M | -$144.5M | -$182.1M | -$216.6M | -$233.7M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$32.2M | -$40.7M | -$33.2M | -$18.1M | -$13.1M | -$12.5M | -$25.7M | -$33.6M | -$35.0M | -$27.8M | -$16.8M | |
| Capital Expenditure | -$687.0K | -$189.0K | -$3.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$29.0K | $0.00 | $1.00 | |
| Free Cash Flow | -$32.9M | -$40.9M | -$33.2M | -$18.1M | -$13.1M | -$12.5M | -$25.7M | -$33.6M | -$35.1M | -$27.8M | -$16.8M | |
| Investing Cash Flow | -$687.0K | -$189.0K | $0.00 | $29.4M | $0.00 | $0.00 | $0.00 | $0.00 | -$29.0K | $0.00 | $0.00 | |
| Financing Cash Flow | $9.1M | $22.6M | -$20.3M | $750.0K | $29.8M | $48.9M | $34.3M | $16.4M | $20.2M | $12.8M | -$9.5M | |
| Issuance of Stock | -$230.0K | $17.4M | $1.5M | $750.0K | $29.8M | $48.5M | $9.9M | $16.1M | $22.6M | $20.3M | $10.4M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $9.5M | $5.0M | -$15.6K | $0.00 | $0.00 | $0.00 | $25.0M | -$59.3K | -$3.2M | -$7.6M | -$19.9M | |
| Stock Based Comp. | $5.3M | $6.4M | $7.6M | $3.2M | $452.3K | $4.1M | $5.2M | $7.6M | $6.8M | $4.1M | $2.4M | |
| Net Change in Cash | -$23.8M | -$18.3M | -$53.4M | $12.1M | $16.7M | $36.4M | $8.6M | -$17.3M | -$14.9M | -$15.0M | -$26.3M |
Dilution Tracker
Shares outstanding grew 177.0% over 5 years — significant dilution
Shares Outstanding
56M
5-Year Share Growth
+177.0%
Stock Issuance (TTM)
$10.4M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 1.44 | 1.52 | 3.99 | 4.87 | 16.75 | 25.60 | 28.60 | 30.95 | 36.45 | 46.38 | 55.66 | |
| Change vs Prior % | — | 5.3% | 162.2% | 22.1% | 244.0% | 52.9% | 11.7% | 8.2% | 17.8% | 27.2% | 20.0% | |
| Stock Issuance | -$230.0K | $17.4M | $1.5M | $750.0K | $29.8M | $48.5M | $9.9M | $16.1M | $22.6M | $20.3M | $10.4M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $5.3M | $6.4M | $7.6M | $3.2M | $452.3K | $4.1M | $5.2M | $7.6M | $6.8M | $4.1M | $2.4M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | -43.5% | -81.5% | -137.0% | -59.8% | -54.7% | -26.8% | -92.8% | -164.3% | -197.9% | -372.9% | -708.2% | |
| ROA % | -35.0% | -54.9% | -112.8% | -48.3% | -48.1% | -25.2% | -53.1% | -72.3% | -82.9% | -113.1% | -382.3% | |
| ROIC % | -37.9% | -59.7% | -39.7% | -125.7% | -53.7% | -26.6% | -60.0% | -83.4% | -86.9% | -116.5% | -3550.4% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | -88.3% | -83.0% | 62.2% | -42.4% | 100.0% | 0.0% | 0.0% | 0.0% | -4.3% | 100.0% | |
| Operating Income | -49.1% | -31.5% | 17.1% | 64.0% | 3.9% | -43.9% | -94.4% | -3.3% | 15.6% | 13.2% | |
| Net Income | -38.3% | -31.0% | 19.6% | 82.9% | -112.1% | -13.9% | -141.5% | -5.1% | 12.4% | 8.3% | |
| EPS (Diluted) | -34.4% | -24.4% | 69.4% | 86.0% | 38.2% | 25.8% | -116.7% | 2.8% | 25.9% | 28.2% | |
| Operating Cash Flow | -48.0% | -26.4% | 18.5% | 45.5% | 27.2% | 5.0% | -105.9% | -30.8% | -4.1% | 20.8% | |
| Free Cash Flow | -42.6% | -24.4% | 18.9% | 45.5% | 27.2% | 5.0% | -105.9% | -30.8% | -4.2% | 20.8% | |
| R&D Expense | 39.2% | 38.2% | -97.6% | 634.2% | 29.9% | 42.0% | 161.5% | -5.7% | -18.7% | -15.7% | |
| SG&A Expense | 69.6% | 20.2% | -19.1% | -34.8% | -25.1% | 46.0% | 20.2% | 24.8% | -10.4% | -8.6% | |
| Total Assets | -17.3% | -16.5% | -60.9% | -60.0% | 113.2% | 117.5% | 14.6% | -22.9% | -23.6% | -32.8% | |
| Book Value / Share | -29.2% | -33.7% | 335.8% | -98.7% | -32.6% | 52.4% | -37.7% | -45.1% | -38.2% | -61.7% | |
| Debt | 182.3% | 36.8% | -99.9% | -100.0% | 0.0% | -19.6% | 4686.9% | 1.6% | -8.5% | -22.5% | |
| Diluted Shares | 2.9% | 5.3% | 162.2% | 22.1% | 244.0% | 52.9% | 11.7% | 8.2% | 17.8% | 27.2% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B-19.12
10Y Low / Med / High0.04 / 3.86 / 8.58
EV/EBITDAAt Loss
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.14
Cash / Share
$0.10
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -9.29 | -5.60 | -0.25 | -1.84 | -2.40 | -12.27 | -9.23 | -3.58 | -1.58 | -1.04 | -1.92 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 4.04 | 4.57 | 0.04 | 1.10 | 1.32 | 3.28 | 8.58 | 5.89 | 3.13 | 3.86 | -19.12 | |
| EV/EBITDA | -6.84 | -4.25 | 9.38 | -0.10 | -0.51 | -6.65 | -8.03 | -3.02 | -3.12 | -0.86 | -2.49 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-44.72
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $11.3M | $9.4M | $1.9M |
| Net Income | -$19.9M | -$8.8M | -$9.5M |
| EPS | $-0.43 | $-0.19 | $-0.20 |
| # Analysts (EPS) | 2 | 2 | 2 |