$PDSB
PDS Biotechnology Corp

2020 Q1 Form 10-Q Financial Statement

#000114036120011497 Filed on May 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.060M $3.780M
YoY Change -45.5% -19.23%
% of Gross Profit
Research & Development $1.972M $1.030M
YoY Change 91.42% -91.92%
% of Gross Profit
Depreciation & Amortization $3.902K $18.96K
YoY Change -79.42% -62.08%
% of Gross Profit
Operating Expenses $4.032M $4.936M
YoY Change -18.32% -71.68%
Operating Profit -$4.032M -$4.936M
YoY Change -18.32%
Interest Expense $0.00 $606.00
YoY Change -100.0% -100.08%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$3.990M $6.820M
YoY Change -158.5% -132.73%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$3.985M $6.817M
YoY Change -158.47% -132.71%
Net Earnings / Revenue
Basic Earnings Per Share -$0.39
Diluted Earnings Per Share -$0.39 $1.473M
COMMON SHARES
Basic Shares Outstanding 10.31M 3.748M
Diluted Shares Outstanding 10.31M 4.625M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.00M $26.60M
YoY Change -21.05% -64.53%
Cash & Equivalents $21.04M $26.59M
Short-Term Investments
Other Short-Term Assets $2.900M $1.300M
YoY Change 123.08% 44.44%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $23.92M $27.90M
YoY Change -14.28% -63.24%
LONG-TERM ASSETS
Property, Plant & Equipment $17.15K $1.800M
YoY Change -99.05% 200.0%
Goodwill
YoY Change
Intangibles $2.974M
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K
YoY Change 100.0%
Total Long-Term Assets $17.15K $3.100M
YoY Change -99.45% 342.86%
TOTAL ASSETS
Total Short-Term Assets $23.92M $27.90M
Total Long-Term Assets $17.15K $3.100M
Total Assets $23.93M $31.00M
YoY Change -22.79% -59.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.557M $2.700M
YoY Change -5.31% -10.0%
Accrued Expenses $1.220M $900.0K
YoY Change 35.58% -89.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.047M $5.500M
YoY Change -26.42% -82.97%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $900.0K
YoY Change
Total Long-Term Liabilities $0.00 $900.0K
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.047M $5.500M
Total Long-Term Liabilities $0.00 $900.0K
Total Liabilities $4.047M $6.600M
YoY Change -38.69% -79.57%
SHAREHOLDERS EQUITY
Retained Earnings -$32.92M
YoY Change
Common Stock $5.064K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $19.89M $24.45M
YoY Change
Total Liabilities & Shareholders Equity $23.93M $31.00M
YoY Change -22.79% -59.53%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$3.985M $6.817M
YoY Change -158.47% -132.71%
Depreciation, Depletion And Amortization $3.902K $18.96K
YoY Change -79.42% -62.08%
Cash From Operating Activities -$3.164M -$3.367M
YoY Change -6.03% -75.42%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $29.11M
YoY Change -100.0%
Cash From Investing Activities $0.00 $29.11M
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $13.00M $750.0K
YoY Change 1633.33%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.04M 750.0K
YoY Change 1505.39% 19.05%
NET CHANGE
Cash From Operating Activities -3.164M -3.367M
Cash From Investing Activities 0.000 29.11M
Cash From Financing Activities 12.04M 750.0K
Net Change In Cash 8.876M 26.49M
YoY Change -66.49% -302.67%
FREE CASH FLOW
Cash From Operating Activities -$3.164M -$3.367M
Capital Expenditures
Free Cash Flow
YoY Change

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<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Note 1 &#8211; Nature of Operations</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">PDS Biotechnology Corporation, a Delaware corporation (the &#8220;Company,&#8221; &#8220;PDS</font><font style="font-size: 10pt; font-family: 'Times New Roman';">,&#8221; or the &#8220;combined company&#8221;), PDS is a clinical-stage immunotherapy company with a growing pipeline of cancer immunotherapies and infectious disease vaccines based on the Company&#8217;s proprietary Versamune</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup><font style="font-size: 10pt; font-family: 'Times New Roman';"> T-cell activating technology platform. Versamune</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup><font style="font-size: 10pt; font-family: 'Times New Roman';"> effectively delivers disease-specific antigens for </font><font style="font-size: 12pt; font-family: 'Times New Roman';">in vivo</font><font style="font-size: 10pt; font-family: 'Times New Roman';"> uptake and processing, while also activating the critical type 1 interferon immunological pathway, resulting in production of potent disease-specific killer T-cells as well as neutralizing antibodies. PDS has engineered multiple therapies, based on combinations of Versamune</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup><font style="font-size: 10pt; font-family: 'Times New Roman';"> and disease-specific antigens, designed to train the immune system to better recognize disease cells and effectively attack and destroy them. </font>Our current development pipeline of cancer immunotherapy products and infectious disease vaccines is based on the Versamune<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> platform.&#160; Our immuno-oncology products can potentially be used as a component of combination products with other leading technologies to provide effective treatments across a range of cancer types, including Human Papillomavirus (HPV)-based cancers, melanoma, colorectal, lung, breast and prostate cancers or as monotherapies in early-stage disease. PDS is working to expand its infectious disease pandemic development program, including novel vaccines for COVID-19 and universal influenza, in addition to its previously announced tuberculosis development collaboration with Farmacore Biotechnology.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">From the Company&#8217;s inception, it has devoted substantially all of its efforts to drug development, business planning, engaging regulatory, manufacturing and other technical consultants, acquiring operating assets, planning and executing clinical trials and raising capital.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">On March 15, 2019, the Company, then operating as Edge Therapeutics, Inc. (&#8220;Edge&#8221;), completed its reverse merger with privately held PDS Biotechnology Corporation (&#8220;Private PDS&#8221;), pursuant to and in accordance with the terms of the Agreement and Plan of Merger (the &#8220;Merger Agreement&#8221;), dated as of November 23, 2018, as amended on January 24, 2019, by and among the Company, Echos Merger Sub, a wholly-owned subsidiary of the Company (&#8220;Merger Sub&#8221;), and Private PDS, whereby Private PDS merged with and into Merger Sub, with Private PDS surviving as the Company&#8217;s wholly-owned subsidiary (the &#8220;Merger&#8221;).<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">&#160;</font>In connection with and immediately following completion of the Merger, the Company effected a 1-for-20 reverse stock split (the &#8220;Reverse Stock Split&#8221;) and changed its corporate name from Edge Therapeutics, Inc. to PDS Biotechnology Corporation, and Private PDS changed its name to PDS Operating Corporation.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">For accounting purposes, the Merger was treated as a &#8220;reverse acquisition&#8221; under generally accepted accounting principles in the United States (&#8220;U.S. GAAP&#8221;) and Private PDS is considered the accounting acquirer. Accordingly, upon consummation of the Merger, the historical financial statements of Private PDS became the Company&#8217;s historical financial statements, and the historical financial statements of Private PDS are included in the comparative prior periods. See &#8220;Note 4 &#8211; Reverse Merger&#8221; for more information on the Merger. As part of the Merger, the Company acquired all of Edge&#8217;s assets relating to current and future research and development.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">In December 2019, a coronavirus known as SARS-CoV-2 was first detected in Wuhan, Hubei Province, People&#8217;s Republic of China, causing outbreaks of the coronavirus disease, known as COVID-19, that has now spread globally. On January 30, 2020 the World Health Organization (WHO) declared COVID-19 a pandemic (the &#8220;COVID-19 Pandemic&#8221;). The Secretary of Health and Human Services declared a public health emergency on January 31, 2020, under section 319 of the Public Health Service Act (42 U.S.C. 247d), in response to the COVID-19 Pandemic. The full impact of the COVID-19 Pandemic is unknown and rapidly evolving. While the potential economic impact brought by and the duration of the COVID-19 Pandemic may be difficult to assess or predict, the COVID-19 pandemic began to have a material adverse impact on our business operations, financial operations, and results of operations in the quarter ended March 31, 2020, and we expect it to continue to adversely affect our business. In addition, a recession or market volatility resulting from the COVID-19 Pandemic could affect the Company&#8217;s business.</div></div>
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OperatingLeaseLiability
1200000
CY2020Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
228298
CY2020Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2879378
CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2308462
CY2019Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0
CY2020Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
70459
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1030003
CY2020Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1971679
CY2020Q1 us-gaap Restructuring Reserve
RestructuringReserve
269887
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
498185
CY2019Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
498185
CY2020Q1 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
269887
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-32923113
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-28937705
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y0M4D
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2754871
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
124992
CY2019Q3 us-gaap Share Price
SharePrice
5.76
CY2020Q1 us-gaap Share Price
SharePrice
1.30
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.9256
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8300
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.99
CY2020Q1 us-gaap Shares Issued
SharesIssued
0
CY2019Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
32953
CY2019Q1 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
1599178
CY2020Q1 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
9800
CY2020Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
10000000
CY2019Q1 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
15793637
CY2020Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
11970002
CY2019Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
750000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
19887552
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
11697707
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
-1700517
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
24447642
CY2019Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.05
CY2020Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="width: 36pt;">&#160;</td><td style="vertical-align: top; width: 18pt;"><div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(B)</div></td><td style="align: left; vertical-align: top; width: auto;"><div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Use of estimates:</div></td></tr></table><div><br /></div><div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of expenses at the date of the consolidated financial statements and during the reporting periods, and to disclose contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates.</div></div>
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
876970
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10314761
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3748325
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10314761
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4625295
CY2019Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
603229
CY2020Q1 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
664587
CY2019Q1 pdsb In The Money Shares Paid Out In Cash
InTheMoneySharesPaidOutInCash
753
CY2019Q1 pdsb Fractional Shares Paid Out In Cash
FractionalSharesPaidOutInCash
235
CY2020Q1 pdsb Number Of Equity Based Compensation Plans
NumberOfEquityBasedCompensationPlans
4
CY2019Q3 pdsb Operating Lease Number Of Installments For Remaining Lease Payment
OperatingLeaseNumberOfInstallmentsForRemainingLeasePayment
3
CY2019Q3 pdsb Operating Lease Percentage Of Remaining Payments Required To Be Paid To Terminate Lease
OperatingLeasePercentageOfRemainingPaymentsRequiredToBePaidToTerminateLease
0.5
CY2020Q1 pdsb Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
60415
CY2019Q4 pdsb Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
16415
CY2020Q1 pdsb Stock Issued During Period Value Warrants Exercised
StockIssuedDuringPeriodValueWarrantsExercised
70459
CY2019Q1 pdsb Stock Issued During Period Value Antidilution Protection
StockIssuedDuringPeriodValueAntidilutionProtection
0
CY2020Q1 pdsb Proceeds From Issuance Of Common Stock Net
ProceedsFromIssuanceOfCommonStockNet
11900000
CY2020Q1 pdsb Proceeds From Issuance Of Common Stock Net
ProceedsFromIssuanceOfCommonStockNet
12800000
CY2020Q1 pdsb Common Stock Purchase Agreement Term
CommonStockPurchaseAgreementTerm
P30M
CY2019Q3 pdsb Common Stock Purchase Agreement Shares That Can Be Sold Percentage
CommonStockPurchaseAgreementSharesThatCanBeSoldPercentage
0.1999
CY2019Q3 pdsb Stock Issued During Period Shares Equity Transaction
StockIssuedDuringPeriodSharesEquityTransaction
100654
CY2019Q3 pdsb Operating Lease Remaining Lease Payments
OperatingLeaseRemainingLeasePayments
665802
CY2019Q1 pdsb Percentage Of Shares Owned In Combined Common Stock Prior To Merger
PercentageOfSharesOwnedInCombinedCommonStockPriorToMerger
0.7
CY2019Q1 pdsb Conversion Of Stock Shares Converted
ConversionOfStockSharesConverted
0.3262
CY2020Q1 pdsb Liability For Uncertain Tax Positions
LiabilityForUncertainTaxPositions
0

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