$PDSB
PDS Biotechnology Corp

2020 Q3 Form 10-Q Financial Statement

#000114036120018339 Filed on August 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.850M $1.520M $1.720M
YoY Change -38.33% -11.63% -48.5%
% of Gross Profit
Research & Development $2.061M $1.414M $1.887M
YoY Change 12.34% -25.05% 1019.14%
% of Gross Profit
Depreciation & Amortization $0.00 $10.00K $40.00K
YoY Change -100.0% -75.0% 0.0%
% of Gross Profit
Operating Expenses $3.907M $2.936M $4.271M
YoY Change -33.18% -31.26% 653.21%
Operating Profit -$3.907M -$2.936M -$4.271M
YoY Change -33.18% -31.26% 653.21%
Interest Expense $0.00 $0.00 $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$3.910M -$2.929M -$3.890M
YoY Change -32.0% -24.7% -69.32%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$3.906M -$2.929M -$3.886M
YoY Change -32.09% -24.62% 584.33%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$206.2K -$190.8K -$751.0K
COMMON SHARES
Basic Shares Outstanding 15.36M 15.36M 5.176M
Diluted Shares Outstanding 15.36M 5.176M

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.50M $16.90M $21.70M
YoY Change 92.53% -22.12% -52.83%
Cash & Equivalents $33.47M $16.93M $21.73M
Short-Term Investments
Other Short-Term Assets $400.0K $2.500M $1.100M
YoY Change -42.86% 127.27% 83.33%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $33.84M $19.44M $22.83M
YoY Change 86.63% -14.86% -51.0%
LONG-TERM ASSETS
Property, Plant & Equipment $9.345K $13.25K $369.0K
YoY Change -65.3% -96.41% -26.2%
Goodwill
YoY Change
Intangibles $2.974M $2.974M $1.223M
YoY Change 143.17% 143.17%
Long-Term Investments
YoY Change
Other Assets $145.5K
YoY Change 45.47%
Total Long-Term Assets $602.9K $652.1K $2.971M
YoY Change -51.76% -78.05% 395.23%
TOTAL ASSETS
Total Short-Term Assets $33.84M $19.44M $22.83M
Total Long-Term Assets $602.9K $652.1K $2.971M
Total Assets $34.45M $20.09M $25.80M
YoY Change 77.7% -22.13% -45.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.560M $1.093M $1.853M
YoY Change 4.74% -41.05% 9.02%
Accrued Expenses $1.223M $1.194M $638.2K
YoY Change -5.69% 87.15% -89.36%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.899M $2.526M $4.267M
YoY Change -20.45% -40.8% -69.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $500.0K $600.0K $800.0K
YoY Change -25.0%
Total Long-Term Liabilities $500.0K $600.0K $800.0K
YoY Change -25.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.899M $2.526M $4.267M
Total Long-Term Liabilities $500.0K $600.0K $800.0K
Total Liabilities $3.400M $3.100M $5.200M
YoY Change -10.53% -40.38% -62.59%
SHAREHOLDERS EQUITY
Retained Earnings -$39.76M -$35.85M -$18.08M
YoY Change 66.81% 98.27%
Common Stock $7.346K $5.064K $1.709K
YoY Change 321.7% 196.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $31.02M $17.01M $20.61M
YoY Change
Total Liabilities & Shareholders Equity $34.45M $20.09M $25.80M
YoY Change 77.7% -22.13% -45.33%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$3.906M -$2.929M -$3.886M
YoY Change -32.09% -24.62% 584.33%
Depreciation, Depletion And Amortization $0.00 $10.00K $40.00K
YoY Change -100.0% -75.0% 0.0%
Cash From Operating Activities -$1.250M -$4.110M -$4.860M
YoY Change -71.06% -15.43% -40.15%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $19.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 17.79M 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -1.250M -4.110M -4.860M
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 17.79M 0.000 0.000
Net Change In Cash 16.54M -4.110M -4.860M
YoY Change -482.87% -15.43% -83.25%
FREE CASH FLOW
Cash From Operating Activities -$1.250M -$4.110M -$4.860M
Capital Expenditures
Free Cash Flow
YoY Change

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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: left; color: #000000; 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; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">PDS Biotechnology Corporation, a Delaware corporation (the &#8220;Company,&#8221; &#8220;PDS,&#8221; or the &#8220;combined company&#8221;), PDS is a clinical-stage </font><font style="font-size: 10pt; font-family: 'Times New Roman';">immunotherapy company developing a growing pipeline of cancer immunotherapies and infectious disease vaccines designed to overcome the well-established limitations of current immunotherapy technologies. PDS owns Versamune</font><sup>&#174;</sup><font style="font-size: 10pt; font-family: 'Times New Roman';">, a proprietary T-cell activating platform designed to train the immune system to better attack and destroy disease. When paired with an antigen, a disease-related protein that is recognizable by the immune system, Versamune</font><sup>&#174;</sup><font style="font-size: 10pt; font-family: 'Times New Roman';"> has been shown to induce, </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">in vivo,</font><font style="font-size: 10pt; font-family: 'Times New Roman';"> large quantities of high-quality, highly potent polyfunctional CD8+ killer T-cells, a specific sub-type of CD8+ killer T-cell that is more effective at killing infected or target cells. </font>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<font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">.</font></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;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">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 </font>(the &#8220;Merger Agreement&#8221;)<font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">, 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><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: 27.35pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">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. </font>To date, <font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">two of the three currently planned PDS0101 clinical trials have been delayed, specifically as a result of the adverse impact the COVID-19 Pandemic has had on clinical trial operations for cancer indications in the United States.</font></div></div>
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CY2019Q4 us-gaap Stockholders Equity
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CY2020Q1 us-gaap Stockholders Equity
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us-gaap Use Of Estimates
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(B)</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="color: #000000; 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; color: #000000; 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>
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dei Amendment Flag
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dei Current Fiscal Year End Date
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dei Document Period End Date
DocumentPeriodEndDate
2020-06-30
dei Entity Address State Or Province
EntityAddressStateOrProvince
NJ
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
PDS Biotechnology Corp
dei Entity Central Index Key
EntityCentralIndexKey
0001472091
CY2020Q3 dei Entity Common Stock Shares Outstanding
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15361619
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2020
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Type
DocumentType
10-Q
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Shell Company
EntityShellCompany
false
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
dei Entity Ex Transition Period
EntityExTransitionPeriod
true
dei Entity Small Business
EntitySmallBusiness
true
CY2020Q2 pdsb Number Of Planned Clinical Trials
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3
CY2020Q2 pdsb Number Of Planned Clinical Trials Delayed
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CY2019Q1 pdsb In The Money Shares Paid Out In Cash
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753
CY2019Q1 pdsb Fractional Shares Paid Out In Cash
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235
CY2020Q2 pdsb Liability For Uncertain Tax Positions
LiabilityForUncertainTaxPositions
0
CY2020Q2 pdsb Number Of Equity Based Compensation Plans
NumberOfEquityBasedCompensationPlans
4
CY2020Q2 pdsb Accrued Research And Development Costs Current
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147841
CY2019Q4 pdsb Accrued Research And Development Costs Current
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16415
pdsb Stock Issued During Period Value Antidilution Protection
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0
CY2020Q2 pdsb Cumulative Proceeds From Issuance Of Common Stock
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12800000
pdsb Common Stock Purchase Agreement Term
CommonStockPurchaseAgreementTerm
P30M
CY2020Q2 pdsb Common Stock Purchase Agreement Cumulative Shares Sold
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0
CY2019Q3 pdsb Common Stock Purchase Agreement Shares That Can Be Sold Percentage
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0.1999
CY2019Q3 pdsb Stock Issued During Period Shares Equity Transaction
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100654
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
CY2019Q3 pdsb Operating Lease Percentage Of Remaining Payments Required To Be Paid To Terminate Lease
OperatingLeasePercentageOfRemainingPaymentsRequiredToBePaidToTerminateLease
0.5
CY2019Q3 pdsb Operating Lease Number Of Installments For Remaining Lease Payment
OperatingLeaseNumberOfInstallmentsForRemainingLeasePayment
3
CY2019Q3 pdsb Operating Lease Remaining Lease Payments
OperatingLeaseRemainingLeasePayments
665802

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