$PDSB
PDS Biotechnology Corp

2020 Q4 Form 10-K Financial Statement

#000114036121009142 Filed on March 18, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2020 2019 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.530M $6.960M $410.0K
YoY Change 273.17% -21.89% -88.12%
% of Gross Profit
Research & Development $2.480M $7.924M $1.350M
YoY Change 83.7% 29.92% 175.51%
% of Gross Profit
Depreciation & Amortization $10.00K $15.61K $10.00K
YoY Change 0.0% -84.14% -75.0%
% of Gross Profit
Operating Expenses $4.030M $14.90M $1.760M
YoY Change 128.98% -29.15% -55.22%
Operating Profit -$14.90M
YoY Change -29.15%
Interest Expense $0.00 $0.00 $30.00K
YoY Change -100.0% -100.0% -83.33%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$4.030M -$14.85M -$4.560M
YoY Change -11.62% 101.18% -22.32%
Income Tax $0.00 -$380.0K
% Of Pretax Income
Net Earnings -$4.030M -$14.85M -$4.180M
YoY Change -3.59% 112.15% 35.28%
Net Earnings / Revenue
Basic Earnings Per Share -$0.89
Diluted Earnings Per Share -$180.7K -$0.89 -$791.7K
COMMON SHARES
Basic Shares Outstanding 22.26M 16.75M 5.779M
Diluted Shares Outstanding 16.75M

Balance Sheet

Concept 2020 Q4 2020 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.80M $28.80M $12.20M
YoY Change 136.07% 136.07% -64.74%
Cash & Equivalents $28.84M $28.80M $12.16M
Short-Term Investments
Other Short-Term Assets $1.500M $1.500M $2.300M
YoY Change -34.78% -34.78% 130.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $30.34M $30.30M $14.47M
YoY Change 109.65% 108.97% 11748.87%
LONG-TERM ASSETS
Property, Plant & Equipment $5.443K $600.0K $21.05K
YoY Change -74.14% -28.66%
Goodwill
YoY Change
Intangibles $2.974M $2.974M
YoY Change 0.0%
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change -100.0%
Total Long-Term Assets $553.1K $600.0K $21.05K
YoY Change 2527.66% -50.24%
TOTAL ASSETS
Total Short-Term Assets $30.34M $30.30M $14.47M
Total Long-Term Assets $553.1K $600.0K $21.05K
Total Assets $30.89M $30.90M $14.49M
YoY Change 113.17% 113.1% 8712.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.415M $1.400M $1.198M
YoY Change 18.16% 16.67% -8.4%
Accrued Expenses $1.735M $1.900M $1.098M
YoY Change 58.1% 72.73% 82.37%
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 $3.270M $3.300M $2.794M
YoY Change 17.07% 17.86% 46.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $500.0K $500.0K $0.00
YoY Change
Total Long-Term Liabilities $500.0K $500.0K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.270M $3.300M $2.794M
Total Long-Term Liabilities $500.0K $500.0K $0.00
Total Liabilities $3.761M $3.800M $2.794M
YoY Change 34.62% 35.71% 25.23%
SHAREHOLDERS EQUITY
Retained Earnings -$43.79M -$28.94M
YoY Change 51.31% 31.9%
Common Stock $7.346K $1.742K
YoY Change 321.7% -99.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $27.13M $27.10M $11.70M
YoY Change
Total Liabilities & Shareholders Equity $30.89M $30.90M $14.49M
YoY Change 113.17% 113.1% 8712.97%

Cashflow Statement

Concept 2020 Q4 2020 2019 Q4
OPERATING ACTIVITIES
Net Income -$4.030M -$14.85M -$4.180M
YoY Change -3.59% 112.15% 35.28%
Depreciation, Depletion And Amortization $10.00K $15.61K $10.00K
YoY Change 0.0% -84.14% -75.0%
Cash From Operating Activities -$4.630M -$13.15M -$5.520M
YoY Change -16.12% -27.25% 154.38%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $270.0K
YoY Change -100.0% -100.0%
Cash From Investing Activities $0.00 $0.00 $270.0K
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $29.76M
YoY Change 3867.53%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 29.83M 0.000
YoY Change 3876.93%
NET CHANGE
Cash From Operating Activities -4.630M -13.15M -5.520M
Cash From Investing Activities 0.000 0.000 270.0K
Cash From Financing Activities 0.000 29.83M 0.000
Net Change In Cash -4.630M 16.68M -5.250M
YoY Change -11.81% 38.31% 141.94%
FREE CASH FLOW
Cash From Operating Activities -$4.630M -$13.15M -$5.520M
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: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Note 1 &#8211; Nature of Operations</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">PDS Biotechnology Corporation, a Delaware corporation (the &#8220;Company,&#8221; or &#8220;PDS&#8221;), is a clinical stage immuno-oncology company with a growing pipeline of clinical-stage immunotherapies to treat cancer at various stages, including head and neck cancer, prostate cancer, breast cancer, cervical cancer, anal cancer, and other cancers.&#160; All of PDS&#8217;s products are based on the proprietary Versamune<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> platform technology, which activates and directs the human immune system to unleash a powerful and targeted attack against cancer cells.&#160; The Versamune<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup>-based immunotherapies may be used as monotherapies or in combination with other agents.&#160; PDS is initially prioritizing the development of the Versamune<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup>-based products as combination therapies to be administered with other potentially synergistic agents such as FDA-approved therapeutic or immunotherapeutic agents and promising therapeutic agents still in clinical development.</div><div><br /></div><div style="margin: 0px 0px 0px; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify; text-indent: 38pt;">PDS has developed numerous patents and patent applications and owns substantial know-how and trade secrets related to its Versamune<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> platform. As of December 31, 2020, PDS holds six (6) U.S. patents with granted claims directed to its platform technology and eight (8) pending patent applications. These issued patents will expire in 2028, 2029, 2031 and 2033. Should the more recently submitted patent applications currently in prosecution be issued, these will expire in 2033 through 2037 assuming no patent term extensions are granted. As of March 8, 2021, PDS holds thirty (30) issued foreign patents and thirty-four (34) pending or published foreign patent applications.&#160; Most of our international issued patents are issued in multiple countries including Europe, Japan and Australia, and all of which cover compositions of matter and methods of use related to its platform technology. These issued patents will expire in 2031-2034, or later if patent term extension applies.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Licensed patents</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Licensed Patent Families 1 and 2 cover the Versamune<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup>-based product candidates, as they are directed to the currently utilized Versamune<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> ingredient, (R)-DOTAP and its crystal forms, manufacturing methods, and pharmaceutical compositions using the compounds. PDS Biotechnology has an exclusive worldwide license from Merck &amp; Cie to Licensed Patent Families 1 and 2, which are owned by Merck Patent GmbH, for use in the Company&#8217;s immunotherapy compositions and immunotherapies.&#160; Licensed Patent Families 3 and 4 are licensed from the US government, and are directed to mucin-1 (&#8220;MUC-1&#8221;) antigens to be used by the Company in future cationic lipid immunotherapy or vaccine products. Such immunotherapies can be used for treating a range of cancers, including colon, breast, ovarian and lung cancers.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Reverse acquisition</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman', Times, serif; 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 and Reorganization, 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', Times, serif; 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; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">For accounting purposes, the Merger is 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>
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