$PDSB
PDS Biotechnology Corp

2021 Q3 Form 10-Q Financial Statement

#000114036121028002 Filed on August 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 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 $3.274M $2.342M $1.520M
YoY Change 76.99% 54.07% -11.63%
% of Gross Profit
Research & Development $3.688M $2.764M $1.414M
YoY Change 78.96% 95.46% -25.05%
% of Gross Profit
Depreciation & Amortization $1.280K $3.130K $10.00K
YoY Change -68.7% -75.0%
% of Gross Profit
Operating Expenses $6.962M $5.106M $2.936M
YoY Change 78.2% 73.91% -31.26%
Operating Profit -$6.962M -$5.106M -$2.936M
YoY Change 78.2% 73.91% -31.26%
Interest Expense $1.360K $600.00 $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$6.961M -$5.105M -$2.929M
YoY Change 78.03% 74.29% -24.7%
Income Tax $0.00 -$4.516M $0.00
% Of Pretax Income
Net Earnings -$6.961M -$588.9K -$2.929M
YoY Change 78.22% -79.9% -24.62%
Net Earnings / Revenue
Basic Earnings Per Share -$0.24 -$0.03
Diluted Earnings Per Share -$244.9K -$0.03 -$190.8K
COMMON SHARES
Basic Shares Outstanding 28.42M 23.16M 15.36M
Diluted Shares Outstanding 28.43M 23.16M 15.36M

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.74M $74.75M $16.90M
YoY Change 108.19% 342.3% -22.12%
Cash & Equivalents $69.74M $74.70M $16.93M
Short-Term Investments
Other Short-Term Assets $1.597M $2.185M $2.500M
YoY Change 299.2% -12.59% 127.27%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $71.34M $76.93M $19.44M
YoY Change 110.8% 295.73% -14.86%
LONG-TERM ASSETS
Property, Plant & Equipment $407.2K $456.3K $13.25K
YoY Change 4257.52% 3344.86% -96.41%
Goodwill
YoY Change
Intangibles $2.974M
YoY Change 143.17%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $407.2K $456.3K $652.1K
YoY Change -32.46% -30.02% -78.05%
TOTAL ASSETS
Total Short-Term Assets $71.34M $76.93M $19.44M
Total Long-Term Assets $407.2K $456.3K $652.1K
Total Assets $71.75M $77.39M $20.09M
YoY Change 108.3% 285.16% -22.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.446M $2.375M $1.093M
YoY Change -7.31% 117.42% -41.05%
Accrued Expenses $1.924M $1.470M $1.194M
YoY Change 57.33% 23.06% 87.15%
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 $3.577M $4.003M $2.526M
YoY Change 23.41% 58.44% -40.8%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $314.0K $395.3K $600.0K
YoY Change -37.2% -34.12% -25.0%
Total Long-Term Liabilities $314.0K $395.3K $600.0K
YoY Change -37.2% -34.12% -25.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.577M $4.003M $2.526M
Total Long-Term Liabilities $314.0K $395.3K $600.0K
Total Liabilities $3.891M $4.398M $3.100M
YoY Change 14.44% 41.88% -40.38%
SHAREHOLDERS EQUITY
Retained Earnings -$35.85M
YoY Change 98.27%
Common Stock $5.064K
YoY Change 196.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $67.86M $72.99M $17.01M
YoY Change
Total Liabilities & Shareholders Equity $71.75M $77.39M $20.09M
YoY Change 108.3% 285.16% -22.13%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$6.961M -$588.9K -$2.929M
YoY Change 78.22% -79.9% -24.62%
Depreciation, Depletion And Amortization $1.280K $3.130K $10.00K
YoY Change -68.7% -75.0%
Cash From Operating Activities -$5.129M $944.0K -$4.110M
YoY Change 310.3% -122.97% -15.43%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $51.70M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 123.5K 48.77M 0.000
YoY Change -99.31%
NET CHANGE
Cash From Operating Activities -5.129M 944.0K -4.110M
Cash From Investing Activities 0.000
Cash From Financing Activities 123.5K 48.77M 0.000
Net Change In Cash -5.005M 49.71M -4.110M
YoY Change -130.26% -1309.48% -15.43%
FREE CASH FLOW
Cash From Operating Activities -$5.129M $944.0K -$4.110M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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PDS Biotechnology Corp
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dei Security12b Title
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<div style="font-weight: bold;"><span style="background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Note 1 – Nature of Operations</span></div> <div><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; font-size: 10pt;">PDS Biotechnology Corporation, a Delaware corporation (the “Company” or “PDS”), is a clinical-stage immunotherapy company developing a growing pipeline of cancer immunotherapies and infectious disease vaccines designed to overcome the well-established limitations of current immunotherapy technologies.<span style="mso-spacerun:yes">  </span>PDS owns Versamune®, a proprietary T-cell activating platform designed to train the immune system to better attack and destroy disease. When paired with an antigen, which is a disease-related protein that is recognizable by the immune system, Versamune® has been shown to induce, <i style="mso-bidi-font-style:normal">in vivo,</i> 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. 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 advanced cancer types. We believe our product candidates are of interest for potential treatments in relation to Human Papillomavirus (HPV)-associated cancers, melanoma, colorectal, lung, breast and prostate cancers or as monotherapies in early-stage disease.<span style="mso-spacerun:yes">  </span>PDS is working to progress its infectious disease development program, which includes novel vaccines for COVID-19 and universal influenza.</span> </div> <div><span style="font-size: 10pt;"> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> </span> </span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> <span style="font-size: 10pt;"><br/> </span> </div> <div><span style="font-size: 10pt;"> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> </span> </span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; font-size: 10pt;">From the Company’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><span style="font-size: 10pt;"> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> </span> </span></div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; font-size: 10pt;"><br/> </span> </div> <div><span style="font-size: 10pt;"> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> </span> </span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 38pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; font-size: 10pt;">In December 2019, a novel (new) coronavirus known as SARS-CoV-2 was first detected in Wuhan, Hubei Province, People’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 public health emergency. 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 outbreak. On March 11, 2020, the WHO declared COVID-19 a pandemic and on March 13 the President declared a national emergency in response to the pandemic. We continue to learn more about the full impact of the COVID-19 pandemic which has continued to evolve due to the emergence of variants of concern, resulting in new waves of infection regionally and globally. The COVID-19 pandemic has and could continue to negatively affect the Company’s liquidity and operations.  To date, two of the three recently initiated PDS0101 clinical trials were 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. The FDA issued and has since updated guidance to assist sponsors in assuring the safety of trial participants, maintaining compliance with Good Clinical Practice (GCP) and minimizing risks to trial integrity.  Clinical trial sites have implemented institution-specific measures securing the safety of patients and staff to ensure the integrity of the trials in the face of the ongoing pandemic. All three studies have since been initiated despite the pandemic challenges; however, the evolving COVID-19 pandemic has impacted the pace of enrollment in clinical trials in general and we may be negatively affected with our trials. COVID-19 related travel and other restrictions may also impact the potential for on-site monitoring visiting and audits and inspections by us, third parties, and government regulators. There may be shortages of site personnel and equipment necessary for the timely completion of our trials. We are providing support to address these challenges, but these mitigation measures may not overcome the obstacles that the pandemic has wrought which continue to impede progress of clinical trials.</div> <div><span style="font-size: 10pt;"> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> </span> </span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 20pt;"> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; font-size: 10pt;"><br/> </span> </div> <div><span style="font-size: 10pt;"> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> </span> </span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; font-size: 10pt;">Although there is uncertainty related to the anticipated impact of the COVID-19 pandemic on our future results, we believe our current cash reserves leave us well-positioned to manage our business through this crisis as it continues to unfold. However, the impacts of the COVID-19 pandemic are broad-reaching and continuing and the financial impacts associated with the COVID-19 pandemic are still uncertain.</div>
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LesseeOperatingLeaseLiabilityToBePaidYearFourAndThereafter
0
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
620525
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
67548
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
552977
CY2021Q2 pdsb Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
163250
CY2020Q4 pdsb Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
204780
CY2021Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
272119
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
219822
CY2021Q2 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
1034423
CY2020Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
1310720
CY2021Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1469792
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1735322
CY2021Q2 pdsb Number Of Equity Based Compensation Plans
NumberOfEquityBasedCompensationPlans
3
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
441598
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
46113
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
699219
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
171106
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
35747
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0079
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0034
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0072
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0038
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1391130
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1658930
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.0063
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.9713
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.0059
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.9700
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y4M17D
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y25D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M10D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y25D
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.28
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.11
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.39
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.11
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4500000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2021Q2 pdsb Liability For Uncertain Tax Positions
LiabilityForUncertainTaxPositions
0
CY2021Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q2 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2020Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2021Q2 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
42477
us-gaap Operating Lease Cost
OperatingLeaseCost
78493
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
46337
us-gaap Operating Lease Cost
OperatingLeaseCost
104978
CY2021Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
0
CY2020Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
10168
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
19967

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