2021 Q3 Form 10-Q Financial Statement

#000114036121037345 Filed on November 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q3
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.274M
YoY Change 76.99%
% of Gross Profit
Research & Development $3.688M
YoY Change 78.96%
% of Gross Profit
Depreciation & Amortization $1.280K
YoY Change
% of Gross Profit
Operating Expenses $6.962M
YoY Change 78.2%
Operating Profit -$6.962M
YoY Change 78.2%
Interest Expense $1.360K
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$6.961M
YoY Change 78.03%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$6.961M
YoY Change 78.22%
Net Earnings / Revenue
Basic Earnings Per Share -$0.24
Diluted Earnings Per Share -$244.9K
COMMON SHARES
Basic Shares Outstanding 28.42M
Diluted Shares Outstanding 28.43M

Balance Sheet

Concept 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.74M
YoY Change 108.19%
Cash & Equivalents $69.74M
Short-Term Investments
Other Short-Term Assets $1.597M
YoY Change 299.2%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $71.34M
YoY Change 110.8%
LONG-TERM ASSETS
Property, Plant & Equipment $407.2K
YoY Change 4257.52%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $407.2K
YoY Change -32.46%
TOTAL ASSETS
Total Short-Term Assets $71.34M
Total Long-Term Assets $407.2K
Total Assets $71.75M
YoY Change 108.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.446M
YoY Change -7.31%
Accrued Expenses $1.924M
YoY Change 57.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.577M
YoY Change 23.41%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $314.0K
YoY Change -37.2%
Total Long-Term Liabilities $314.0K
YoY Change -37.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.577M
Total Long-Term Liabilities $314.0K
Total Liabilities $3.891M
YoY Change 14.44%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $67.86M
YoY Change
Total Liabilities & Shareholders Equity $71.75M
YoY Change 108.3%

Cashflow Statement

Concept 2021 Q3
OPERATING ACTIVITIES
Net Income -$6.961M
YoY Change 78.22%
Depreciation, Depletion And Amortization $1.280K
YoY Change
Cash From Operating Activities -$5.129M
YoY Change 310.3%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 123.5K
YoY Change -99.31%
NET CHANGE
Cash From Operating Activities -5.129M
Cash From Investing Activities
Cash From Financing Activities 123.5K
Net Change In Cash -5.005M
YoY Change -130.26%
FREE CASH FLOW
Cash From Operating Activities -$5.129M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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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. 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>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. </span></div> <div style="display:none;"><br/></div> <div style="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;"> <br/> </span></div> <div style="display:none;"><br/></div> <div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: justify; text-indent: 36pt;">The Company’s 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. Currently, the Company believes its product candidates are of interest for potential combination treatments in relation to Human Papillomavirus (HPV)-associated cancers, melanoma, colorectal, lung, breast and prostate cancers and potentially as monotherapies in early-stage cancers. In addition, PDS is working to progress its infectious disease development program, which includes novel vaccines for COVID-19 and universal influenza. </div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <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-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; 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;"><br/> </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-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <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="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; text-align: justify; text-indent: 36pt;">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="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; text-align: justify; text-indent: 36pt;">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. PDS continues 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, the start of two of the three 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 has continued to update its guidance assisting 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 the Company may be negatively affected with its trials. COVID-19 related travel and other restrictions may also impact the potential for on-site monitoring visiting and audits and inspections by Company personnel, third parties, and government regulators. There may be shortages of site personnel and equipment necessary for the timely completion of the clinical trials. The Company is 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-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="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; text-align: justify; text-indent: 36pt;">Although there is uncertainty related to the anticipated impact of the COVID-19 pandemic on the Company’s future results, management believes the Company’s current cash reserves leave us well-positioned to manage the business through this crisis as it continues to unfold. However, the impacts of the COVID-19 pandemic and its variants are broad-reaching and continuing and the financial impacts associated with the COVID-19 pandemic are still uncertain.</div>
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Files In Submission

Name View Source Status
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0001140361-21-037345-index.html Edgar Link pending
0001140361-21-037345.txt Edgar Link pending
0001140361-21-037345-xbrl.zip Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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pdsb-20210930.xsd Edgar Link pending
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