2024 Q3 Form 10-Q Financial Statement

#000114036124037067 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.157M
YoY Change -11.4%
% of Gross Profit
Research & Development $4.528M
YoY Change -43.44%
% of Gross Profit
Depreciation & Amortization $15.12K
YoY Change 4.93%
% of Gross Profit
Operating Expenses $8.684M
YoY Change -31.6%
Operating Profit -$8.684M
YoY Change -31.6%
Interest Expense -$512.8K
YoY Change -151.51%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$9.197M
YoY Change -28.93%
Income Tax -$869.2K
% Of Pretax Income
Net Earnings -$8.328M
YoY Change -27.8%
Net Earnings / Revenue
Basic Earnings Per Share -$0.23
Diluted Earnings Per Share -$0.23
COMMON SHARES
Basic Shares Outstanding 36.82M 36.68M
Diluted Shares Outstanding 36.69M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.73M
YoY Change -4.77%
Cash & Equivalents $57.70M
Short-Term Investments
Other Short-Term Assets $2.428M
YoY Change -10.94%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $60.16M
YoY Change -5.03%
LONG-TERM ASSETS
Property, Plant & Equipment $152.9K
YoY Change 6.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $334.5K
YoY Change -17.07%
TOTAL ASSETS
Total Short-Term Assets $60.16M
Total Long-Term Assets $334.5K
Total Assets $60.50M
YoY Change -5.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.252M
YoY Change -26.33%
Accrued Expenses $1.947M
YoY Change -42.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $10.48M
YoY Change 19549.33%
Total Short-Term Liabilities $15.67M
YoY Change 98.31%
LONG-TERM LIABILITIES
Long-Term Debt $13.90M
YoY Change -40.6%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $13.90M
YoY Change -40.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.67M
Total Long-Term Liabilities $13.90M
Total Liabilities $29.58M
YoY Change -5.53%
SHAREHOLDERS EQUITY
Retained Earnings -$163.4M
YoY Change 33.14%
Common Stock $12.14K
YoY Change 19.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $30.92M
YoY Change
Total Liabilities & Shareholders Equity $60.50M
YoY Change -5.11%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$8.328M
YoY Change -27.8%
Depreciation, Depletion And Amortization $15.12K
YoY Change 4.93%
Cash From Operating Activities -$8.858M
YoY Change 83.99%
INVESTING ACTIVITIES
Capital Expenditures $29.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$29.00K
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 -13.79K
YoY Change -105.75%
NET CHANGE
Cash From Operating Activities -8.858M
Cash From Investing Activities -29.00K
Cash From Financing Activities -13.79K
Net Change In Cash -8.901M
YoY Change 94.58%
FREE CASH FLOW
Cash From Operating Activities -$8.858M
Capital Expenditures $29.00K
Free Cash Flow -$8.887M
YoY Change

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<div><span style="font-family: 'Times New Roman';"> <span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></span> <span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><span style="font-family: 'Times New Roman';"> <span style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> <span style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> </span></div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 36pt; vertical-align: top; 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;">(B)</td> <td style="width: auto; vertical-align: top;"> <div style="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;">Use of estimates:</div> </td> </tr> </table> <div><span style="font-family: 'Times New Roman';"> <span style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> </span></div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="font-family: 'Times New Roman';"> <span style="color: rgb(0, 0, 0); font-size: 10pt; 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; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The preparation of the Condensed 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 condensed consolidated financial statements and during the reporting periods, and to disclose contingent assets and liabilities at the date of the condensed consolidated financial statements. Actual results could differ from those estimates. The most significant estimate relates to the fair value of securities underlying stock-based compensation.</div>
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<div><span style="font-family: 'Times New Roman';"> <span style="background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> </span> <span style="font-family: 'Times New Roman';"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: bold;">Note 1 <span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">– </span>Nature of Operations</span><span style="font-family: 'Times New Roman';"><br/> </span> </div> <div><span style="font-family: 'Times New Roman';"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal;"><span style="font-size: 10pt; font-style: normal; font-weight: bold;"> <br/> </span></div> <div><span style="font-family: 'Times New Roman';"> </span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">PDS Biotechnology Corporation, a Delaware corporation (the “Company” or “PDS Biotech”), is a clinical-stage immunotherapy company developing a growing pipeline of molecularly targeted immunotherapies designed to overcome limitations of current immunotherapy and vaccine technologies. The Company develops proprietary platforms designed to train and enable the immune system to attack and destroy disease; Versamune®, and Versamune® in combination with PDS01ADC for treatments in oncology and Infectimune® for treatments in infectious diseases.  When paired with an antigen, which is a disease-related protein that is recognizable by the immune system, Versamune® and Infectimune® have both been shown to induce, <span style="font-style: italic;">in vivo</span>, large quantities of high-quality, highly potent polyfunctional CD4 helper and CD8 killer T cells, a specific sub-type of T cell that is more effective at killing infected or target cells. PDS01ADC is a novel investigational tumor-targeting fusion protein of Interleukin 12 that enhances the proliferation, potency, infiltration and longevity of T cells in the tumor microenvironment and is therefore designed to overcome the limitations of cytokine therapy which previously has resulted in high toxicity and limited therapeutic potential.  The Company’s infectious disease candidate, Infectimune®, is of potential interest for use in universal influenza vaccines. and is designed to promote the induction of disease-specific neutralizing antibodies.  The Company’s immuno-oncology product candidates are of potential interest for use as a component of combination product candidates (for example in combination with other leading technologies such as immune checkpoint inhibitors) to provide more effective treatments across a range of advanced and/or refractory cancers. The Company is also evaluating its immunotherapies as monotherapies in early-stage disease.  The Company is developing targeted product candidates to treat several cancer tumors, including Human Papillomavirus (HPV) associated cancer in head and neck squamous cell carcinoma, melanoma, colorectal, lung, breast and prostate<span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: 48px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">.<br/> </span></span></div>
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