The cash runway of $5.6M at current burn rate (~$3.3M/quarter operating expenses) provides less than 2 quarters of liquidity, making a dilutive equity financing or partnership deal for PDS0101 highly probable in the near term. The Phase 3 discontinuation removes a key catalyst; PDS0301 data is early-stage (Phase 2 mCRC, n=9). Traders should watch for financing announcements and PDS0301 partnership or clinical updates.
Price Chart
Executive Summary
PDS Biotech reported Q2 2026 EPS of -$0.18, a 42.1% miss vs consensus of -$0.13, and announced a strategic refocus to prioritize PDS0301, discontinuing the VERSATILE-003 Phase 3 trial for PDS0101. Cash burned to $5.6M from $21.7M at year-end, with negative working capital of -$5.3M, raising going-concern risk. The pipeline pivot and cash runway depletion are the primary stock-moving events, outweighing the earnings miss for this pre-revenue biotech.
Key Financial Metrics
Key Facts
- Net loss of $9.8M ($0.18/share) for Q2 2026 vs $9.4M ($0.21/share) in Q2 2025
- EPS of -$0.18 missed consensus of -$0.13 by 42.1%
- Cash balance fell to $5.6M as of June 30, 2026, from $21.7M at March 31, 2026
- Working capital turned negative to -$5.3M from positive $18.8M at year-end 2025
- Company ceased internal investment in PDS0101, discontinuing VERSATILE-003 Phase 3 trial
- Strategic refocus prioritizes PDS0301 (formerly PDS01ADC) as lead development program
- Long-term debt retired to $0 from $11.7M at year-end 2025
- Total stockholders' equity negative at -$3.6M vs positive $9.3M at year-end 2025
Financial Impact
Cash burn of ~$16.1M in H1 2026; $5.6M remaining cash likely insufficient for more than one quarter of operations without financing
Risk Factors
- Cash runway insufficient to fund operations beyond Q4 2026 without additional capital
- Discontinuation of VERSATILE-003 Phase 3 trial eliminates near-term regulatory catalyst for PDS0101
- PDS0301 is early-stage (Phase 2, single-center, n=9) with no confirmed regulatory pathway
- Negative stockholders' equity (-$3.6M) and working capital deficit (-$5.3M) signal financial distress
- Potential Nasdaq delisting risk if stock price remains below $1.00
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001140361-26-032650 |
| Document: ef20080122_8k.htm | 0001140361-26-032650 |
| Document: 0001140361-26-032650-index-headers.html | 0001140361-26-032650 |
| Document: 0001140361-26-032650-index.html | 0001140361-26-032650 |
| Document: 0001140361-26-032650.txt | 0001140361-26-032650 |
| 8-K Data (Synthetic) | 0001140361-26-032650 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 4, 2026 27d ago | 8-K | $0.3000 $0.5853 | ▼ −95.10% | ▼ −96.22% | $0.7366 (−145.53%) |
Aug 19, 2026 6w ago | 8-K | $0.2089 $0.2179 | ▲ +4.31% | ▲ +3.19% | $0.7366 (+252.61%) |
Aug 13, 2026 7w ago | 8-K | $0.2332 $0.2089 | ▲ +10.42% | ▲ +8.46% | $0.7366 (−215.87%) |
Aug 11, 2026 7w ago | 8-K | $0.2570 $0.2080 | ▲ +19.07% | ▲ +18.66% | $0.7366 (−186.61%) |
Jul 22, 2026 10w ago | EFFECT | $0.7155 $0.6696 | ▲ +6.42% | ▲ +4.01% | $0.7366 (−2.95%) |
Jun 26, 2026 13w ago | DEFA14A | $0.8991 $0.8461 | ▼ −5.89% | ▼ −7.28% | $0.7366 (−18.07%) |
Jun 15, 2026 15w ago | 8-K | $0.9600 $0.9120 | ▲ +5.00% | ▲ +2.77% | $0.7366 (+23.27%) |
Jun 15, 2026 15w ago | 8-K | $1.02 $0.9412 | ▼ −7.73% | ▼ −6.34% | $0.7366 (−27.78%) |
Jun 2, 2026 17w ago | 8-K | $1.16 $1.03 | ▼ −11.21% | ▼ −8.24% | $0.7366 (−36.50%) |
May 13, 2026 20w ago | Press Release | $1.33 $1.00 | ▼ −24.81% | ▼ −23.65% | $0.7366 (−44.62%) |
US Market Status
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