Watch for the submission of the Phase 3 protocol for PDS0301, which triggers the $10 million milestone closing and further investment. The one-year option on PDS0101 could lead to a licensing deal with NantWorks, providing non-dilutive capital. Monitor any additional 13D amendments or board actions regarding strategic alternatives.
Price Chart
Executive Summary
Nant Capital LLC, controlled by Dr. Patrick Soon-Shiong, filed a Schedule 13D disclosing a 19.9% beneficial stake in PDS Biotechnology Corp. The stake was acquired through a PIPE investment at $0.2825 per share, with an additional $10 million milestone closing tied to a Phase 3 protocol submission for PDS0301. Soon-Shiong and an affiliate were appointed to the board, and an option to negotiate an exclusive license for PDS0101 was granted to NantWorks. This activist investment brings board representation, a potential licensing deal, and a capital infusion, but the company is a pre-revenue biotech with a history of dilutive offerings and a cash burn.
Key Financial Metrics
Key Facts
- Nant Capital LLC acquired 13,005,334 shares of common stock and 22,392,896 pre-funded warrants, plus 17,699,115 common warrants, representing 19.9% of outstanding shares.
- The purchase price was $0.2825 per share of common stock with an accompanying common warrant.
- Patrick Soon-Shiong and James Banaag were appointed to PDSB's board of directors on September 14, 2026.
- A $10 million milestone closing is triggered by submission of a registrational Phase 3 protocol for PDS0301, designed in collaboration with Nant Capital.
- NantWorks received an exclusive one-year option to negotiate an exclusive license for the PDS0101 program for $25,000.
- The company had $60.1 million market cap as of June 30, 2025, and is a pre-revenue clinical-stage biotech.
- The 10-K shows accumulated deficit and ongoing R&D expenses, with multiple dilutive offerings in 2025.
Financial Impact
Nant Capital invested approximately $3.67 million at the initial closing (13,005,334 shares at $0.2825), with a potential additional $10 million at the milestone closing. The total potential investment is ~$13.67 million.
Risk Factors
- The company is pre-revenue with a history of dilutive offerings and cash burn; the 10-K shows ongoing losses.
- The milestone closing is contingent on regulatory submission, which may be delayed or not occur.
- The 19.9% blocker limits Nant Capital's ability to exercise all warrants, capping near-term influence.
- Historical activist campaigns at PDSB have had mixed outcomes; prior short reports on this ticker have been volatile.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D Filing (Primary) | 0001193125-26-397073 |
| Document: 0001193125-26-397073-index.html | 0001193125-26-397073 |
| Document: 0001193125-26-397073.txt | 0001193125-26-397073 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | 3 | $1.24 $1.16 | ▼ −6.45% | ▼ −5.27% | $1.38 (+10.89%) |
Oct 20, 2026 6d ago | 8-K | $1.24 $1.16 | ▼ −6.45% | ▼ −5.27% | $1.38 (+10.89%) |
Oct 20, 2026 7d ago | 8-K | $0.9605 $1.24 | ▲ +29.10% | ▲ +28.57% | $1.38 (+43.15%) |
Oct 14, 2026 12d ago | S-3 | $1.30 $1.13 | ▲ +13.08% | ▲ +11.97% | $1.38 (−5.77%) |
Oct 6, 2026 21d ago | 8-K | $1.05 $1.07 | ▲ +1.91% | ▲ +2.15% | $1.38 (+31.58%) |
Sep 22, 2026 5w ago | 8-K | $0.9100 $0.8239 | ▼ −9.46% | ▼ −8.74% | $1.38 (+51.10%) |
Sep 22, 2026 5w ago | Press Release | $0.9100 $0.8239 | ▼ −9.46% | ▼ −8.74% | $1.38 (+51.10%) |
Sep 21, 2026 5w ago | SC 13D | $0.9100 $0.8240 | ▼ −9.45% | ▼ −8.73% | $1.38 (+51.10%) |
Sep 4, 2026 7w ago | 8-K | $0.3000 $0.2930 | ▲ +2.33% | ▲ +1.87% | $1.38 (−358.33%) |
Aug 19, 2026 9w ago | 8-K | $0.2089 $0.2185 | ▲ +4.60% | ▲ +4.19% | $1.38 (+558.21%) |
US Market Status
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