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PDS Biotechnology(PDSB) - 2024 Q4 - Annual Results
PDSBPDS Biotechnology(PDSB)2025-03-27 11:35

Financial Performance - For the year ended December 31, 2024, the net loss was approximately 37.6million,or37.6 million, or 1.03 per basic and diluted share, a decrease from a net loss of 42.9million,or42.9 million, or 1.39 per share in 2023[5] - The accumulated deficit as of December 31, 2024, was (182.1)million,comparedto(182.1) million, compared to (144.5) million in 2023[19] Expenses - Research and development expenses for 2024 were 22.6million,downfrom22.6 million, down from 27.8 million in 2023, primarily due to a 4.1milliondecreaseinclinicalcosts[6]−Generalandadministrativeexpensesdecreasedto4.1 million decrease in clinical costs[6] - General and administrative expenses decreased to 13.8 million in 2024 from 15.3millionin2023,reflectingareductioninprofessionalfeesandfacilitiescosts[7]−Totaloperatingexpensesfor2024were15.3 million in 2023, reflecting a reduction in professional fees and facilities costs[7] - Total operating expenses for 2024 were 36.3 million, compared to 43.0millionin2023,indicatingasignificantreductioninoverallcosts[7]−Thecompanyreportedanetinterestexpenseof43.0 million in 2023, indicating a significant reduction in overall costs[7] - The company reported a net interest expense of 2.2 million for 2024, an increase from 1.3millionin2023duetohigherdebtinterest[8]CashPosition−ThecashbalanceasofDecember31,2024,was1.3 million in 2023 due to higher debt interest[8] Cash Position - The cash balance as of December 31, 2024, was 41.7 million, down from 56.6millionin2023[11][19]ClinicalTrialsandDesignations−ThecompanyinitiatedtheVERSATILE−003Phase3clinicaltrialforVersamune®HPVinHPV16−positiveheadandneckcancer,withapproximately350patientsexpectedtobeenrolled[4]−TheFDAgrantedFastTrackdesignationforthecombinationofVersamune®HPVandpembrolizumabinrecurrent/metastaticheadandnecksquamouscellcarcinoma[4]FundraisingActivities−InMarch2025,thecompanyannouncedanupto56.6 million in 2023[11][19] Clinical Trials and Designations - The company initiated the VERSATILE-003 Phase 3 clinical trial for Versamune® HPV in HPV16-positive head and neck cancer, with approximately 350 patients expected to be enrolled[4] - The FDA granted Fast Track designation for the combination of Versamune® HPV and pembrolizumab in recurrent/metastatic head and neck squamous cell carcinoma[4] Fundraising Activities - In March 2025, the company announced an up to 22 million registered direct offering, with $11 million in upfront gross proceeds[10]