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PDS Biotechnology Corporation (PDSB-3.87%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing research and development expenses of $6.8 million, up from $6.4 million in the same quarter the previous year. This increase is attributed to higher manufacturing expenses.
General and administrative expenses decreased to $3.4 million from $4.1 million, primarily due to reduced professional fees and personnel costs.
A net loss of $10.7 million was reported for the quarter, slightly improved from a $10.8 million loss in the previous year.
Interest expenses increased to $547,964 from $329,483, reflecting higher interest costs.
Cash and cash equivalents were $49.8 million as of September 30, 2024, down from $56.6 million at the end of 2023, with the decrease primarily due to operating expenses.
The company continues to focus on developing its Versamune® and PDS01ADC platforms for cancer treatment and Infectimune® for infectious diseases.
PDS Biotechnology Corporation remains dependent on raising additional capital through equity or debt financing to fund its operations and meet future obligations.
The company acknowledges the risk of not maintaining minimum cash balances as outlined in its Loan and Security Agreement, which could impact its ability to continue as a going concern.
The filing also highlights ongoing clinical trials, including the VERSATILE-002 Phase 2 trial and collaborations with the National Cancer Institute and Mayo Clinic.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PDS Biotechnology Corporation quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.