PDSB), a clinical-stage immuno-oncology company pioneering the development of novel multifunctional immunotherapeutic products, today announced its financial results for the first quarter ended March 31, 2019.

  • Successfully completed merger with Edge Therapeutics and listed on the Nasdaq Capital Market;
  • Strengthened Board of Directors with the appointment of industry veteran Stephen Glover.
  • For the first quarter of 2019, net income was approximately $6.8 million, or $1.82 per basic share and $1.47 per diluted share, compared to a net loss of approximately $(0.7) million, or $(0.24) per basic and diluted share for the first quarter of 2018.

    Research and development expenses totaled approximately $1.0 million for the first quarter of 2019, compared to approximately $0.2 million for the same period in 2018, an increase of 412%. These expenses include employee-related expenses, licensing fees to use certain technology in PDS’ research and development projects, costs of acquiring, developing and manufacturing clinical trial materials, as well as fees paid to consultants and various entities that perform certain research and testing on PDS’ behalf.

    For the first quarter of 2019, general and administrative expenses were approximately $3.9 million compared with approximately $0.5 million for the first quarter of 2018, an increase of 629%. The increase is primarily attributable to an increase in non-cash stock compensation expense of $2.3 million and bonuses of $0.4 million. In addition, there was an increase in D&O insurance of $0.1 million, professional consulting fees of $0.1 million, as well as legal fees of $0.4 million.

    Total operating expenses for the first quarter of 2019 were approximately $4.9 million, compared to total operating expenses of approximately $0.7 million for the same period in 2018, an increase of 570%.

    The Company recognized a gain on bargain purchase of approximately $11.7 million in connection with the merger with Edge. The gain represents the difference between the book value of Edge assets compared to the cash value of stock granted to legacy Edge shareholders.

    As of March 31, 2019, the Company’s cash balance was approximately $26.6 million.


    This communication contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning PDS Biotechnology Corporation (the “Company”) and other matters. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, management. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend,” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the ability of the Company to integrate Edge and PDS Biotechnology following the merger; the Company’s ability to protect its intellectual property rights; competitive responses to the completion of the merger; potential adverse reactions or changes to business relationships resulting from the completion of the merger; the Company’s ability to access capital markets, the timing for the Company to initiate two clinical trials for its lead asset, PDS0101; the successful implementation of the Company’s research and development programs and collaborations; the acceptance by the market of the Company’s product candidates, if approved; and other factors, including legislative, regulatory, political and economic developments not within the Company’s control. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s annual and periodic reports filed with the SEC. The forward-looking statements are made only as of the date of this press release and, except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

    tbui@theruthgroup.com / alobo@theruthgroup.com

    (Financial Statements to Follow)

      March 31, 2019   December 31, 2018
    ASSETS (unaudited)    
    Current assets:      
    Cash and cash equivalents $ 26,592,845     $ 103,695  
    Prepaid expenses and other current assets   1,313,931       156,628  
    Total current assets   27,906,776       260,323  
    Property and equipment, net   412,735       29,508  
    Intangible assets, net   1,223,000       41,692  
    Right-to-use assets   1,347,557        
    Other assets   155,670       12,800  
    Total assets $ 31,045,738     $ 344,323  
    Current liabilities:          
    Accounts payable $ 2,665,266     $ 1,412,951  
    Accrued expenses   446,962       601,889  
    Restructuring reserve   1,948,596        
    Operating lease liability- short term   477,300        
    Total current liabilities   5,538,124       2,014,840  
    Noncurrent liability:          
    Deferred tax liability   157,000        
    Operating lease liability- long term   902,972        
    Convertible promissory notes payable         30,000  
    Preferred stock, 5,000,000 shares authorized at March 31, 2019 and December 31, 2018, 0 outstanding          
    Common stock, $0.00033 par value, 75,000,000 shares authorized at March 31, 2019 and December 31, 2018, 5,172,938 shares and 3,417,187 shares issued and outstanding at March 31, 2019 and  December 31, 2018, respectively   1,707       1,128  
    Additional paid-in capital   38,642,411       19,311,529  
    Accumulated deficit   (14,196,476 )     (21,013,174 )
    Total stockholders’ equity   24,447,642       (1,700,517 )
    Total liabilities and stockholders’ equity $ 31,045,738     $ 344,323  
    Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
      Three Months Ended March 31,
      2019   2018
    Operating expenses:      
    Research and development expenses $ 1,030,003     $ 201,138  
    General and administrative expenses   3,905,877       535,801  
    Total operating expenses   4,935,880       736,939  
    Loss from operations   (4,935,880 )     (736,939 )
    Other income (expense):              
    Gain on bargain purchase   11,729,882        
    Interest income   23,302       6  
    Interest expense   (606 )     (959 )
    Comprehensive income (loss) $ 6,816,698     $ (737,892 )
    Per share information:              
    Net income (loss) per share, basic $ 1.82     $ (0.24 )
    Net income (loss) per share, diluted $ 1.47     $ (0.24 )
    Weighted average common shares outstanding, basic   3,748,325       3,099,311  
    Weighted average common shares outstanding, diluted   4,625,295       3,099,311