PDS Biotechnology Q3 net loss narrows on lower R&D costs

Overview

• US immunotherapy firm's Q3 net loss narrowed yr/yr as research and development costs declined

• Q3 loss per share was $0.11

• Company completed initial closing of PIPE financing of up to $22.3 mln led by Nant Capital

Outlook

• Company prioritizes PDS0301 as lead development program for upcoming clinical trials

• Company intends to pursue strategic partnerships for Phase 3 development of PDS0101

• Company expects milestone PIPE financing closing upon FDA submission of Phase 3 protocol for PDS0301

Result Drivers

• LOWER R&D COSTS - Q3 research and development expenses fell, mainly due to decreased clinical trial, personnel, and manufacturing costs

• HIGHER ADMIN COSTS - General and administrative expenses increased, driven by higher professional fees and personnel costs, offset by lower stock-based compensation

• HIGHER INTEREST EXPENSES - Net interest expenses increased yr/yr

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for PDS Biotechnology Corp is $4.50, about 359.2% above its November 12 closing price of $0.98

Reuters Recommended Reads

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)