PDS Biotechnology Q2 2025 Earnings Report

PDS Biotechnology EPS Results

• Actual EPS: -$0.21
• Consensus EPS: -$0.24
• Beat/Miss: Beat by +$0.03
• One Year Ago EPS: N/A

PDS Biotechnology Revenue Results

• Actual Revenue: N/A
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

PDS Biotechnology Announcement Details

• Quarter: Q2 2025
• Date: 8/13/2025
• Time: Before Market Opens
• Conference Call Date: Wednesday, August 13, 2025
• Conference Call Time: 8:00AM ET

PDS Biotechnology (NASDAQ:PDSB), a clinical-stage biopharmaceutical company, developing a pipeline of targeted cancer immunotherapies in the United States. The company's lead product candidate is PDS0101 (HPV16), which is in Phase II clinical trial provides a first line treatment for the recurrent/metastatic head and neck cancer, and human papillomavirus associated malignancies. It also develops various product candidates, which are in preclinical trials, including PDS0102, an investigational immunotherapy utilizing tumor-associated and immunologically active T cell receptor gamma alternate reading framed protein (TARP) for treating prostate and breast cancers; and PDS0103 for ovarian, colorectal, lung, and breast cancers. In addition, the company is developing PDS01ADC, a novel investigational Interleukin 12 fused antibody-drug conjugate that enhances the proliferation, potency, and longevity of T cells in the tumor microenvironment; and PDS0104, a novel investigational Tyrosinase-related Protein 2 targeted immunotherapy that stimulates a potent targeted T cell attack against melanoma. Further, the company provides PDS0202, a novel investigational influenza vaccine that generates broad and robust antibody and T cell responses that provide protection against continually evolving strains of seasonal flu and potentially emerging pandemic flu. It has a license and collaboration agreements with National Institutes of Health, Merck Eprova AG, The U.S. Department of Health and Human Services, and MSD International GmbH. The company was founded in 2005 and is based in Princeton, New Jersey.

PDS Biotechnology Q2 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Our VERSAL-3 Phase III trial in HPV16+ recurrent/metastatic head and neck cancer is fully enrolled (2:1 randomization, ~350 patients), with median overall survival as the primary endpoint.
• Positive Sentiment: Updated VERSAL-2 data show durable clinical benefit—median overall survival remains at 30 months and the lower limit of the 95% CI has increased to 23.9 months with no new safety signals.
• Positive Sentiment: The PDS-one ADC in metastatic colorectal cancer met stage-one response criteria (≥6/9 confirmed objective responses), triggering expansion to stage two under an NCI-led trial.
• Negative Sentiment: Net loss for Q2 2025 widened to $9.4 million ($0.21/share) from $8.3 million a year ago, driven by higher interest expenses and a cash balance decline to $31.9 million.
• Neutral Sentiment: Preclinical data on our universal influenza vaccine candidate were featured in NIAID-funded presentations, supporting ongoing development but without clinical results yet.

Presentation

[Operator]

Welcome to the PGS Biotech's Second Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce Mike Moyer with LifeSci Advisors. Thank you. You may begin.

[Mike Moyer, Managing Director at LifeSci Advisors, LLC]

Thank you, operator. Good morning, everyone, and welcome to PDS Biotech's second quarter twenty twenty five results and clinical programs update call. I'm joined on the call today by the following members of the company's management team. Doctor. Frank Baduodeau, Chief Executive Officer Doctor.

[Mike Moyer, Managing Director at LifeSci Advisors, LLC]

Kirk Shepherd, Chief Medical Officer and Lars Bosgaard, Chief Financial Officer. Doctor. Baduodeau will begin with an overview of the company's recent progress in its clinical development program. Mr. Boesgaard will then review the financial results for the quarter ended 06/30/2025.

[Mike Moyer, Managing Director at LifeSci Advisors, LLC]

And Doctor. Shepherd will join the call to help address questions from covering analysts during the Q and A. As a reminder, during this call, we will be making forward looking statements which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such statements should be considered in conjunction with cautionary statements in our press releases and risk factors discussed in our filings with the SEC, including our quarterly reports on Form 10 Q and annual report on Form 10 ks and cautionary statements made during this call. We assume no obligation to update any of these forward looking statements or information.

[Mike Moyer, Managing Director at LifeSci Advisors, LLC]

Now Now I'd like to turn the call over to Doctor. Badouadeau. Frank?

[Frank Bedu-Addo, CEO & Director at PDS Biotechnology]

Thank you, Mike.

[Mike Moyer, Managing Director at LifeSci Advisors, LLC]

Doctor. Badouadeau, you're And good morning. Thank you.

[Frank Bedu-Addo, CEO & Director at PDS Biotechnology]

Good morning, everyone. It's our pleasure to speak with you again, and to provide this brief update on our progress in advancing our clinical programs. The 2025 in recent weeks have been a productive period for PDS Biotech. During the quarter, we continued to advance our VERSAL three phase three clinical trial, evaluating PDS0101 or Versamune HPV in HPV sixteen positive recurrent and or metastatic head and neck cancer. We also presented positive updated data from our VERSTAL two trial, further demonstrating the durable clinical benefit of PDS0101 in this patient population.

[Frank Bedu-Addo, CEO & Director at PDS Biotechnology]

As reported in two separate peer reviewed publications, which compared clinical responses and survival in the different types of head and neck cancer, HPV16 positive head and neck cancer patients were more difficult to treat with worse survival outcomes. As recently reported in the clinical journal Lancet, HPV16 positive oropharyngeal cancer represents a large and the fastest growing type of head and neck cancer. There are currently no targeted therapies to treat the underlying cause of HPV16 positive cancer. Based on independent market research conducted in November 2024 among head and neck cancer oncologists, over fifty percent of head and neck cancer cases in The United States are HPV sixteen positive. HPV positive and HPV negative head and neck cancer are two distinct diseases with different underlying causes, origin, risk factors, and contributions to the development of head and neck cancer.

[Frank Bedu-Addo, CEO & Director at PDS Biotechnology]

Current clinical guidelines do differentiate between HPV positive and HPV negative patients, despite the significant biological and pathophysiological differences in disease cause, development, and progression, thus presenting a significant opportunity for an effective HPV targeted immunotherapy. Importantly, in addition to this, patients with HPV positive head and neck cancer are generally not candidates for surgery due to the pathophysiology of the HPV positive tumors, and therefore not anticipated by oncologists to benefit from the recent approval of Keytruda as neoadjuvant and adjuvant therapy for locally advanced head and neck cancer. It is projected in a recent issue of the British Dental Journal that by the mid-2030s, HPV sixteen positive head and neck cancer will become the most prevalent type of head and neck cancer in The United States and Europe. All these reasons make the increasing prevalence of HPV16 positive head and neck cancer a growing and severe unmet medical need. PDS Biotech is specifically addressing head and neck cancer related to HPV16, which is confirmed to be the most carcinogenic type of HPV.

[Frank Bedu-Addo, CEO & Director at PDS Biotechnology]

HPV16 is a specific type of HPV that must be confirmed using a polymerase chain reaction, or PCR test, rather than the commonly used P16 histochemistry test. Our VERSAL-three trial differs from other ongoing phase three clinical trials addressing first line recurrent and or metastatic head and neck cancer in its specific targeting of the HPV16 positive head and neck cancer population and its therapeutic approach. The two arm registrational trial design includes approximately three fifty patients. The two arms of the trial include a treatment arm of the PDS0101 pembrolizumab combination versus the control arm of pembrolizumab only. Patients are being enrolled in a two:one randomization.

[Frank Bedu-Addo, CEO & Director at PDS Biotechnology]

Median overall survival is the primary endpoint. An overview of this trial was presented as a poster at the ASCO twenty twenty five annual meeting. This trial has been informed and supported by the encouraging data and observed durability we continue to see from our Versatile two trial. The most recent data from this trial were also presented at the ASCO annual meeting and underscore our belief in the potential of the combination to be the first HPV16 targeted immunotherapy for head and neck cancer. Median overall survival remained steady at thirty months over the last one and a half years, suggesting durability of the PDS0101 induced clinical responses.

[Frank Bedu-Addo, CEO & Director at PDS Biotechnology]

The lower limit of the 95% confidence interval for median overall survival increased from eighteen point four months in 2023 to twenty three point nine months as the data has matured. All data were reported according to RECIST version 1.1 criteria, requiring clinical responses on at least two consecutive tumor scans at least four weeks apart. Enrollment in the trial is complete. Twenty two patients continue to be followed for survival. No new safety signals have emerged.

[Frank Bedu-Addo, CEO & Director at PDS Biotechnology]

Considering the strength and durability of the clinical responses observed in our Versal two phase two study to date, we are confident in the potential of the combination of PDS0101 and pembrolizumab to significantly improve outcomes for patients with recurrent and or metastatic HPV sixteen positive head and neck cancer. At ASCO, a third abstract was presented as a poster by Doctor. David M. Routman, MD, assistant professor of radiation oncology at the Mayo Clinic. This poster highlighted results of the MC200710 study investigating PDS0101 alone or with pembrolizumab as neoadjuvant treatment prior to surgery or radiation therapy for locally advanced HPV16 positive oropharyngeal cancer.

[Frank Bedu-Addo, CEO & Director at PDS Biotechnology]

In the prospective phase two trial, newly diagnosed patients were administered two cycles of PDS0101 alone, or in combination with pembrolizumab before surgical resection or chemoradiotherapy. Results showed that clinical activity was seen with only two cycles of PDS0101 alone, and also with two cycles of Versamune HPV with pembrolizumab. Seventy percent of patients who received two cycles of PDS0101 alone had clinical responses with stable disease, and one hundred percent of patients who received two cycles of PDS0101 with pembrolizumab at stable disease or partial response. The combination of PDS0101 and pembrolizumab met the trial's primary endpoint of 50% reduction in circulating tumor DNA response. The biomarker ctDNA is measured as part of the protocol of our Versatile three phase three trial.

[Frank Bedu-Addo, CEO & Director at PDS Biotechnology]

Elsewhere in our pipeline, we announced that the colorectal cancer cohort of the phase two clinical trial with PDS-one ADC met the criteria for expansion to stage two, following positive stage one results. This trial is being led by the National Cancer Institute. In the metastatic colorectal cancer cohort of the study, a promising response rate of at least six out of nine confirmed objective responses by RECIST version 1.1 criteria was observed. These encouraging results triggered enrollment expansion into stage two under the Simon two stage design of the trial. Colorectal cancer is among the most deadly and difficult to treat cancers.

[Frank Bedu-Addo, CEO & Director at PDS Biotechnology]

In 2020, it was estimated that more than nine hundred and thirty thousand deaths were due to colorectal cancer worldwide, according to the World Health Organization. And more effective treatments are desperately needed. This novel investigational approach to the targeting and use of our antibody fused IL-twelve results in little or no systemic exposure to IL-twelve, and may allow patients to reap the benefits of cytokine therapy without the typical treatment limiting toxicities. We are delighted that the NCI has achieved this milestone, and we anticipate completion of patient recruitment for the metastatic colorectal cancer cohort of the study by the 2025. Finally, during our second quarter, we also announced that preclinical efficacy and immune response data in mice and ferrets with a novel infect immune based universal flu vaccine were featured in two presentations on universal influenza vaccines, including an oral symposium of the American Association of Immunologists, Immunology twenty twenty five Annual Meeting.

[Frank Bedu-Addo, CEO & Director at PDS Biotechnology]

These studies were funded by and performed by investigators at the National Institute of Allergy and Infectious Diseases Center for Influenza Vaccine Research for High Risk Populations. Our phase two clinical collaborations with the National Cancer Institute, MD Anderson Cancer Center, and the Mayo Clinic, as well as our preclinical collaboration with the NIAID allow us to focus our resources on our Versatile three phase three clinical trial, while progressing development of our pipeline via these investigator led studies. Now I will turn it over to Lars for a review of our results for the 2025. Lars?

[Lars Boesgaard, Chief Financial Officer at PDS Biotechnology]

Thanks Frank, and good morning everyone. To brief you on our second quarter financial results, we reported a net loss of approximately $9,400,000 or $0.21 per basic and diluted share for the three months ended 06/30/2025, which compared to 8,300,000.0 or $0.23 per share for the three months ended 06/30/2024. The increase in net loss was primarily due to higher net interest expenses, which were partially offset by lower personnel costs. Research and development expenses were $4,200,000 for the three months ended 06/30/2025, compared to $4,500,000 for the three months ended 06/30/2024. The decrease was primarily due to lower personnel costs, which were partially offset by higher manufacturing costs.

[Lars Boesgaard, Chief Financial Officer at PDS Biotechnology]

General administrative expenses were $3,400,000 for the three months ended 06/30/2025, compared to 4,200,000.0 for the three months same period last year. The decrease was primarily due to lower personnel costs and lower professional fees. Total operating expenses were $7,600,000 for the three months ended June 30, which compared to 8,700,000.0 for the same period last year. Net interest expenses were 1,800,000.0 for the three months ended 06/30/2025, which compared to 500,000.0 for the three months ended 06/30/2024. This increase was primarily due to debt repayment costs.

[Lars Boesgaard, Chief Financial Officer at PDS Biotechnology]

Our cash balance as of 06/30/2025 was $31,900,000 compared to $41,700,000 as of 12/31/2024. And with that operator, we can open the call to questions.

[Operator]

Thank Our first question is from Mayank Mantamy with B. Riley Securities. Please proceed.

[Mayank Mamtani, Senior MD & Group Head - Healthcare at B. Riley Securities]

Yes. Good morning. Thanks for taking our questions, and congrats on the progress. So regarding the Versatile two ASCO data presented, wonder what's the plan for follow-up from that in, I believe, twenty two patients you said are being followed for survival. When might we see you report or even publish final results?

[Mayank Mamtani, Senior MD & Group Head - Healthcare at B. Riley Securities]

And I guess the important question, how is the data dissemination helping drive enrollment in three? And then I have a couple of follow ups.

[Frank Bedu-Addo, CEO & Director at PDS Biotechnology]

Mayank, thanks a lot for your question. So the VERSAL two trial, as you mentioned, is still in progress. We anticipate that once the final patient gets their final dose of the treatment, meaning as you know, these patients continue on KEYTRUDA for substantial period of time. But once the final patient gets their final treatment on the trial, we anticipate that the trial will be closed at that point. As we have stated in our projections, we do anticipate that the final data readout will be presented or published sometime before the end of this calendar year or very early next year pending how long it takes for review and all the usual things that occur with a peer reviewed publication.

[Frank Bedu-Addo, CEO & Director at PDS Biotechnology]

But we do anticipate that most likely the total data package, right, including ORR, PFS, safety, all inclusive will be disseminated most likely through a peer reviewed publication later this year or very early next year. You talked about enrollment. I'll let Kirk chime in. But as you know, one of the key benefits of this approach to date has been the tolerability, ease of administration, and of course, the very promising median overall survival. If you've listened to all our KOL events, the one key thing that the oncologists keep bringing up is they need something that's going to allow their patients to live long term without providing significant toxicity.

[Frank Bedu-Addo, CEO & Director at PDS Biotechnology]

Quality of life and prolonged survival is one of the critical things that all oncologists are looking for. And that's one of the key benefits we have seen from this combination throughout the BERTHAL-two trial and what keeps on coming up. The durability of the responses that these patients are seeing, the tolerability of the drug, the ease of administration. It's a simple subcutaneous injection. And most importantly, survival.

[Frank Bedu-Addo, CEO & Director at PDS Biotechnology]

Right? Those are key things that oncologists are looking for. But I'll hand over to Kirk because he has been dealing more directly with oncologists and the investigators. Kirk, anything you'd like to add?

[Kirk Shepard, Chief Medical Officer at PDS Biotechnology]

Yeah, thank you, Frank. Yeah, we've been very encouraged by the response of our investigators to go forth with the study, which began in March, the VERSATILE three study. The sites have been very encouraged by the results, of course, with a thirty month median overall survival, as well as Frank mentioned, the tolerability of this therapy. We have had a lot of feedback from the sites, particularly around the fact that many of these sites took place, were participating in the phase two study. So they have signed on, which we're very encouraged by, so it's given us a nice core of sites to begin site accrual and we're right on schedule as far as getting the number of sites that we'll need to do the study.

[Kirk Shepard, Chief Medical Officer at PDS Biotechnology]

So very encouraged, people are understanding the importance of the specificity of HPV sixteen positive therapy and are reacting to that and that they are signing up for the study.

[Mayank Mamtani, Senior MD & Group Head - Healthcare at B. Riley Securities]

Thank you. And if you could confirm, Kirk, if there's any other large scale trial out there seeking patients with this comparable screening criteria. And lastly, would be great to also hear update on the Mayo Clinic, window of opportunity trial progress that, obviously allows us to compare versus the KEYNOTE-six eighty nine, neoadjuvant trial, which obviously focuses on the HPV negative. I recognize you guys are obviously focused on the HPV sixteen positive in that earlier line study. Thanks again for taking my questions.

[Kirk Shepard, Chief Medical Officer at PDS Biotechnology]

Certainly. Your question about competing trials, there are less competing trials than we had maybe a year ago because of a couple of companies dropping off their trials. And also remember the specificity of our trial for HPV sixteen positive is really only one other major trial with BioNTech, who are also recruiting for their study. They are not as far as us, they are phase two moving into phase three. And even though we shouldn't compare results from phase two studies, their median overall survival for the population so far reported is not as high as ours.

[Kirk Shepard, Chief Medical Officer at PDS Biotechnology]

So we feel really good about the lack of competition now compared to what it was a year ago with a number of companies that are trying to be in this space. Your other question regarding the neoadjuvant therapy, the Mayo Clinic study, a very important, as you said, it's a window of opportunity for us that only with two cycles of PDS one hundred one that we saw responses both with and without pembrolizumab and the neoadjuvant treatment of squamous cell head and neck cancer. This is important as far as the future design of our studies, Mayo Clinic and others who were participating in the study remain excited about pursuing this in the near future. Just one note to add about the keynote six eighty nine, please remember that the population they treated for this successful study does not really apply to our studies in HPV sixteen positive. These were patients that the requirement was that they undergo surgery.

[Kirk Shepard, Chief Medical Officer at PDS Biotechnology]

And most patients, if not all, are not treated with surgery in the stages that they treated. So that the trial six eighty nine only had around three percent of the patients who are HPV positive. So this really applies mostly to HPV negative patients and not HPV positive. I hope I've answered your question.

[Mayank Mamtani, Senior MD & Group Head - Healthcare at B. Riley Securities]

Yes, you did. Thank you, Kirk.

[Frank Bedu-Addo, CEO & Director at PDS Biotechnology]

Mayank, I'll add a little bit to what Kirk also just said. Also, I think it's important to put that in perspective, right? In terms of the fact that we know today that the KEYNOTE-six eighty nine approach is addressing predominantly HPV negative patients. We know that the vast majority of head and neck cancer patients are going to, in The United States and Europe, are going to be HPV16 positive. Right, so that window of opportunity trial was a really good insight to the potential of PDS0101 and PDS0101 plus pembro in addressing these locally advanced head and neck cancer patients.

[Frank Bedu-Addo, CEO & Director at PDS Biotechnology]

But one of the key reasons why that was so attractive to Mayo Clinic, as we've mentioned, is the tolerability and ease of administration. Right? When higher you up or earlier in the treatment paradigm, safety becomes extremely important, right? And if you can replace chemotherapy with something a lot more tolerable and easy to administer, you have a significant potential advantage in that particular space. So that very important for the oncologist to get comfortable that with even just two doses that they could see a strong clinical response.

[Frank Bedu-Addo, CEO & Director at PDS Biotechnology]

For PDS0101 specifically, it was also very important because we have performed a monotherapy study in our phase one clinical trial that was in pre cervical cancer. Right, so this was again an opportunity to look at PDS0101 as a monotherapy in an advanced cancer population. Right, and with just two doses, we saw good clinical responses in those patients. Right, so again, really understanding the contribution of these agents, right, in terms of the combination and really moving this forward potentially. A really significant opportunity and also very enlightening in terms of those clinical responses that we saw with PDS0101 alone in the combination.

[Mayank Mamtani, Senior MD & Group Head - Healthcare at B. Riley Securities]

Understood. I'll pop back in the queue. Thank you, Frank.

[Operator]

There are no further questions at this time. I would like to turn the call back over to Frank for closing remarks.

[Frank Bedu-Addo, CEO & Director at PDS Biotechnology]

Thank you, operator. In closing, we are very pleased to continue advancing our VERSAL-three registrational trial of PDS0101 in HPV16 positive head and neck cancer. Versatile three, as we mentioned, is the first phase three clinical trial focused specifically on the growing population of HPV16 positive head and neck cancer. We are excited based on the strong VERSAL-two results, and our Fast Track designation about the potential of PDS0101 in head and neck cancer. We look forward, as we discuss, to publishing the full data set for Versatile two trial later this year.

[Frank Bedu-Addo, CEO & Director at PDS Biotechnology]

Our engagement with multiple leading clinical investigators and oncology institutions has validated our approach and the long term opportunity that we believe our HPV16 targeted immunotherapy represents in the HPV16 positive head and neck cancer indication. We look forward to keeping you updated on our progress. Thank you very much again.

[Operator]

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

Participants

Executives

• Frank Bedu-Addo, CEO & Director
• Lars Boesgaard, Chief Financial Officer
• Kirk Shepard, Chief Medical Officer

Analysts

• Mike Moyer, Managing Director at LifeSci Advisors, LLC
• Mayank Mamtani, Senior MD & Group Head - Healthcare at B. Riley Securities