PDS Biotechnology Corporation is a clinical-stage immunotherapy company developing targeted cancer and infectious disease immunotherapies based on its Versamune T cell activator and PDS01ADC platforms. The company reported a net loss of $34.5 million for the year ended December 31, 2025, an improvement from $37.6 million in 2024. Accumulated deficit reached $216.6 million as of December 31, 2025. Cash and cash equivalents stood at $26.7 million as of December 31, 2025, down from $41.7 million in 2024. Net cash used in operating activities decreased to $27.7 million in 2025 from $35.0 million in 2024. Research and development expenses decreased to $19.0 million in 2025 from $22.6 million in 2024, primarily due to lower manufacturing and personnel costs. General and administrative expenses decreased to $12.5 million in 2025 from $13.8 million in 2024. The VERSATILE-002 Phase 2 trial for PDS0101 + Keytruda in HPV16-positive recurrent/metastatic HNSCC showed a median overall survival (mOS) of 39.3 months for patients with CPS ≥ 1, significantly exceeding published mOS for pembrolizumab (12-18 months). The IMMUNOCERV Phase 2 trial for PDS0101 + chemoradiotherapy in locally advanced cervical cancer demonstrated a 36-month OS rate of 84.4% overall and 100% for patients receiving all five doses, compared to historical SOC of approximately 64%. The NCI-led Phase 2 trial for PDS0101 + PDS01ADC + Bintrafusp Alfa in advanced HPV-positive cancers reported 36-month survival of 75% in ICI-naive patients (vs. 7-11 months historical) and a median OS of 17 months in ICI-resistant patients (vs. 3-4 months historical). The company initiated the VERSATILE-003 Phase 3 clinical trial for PDS0101 + pembrolizumab in HPV16-positive first-line recurrent/metastatic HNSCC in March 2025. An IND application for a Phase 1 trial with PDS0103 and PDS01ADC in colorectal cancer was submitted in January 2025. The colorectal cancer cohort of a Phase 2 trial with PDS01ADC met criteria for expansion to stage 2 in July 2025. The company secured approximately $10.1 million net from a February 2025 equity offering and $4.8 million net from a November 2025 equity offering. In April 2025, the company issued $22.2 million in senior secured convertible debentures, using $19 million to retire previous debt, and also issued warrants to purchase 1,000,000 shares of common stock. A Type C meeting with the FDA was requested in October 2025 to discuss an expedited pathway for the VERSATILE-003 Phase 3 trial, with a protocol amendment to include progression-free survival (PFS) as an interim primary endpoint. The company received a Nasdaq deficiency letter in February 2026 for not meeting the minimum $1.00 bid price requirement.