By Chris Wack
PDS Biotechnology shares were up 20% to $6.30 after the company reported a third-quarter loss that was narrower than expected.
The stock hit its 52-week low of $3.80 on Oct. 27, and is down 12% in the past 12 months.
The clinical-stage immunotherapy company had a quarterly loss of $10.8 million, or 35 cents a share, compared with a loss of $7.4 million, or 26 cents a share, in the same quarter last year. Analysts polled by FactSet were looking for a loss of $14.4 million, or 38 cents a share.
The company said Tuesday its higher quarterly loss was primarily because of an increase in research and development expenses, and general and administrative expenses.
Research and development expenses increased to $6.4 million in the third quarter from $4.4 million last year. The increase of $2 million is primarily attributable to an increase of $1.3 million in clinical trials, and $700,000 in personnel costs, including $300,000 in non-cash stock-based compensation.
PDS Biotech’s cash balance as of Sept. 30 was $54.3 million. The company believes its available cash resources will sustain operational and research and development endeavors into the third quarter of 2024.
Write to Chris Wack at [email protected]
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