Thursday, November 12, 2020, A company in the biotech sector PDS Biotechnology Corporation (Nasdaq: PDSB), publicized its quarterly results for the period ended 30 September 2020 and provided a business update.
Net losses were almost $3.9 million for the third quarter of 2020, or $0.23 per basic share and diluted share, compared to a net loss of approximately $5.8 million for the third quarter of 2019, or $1.10 per basic share and diluted share.
For the previous quarter, R&D costs reached about $2.1 million, in contrast to $1.8 million at the same time in 2019, an improvement of 12 percent. The rise was mainly due to an increase in tech addition to operations of $0.1 million and clinical trials of $0.3 million, counterbalanced by a decline in professional fees of $0.1 million and regulatory expenses of $0.1 million.
General and administrative expenses were roughly $1.8 million for the period compared to $3.0 million years over year, which was a decline of 40 percent. The drop was largely due to a $0.2 million cut down in salaries and benefits, $0.1 million in expenditures for services and offices, $0.3 million in insurance costs, $0.6 million in professional fees, and $0.1 million in legal fees, offset by a rise in permits, taxes, and fees of $0.1 million.
Expenses related to the operation were almost $3.9 million for the third quarter, in comparison with total operating expenses of $5.8 million during the same quarter year before, which was a 33 percent decline.
The clinical-stage immunotherapy company that develops novel cancer therapies and medications for transferrable diseases based on the company’s patented activating technology Versamune T-cell. Its cash balance was recorded $33.5 million as of September 30, 2020.
PDS Biotechnology Corporation (Nasdaq: PDSB) shares were trading 1.94% away from the 20-day Simple Moving Average. Its last month’s performance was recorded -9.73% in contrast with the 6 months performance of 151.38%.