PDS Biotechnology Corporation (PDSB) Balance Sheet
PDSB balance sheet, 2025
December 31, 2025 · U.S. dollars$30.5M assets = $21.2M liabilities + $9.3M equity
Both columns are drawn to the same scale: what PDSB owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PDSB financial health
Descriptive bands, not a rating. Fiscal 2025.
PDSB balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $110.9M2016 | $30.5M2025 | −13.4%/yr | |
| Total liabilities | $21.6M2016 | $21.2M2025 | −0.2%/yr | |
| Shareholders’ equity | $89.3M2016 | $9.3M2025 | −22.3%/yr | |
| Cash & short-term investments | $106.4M2016 | $26.7M2025 | −14.2%/yr | |
| Total debt | $15.0M2016 | $16.9M2025 | +1.4%/yr | |
| Net cash (debt) | $91.4M2016 | $9.8M2025 | −$81.7M | |
| Working capital | $100.7M2016 | $18.8M2025 | −$81.9M | |
| Book value per share | $1.622020 | $0.202025 | −34.2%/yr | |
| Current ratio | 16.062016 | 2.982025 | −13.08 | |
| Debt / equity | 0.172016 | 1.832025 | +1.66 | |
| Shares outstanding | 16.7M2020 | 46.4M2025 | +22.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PDSB assets
PDSB liabilities and equity
PDSB debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PDSB balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $26.7M | $41.7M | $56.6M | $73.8M | $65.2M | $28.8M | $12.2M | $34.6M | $88.1M | $106.4M |
| Cash & equivalents | $26.7M | $41.7M | $56.6M | $73.8M | $65.2M | $28.8M | $12.2M | $34.6M | $88.1M | $106.4M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3,901 | $13,493 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $1.5M | $3.4M | $2.5M | $2.7M | $1.6M | $1.5M | $2.3M | $1.0M | $982,779 | $941,088 |
| Total current assets | $28.3M | $45.1M | $59.1M | $76.5M | $66.8M | $30.3M | $14.5M | $35.7M | $89.1M | $107.4M |
| Property, plant & equipment (net) | $243,698 | $304,214 | $335,005 | $527,533 | $357,697 | $553,149 | $21,051 | $426,952 | $3.4M | $3.4M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $41,692 | $46,805 | $51,918 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $2.0M | $0 | $0 | $0 | $0 | $0 | $0 | $101,178 | $96,065 | $90,952 |
| Total assets | $30.5M | $45.4M | $59.4M | $77.0M | $67.2M | $30.9M | $14.5M | $36.2M | $92.6M | $110.9M |
| Liabilities | ||||||||||
| Accounts payable | $3.6M | $1.7M | $7.0M | $1.2M | $1.3M | $1.4M | $1.2M | $399,447 | $4.4M | $3.5M |
| Short-term debt | $5.2M | $12.6M | $4.2M | $288,041 | $258,924 | $119,904 | — | — | $3.1M | $0 |
| Deferred revenue | — | — | — | — | — | — | — | — | $25,000 | $6,837 |
| Total current liabilities | $9.5M | $17.1M | $13.6M | $9.8M | $3.8M | $3.3M | $2.8M | $6.4M | $12.9M | $6.7M |
| Long-term debt | $11.7M | $9.2M | $19.5M | $23.0M | $0 | $0 | $0 | $30,000 | $17.4M | $15.0M |
| Lease obligations | $61,853 | $122,972 | $178,767 | $452,054 | $490,354 | $610,257 | — | — | — | — |
| Other long-term liabilities | $25,686 | $61,853 | $122,973 | $164,013 | $231,430 | $490,353 | $1.2M | $291,225 | $0 | $3 |
| Total liabilities | $21.2M | $26.4M | $33.3M | $33.0M | $4.0M | $3.8M | $2.8M | $6.4M | $30.2M | $21.6M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $18,111 | $12,536 | $10,921 | $9,956 | $9,387 | $7,346 | $1,742 | $10,591 | $10,400 | $9,756 |
| Retained earnings (deficit) | −$216.6M | −$182.1M | −$144.5M | −$101.6M | −$60.7M | −$43.8M | −$28.9M | −$192.8M | −$151.9M | −$101.1M |
| Accumulated other comprehensive income | — | — | — | $0 | $0 | $0 | −$94,369 | −$451,664 | −$305,281 | −$122,363 |
| Total shareholders' equity | $9.3M | $19.0M | $26.1M | $44.0M | $63.2M | $27.1M | $11.7M | $29.8M | $62.4M | $89.3M |
| Key figures | ||||||||||
| Total debt | $16.9M | $21.8M | $23.9M | $23.5M | $490,354 | $610,257 | — | $30,000 | $20.5M | $15.0M |
| Net cash (debt) | $9.8M | $19.9M | $32.7M | $50.3M | $64.8M | $28.2M | — | $34.6M | $67.6M | $91.4M |
| Working capital | $18.8M | $28.0M | $45.4M | $66.7M | $63.1M | $27.1M | $11.7M | $29.3M | $76.2M | $100.7M |
| Tangible book value | $9.3M | $19.0M | $26.1M | $44.0M | $63.2M | $27.1M | $11.7M | $29.8M | $62.3M | $89.2M |
| Book value per share | $0.20 | $0.52 | $0.84 | $1.54 | $2.47 | $1.62 | — | — | — | — |
| Shares outstanding | 46.4M | 36.5M | 31.0M | 28.6M | 25.6M | 16.7M | — | — | — | — |
| Current ratio | 2.98 | 2.64 | 4.33 | 7.79 | 17.80 | 9.28 | 5.18 | 5.59 | 6.92 | 16.06 |
| Quick ratio | 2.82 | 2.44 | 4.15 | 7.52 | 17.37 | 8.82 | 4.35 | 5.43 | 6.84 | 15.92 |
| Debt / equity | 1.83 | 1.15 | 0.91 | 0.53 | 0.01 | 0.02 | — | 0.00 | 0.33 | 0.17 |
| Equity / assets | 30.3% | 41.9% | 44.0% | 57.1% | 94.1% | 87.8% | 80.7% | 82.4% | 67.3% | 80.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $5.6M | $21.7M | $26.7M | $26.2M | $31.9M | $40.0M | $41.7M | $49.8M | $57.7M | $66.6M | $56.6M | $54.3M |
| Cash & equivalents | $5.6M | $21.7M | $26.7M | $26.2M | $31.9M | $40.0M | $41.7M | $49.8M | $57.7M | $66.6M | $56.6M | $54.3M |
| Short-term investments | — | — | — | — | — | — | — | $49.70B | — | — | — | — |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $1.4M | $1.2M | $1.5M | $1.7M | $1.8M | $2.5M | $3.4M | $2.4M | $2.4M | $2.1M | $2.5M | $2.6M |
| Total current assets | $7.0M | $22.9M | $28.3M | $27.9M | $33.6M | $42.5M | $45.1M | $52.1M | $60.2M | $68.7M | $59.1M | $56.8M |
| Property, plant & equipment (net) | $213,440 | $228,569 | $243,698 | $258,827 | $273,956 | $289,085 | $304,214 | $319,342 | $334,471 | $320,601 | $335,005 | $349,409 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.5M | $1.5M | $2.0M | $6.6M | $6.6M | $4.3M | $0 | $0 | $0 | $0 | $0 | $0 |
| Total assets | $8.8M | $24.7M | $30.5M | $34.7M | $40.5M | $47.0M | $45.4M | $52.5M | $60.5M | $69.0M | $59.4M | $57.2M |
| Liabilities | ||||||||||||
| Accounts payable | $6.4M | $3.7M | $3.6M | $5.2M | $4.5M | $2.9M | $1.7M | $1.3M | $3.3M | $6.0M | $7.0M | $5.4M |
| Short-term debt | $4.4M | $5.2M | $5.2M | $6.0M | $5.6M | $12.6M | $12.6M | $12.6M | $10.5M | $7.3M | $4.2M | $54,537 |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | — | −$3.73B |
| Total current liabilities | $12.4M | $10.1M | $9.5M | $13.3M | $11.5M | $18.3M | $17.1M | $18.3M | $15.7M | $15.1M | $13.6M | $9.2M |
| Long-term debt | $0 | $10.6M | $11.7M | $11.9M | $12.9M | $6.4M | $9.2M | $12.0M | $13.8M | $16.7M | $19.5M | $23.4M |
| Lease obligations | $41,172 | $48,655 | $61,853 | $77,659 | $93,110 | $108,211 | $122,972 | $137,401 | $151,505 | $165,292 | $178,767 | $191,938 |
| Other long-term liabilities | $9,476 | $17,673 | $25,686 | $33,517 | $41,173 | $48,655 | $61,853 | $77,659 | $93,109 | $108,211 | $122,973 | $137,401 |
| Total liabilities | $12.4M | $20.8M | $21.2M | $25.3M | $24.5M | $24.7M | $26.4M | $30.4M | $29.6M | $31.8M | $33.3M | $32.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $18,455 | $18,420 | $18,111 | $15,744 | $15,390 | $14,998 | $12,536 | $12,150 | $12,137 | $12,104 | $10,921 | $10,233 |
| Retained earnings (deficit) | −$233.7M | −$224.0M | −$216.6M | −$209.0M | −$200.0M | −$190.6M | −$182.1M | −$174.2M | −$163.4M | −$155.1M | −$144.5M | −$133.6M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | — | — | $0 |
| Total shareholders' equity | −$3.6M | $3.9M | $9.3M | $9.5M | $16.0M | $22.4M | $19.0M | $22.0M | $30.9M | $37.2M | $26.1M | $24.5M |
| Key figures | ||||||||||||
| Total debt | $4.4M | $15.9M | $16.9M | $18.0M | $18.5M | $19.0M | $21.8M | $24.7M | $24.4M | $24.1M | $23.9M | $23.6M |
| Net cash (debt) | $1.2M | $5.8M | $9.8M | $8.2M | $13.3M | $21.0M | $19.9M | $25.1M | $33.4M | $42.5M | $32.7M | $30.6M |
| Working capital | −$5.3M | $12.7M | $18.8M | $14.6M | $22.1M | $24.2M | $28.0M | $33.8M | $44.5M | $53.6M | $45.4M | $47.7M |
| Tangible book value | −$3.6M | $3.9M | $9.3M | $9.5M | $16.0M | $22.4M | $19.0M | $22.0M | $30.9M | $37.2M | $26.1M | $24.5M |
| Book value per share | −$0.06 | $0.07 | $0.20 | $0.20 | $0.35 | $0.55 | $0.52 | $0.60 | $0.84 | $1.07 | $0.83 | $0.79 |
| Shares outstanding | 55.7M | 55.5M | 46.4M | 46.9M | 45.9M | 40.5M | 36.5M | 36.8M | 36.7M | 34.8M | 31.7M | 30.9M |
| Current ratio | 0.57 | 2.26 | 2.98 | 2.09 | 2.92 | 2.33 | 2.64 | 2.84 | 3.84 | 4.56 | 4.33 | 6.21 |
| Quick ratio | 0.45 | 2.13 | 2.82 | 1.97 | 2.76 | 2.19 | 2.44 | 2.71 | 3.68 | 4.42 | 4.15 | 5.93 |
| Debt / equity | — | 4.07 | 1.83 | 1.90 | 1.16 | 0.85 | 1.15 | 1.12 | 0.79 | 0.65 | 0.91 | 0.96 |
| Equity / assets | −40.6% | 15.8% | 30.3% | 27.2% | 39.4% | 47.6% | 41.9% | 41.9% | 51.1% | 53.9% | 44.0% | 42.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 30, 2026); data from EODHD.
PDSB financial position
At the end of fiscal 2025 (December 31, 2025), PDS Biotechnology had total assets of $30.5 million (down 32.8% from a year earlier), total liabilities of $21.2 million and shareholders' equity of $9.3 million. It held $26.7 million in cash and short-term investments against $16.9 million of debt, a net cash position of $9.8 million. Its current ratio was 2.98. In the latest quarter (ended June 30, 2026) total assets were $8.8 million and equity -$3.6 million.
Related: PDSB income statement, PDSB cash flow statement, PDSB key metrics. See the PDSB stock overview for the latest quote and news.
PDSB balance sheet FAQ
What are PDS Biotechnology's total assets?
PDS Biotechnology reported total assets of $30.5 million at the end of fiscal 2025 (December 31, 2025), compared with $45.4 million a year earlier.
How much debt does PDS Biotechnology have?
PDS Biotechnology had $16.9 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.83.
How much cash does PDS Biotechnology have?
PDS Biotechnology held $26.7 million in cash and short-term investments at the end of fiscal 2025; with $16.9 million of debt that is net cash of $9.8 million.
What is PDS Biotechnology's book value?
PDS Biotechnology's shareholders' equity (book value) was $9.3 million at the end of fiscal 2025, or $0.20 per share.
What is PDS Biotechnology's current ratio?
PDS Biotechnology had current assets of $28.3 million and current liabilities of $9.5 million, a current ratio of 2.98 (it can cover its short-term obligations).