MeritValue

PDS Biotechnology Corp

PDSBdata completeness 75%13 fiscal years on file

Data notes: no data for concept 'revenue'

The thesis, from the filings

PDS Biotechnology Corp earns about -171% on equity, but has diluted owners by 81% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$16.9M1−$40.9M2−$42.9M3−$37.6M4−$34.5M4
Operating cash flow−$12.5M5−$25.7M6−$33.6M7−$35M8−$27.8M8
Capital expenditure——$09$29,00010$010
Free cash flow (derived)——−$33.6M7−$35.1M8−$27.8M8
Total debt—————
Cash & equivalents$65.2M11$73.8M12$56.6M13$41.7M14$26.7M14
Diluted shares25.6M28.6M31.0M36.5M46.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$1.99
your share of equity
Profit it earned you last year
−$7.44
Free cash flow it threw off
−$5.98
Debt you’d be carrying
—

10 shares is a claim on $1.99 of net worth that earned you −$7.44 and generated −$5.98 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-171% avg · 5y
FY21 -27%FY22 -93%FY23 -164%FY24 -198%FY25 -373%

It earned an average -171% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+81% shares · 5y

Share count is up 81% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001140361-23-014279 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001140361-24-016265 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001140361-25-010717 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001140361-26-012030 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001140361-23-014279 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001140361-24-016265 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001140361-25-010717 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001140361-26-012030 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001140361-25-010717 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2024-12-31 · accession 0001140361-26-012030 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2021-12-31 · accession 0001140361-23-014279 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-12-31 · accession 0001140361-24-016265 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0001140361-25-010717 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001140361-26-012030 (CashAndCashEquivalentsAtCarryingValue)