Key Highlights

  • PDSB shares are trading 20.77% higher at $1.57 on Wednesday, October 28, 2026.
  • The implied prior close is about $1.30 (calculated), versus a $1.60 close on October 13, 2026.
  • PDS0301 produced a 77.8% six-month objective response rate in a colorectal liver metastases cohort, against 35% in a parallel trial.
  • The September 2026 private placement closed with gross proceeds of about $11.3 million.
  • Cash was $5.6 million at June 30, 2026, down from $26.7 million at December 31, 2025.

PDS Biotechnology Rally: What Is Behind a 20.77% Jump With No Dated Release Today?

PDS Biotechnology (NASDAQ:PDSB) shares are trading 20.77% higher at $1.57 on Wednesday, October 28, 2026, which implies a prior close of about $1.30 (calculated). The stock is among the most heavily traded penny stocks of the session. No company release dated October 28 accompanies the move, and the price sits just below the $1.60 close recorded on October 13, 2026.

PDS Biotechnology is a clinical-stage company in Princeton, New Jersey, developing targeted cancer immunotherapies. Its principal program is PDS0301, an investigational IL-12 immunocytokine designed to activate T cells and natural killer cells inside tumors.

PDS0301 Evidence: How Strong Is the Colorectal Cancer Data After the August Pivot?

On August 11, 2026, the company announced a strategic refocus on PDS0301, ending internal investment in PDS0101, including the VERSATILE-003 Phase 3 trial. The refocus drew on a National Cancer Institute-led, non-randomized Phase 2 study in metastatic colorectal cancer, published in March 2026. In that study the six-month objective response rate was 77.8% (7 of 9 patients), versus 35% (7 of 20) in a parallel trial without PDS0301.

Approximately 80% of patients were alive at 24 months, versus about 35% in the parallel trial. Median extrahepatic progression-free survival had not been reached at a minimum follow-up of 13.1 months, compared with 8.1 months.

On September 22, 2026, it also announced publication of VERSATILE-002 Phase 2 results for PDS0101 with pembrolizumab, reporting median overall survival of 39.3 months in a specified patient group.

Financing and Dilution: What Did the September Private Placement Change?

The private placement closed on September 14, 2026, with gross proceeds of about $11.3 million. A resale registration filed on October 14 covers up to 110,001,540 shares for selling stockholders, including 73,498,156 pre-funded warrant shares and 20,000,514 common warrant shares exercisable at $0.22. One selling stockholder holds about 51.72% of the common stock before the offering.

Up to 50 million additional pre-funded warrants or shares may be issued at a later milestone closing, tied to submitting a Phase 3 PDS0301 protocol to the FDA. There were 105,005,429 common shares outstanding on October 9, 2026, which implies a market value near $165 million at $1.57 (calculated, excluding warrants).

Cash was $5.6 million at June 30, 2026, versus $26.7 million at year-end 2025, and the second-quarter net loss was $9.8 million. The company cut about 36% of its workforce in August, and its filings cite limited cash and the Phase 3 discontinuation as factors that may affect its ability to continue as a going concern.

What to Watch Next: Nasdaq Compliance Window, the FDA Protocol Milestone and Third-Quarter Results

Nasdaq issued a bid-price deficiency notice on July 30, 2026, with a 180-day period to regain compliance, which runs to late January 2027 (calculated). Other dated checkpoints include the Phase 3 PDS0301 protocol submission that triggers the milestone closing, the resale of registered shares, and the third-quarter report covering the period ended September 30, 2026.