PDS Biotechnology Raises $3.9 Million From NantWorks Warrant Exercises
Key Facts
PDS Biotechnology announced on November 10, 2026, that NantWorks exercised outstanding warrants to purchase 17,699,115 common shares at an exercise price of $0.22 per share, or received pre-funded warrants for part of the shares. The company said the transaction generated gross proceeds of approximately $3.9 million. The transaction represents the exercise of warrants issued in a previous private placement, not the exercise of stock options. The company said the portion of the exercise that would have exceeded the ownership limit was completed through pre-funded warrants instead of issuing common shares. In its filing with the U.S. Securities and Exchange Commission, November 9, 2026, was recorded as the date of the event.
PDS Biotechnology said it plans to use the net proceeds from the exercise, together with the net proceeds from the private placement completed in September, to advance its PDS0301 program toward a Phase 3 trial to treat metastatic colorectal cancer. It will also direct funds to support the partnership strategy for its PDS0101 program and for general corporate purposes. The company did not specify a timeline for starting the Phase 3 trial in its statement. PDS Biotechnology describes PDS0301 as its lead development program and an investigational tumor-targeting immunotherapy. According to the company, its development includes metastatic colorectal cancer and prostate cancer.
The warrants NantWorks exercised date to a private placement that initially closed on September 14, 2026, and generated gross proceeds of approximately $11.3 million for the company. The initial closing included the issuance of 16,502,870 shares, 23,498,156 pre-funded warrants and 20,000,514 common stock purchase warrants. The common warrants issued as part of that offering were the warrants NantWorks later exercised. Under the offering, the agreement gave NantWorks an exclusive right to negotiate an exclusive license for the PDS0101 program for one year from the initial closing date. The new exercise proceeds expand the disclosed funds associated with the offering, while the net proceeds remain allocated to the purposes the company stated.
The warrants are subject to a 19.9% beneficial ownership limit that applies to the holder, its affiliates and attributed parties, and the limit cannot be waived. The company said this prevented the relevant portion of the exercise from being converted entirely into common shares, so pre-funded warrants were used instead. These warrants have an exercise price of $0.00033 per share, do not expire and remain subject to the same ownership limit. This condition limits the number of common shares that can be transferred to NantWorks at one time under the exercise. The company announced gross proceeds of approximately $3.9 million from the exercise, without describing them as an immediate cash infusion.
In its earlier presentation of clinical data, the company said interim results from the Phase 2 trial of PDS0301 included 22 patients, 80% of whom remained alive for at least 24 months. PDS Biotechnology presented these results as a basis for continuing to develop the program into a later stage, and said the program had been clinically evaluated in multiple solid tumors, including metastatic colorectal cancer and prostate cancer. In the September offering, the company tied a tranche closing to submitting a Phase 3 registrational trial protocol for PDS0301 to the Food and Drug Administration and satisfying the closing conditions. Under the announced terms, Nant was scheduled to purchase $10,000,000 worth of shares or pre-funded warrants, and AB Group Ltd. was to purchase similar securities worth $1,000,000 once those conditions were met. The company presented those commitments as part of financing arrangements tied to the program’s development.
PDS Biotechnology shares closed at $1.03 on November 10, 2026, according to EL7 data, compared with a close of $1.08 on November 9. Historical data from S&P Global Market Intelligence show the stock fell 4.63% in the November 10 session. The close came on the day the company announced the warrant exercise, while the company did not explain the share move in its statement. This places the session’s performance in the context of the financing news, without by itself establishing the deal’s effect on trading. The company’s next stated step remains advancing PDS0301 toward a Phase 3 trial, in line with the uses it specified for the proceeds.