NantWorks exercises warrants for $3.9M to back PDS Biotech's colorectal cancer push
What's the deal? PDS BiotechnologyDealroom has a profile for this one. Try Dealroom → (Nasdaq: PDSB) said NantWorks has exercised outstanding warrants to buy 17,699,115 shares at $0.22 each, generating roughly $3.9 million in gross proceeds. The Princeton, New Jersey clinical-stage biotech develops targeted cancer immunotherapies.
Why now? The warrants came from a private placement that closed September 14, 2026, which raised about $11.3 million upfront. NantWorks' exercise adds incremental cash from a major existing backer rather than opening a new financing round.
What's the endgame? PDS plans to use the net proceeds, together with the September placement, to advance PDS0301 toward a Phase 3 trial in metastatic colorectal cancer. The money also supports its partnership strategy for PDS0101 and general corporate purposes.
The company is redirecting resources to the colorectal program after shelving its Phase 3 head-and-neck cancer effort. PDS0301 is an investigational tumor-targeted IL-12 immunocytokine designed to deliver the cytokine to the tumour while limiting systemic exposure.
What could go wrong? PDS has cited promising but nonrandomized Phase 2 results, meaning efficacy still needs confirmation in larger trials. Because the warrants carry a 19.9% beneficial ownership limit, part of NantWorks' exercise converted into pre-funded warrants rather than shares.
The signal: A $3.9 million warrant exercise is modest, but it signals continued commitment from a key investor as PDS pivots its late-stage pipeline and hunts for a PDS0101 partner.
Read more: Business Insider
Image credit: Generated with Gemini
