New Jersey Biotech Reports Positive Survival Data
Research Report

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Disclosures for H.C. Wainwright & Co., PDS Biotechnology Corp., October 2, 2024

This material is confidential and intended for use by Institutional Accounts as defined in FINRA Rule 4512(c). It may also be privileged or otherwise protected by work product immunity or other legal rules. If you have received it by mistake, please let us know by e-mail reply to [email protected] and delete it from your system; you may not copy this message or disclose its contents to anyone. The integrity and security of this message cannot be guaranteed on the Internet. H.C. WAINWRIGHT & CO, LLC RATING SYSTEM: H.C. Wainwright employs a three tier rating system for evaluating both the potential return and risk associated with owning common equity shares of rated firms. The expected return of any given equity is measured on a RELATIVE basis of other companies in the same sector. The price objective is calculated to estimate the potential movements in price that a given equity could reach provided certain targets are met over a defined time horizon. Price objectives are subject to external factors including industry events and market volatility.

H.C. Wainwright & Co, LLC (the “Firm”) is a member of FINRA and SIPC and a registered U.S. Broker-Dealer. I, Joseph Pantginis, Ph.D., Matthew Keller, Ph.D., Sara Nik, Ph.D., Lander Egaña Gorroño, Ph.D. and Joshua Korsen, Ph.D. , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies. None of the research analysts or the research analyst’s household has a financial interest in the securities of PDS Biotechnology Corporation (including, without limitation, any option, right, warrant, future, long or short position). As of September 30, 2024 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of PDS Biotechnology Corporation.

Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time of publication of this research report. The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services. The firm or its affiliates received compensation from PDS Biotechnology Corporation for non-investment banking services in the previous 12 months. The Firm or its affiliates did receive compensation from PDS Biotechnology Corporation for investment banking services within twelve months before, and will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report. H.C. Wainwright & Co., LLC managed or co-managed a public offering of securities for PDS Biotechnology Corporation during the past 12 months. The Firm does not make a market in PDS Biotechnology Corporation as of the date of this research report.

The securities of the company discussed in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is no guarantee of future results. This report is offered for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited. This research report is not intended to provide tax advice or to be used to provide tax advice to any person. Electronic versions of H.C. Wainwright & Co., LLC research reports are made available to all clients simultaneously. No part of this report may be reproduced in any form without the expressed permission of H.C. Wainwright & Co., LLC. Additional information available upon request. H.C. Wainwright & Co., LLC does not provide individually tailored investment advice in research reports. This research report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this research report. H.C. Wainwright & Co., LLC’s and its affiliates’ salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed in this research report. H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data on the company, industry or security discussed in the report. All opinions and estimates included in this report constitute the analyst’s judgment as of the date of this report and are subject to change without notice. Securities and other financial instruments discussed in this research report: may lose value; are not insured by the Federal Deposit Insurance Corporation; and are subject to investment risks, including possible loss of the principal amount invested.

H.C. Wainwright & Co. analyst Dr. Joseph Pantginis, in a research report published on October 2, 2024, maintained a Buy rating on PDS Biotechnology Corp. (PDSB:NASDAQ) with a price target of US$21.00. The report follows PDS's presentation of updated data from its IMMUNOCERV trial at the ASTRO '24 conference, showing enhanced response rates and survival in advanced cervical cancer patients treated with PDS0101 in combination with standard chemoradiation.

Pantginis highlighted the significance of the trial results, stating, "Key takeaways from the study authors worth highlighting with investors, in our opinion, include:

• 36-month overall survival (OS) rate was 84.4%, and 100% for the eight patients who received all five doses of Versamune HPV.
• Historical published data show 36-month OS rate with chemoradiation in this population of approximately 64%.
• 36-month progression free survival (PFS) rate was 74.9%, among all patients and 100% for the eight patients who received all five doses of Versamune HPV.
• Historical published data show 36-month PFS rate with chemoradiation in this population of approximately 61%."

The analyst emphasized the potential of PDS0101, noting, "Although still early in clinical development, we believe these data nicely demonstrate PDS0101's potential in the indication. Despite the advanced nature of the disease, the combination of PDS0101 and chemoradiation seem safe with minimal toxicity, and the OS and PFS outcomes appear to significantly beat historical controls."

Regarding PDS Biotechnology's strategic positioning, Pantginis stated, "Recall, HPV is a primary driver of cervical cancer, yet no FDA-approved HPV-targeted immunotherapies exist to treat this tumor type." He added, "In our opinion, PDS0101's clinical and safety profile in cervical cancer is increasingly compelling, and we believe these results justify further investigation as monotherapy and/or combination therapy in cervical cancer."

The report did not provide detailed information on PDS Biotechnology's capital structure or management team. However, it noted that the company has a market capitalization of US$134 million and 36.8 million shares outstanding.

H.C. Wainwright & Co.'s valuation methodology for PDS Biotechnology was not explicitly stated in the report excerpt. However, the US$21.00 price target represents a significant potential return of approximately 475% from the price at the time of the report of US$3.65.

In conclusion, H.C. Wainwright & Co.'s maintenance of a Buy rating and US$21 price target reflects a positive outlook on PDS Biotechnology's potential in developing novel immunotherapies for HPV-related cancers, particularly based on the promising results from the IMMUNOCERV trial. The analyst looks forward to additional program updates in the near future, which could serve as potential catalysts for the stock.