PDS Biotechnology cuts workforce by about 36%, focuses on PDS0301

PDS Biotechnology Corporation disclosed in an August 25, 2026 filing with the SEC that its board approved a reduction in force on August 6, 2026, as part of an effort to align operating expenses with the company's strategic priorities and its focus on advancing PDS0301.¹

The company began carrying out the cuts and told affected staff on August 21, 2026, according to the filing. The workforce reduction is expected to hit roughly 36% of employees and should be largely finished within the third quarter of 2026.¹

On the financial side, PDS Biotechnology estimates it will book a one-time charge of about $842,000 in the third quarter of 2026 tied to employee separation costs such as severance and related benefits, with the full amount expected to be paid out in cash during that same quarter.¹ The company cautioned that it may incur further costs not yet anticipated in connection with the reduction, and that its estimates rest on assumptions that could prove inaccurate.¹

Separately, the filing reported a leadership change. On August 21, 2026, PDS Biotechnology terminated Chief Operating Officer Stephan Toutain without cause and removed him from that role.¹ Under the terms disclosed, Toutain is eligible for severance equal to twelve months of base salary paid on the company's normal payroll schedule, plus twelve months of company-paid COBRA health coverage contributions, once he signs a separation agreement and release of claims. The COBRA contribution would end early if he secures comparable health coverage through new employment or if his COBRA eligibility expires first.¹

The filing was signed by CEO Frank Bedu-Addo, Ph.D.