Precision Designed Science For Immunotherapy INVESTOR PRESENTATION NASDAQ: PDSB | December 2022 2 Certain information in this presentation may include forward-looking statements (including within the meaning of Section 2

Precision Designed Science For Immunotherapy INVESTOR PRESENTATION NASDAQ:

PDSB | December 2022

2 Certain information in this presentation may include forward-looking

statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning PDS Biotechnology Corporation (the

"Company") and other matters. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the Company's

management, as well as assumptions made by, and information currently available to, management. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and

include words such as "may," "will," "should," "would," "expect," "anticipate," "plan," "likely," "believe," "estimate," "project," "intend," "forecast," "guidance", "outlook" and other similar expressions. Forward-looking statements are

based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of

various factors, including, without limitation: the Company's ability to protect its intellectual property rights; the Company's anticipated capital requirements, including the Company's anticipated cash runway and the Company's current

expectations regarding its plans for future equity financings; the Company's dependence on additional financing to fund its operations and complete the development and commercialization of its product candidates, and the risks that raising

such additional capital may restrict the Company's operations or require the Company to relinquish rights to the Company's technologies or product candidates; the Company's limited operating history in the Company's current line of business,

which makes it difficult to evaluate the Company's prospects, the Company's business plan or the likelihood of the Company's successful implementation of such business plan; the timing for the Company or its partners to initiate the planned

clinical trials for PDS0101, PDS0203 and other Versamune and Infectimune based product candidates; the future success of such trials; the successful implementation of the Company's research and development programs and collaborations,

including any collaboration studies concerning PDS0101, PDS0203 and other Versamune and Infectimune based product candidates and the Company's interpretation of the results and findings of such programs and collaborations and whether such

results are sufficient to support the future success of the Company's product candidates; the success, timing and cost of the Company's ongoing clinical trials and anticipated clinical trials for the Company's current product candidates,

including statements regarding the timing of initiation, pace of enrollment and completion of the trials (including the Company's ability to fully fund its disclosed clinical trials, which assumes no material changes to our currently

projected expenses), futility analyses, presentations at conferences and data reported in an abstract, and receipt of interim or preliminary results (including, without limitation, any preclinical results or data), which are not necessarily

indicative of the final results of the Company's ongoing clinical trials; the timing of and the Company's ability to obtain and maintain U.S. Food and Drug Administration or other regulatory authority approval of, or other action with respect

to, PDS0101, PDS0203 and other Versamune and Infectimune based product candidates; any Company statements about its understanding of product candidates mechanisms of action and interpretation of preclinical and early clinical results from

its clinical development programs and any collaboration studies; and other factors, including legislative, regulatory, political and economic developments not within the Company's control, including unforeseen circumstances or other

disruptions to normal business operations arising from or related to COVID-19. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in

conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company's annual and periodic reports filed with the SEC. The forward-looking statements are made only as of the date of this press

release and, except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events

or otherwise. Versamune is a registered trademark, and Infectimune is a trademark of PDS Biotechnology Corporation.KEYTRUDA is a registered trademark of Merck Sharp and Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ,

USA. Opdivo is a registered trademark of Bristol-Myers Squib Company. Forward-Looking Statements 2

1 2 4 5 6 Company Overview Clinical-stage Company developing proprietary

targeted immunotherapies to treat cancer and infectious disease Versamune based platforms leverage the body's own defense systems to induce tumor-specific killer T cells to overcome immune suppression and attack cancer Phase 2 efficacy

results from 3 of 4 trials have been reported from over 60 patients to date and safety results from over 100 patients Clinical partnerships with Merck, MD Anderson Cancer Center, National Cancer Institute and Mayo Clinic Cash as of

September 30, 2022 - $71.6M cash runway to Q2 2024 with a potential registrational trial in 2023 3 Infectimune activates the immune system to induce pathogen-specific T cells and antibodies to protect against infectious disease 3 Lead

candidate - PDS0101 granted FDA Fast Track designation. 4 Phase 2 clinical trials addressing multiple HPV-positive cancers 7

Versamune Oncology Platform

Versamune is designed to promote CD8+ killer T cell responses in vivo Top Line

Phase 2 Clinical Data 1Immunomodulation to enhance the efficacy of an HPV therapeutic vaccine, Journal for ImmunoTherapy of Cancer, June 2020 5 2 Bintrafusp alfa, a bifunctional functional fusion protein targeting TGF- and PD-L1, in

patients with human papillomavirus-associated malignancies Journal for ImmunoTherapy of Cancer, December 2020 Versamune Technology Platform: In-vivo tumor-specific killer (CD8+) T cell induction HPV-positive head and neck cancer: PDS0101 +

KEYTRUDA (standard of care) in patients whose cancer has returned or spread after treatment 41% (7/17) Objective response rate (ORR)1 89% survival at 9 months Cervical cancer: PDS0101 + Chemoradiotherapy (standard of care) in patients

with large localized tumors >5cm in the cervix and lymph nodes 100% (9/9) >60% shrinkage at midpoint 89% (8/9) complete response (CR) 0% deaths from cancer or treatment at 1 year Versamune + NHS-IL12 Technology Platform: Overcomes

cancer-induced immune suppression HPV-Associated cancers: PDS0101 + NHS-IL12 + Checkpoint inhibitor in patients who have failed all treatment options including checkpoint inhibitors (median survival reported 3-4 months) 63% (5/8) ORR in

optimal dose group 66% (19/29) survival at 16 mths (all dose groups) HPV-Associated cancers: PDS0101 + NHS-IL12 + Checkpoint inhibitor in patients whose cancer has returned or spread after treatment 88% (7/8) ORR 38% (3/8) CR 75% (6/8)

survival at 25 months

Designed to address limitations of current immunotherapy Versamune based

Immunotherapies 6 PDS Biotech believes that there are 2 key obstacles that limit broad efficacy of immunotherapy in the treatment of cancer Limited ability to induce the type of immune response that promotes the production of active

tumor-targeting killer T cells within the patient's body. Limited ability to overcome tumor's ability to evade detection by the immune system. FDA approved checkpoint inhibitors, such as KEYTRUDA , block immune checkpoints that some tumors

use to evade detection PDS Biotech's proprietary Versamune based platforms are specifically designed to address these two limitations of current immunotherapeutic approaches

More than 46,0002 patients were estimated to have been diagnosed last year with

HPV-associated cancers in the US1,2 HPV vaccination is not expected to impact the rate of HPV-related cancer incidence for decades3 Existing immunotherapies cost $150,000+ annually per patient1 US HPV-associated cancer incidence2 1Company

estimates based on CDC data. Assessments have not been adjusted to reflect HPV16-expression 2CDC website 3 Projected Association of Human Papillomavirus Vaccination with Oropharynx Cancer in the US 2020-2045, JAMA Oncology, September

2021 PDS0101: Lead Asset Designed to treat human papillomavirus (HPV16)-associated cancers $6B Market Opportunity1 Reference: Data on file. 7

Locally advanced cervical cancer: Tumor size > 5cm and/or spread to lymph

nodes Phase 2 Clinical Trial: PDS0101 + Chemo-Radiotherapy 1Residual traces of the cancer were detected in one patient who only received 3 of the schedule 5 doses of PDS0101 2In agreement with published preclinical findings that

Versamune promotes in vivo induction of the more potent, polyfunctional (multi-cytokine inducing) and tumor infiltrating killer T cells - J. Immunology 2019; 202 (12): 3524-3536 8 Partner: FDA approved standard of care: Chemo-radiotherapy

(CRT) Preliminary Results Preliminary efficacy data (Society for Immunotherapy of Cancer (SITC) Conference, November 2022): Clinical response with tumor shrinkage of over 60% at 1 month - 100% (9/9) Complete response (No evidence of

cancer) by day 170 - 89% (8/9)1 Majority of patients have Stage III and Stage IV cancer 1-year overall survival - No patients have died from the cancer or treatment. One patient has died from an unrelated cause/event

Induction of activated CD8+ killer T cells correlates with elimination of

circulating tumor DNA1 PDS0101 Appears to Induce Clinically Beneficial T Cells 1Yoshida-Court et al,, IMMUNOCERV, an ongoing Phase II trial combining PDS0101, an HPV-specific T cell immunotherapy, with chemotherapy and radiation for

treatment of locally advanced cervical cancers (NCT04580771); SITC 2022 9 PDS0101 activates the immune system to generate killer T cells (CD8+ T cells that induce granzyme-B) The killer T cells target, infiltrate and eliminate the

cervical cancer tumors HPV16 tumor DNA in the blood circulation declines by day 170 (T5) Quantity of tumor cells circulating in the blood at start of treatment Killer T cells that infiltrated the tumors

Potential Treatment for Recurrent or metastatic HPV16-positive head and neck

cancer Phase 2 Clinical Trial: PDS0101 + KEYTRUDA 119% objective response rate with KEYTRUDA monotherapy reported in KEYNOTE-048 study 212-month overall survival of 49% with KEYTRUDA monotherapy reported in KEYNOTE-048 study 317% of

patients had treatment related grade 3 and higher adverse events with KEYTRUDA monotherapy reported in KEYNOTE-048 study 10 Partner: FDA approved standard of care: KEYTRUDA (Pembrolizumab) owned by Merck1,2 Preliminary

Results PDS0101+KEYTRUDA Fast Track Designation awarded by FDA Preparing to progress to registrational trial based on successful FDA meeting Preliminary data (American Society of Clinical Oncology (ASCO) Conference, June 2022):

Objective response (% of patients with 30% tumor shrinkage) - 7/17 (41.1%)1 Clinical benefit (stable disease + objective response) - 13/17 (76.5%) 9-month overall survival rate - 87.2%2 Safety To date, no treatment related grade 3

and higher (serious) adverse events - 0/43 (0%)3

Phase 2: PDS0101 + KEYTRUDA Company-sponsored trial for the potential

treatment of HPV16-positive metastatic/recurrent head and neck cancer (VERSATILE-002) 11 Complete Response (CR) Partial Response (PR) Stable Disease (SD) Progressive Disease (PD) N=17 Subjects w/Imaging Data OR (2 CR + 5PR) 7

(41.2%) SD (reduction in 4/6) 6 (35.3%) PD 4 (23.5%) CR+PR+SD 13 (76.5%) *Reference: Weiss J. et al. Phase II study VERSATILE-002 evaluation of PDS0101 and KEYTRUDA in treatment of CPI na ve and CPI refractory patients with recurrent

or metastatic HPV16-related HNSCC. Presented at: American Society of Clinical Oncology 2022 Annual Meeting; June 3-7, 2022; Virtual. Abstract: 6041. As of last DMC meeting - to date 43 patients treated had zero grade 3 or higher treatment

related adverse events

136% objective response with KEYTRUDA + chemotherapy reported in KEYNOTE-048

study 212-month overall survival of 51% with KEYTRUDA + chemotherapy reported in KEYNOTE-048 study 373% treatment related grade 3 and higher adverse events with KEYTRUDA + chemotherapy reported in KEYNOTE-048 study 12 Partner: Types

of cancer included in the trial: Anal, cervical, head and neck, penile, vaginal, vulvar FDA approved standard of care: Checkpoint inhibitors e.g. OPDIVO (nivolumab), KEYTRUDA (Pembrolizumab)1 and Checkpoint inhibitors plus

chemotherapy2 Phase 2 Trial Interim Results Preliminary data (ASCO), June 2022, (updated September 2022): Objective response - 7/8 (87.5%)1 Overall survival at 25 months - 6/8 (75.0%)2 Safety results (Arms 1 & 2)3 24/50 (48%) of

patients experienced grade 3 and higher adverse events 2/50 (4%) experienced grade 4 adverse events Advanced HPV16-positive cancer patients who are checkpoint inhibitor naive Triple Combination: PDS0101 + NHS-IL12 + Checkpoint Inhibitor

1Objective response rates with standard of care < 10% 2No tumor shrinkage in

HPV16-negative subjects (ASCO 2021) - Suggests critical role of PDS0101-induced HPV16-specific CD8+ T cells 3Historical median overall survival in the population is 3-4 months 13 Phase 2 Trial Interim Results Efficacy data in

HPV16-positive patients, (ASCO) June 2021 & June 2022, updated September 2022): Objective response in optimal dose group - 5/8 (62.5%)1,2 Overall survival at 16 months (Optimal and suboptimal dose groups included) - 19/29

(65.5%)3 Immunology/immune correlates, (SITC), November 2022: Greater than two-fold increase in HPV16-specific T cells in the blood of 11/14 (79% ) of the evaluated patients Increases in granzyme B (associated with active killer T cells),

IFN- , TNF- , etc., signal a pro-inflammatory response and role in overcoming tumor immune suppression PDS0101 HPV16-Targeted Immunotherapy Triple Combination: PDS0101 + NHS-IL12 + Checkpoint Inhibitor Advanced HPV16-positive cancer

patients who are checkpoint inhibitor refractory Partner: Types of cancer included in the trial: Anal, cervical, head and neck, penile, vaginal, vulvar FDA approved standard of care: None

Phase 2: Extended Interim Data - Efficacy and Safety Extended interim data

continue to appear to show clinical signs of efficacy, durability and safety 14 Reference: Strauss J. et al. Phase II evaluation of the triple combination of PDS0101, M9241, and Bintrafusp alfa in patients with HPV 16 positive malignancies.

Presented at: American Society of Clinical Oncology 2022 Annual Meeting; June 3-7, 2022; Virtual. Abstract: 2518. HPV 16-positive checkpoint inhibitor na ve patients: 75% (6/8) were alive at a median of 25 months of follow up. 38% (3/8)

of responders had a complete response. Data updated as of October 2022 % of Patients CPI refractory alive at median 16 months 66% (19/29) % of Patients experienced Grade 3 treatment related adverse events 48% (24/50) % of Patients

experienced Grade 5 treatment related adverse events 0% (0/50)

Induction of activated HPV16-specific CD8+ killer T cells correlates with

clinical efficacy1 PDS0101 Immune Correlates in Advanced HPV Cancer Patients 1M. Goswami et al; Immune correlates associated with clinical benefit in patients with immune checkpoint refractory HPV-associated malignancies treated with triple

combination immunotherapy; SITC 2022 15 Group Developed HPV16-Specific T cell Responses All Patients 11/14 (79%) Responders (n=5) 5/5 (100%) Non-Responders (n=9) 6/9 (67%) Includes optimal and sub-optimal doses ORR with optimal

dose combination - 63% (5/8)

PDS0101 Designed to Promote Efficacy in HPV16 Cancers Studies appear to show

key contributions of PDS0101, NHS-IL12 & Bintrafusp alfa* to clinical response to date 16 *Bintrafusp alfa monotherapy showed 30% ORR in CPI na ve and 10% ORR in CPI refractory HPV-positive cancers (Strauss et al, 2020, Dec 8(2) **All

HPV16 negative and 80% of HPV16 positive patients had high dose M9241 Tumor reduction only seen in HPV16-positive patients P<0.001 High dose M9241 (NHS-IL12) provides increased ORR vs. low dose P<0.01 Reference: Strauss J. et al.

Phase II evaluation of the triple combination of PDS0101, M9241, and Bintrafusp alfa in patients with HPV 16 positive malignancies. Presented at: American Society of Clinical Oncology 2022 Annual Meeting; June 3-7, 2022; Virtual. Abstract:

Best Overall Response Active Against Diverse HPV16 Cancers PDS0101: Triple

Combination Active Against HPV16 Cancer Responses to date across tumor types and higher NHS-IL12 dose show the potential to result in greater clinical efficacy 17 *HNSCC - head and neck squamous cell carcinomas Higher M9241

Dose Cervical Vaginal/Vulvar Anal HNSCC* Percentage Change Weeks Baseline Responses Occurred Irrespective of Tumor Type Reference: Strauss J. et al. Phase II evaluation of the triple combination of PDS0101, M9241, and Bintrafusp alfa

in patients with HPV 16 positive malignancies. Presented at: American Society of Clinical Oncology 2022 Annual Meeting; June 3-7, 2022; Virtual. Abstract: 2518. Best Overall Response is defined by RECIST 1.1

KEYTRUDA PDS0101: Versamune based immunotherapy generating HPV-specific CD8+

and CD4+ T cells 3 Phase 2: PDS0101 Monotherapy and in Comb. with KEYTRUDA Investigator-led trial evaluating treatments in patients with HPV-associated oropharyngeal cancer with high risk of recurrence Timing Enrollment

ongoing Indication Treatment of patients with oropharyngeal cancer prior to transoral robotic surgery Clinical Agents Study Goals Safety, rate of regression and local control in patients transoral robotic surgery Trial Partner If

successful, this study could support the expansion of PDS0101 to earlier stage disease 18

References: Gandhapudi SK, et al. 2019. Antigen priming with enantiospecific