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This is the online edition of Adam’s Biotech Scorecard, a new subscriber-only newsletter. STAT+ subscribers can sign up here to get it delivered every Thursday to their inbox.

Hello, friends! I’m in San Francisco for the STAT Breakthrough Summit. Later today, I’ll be “fireside chatting” with Cytokinetics CEO Robert Blum. It’s not too late to join us virtually. Check out details here.

It’s a travel-shortened week for me, so in this newsletter, I decided to dive deep into PDS Biotech and its experimental drug for head and neck cancer. PDS is what I’d call a biotech cult stock.

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