PharmaCyte Biotech holds annual meeting, elects directors

On Thursday, PharmaCyte Biotech, Inc. (NASDAQ:PMCB), a Nevada-based biotech firm with a market capitalization of $8.2 million, reported the outcomes of its annual meeting of stockholders. According to InvestingPro data, the company’s stock has declined 24% year-to-date, though it maintains strong financial health metrics. The meeting, which took place via live webcast, involved voting on several key proposals, including the election of directors and the ratification of the company’s independent registered public accounting firm.

Stockholders elected five directors to serve until the next annual meeting, scheduled for the year ending April 30, 2026. The elected directors are Joshua N. Silverman, Jonathan L. Schechter, Michael M. Abecassis, Robert Weinstein, and Wayne R. Walker. The voting results indicated varying levels of shareholder support for each nominee.

Additionally, the shareholders ratified the appointment of CBIZ (NYSE:CBZ) CPAs P.C. as the independent registered public accounting firm for the fiscal year ending April 30, 2025. The proposal passed with a significant majority.

The third proposal involved a non-binding advisory vote on executive compensation, which also received approval from the stockholders.

Approximately 46.92% of the outstanding shares entitled to vote were represented at the meeting, either in person or by proxy, satisfying the quorum requirement for the proceedings.

The company, formerly known as Nuvilex, Inc. and eFoodSafety.com Inc., specializes in biological products and operates under the name 03 Life Sciences. InvestingPro analysis shows the company maintains excellent liquidity with a current ratio of 14.2, and holds more cash than debt on its balance sheet. The meeting followed standard corporate governance procedures and addressed routine matters for the publicly traded company, which currently trades below its Fair Value according to InvestingPro’s proprietary models. Subscribers can access 5 additional ProTips and comprehensive financial metrics on the platform.

This report is based on a press release statement and reflects the official results as filed with the Securities and Exchange Commission on the same day of the meeting.

In other recent news, PharmaCyte Biotech has announced a change in its independent registered accounting firm. The company’s previous accountant, Marcum LLP, resigned after its attest business was acquired by CBIZ CPAs P.C. on November 1, 2024. Following this acquisition, PharmaCyte Biotech’s Audit Committee accepted Marcum’s resignation and appointed CBIZ CPAs P.C. as the new independent registered public accounting firm. Marcum’s reports on the company’s financial statements for the fiscal year ending April 30, 2024, were free of adverse opinions or disclaimers. However, material weaknesses were noted in internal controls, specifically regarding the segregation of duties of the Chief Financial Officer and management review controls. These issues did not result in disagreements that needed to be mentioned in Marcum’s reports. PharmaCyte Biotech confirmed no consultations with CBIZ CPAs P.C. occurred regarding accounting principles that might affect the audit opinion for the fiscal years ending April 30, 2024, and April 30, 2023, or the interim period up to February 21, 2025. Marcum LLP agreed with PharmaCyte Biotech’s statements about their resignation, as detailed in a letter to the Securities and Exchange Commission. This transition is documented in PharmaCyte Biotech’s latest 8-K filing.

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