Vaccinex(US:VCNX)2024-05-15 21:24Financial Performance - The company reported a net loss of $3.9 million for the three months ended March 31, 2024, compared to a net loss of $5.0 million for the same period in 2023[124]. - The net loss attributable to the Company was $3,897,000 for the three months ended March 31, 2024, compared to a net loss of $4,962,000 for the same period in 2023[143]. - For the three months ended March 31, 2024, the company incurred a net loss of $3.9 million, compared to a net loss of $5.0 million for the same period in 2023, indicating a 22% improvement[158]. - The company has incurred losses since inception, raising substantial doubt about its ability to continue as a going concern[126]. - The company anticipates continued losses and negative cash flows from operations, raising substantial doubt about its ability to continue as a going concern within one year after the issuance of its financial statements[160]. Cash and Liquidity - As of March 31, 2024, the company had cash and cash equivalents of $3.0 million, which is insufficient to fund planned operations for the next year[130]. - As of March 31, 2024, the company reported cash and cash equivalents of $3.0 million, up from $1.5 million as of December 31, 2023[157]. - Cash used in operating activities for the three months ended March 31, 2024, was $4.6 million, a decrease from $5.0 million in the same period of 2023[162]. - The company had an accumulated deficit of $343.8 million as of March 31, 2024, compared to $339.9 million as of December 31, 2023[158]. - The company plans to finance operations through public or private equity sales, debt financing, or other capital sources, but there are no assurances that additional capital will be available[161]. Revenue Generation - The company has not generated any revenue from product sales to date, relying instead on limited service revenue from collaboration agreements[124]. - The Company has not generated any revenue from product sales and does not expect to do so in the foreseeable future as it continues to seek regulatory approvals for its product candidates[138]. - The Company recorded service revenue of $104,000 for the three months ended March 31, 2024, compared to $50,000 for the same period in 2023, and $500,000 from a collaboration agreement with Surface Oncology in Q1 2023[137][144]. Operating Expenses - Research and development expenses decreased by $429,000, or 11%, to $3,383,000 for the three months ended March 31, 2024, compared to $3,812,000 for the same period in 2023[145]. - General and administrative expenses increased by $71,000, or 4%, to $1,795,000 for the three months ended March 31, 2024, compared to $1,724,000 for the same period in 2023[146]. - Total operating expenses decreased by $358,000, or 6%, to $5,178,000 for the three months ended March 31, 2024, compared to $5,536,000 for the same period in 2023[145]. Clinical Development - The company initiated a phase 1/2a clinical study of pepinemab for Alzheimer's disease, with topline data expected in Q3 2024[134]. - The company is focused on developing pepinemab for multiple indications, including Alzheimer's disease and various cancers[122]. - The company is conducting a Phase 1b/2 study evaluating pepinemab in combination with BAVENCIO® for patients with metastatic pancreatic ductal adenocarcinoma, expected to enroll 40 subjects[136]. Stockholder Equity and Financing - The company received a Nasdaq deficiency notice on April 11, 2024, indicating it no longer meets the requirement of maintaining a minimum of $2.5 million in stockholders' equity[131]. - The company’s stockholders' equity was reported at $2.7 million as of March 31, 2024, which exceeds the minimum required under Nasdaq's Equity Standard[132]. - The Company sold 208 shares of common stock at a weighted average price of $10.30, generating net proceeds of $2,077,000 during the three months ended March 31, 2024[148]. - The Company received approximately $6.1 million in gross proceeds from private placements and a public offering during the three months ended March 31, 2024[149]. - The Series A Preferred Stock has a liquidation preference of $175,000 per share, subject to adjustments, and carries a 5% cumulative dividend, increasing by 2% each year[152][153]. Investment Activities - The investing activities during the three months ended March 31, 2024, were primarily due to purchases of property and equipment[164]. - Financing activities provided $6.1 million during the three months ended March 31, 2024, compared to $2.0 million in the same period of 2023, reflecting a 205% increase[165]. Technology and Pipeline - The company has multiple platform technologies, including the SEMA4D antibody platform, to support pipeline expansion and partnership opportunities[123].