Vaccinex Reports Third Quarter 2024 Financial Results and Provides Corporate Update

Core Viewpoint - Vaccinex, Inc. is actively exploring partnerships to advance the development of its lead drug candidate, pepinemab, for Alzheimer's disease, following promising clinical trial results that indicate its potential to slow cognitive decline in patients with Mild Cognitive Impairment and Mild Dementia [1][2][4]. Financial Results - As of September 30, 2024, the company reported cash and cash equivalents of $2.9 million, an increase from $1.5 million as of December 31, 2023 [7]. - The comprehensive loss for the quarter ended September 30, 2024, was $5.7 million, with a net loss per share of $(2.83), compared to a comprehensive loss of $4.9 million and a net loss per share of $(15.25) for the same period in 2023 [11][28]. - Research and development expenses for the quarter were $3.2 million, down from $4.4 million in the comparable period in 2023 [10]. Clinical Development - The SIGNAL-AD clinical trial demonstrated that treatment with pepinemab slowed the expression of key biomarkers associated with Alzheimer's disease progression, including GFAP and p-tau 217 [2][4]. - Pepinemab treatment showed a consistent trend of slowing cognitive decline as measured by established cognitive assessments, particularly in patients with early signs of cognitive deficits (MMSE 22-26) [3][4]. - The findings from the SIGNAL-AD study are consistent with previous studies in Huntington's disease, indicating a potential broader application of pepinemab in neurodegenerative diseases [4]. Partnership and Funding - The company is encouraged by the results from its clinical trials and is pursuing discussions for partnerships to expedite further development of pepinemab [4]. - The SIGNAL-AD study received funding from the Alzheimer's Drug Discovery Foundation and a grant from the Alzheimer's Association, highlighting external support for its research initiatives [4]. Stockholder Equity and Compliance - On October 7, 2024, the company received a notice from Nasdaq regarding non-compliance with continued listing standards related to stockholders' equity, prompting the company to submit a compliance plan [12][13].