HilleVax, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company recorded a net loss of $5.3 million for the quarter, a substantial decrease from the $40.7 million loss reported in the same period last year. For the first half of 2025, the net loss was $11.3 million, compared to $87.5 million for the first half of 2024. This improvement is attributed to a sharp reduction in operating expenses, which fell to $7.0 million from $43.0 million year-over-year, primarily due to the discontinuation of the HIL-214 development program in infants and workforce reductions.
Total operating expenses for the second quarter of 2025 included $1.3 million in research and development costs, a significant drop from $26.6 million in the prior year, reflecting the company's strategic shift away from certain projects. General and administrative expenses also decreased to $5.7 million from $8.1 million, driven by reduced personnel-related costs. The company did not incur any impairment charges in the latest quarter, contrasting with the $8.2 million recorded in the previous year, which was linked to the decline in market capitalization following clinical trial results.
HilleVax's balance sheet as of June 30, 2025, showed total assets of $174.9 million, down from $192.7 million at the end of 2024. The decrease was primarily due to a reduction in cash and cash equivalents, which fell to $58.7 million from $154.5 million. The company also reported a significant increase in marketable securities, which rose to $100.9 million from $17.0 million, indicating a strategic shift in asset allocation. Total liabilities decreased to $27.1 million from $38.2 million, reflecting a reduction in accounts payable and accrued expenses.
In terms of strategic developments, HilleVax entered into a merger agreement with XOMA Royalty Corporation on August 4, 2025, which includes a cash tender offer for its outstanding shares. The merger is expected to close in September 2025, subject to customary conditions. Additionally, the company terminated its license agreement with Takeda Vaccines, which had granted it rights to develop and commercialize HIL-214. This decision aligns with HilleVax's focus on exploring other vaccine candidates and strategic alternatives.
Looking ahead, HilleVax anticipates that its existing cash, cash equivalents, and marketable securities will be sufficient to meet its operational needs for at least the next 12 months. However, the company acknowledges the inherent uncertainties in clinical development and the potential need for additional funding through equity offerings or collaborations. The management remains committed to advancing its vaccine candidates while navigating the complexities of the biopharmaceutical landscape.
About HilleVax, Inc.
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