Vaccinex Reports $18.6 Million Net Loss for 2024, Revenue Increases to $601,000

Vaccinex, Inc., a clinical-stage biotechnology company focused on developing targeted biotherapeutics, reported a net loss of $18.6 million for the year ended December 31, 2024, compared to a net loss of $20.3 million in 2023. Revenue for 2024 totaled $601,000, a slight increase from $570,000 in 2023. This revenue stemmed from milestones achieved and services performed under collaboration agreements, with no product sales revenue generated. The company's accumulated deficit stood at $358.6 million as of December 31, 2024. The company's cash and cash equivalents decreased from $1.5 million at the end of 2023 to $1.1 million at the end of 2024.

Operating expenses decreased from $23.5 million in 2023 to $19.3 million in 2024. This reduction was primarily due to a decrease in research and development expenses, which fell by $4.0 million (24%) to $12.5 million, attributed to reduced headcount, completion of the SIGNAL-AD Alzheimer's disease trial, and a pause in head and neck cancer clinical trials. General and administrative expenses saw a minor decrease of $90,000 (1%) to $6.8 million. The company's financial statements for 2023 were restated to correct a misstatement in the presentation of cash flows related to warrant instruments. This restatement resulted in a revised net cash used in operating activities of $21.4 million for 2023.

During 2024, Vaccinex raised approximately $15.8 million in net proceeds from various equity financings, including private placements of common stock, pre-funded warrants, and warrants, a public offering of common stock, the sale of Series A Preferred Stock and warrants, and the exercise of warrants. In 2023, the company raised approximately $16.6 million through similar equity financings and an investment from the Alzheimer's Drug Discovery Foundation. The company also utilized an at-the-market offering, selling a small number of shares in both 2023 and 2024. A significant inducement transaction in September 2024 involved the exercise of existing warrants at a reduced price in exchange for new warrants, generating approximately $6.2 million in gross proceeds.

As of December 31, 2024, Vaccinex employed 23 full-time and 4 part-time employees. The company's lead product candidate, pepinemab, is in clinical development for Alzheimer's disease, head and neck cancer, pancreatic cancer, and breast cancer (through company-sponsored and investigator-sponsored trials). The company also has a preclinical product candidate, VX5, for autoimmune disorders. The company's financial statements include a discussion of material weaknesses in internal control over financial reporting, which the company is working to remediate.

The company's 10-K filing includes forward-looking statements regarding future financial performance and the development and commercialization of its product candidates. The company acknowledges substantial risks and uncertainties associated with its business, including the need for additional capital to continue operations, the uncertain outcomes of clinical trials, and the complexities of obtaining regulatory approvals. The company's ability to continue as a going concern is noted as being subject to substantial doubt.