HilleVax Reports Full Year 2024 Financial Results and Highlights Recent Company Progress

Rhea-AI Summary

HilleVax (HLVX) has reported its financial results for the full year 2024. The company's cash position stood at $171.4 million as of December 31, 2024, down from $303.5 million in the previous year. Research and development expenses decreased to $78.2 million in 2024 from $106.7 million in 2023, primarily due to reduced clinical development costs.

General and administrative expenses increased to $28.8 million in 2024 from $26.7 million in 2023, mainly due to higher personnel-related costs. The company's net loss widened to $147.3 million in 2024 compared to $123.6 million in 2023. Other income decreased to $8.0 million in 2024 from $9.8 million in 2023, affected by interest expenses from term loan facility repayment.

Positive

• Significant reduction in R&D expenses by 26.7% to $78.2 million
• Maintained strong cash position of $171.4 million

Negative

• Net loss increased by 19.2% to $147.3 million in 2024
• Cash position decreased by 43.5% from $303.5 million in 2023
• Other income declined due to interest expenses from loan repayment
• Higher G&A expenses due to increased personnel costs

Insights

Financial Analyst

HilleVax's 2024 financial results reveal concerning trends despite efforts to control expenses. The company's cash position decreased substantially by 43.5% year-over-year to $171.4 million, indicating significant burn rate. While R&D expenses were reduced by 26.7% to $78.2 million, the company's net loss actually increased by 19.2% to $147.3 million.

This contradiction between cost-cutting and worsening financial performance raises red flags. The company's statement about "exploring potential for continued development" and evaluating "strategic alternatives" is particularly telling - this type of language often signals uncertainty about future direction and can precede significant operational changes or partnership explorations.

At the current burn rate, HilleVax has approximately 14-15 months of runway remaining without additional financing. More concerning is the lack of positive pipeline updates you'd typically expect in an annual report from a clinical-stage company. For a vaccine developer, this absence coupled with dramatically reduced R&D spending suggests potential clinical development challenges.

The company faces difficult choices ahead - either secure additional funding in a challenging biotech financing environment, find strategic partners, or further reduce operational expenses. The increased G&A expenses (7.9% year-over-year) during a period of R&D reduction also raises questions about resource allocation efficiency at this critical juncture.

$171.4 million of cash, cash equivalents and marketable securities as of December 31, 2024

The company is exploring the potential for continued development of its norovirus vaccine candidates in adults as well as business development related activities and other strategic alternatives

BOSTON, March 28, 2025 (GLOBE NEWSWIRE) -- HilleVax, Inc. (Nasdaq: HLVX), a clinical-stage biopharmaceutical company focused on developing and commercializing novel vaccines, today reported financial results for the year ended December 31, 2024.

Full Year 2024 Financial Results

As of December 31, 2024 and December 31, 2023, the company had cash, cash equivalents and marketable securities totaling $171.4 million and $303.5 million, respectively.

Research and development expenses for the fourth quarter 2024 were $9.2 million and $78.2 million for the full year ended December 31, 2024, compared to $33.3 for the fourth quarter 2023 and $106.7 million for the full year ended December 31, 2023. The decrease was primarily due to lower clinical development costs.

General and administrative expenses for the fourth quarter 2024 were $6.1 million and $28.8 for the full year ended December 31, 2024, compared to $7.0 million for the fourth quarter 2023 and $26.7 for the full year ended December 31, 2023. The year over year increase was primarily due to higher personnel related costs.

Other income for the fourth quarter 2024 was $2.2 million and $8.0 for the full year ended December 31 2024, compared to $3.3 million for the fourth quarter 2023 and $9.8 million for the full year ended December 31, 2023. The decrease was primarily driven by interest expense incurred on the repayment of the term loan facility during 2024.

Net loss for the fourth quarter 2024 was $33.9 million and $147.3 for the year ended December 31, 2024, compared to $37.0 million for the fourth quarter 2023 and $123.6 for the full year ended December 31, 2023.

About HilleVax

HilleVax is a clinical-stage biopharmaceutical company focused on developing and commercializing novel vaccines. Its initial programs, HIL-214 and HIL-216, are virus-like particle (VLP) based vaccine candidates in development for the prevention of moderate-to-severe acute gastroenteritis (AGE) caused by norovirus infection. Globally, norovirus is estimated to result in over approximately 700 million cases of AGE and 200,000 deaths per year, resulting in over $4 billion in direct health system costs and $60 billion in societal costs per year. The burden of norovirus falls disproportionately on young children and older adults. For more information about HilleVax, visit the company’s website at http://www.HilleVax.com.

Forward-Looking Statements

The Company cautions you that statements contained in this report regarding matters that are not historical facts are forward-looking statements. The forward-looking statements are based on the Company’s current beliefs and expectations and include, but are not limited to: the timing and scope of any workforce reductions, the amount and timing of the related charges and costs, and intended objectives and benefits of a workforce reduction; and the Company’s plan to explore the potential for continued development of its norovirus vaccine candidates as well as business development-related activities for these vaccine candidates. Actual results may differ from those set forth in this report due to the risks and uncertainties inherent in the Company’s business, including, without limitation: the preliminary nature of the Company’s estimates of the charges and cash expenditures to be incurred in connection with the recent workforce reduction; the Company may not realize the benefits expected from the workforce reduction, including the Company’s ability to conserve cash; the Company’s ability to retain key personnel; to date the Company has depended primarily on the success of HIL-214, and the Company may be unable to identify a viable development path forward for its vaccine candidates; the Company may be unable to secure partnerships or other strategic collaborations on acceptable terms or at all; and other risks described in the Company’s filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in the Company’s annual report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contact:

Shane Maltbie
IR@hillevax.com
+1-617-213-5054

  

HilleVax, Inc. Condensed Consolidated Statement of Operations Data (in thousands, except share and per share data) (unaudited)
		Three Months Ended								Year Ended
		December 31,								December 31,
		2024				2023				2024				2023
Operating expenses:
Research and development		$	9,199			$	33,258			$	78,172			$	106,683
In-process research and development			—				—				15,325				—
General and administrative			6,138				7,033				28,787				26,662
Restructuring and impairment charges			20,814				—				33,007				—
Total operating expenses			36,151				40,291				155,291				133,345
Loss from operations			(36,151	)			(40,291	)			(155,291	)			(133,345	)
Total other income			2,204				3,331				8,024				9,779
Net loss		$	(33,947	)		$	(36,960	)		$	(147,267	)		$	(123,566	)
Net loss per share, basic and diluted		$	(0.68	)		$	(0.78	)		$	(3.00	)		$	(3.04	)
Weighted-average shares of common stock outstanding, basic and diluted			49,583,518				47,557,423				49,153,125				40,598,482

HilleVax, Inc. Condensed Consolidated Balance Sheet Data (in thousands) (unaudited)
		December 31, 2024				December 31, 2023
Cash, cash equivalents and marketable securities		$	171,432			$	303,483
Total assets			192,690				344,434
Total liabilities			38,204				78,909
Total stockholders’ equity			154,486				265,525
Total liabilities and stockholders’ equity			192,690				344,434

FAQ

What is HilleVax's (HLVX) cash position as of December 31, 2024?

HilleVax reported $171.4 million in cash, cash equivalents and marketable securities as of December 31, 2024.

How much did HLVX's R&D expenses decrease in 2024 compared to 2023?

R&D expenses decreased by $28.5 million, from $106.7 million in 2023 to $78.2 million in 2024.

What was HilleVax's (HLVX) net loss for the full year 2024?

HilleVax reported a net loss of $147.3 million for the full year 2024.

Why did HLVX's general and administrative expenses increase in 2024?

General and administrative expenses increased due to higher personnel-related costs, rising from $26.7 million in 2023 to $28.8 million in 2024.