HilleVax Reports Third Quarter 2024 Financial Results and Highlights Recent Company Progress
HilleVax (HLVX) reported its Q3 2024 financial results, showing cash and equivalents of $189.3 million as of September 30, 2024, down from $303.5 million at year-end 2023. R&D expenses decreased to $20.2 million from $27.3 million in Q3 2023, mainly due to lower clinical development costs. G&A expenses slightly decreased to $6.2 million from $6.6 million. Other income declined to $0.6 million from $2.1 million, primarily due to interest expenses from term loan facility repayment. Net loss improved to $25.8 million compared to $31.8 million in Q3 2023.
HilleVax (HLVX) ha riportato i risultati finanziari del terzo trimestre 2024, mostrando disponibilità liquide e equivalenti di 189,3 milioni di dollari al 30 settembre 2024, in calo rispetto ai 303,5 milioni di dollari a fine 2023. Le spese per ricerca e sviluppo sono diminuite a 20,2 milioni di dollari rispetto ai 27,3 milioni di dollari nel terzo trimestre 2023, principalmente a causa di costi di sviluppo clinico inferiori. Le spese generali e amministrative sono leggermente diminuite a 6,2 milioni di dollari rispetto ai 6,6 milioni di dollari. Altri redditi sono scesi a 0,6 milioni di dollari rispetto ai 2,1 milioni di dollari, principalmente a causa delle spese per interessi sul rimborso del prestito a termine. La perdita netta è migliorata a 25,8 milioni di dollari rispetto ai 31,8 milioni di dollari nel terzo trimestre 2023.
HilleVax (HLVX) reportó sus resultados financieros del tercer trimestre de 2024, mostrando efectivo y equivalentes de 189,3 millones de dólares al 30 de septiembre de 2024, en comparación con 303,5 millones de dólares a finales de 2023. Los gastos en I+D disminuyeron a 20,2 millones de dólares desde 27,3 millones de dólares en el tercer trimestre de 2023, principalmente debido a menores costos de desarrollo clínico. Los gastos generales y administrativos disminuyeron ligeramente a 6,2 millones de dólares desde 6,6 millones de dólares. Otros ingresos cayeron a 0,6 millones de dólares desde 2,1 millones de dólares, principalmente debido a los gastos por intereses del reembolso del préstamo a plazos. La pérdida neta mejoró a 25,8 millones de dólares en comparación con 31,8 millones de dólares en el tercer trimestre de 2023.
HilleVax (HLVX)는 2024년 3분기 재무 결과를 보고하며, 2024년 9월 30일 기준 현금 및 현금성 자산이 1억 8,930만 달러라고 밝혔다. 이는 2023년 연말의 3억 3,500만 달러에서 감소한 수치이다. 연구개발 비용은 3분기 2023년의 2,730만 달러에서 2,020만 달러로 감소하였으며, 이는 주로 임상 개발 비용 절감에 기인한다. 일반 및 관리 비용은 660만 달러에서 620만 달러로 약간 감소하였다. 기타 수익은 210만 달러에서 60만 달러로 감소하였으며, 이는 주로 기한 이전에 대출금 상환으로 인한 이자 비용 때문이다. 순손실은 3분기 2023년의 3,180만 달러에서 2,580만 달러로 개선되었다.
HilleVax (HLVX) a publié ses résultats financiers pour le troisième trimestre 2024, montrant des liquidités et équivalents de 189,3 millions de dollars au 30 septembre 2024, en baisse par rapport à 303,5 millions de dollars à la fin de l'année 2023. Les dépenses de R&D ont diminué à 20,2 millions de dollars par rapport à 27,3 millions de dollars lors du troisième trimestre 2023, principalement en raison de coûts de développement clinique réduits. Les dépenses générales et administratives ont légèrement diminué à 6,2 millions de dollars contre 6,6 millions de dollars. Les autres revenus ont chuté à 0,6 million de dollars contre 2,1 millions de dollars, principalement en raison des charges d'intérêt liées au remboursement d'un prêt à terme. La perte nette s'est améliorée à 25,8 millions de dollars par rapport à 31,8 millions de dollars au troisième trimestre 2023.
HilleVax (HLVX) hat seine finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht und zeigt Barreserven und Äquivalente von 189,3 Millionen US-Dollar zum 30. September 2024, ein Rückgang gegenüber 303,5 Millionen US-Dollar zum Jahresende 2023. Die F&E-Ausgaben sanken auf 20,2 Millionen US-Dollar, verglichen mit 27,3 Millionen US-Dollar im dritten Quartal 2023, hauptsächlich aufgrund niedrigerer Kosten für klinische Entwicklungen. Die allgemeinen und administrativen Ausgaben verringerten sich leicht auf 6,2 Millionen US-Dollar von 6,6 Millionen US-Dollar. Sonstige Erträge gingen von 2,1 Millionen US-Dollar auf 0,6 Millionen US-Dollar zurück, hauptsächlich aufgrund von Zinsaufwendungen aus der Rückzahlung eines Terminkredits. Der Nettoverlust verbesserte sich auf 25,8 Millionen US-Dollar im Vergleich zu 31,8 Millionen US-Dollar im dritten Quartal 2023.
- Net loss improved by $6 million year-over-year to $25.8 million
- R&D expenses reduced by $7.1 million compared to Q3 2023
- G&A expenses decreased by $0.4 million year-over-year
- Cash position declined by $114.2 million since December 2023
- Other income decreased by $1.5 million due to loan repayment expenses
- Significant ongoing quarterly losses of $25.8 million
Insights
The Q3 results reveal a concerning cash burn rate, with cash reserves declining by
The reduction in G&A expenses and professional service costs, combined with the term loan repayment impacting other income, suggests a focus on cost management. However, without clear revenue streams and ongoing cash burn, the company's runway and ability to fund future development initiatives may be The strategic review and business development activities hint at possible M&A or partnership opportunities being considered.
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, Nov. 07, 2024 (GLOBE NEWSWIRE) -- HilleVax, Inc. (Nasdaq: HLVX), a clinical-stage biopharmaceutical company focused on developing and commercializing novel vaccines, today reported financial results for the quarter ended September 30, 2024.
Third Quarter 2024 Financial Results
As of September 30, 2024 and December 31, 2023, the company had cash, cash equivalents and marketable securities totaling
Research and development expenses for the third quarter 2024 were
General and administrative expenses for the third quarter 2024 were
Other income for the third quarter 2024 was
Net loss for the third quarter 2024 was
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
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 | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 20,165 | $ | 27,308 | $ | 72,744 | $ | 73,425 | ||||||||
| In-process research and development | — | — | 15,325 | — | ||||||||||||
| General and administrative | 6,215 | 6,603 | 22,836 | 19,629 | ||||||||||||
| Impairment charges | — | — | 8,235 | — | ||||||||||||
| Total operating expenses | 26,380 | 33,911 | 119,140 | 93,054 | ||||||||||||
| Loss from operations | (26,380 | ) | (33,911 | ) | (119,140 | ) | (93,054 | ) | ||||||||
| Total other income | 557 | 2,096 | 5,820 | 6,448 | ||||||||||||
| Net loss | $ | (25,823 | ) | $ | (31,815 | ) | $ | (113,320 | ) | $ | (86,606 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.52 | ) | $ | (0.81 | ) | $ | (2.31 | ) | $ | (2.26 | ) | ||||
| Weighted-average shares of common stock outstanding, basic and diluted | 49,382,277 | 39,039,553 | 49,008,614 | 38,252,981 | ||||||||||||
| HilleVax, Inc. Condensed Consolidated Balance Sheet Data (in thousands) (unaudited) | ||||||||
| September 30, 2024 | December 31, 2023 | |||||||
| Cash, cash equivalents and marketable securities | $ | 189,310 | $ | 303,483 | ||||
| Total assets | 220,622 | 344,434 | ||||||
| Total liabilities | 36,349 | 78,909 | ||||||
| Total stockholders’ equity | 184,273 | 265,525 | ||||||
| Total liabilities and stockholders’ equity | 220,622 | 344,434 | ||||||
FAQ
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