Vaccinex reports positive financial results in Q3 2024, explores partnerships for Alzheimer's development
From GlobeNewswire: 2024-11-18 08:30:00
Vaccinex, Inc. is actively exploring partnerships for Alzheimer’s development and concluded supplementary financing in Q4 of 2024. The company reported that treatment with pepinemab slowed cognitive decline due to Alzheimer’s disease by influencing key biomarkers. Pepinemab also showed promise in enhancing immune activity in HPV-negative and PD-L1 low head and neck cancer patients.
The company’s financial results for the quarter ended September 30, 2024, showed cash and cash equivalents at $2.9 million. Vaccinex also entered into a securities purchase agreement on November 13, 2024, for aggregate gross proceeds of approximately $2.15 million. The company appealed a Nasdaq listing determination and submitted a plan to regain compliance with the Equity Standard through 2025.
Pepinemab, a humanized IgG4 monoclonal antibody, blocks SEMA4D and shows potential benefits in treating Alzheimer’s disease and Huntington’s disease. Vaccinex is also evaluating pepinemab in combination with KEYTRUDA® for head and neck cancer. The company has global commercial and development rights to pepinemab and is actively pursuing further development in neurodegenerative diseases and cancer.
Financially, Vaccinex reported research and development expenses of $3.2 million and general and administrative expenses of $1.4 million for the quarter ended September 30, 2024. The company’s comprehensive loss and net loss per share for the same period were $5.7 million and $(2.83), respectively. Total stockholders’ equity was reported at a deficit of $1,321 as of September 30, 2024.
Vaccinex’s financial statements for the quarter ended September 30, 2024, show a revenue of $52 and costs and expenses totaling $4,604. The company reported a net loss of $5,732 attributable to common stockholders. The loss per share for the quarter was $(2.83), based on a weighted-average of 2,026,920 shares.
Read more at GlobeNewswire:: Vaccinex Reports Third Quarter 2024 Financial Results and