Vaccitech Reports First Quarter 2021 Financial Results and Recent Corporate Developments
June 14 2021 - 5:49PM
Vaccitech plc (NASDAQ: VACC), a clinical-stage biopharmaceutical
company engaged in the discovery and development of novel
immunotherapeutics and vaccines for the treatment and prevention of
infectious diseases and cancer, today announced financial results
for the quarter ended March 31, 2021, and provided an overview of
the Company’s recent corporate developments.
“The first quarter of 2021 was transformational for Vaccitech as
we closed a Series B financing round and initiated patient dosing
in our two lead therapeutic programs, HBV and HPV,” said Bill
Enright, CEO of Vaccitech. “We drove on to successfully complete
our IPO early in the second quarter and are now capitalized to
advance multiple pipeline candidates into Phase 3 trials.”
First Quarter and Recent Corporate
Developments
- Closed an initial public offering of American Depository Shares
for total gross proceeds of $110.5 million
- Initiated patient dosing in HPV001, a Phase 1/2 clinical trial
of VTP-200, an immunotherapeutic in development for the treatment
of high-risk and persistent HPV infection
- Completed a $168 million Series B financing. This includes
$43 million of proceeds from previously issued convertible loan
notes that converted into Series B shares
- Appointed three independent members to its Board of
Directors
- Initiated patient dosing in HBV002, a Phase 1b/2a clinical
trial of VTP-300, an immunotherapeutic candidate in development for
the treatment of chronic HBV infection
Upcoming Milestones
- Third quarter of 2021: VTP-300 topline safety and
immunogenicity results of the Phase 1 trial, HBV001, in healthy
volunteers and patients with chronic HBV infection
- Third quarter of 2021: VTP-600 dosing initiation in patients
with non-small cell lung cancer in combination with a checkpoint
inhibitor and chemotherapy
- Fourth quarter of 2021: VTP-300 interim efficacy review,
including surface antigen loss, of HBV002, the Phase 1/2a clinical
trial in patients with chronic HBV infection
- First quarter of 2022: VTP-200 interim efficacy review of
HPV100, the Phase 1/2a clinical trial in patients with high-risk
and persistent HPV infection
First Quarter 2021 Financial Highlights:
- Cash position: As of March 31, 2021, cash and
cash equivalents were $155.9 million, compared to $43.3 million as
of December 31, 2021. The increase was primarily due to completion
of the Series B financing. Subsequent to the end of the first
quarter, the Company closed an initial public offering that raised
a gross amount of $110.5 million. The Company believes its cash and
cash equivalents are sufficient to fund operations into 2024.
- Research and development (R&D) expenses:
Research and development expenses were $4.6 million for the first
quarter of 2021 compared to $4.2 million for the comparable period
of the prior year. The increase in R&D expense was primarily
due to increased spending on progressing VTP-300 and VTP-850
development.
- General and administrative expenses: General
and administrative expenses were $1.8 million for the first quarter
of 2021 compared to $1.1 million for the comparable period of the
prior year. The increase was primarily attributable to higher
personnel costs driven by an increase in the Company’s headcount
between the quarters and higher professional fees.
- Other expenses: Other expenses, net were $9.3
million for the first quarter of 2021 compared to $0.7 million of
income for the comparable period of the prior year. The increase in
other expenses was primarily attributable to loss on extinguishment
of convertible loan notes of $13.8 million and interest on loan
notes of $2.7 million in the period, net of gain in fair value of
derivatives of $6.0 million.
- Net loss: The company generated a net loss of
$15.3 million, or $1.90 per basic and diluted share, for the first
quarter of 2021 compared to a net loss of $3.8 million, or $0.49
per basic and diluted share, for the comparable period of the prior
year.
About Vaccitech
Vaccitech is a clinical-stage biopharmaceutical company engaged
in the discovery and development of novel immunotherapeutics and
vaccines for the treatment and prevention of infectious diseases
and cancer. The company’s proprietary platform comprises
proprietary modified simian adenoviral vectors, known as ChAdOx1
and ChAdOx2, as well as the well-validated Modified Vaccinia
Ankara, or MVA, boost vector, both with demonstrable tolerability
profiles and without the ability to replicate in humans. The
combination of a ChAdOx prime treatment with subsequent MVA boost
has consistently generated significantly higher magnitudes of CD8+
T cells compared with other technologies and approaches. The
company has a broad pipeline of both clinical and preclinical stage
therapeutic programs in solid tumors and viral infections and
prophylactic viral vaccine programs. Vaccitech co-invented a
COVID-19 vaccine with the University of Oxford, now approved for
use in many territories and exclusively licensed worldwide to
AstraZeneca through Oxford University Innovation, or OUI. Vaccitech
is entitled to receive a share of the milestones and royalty income
received by OUI from AstraZeneca.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended, including, without limitation, statements
regarding risks and uncertainties related to timing and advancement
of our therapeutic programs, our expectations regarding the
therapeutic benefit of our programs, our ability to efficiently
discover and develop product candidates, our ability to obtain and
maintain regulatory approval of our product candidates, the
implementation of our business model, strategic plans for our
business and product candidates, expectations regarding our new
directors, and other risks identified in our SEC filings, including
our Quarterly Report on Form 10-Q for the first quarter of 2021 and
subsequent filings with the SEC. The words “may,” “will,” “could,”
“would,” “should,” “expect,” “plan,” “anticipate,” “intend,”
“believe,” “estimate,” “predict,” “project,” “potential,”
“continue” and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Any forward-looking
statements in this press release are based on management’s current
expectations and beliefs and are subject to numerous risks,
uncertainties and important factors that may cause actual events or
results to differ materially from those expressed or implied by any
forward-looking statements contained in this press release,
including, without limitation, risks and uncertainties related to
timing and advancement of our therapeutic programs, our
expectations regarding the therapeutic benefit of our programs, our
ability to efficiently discover and develop product candidates, our
ability to obtain and maintain regulatory approval of our product
candidates, the implementation of our business model, strategic
plans for our business and product candidates, expectations
regarding our new directors, and other risks identified in our SEC
filings, including our Quarterly Report on Form 10-Q for the first
quarter of 2021, as amended, and subsequent filings with the SEC.
We caution you not to place undue reliance on any forward-looking
statements, which speak only as of the date they are made. We
expressly disclaim any obligation to publicly update or revise any
such statements to reflect any change in expectations or in events,
conditions or circumstances on which any such statements may be
based, or that may affect the likelihood that actual results will
differ from those set forth in the forward-looking statements.
VACCITECH PLC
CONDENSED CONSOLIDATED BALANCE
SHEETS(IN THOUSANDS, EXCEPT NUMBER OF SHARES AND
PER SHARE AMOUNTS)(UNAUDITED)
|
|
March 31, 2021 |
|
|
December 31, 2020 |
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
155,935 |
|
|
$ |
43,266 |
|
Accounts receivable |
|
312 |
|
|
|
518 |
|
Research and development incentives receivable |
|
3,691 |
|
|
|
2,708 |
|
Prepaid expenses and other current assets |
|
3,427 |
|
|
|
1,409 |
|
Total current assets |
|
163,365 |
|
|
|
47,901 |
|
Property and equipment,
net |
|
1,003 |
|
|
|
629 |
|
Right of use assets, net |
|
2,098 |
|
|
|
2,136 |
|
Deferred tax assets |
|
25 |
|
|
|
- |
|
Total assets |
$ |
166,491 |
|
|
$ |
50,666 |
|
|
|
|
|
|
|
LIABILITIES,
REDEEMABLE PREFERRED SHARES AND SHAREHOLDERS’ DEFICIT |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
4,833 |
|
|
$ |
4,667 |
|
Accrued expenses and other current liabilities |
|
3,273 |
|
|
|
2,537 |
|
Deferred revenue |
|
346 |
|
|
|
245 |
|
Current portion of lease liability |
|
198 |
|
|
|
192 |
|
Total current liabilities |
|
8,650 |
|
|
|
7,641 |
|
Convertible loan notes – non
current |
|
- |
|
|
|
44,700 |
|
Lease liability – non
current |
|
1,435 |
|
|
|
1,472 |
|
Total liabilities |
$ |
10,085 |
|
|
$ |
53,813 |
|
Commitments and
contingencies |
|
|
|
|
|
Series A redeemable
convertible preferred shares (Series A shares); £0.10 nominal
value; 22,065 shares issued and outstanding; (December 31, 2020:
issued and outstanding: 22,065) |
$ |
33,736 |
|
|
$ |
33,765 |
|
Series B redeemable
convertible preferred shares (Series B shares); £0.10 nominal
value; 41,378 shares issued and outstanding; (December 31, 2020:
issued and outstanding: 0) |
$ |
175,501 |
|
|
$ |
- |
|
Shareholders’ deficit: |
|
|
|
|
|
Ordinary shares, £0.000025 nominal value; 8,224,344 shares
authorized, issued and outstanding (December 31, 2020: authorized,
issued and outstanding: 7,960,458) |
|
- |
|
|
|
- |
|
Deferred A shares, £1 nominal value; 63,443 shares authorized,
issued and outstanding (December 31, 2020:no shares issued or
outstanding) |
|
86 |
|
|
|
- |
|
Deferred C shares, £0,000007 nominal value, 8,224,344 shares
authorized, issued and outstanding (December 31, 2020: authorized,
issued and outstanding: 7,960,458) |
|
- |
|
|
|
- |
|
Additional paid-in capital |
|
22,457 |
|
|
|
21,660 |
|
Accumulated deficit |
|
(72,988 |
) |
|
|
(57,720 |
) |
Accumulated other comprehensive loss – foreign currency translation
adjustments |
|
(2,663 |
) |
|
|
(1,243 |
) |
Noncontrolling interest |
|
277 |
|
|
|
391 |
|
Total shareholders’ deficit |
$ |
(52,831 |
) |
|
$ |
(36,912 |
) |
Total liabilities, redeemable
convertible preferred shares and shareholders’ deficit |
$ |
166,491 |
|
|
$ |
50,666 |
|
VACCITECH PLC
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS(IN THOUSANDS,
EXCEPT NUMBER OF SHARES AND PER SHARE
AMOUNTS)(UNAUDITED)
|
|
Three months ended |
|
|
March 31, 2021 |
|
|
March 31, 2020 |
License revenue |
$ |
16 |
|
|
$ |
3 |
|
Service revenue |
|
21 |
|
|
|
219 |
|
Research grants and
contracts |
|
178 |
|
|
|
483 |
|
Total revenue |
|
215 |
|
|
|
705 |
|
Operating expenses |
|
|
|
|
|
Research and development |
|
4,610 |
|
|
|
4,242 |
|
General and administrative |
|
1,777 |
|
|
|
1,112 |
|
Total operating expenses |
|
6,387 |
|
|
|
5,354 |
|
Loss from operations |
|
(6,172 |
) |
|
|
(4,649 |
) |
Other income (expense): |
|
|
|
|
|
Change in fair value of derivatives |
|
5,994 |
|
|
|
- |
|
Unrealized exchange gain on convertible loan notes |
|
209 |
|
|
|
- |
|
Loss on extinguishment of convertible loan notes |
|
(13,789 |
) |
|
|
- |
|
Interest income |
|
2 |
|
|
|
- |
|
Interest expense |
|
(2,650 |
) |
|
|
- |
|
Research and development incentives |
|
955 |
|
|
|
698 |
|
Total other (expense) income |
|
(9,279 |
) |
|
|
698 |
|
Tax benefit |
|
65 |
|
|
|
- |
|
Net loss |
|
(15,386 |
) |
|
|
(3,951 |
) |
Net loss attributable to noncontrolling interest |
|
118 |
|
|
|
130 |
|
Net loss attributable to
Vaccitech Plc. shareholders |
|
(15,268 |
) |
|
|
(3,821 |
) |
|
|
|
|
|
|
Weighted-average ordinary
shares outstanding, basic and diluted |
|
8,057,216 |
|
|
|
7,816,681 |
|
Net loss per share
attributable to ordinary shareholders, basic and diluted |
$ |
(1.90 |
) |
|
$ |
(0.49 |
) |
|
|
|
|
|
|
Net loss |
$ |
(15,386 |
) |
|
$ |
(3,951 |
) |
Other comprehensive loss –
foreign currency translation adjustments |
|
(1,416 |
) |
|
|
(683 |
) |
Comprehensive loss |
|
(16,802 |
) |
|
|
(4,634 |
) |
Comprehensive loss
attributable to noncontrolling interest |
|
114 |
|
|
|
148 |
|
Comprehensive loss
attributable to Vaccitech Plc. shareholders |
$ |
(16,688 |
) |
|
$ |
(4,486 |
) |
Investors:Vaccitech Investor
Relationsir@vaccitech.co.uk
Vaccitech Media Contacts:Katja Stout, Scius
Communications (EU)Direct: +44 (0) 7789435990Email:
katja@sciuscommunications.com
Ryo Imai / Robert Flamm, Ph.D. (US), Burns McClellan,
Inc.212-213-0006 ext. 315 / 364Email: rimai@burnsmc.com /
rflamm@burnsmc.com
Henry Hodge, VaccitechEmail: henry.hodge@vaccitech.co.uk
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