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VBI Vaccines Inc/BC
0000764195
2023-11-14
2023-11-14
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of report (Date of earliest event reported): November 14, 2023
VBI
VACCINES INC.
(Exact
name of registrant as specified in its charter)
| British
Columbia, Canada |
|
001-37769 |
|
N/A |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
160
Second Street, Floor 3
Cambridge,
Massachusetts |
|
02142 |
| (Address
of principal executive offices) |
|
(Zip
Code) |
(617)
830-3031
(Registrant’s
telephone number, including area code)
N/A
(Former
Name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
| ☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of exchange on which registered |
| Common
Shares, no par value per share |
|
VBIV |
|
The
NASDAQ Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02 Results of Operations and Financial Condition.
On
November 14, 2023, VBI Vaccines Inc. issued a press release announcing its financial results for the third fiscal quarter ending September
30, 2023 and provided a corporate update. A copy of this press release is furnished as Exhibit 99.1 hereto and is incorporated herein
by reference.
In
accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, that
is furnished pursuant to this Item 2.02 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall
not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended,
or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
*
This exhibit is furnished pursuant to Item 2.02 and shall not be deemed to be “filed.”
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
| |
VBI
Vaccines Inc. |
| |
|
|
| Date:
November 14, 2023 |
By:
|
/s/
Jeffrey R. Baxter |
| |
|
Jeffrey
R. Baxter |
| |
|
President
and Chief Executive Officer |
Exhibit
99.1
VBI
Vaccines Reports Third Quarter 2023 Financial Results
| ● | PreHevbrio
(Hepatitis B Vaccine [Recombinant]) global net revenue increased 52% quarter-over-quarter
from Q2 to Q3 2023 |
| ● | Continued
execution across earlier-stage pipeline, including: |
| ○ | Initiation
of Phase 2b study of VBI-1901 in recurrent glioblastoma (GBM) patients |
| ○ | Interim
Phase 1 data announced for pan-coronavirus candidate, VBI-2901 |
| ○ | Novel
mRNA-launched eVLP platform technology announced |
CAMBRIDGE,
Mass. (November 14, 2023) – VBI Vaccines Inc. (Nasdaq: VBIV) (VBI), a biopharmaceutical company driven by immunology in the
pursuit of powerful prevention and treatment of disease, today provided a business update and announced financial results for the quarter
ended September 30, 2023.
“In
Q3, we were focused on pipeline execution with continued revenue growth for PreHevbrio, meaningful data readouts and clinical advancements
of our lead development candidates, and the announcement of a next-generation proprietary technology that blends the benefits of our
eVLP technology with those of mRNA platforms,” said Jeff Baxter, VBI’s President and CEO. “Additionally, in this period
of challenging financial markets for biotechnology companies, we are intensely focused on managing our operating expenses and capital
to fuel sustainable growth and value for key stakeholders.”
Recent
Key Program Achievements and Projected Upcoming Milestones
Hepatitis
B (HBV)
PreHevbrio
[Hepatitis B Vaccine (Recombinant)]
| ● | Global
net product sales increased 52% from Q2 2023 with $1.1 million earned in Q3 2023 |
| ● | Net
product sales are net of the provision for discounts, chargebacks, rebates, and fees –
in the aggregate, these discounts reduced sales by $0.6 million in Q3 2023, from $1.7 million
gross sales to $1.1 million net sales |
| ● | Quarter-over-quarter
momentum continues to grow, with more than a 10% increase in total customer base in Q3 as
compared to Q2 2023 |
| ● | Contracting
network across multiple market segments also continues to see growth, including with retail
partners, Integrated Delivery Networks (IDNs) and large hospital systems, multiple large
military and federal facilities, prisons, and independent and public health clinics |
| ● | July
2023: Exclusive licensing deal with Brii Biosciences (Brii Bio) announced for the
development and commercialization of PreHevbri in the Asia Pacific region, excluding Japan |
| ● | October
2023: Peer-reviewed publication of review of data from studies of PreHevbrio published
in Expert Review of Vaccines |
| ● | Manuscript
title: “PreHevbrio: the first approved 3-antigen hepatitis B vaccine” |
| ● | Q4
2023: New market launches expected in additional European Union countries through
partnership with Valneva (under brand name PreHevbri®) |
VBI-2601
(BRII-179): HBV Immunotherapeutic Candidate
| ● | July
2023: Announced exclusive global licensing agreement with Brii Bio for the development
and commercialization of VBI-2601 |
| ○ | This
expanded partnership adds VBI-2601 to Brii Bio’s HBV portfolio, which, through a series
of strategic investments and partnerships is among the most advanced in the chronic HBV field |
| ○ | VBI
will continue to share in the success of VBI-2601, with the potential to receive regulatory
and commercial milestone payments, in addition to potential double-digit royalties on global
sales of VBI-2601 |
| ● | September
2023: Brii Bio announced topline interim results of Phase 2 study evaluating
VBI-2601 in combination with pegylated interferon-alpha (PEG–IFNα) in chronic
HBV patients |
| ○ | The
combination treatment elicited improved hepatitis B S-antigen (HBsAg) loss and seroconversion
vs. PEG–IFNα alone both at the end of treatment and after 12 weeks of follow
up |
| ● | November
2023: In two late-breaking poster presentations at AASLD The Liver Meeting® 2023,
Brii Bio announced new data from Phase 2 studies of VBI-2601 (BRII-179) highlighting
progress towards achieving HBV functional cure: |
| ○ | Direct
evidence that BRII-179-induced functional antibody responses can contribute to increased
and sustained HBsAg loss rate |
| ○ | New
insight utilizing BRII-179 to enrich patients with intrinsic humoral immune responses for
higher HBsAg loss or HBV functional cure rates |
Glioblastoma
(GBM)
VBI-1901:
Cancer Vaccine Immunotherapeutic Candidate
| ● | September
2023: Announcement of first patients dosed in the randomized, controlled Phase
2b study of VBI-1901, an FDA Fast Track and Orphan Drug Designated cancer vaccine candidate,
in recurrent GBM patients |
| ● | Around
Year-End 2023: Expected initiation of VBI-1901 study arm, as part of Individualized
Screening Trial of Innovative Glioblastoma Therapy (INSIGhT), a Phase 2 adaptive platform
trial, in combination with Agenus Inc.’s anti-PD-1, balstilimab, in primary GBM patients |
| ● | H2
2024: Interim data analyses from Phase 2b study in recurrent GBM patients expected,
subject to speed of patient enrollment |
COVID-19
& Coronaviruses
VBI-2901:
Multivalent Pan-Coronavirus Vaccine Candidate
| ● | September
2023: Initial data from Phase 1 study of VBI-2901 reported – the first
clinical data from a pan-coronavirus vaccine candidate |
| ○ | VBI-2901
demonstrated vaccine benefit – reflected as boosting of and/or greater durability of
antibody titer maintenance: |
| ● | All
participants saw boosting and/or high neutralizing antibody responses against a panel of
COVID-19 variants and two animal coronaviruses |
| ● | Participants
with lower baseline antibody titers, reflecting a higher-risk population, saw the greatest
boosting effect (5-14x strain-dependent boosting) |
| ● | Durability
benefit observed regardless of baseline antibody levels, with only about 25% reduction in
geometric mean titer (GMT) against the Wuhan strain after 5 months vs. peak responses –
compared to an approximate 77% decline in GMT against the Wuhan strain vs. peak responses
to a licensed mRNA vaccine [Gilboa M, 2022]1 |
| ● | Q1
2024: Additional durability and breadth data from the Phase 1 study expected |
| ● | Funds
from existing partners, including the Canadian government and the Coalition for Epidemic
Preparedness Innovations (CEPI) are available to fund the next phase of clinical development |
Novel
mRNA-Launched eVLP (MLE) Technology Platform
| ● | October
2023: Development of a novel mRNA-launched eVLP (MLE) technology platform announced,
supported by preclinical data that have demonstrated significant immunologic and manufacturing
benefits |
| ○ | MLE
technology enables the manufacture of particulate vaccines, capable of driving polyfunctional
B-cell and T-cell activation, on accelerated timelines, similar to other mRNA vaccine production
timelines |
| ○ | New
platform has the potential to be leveraged across infectious disease, cancer, and allergic
and autoimmune disease indications |
Third
Quarter 2023 Financial Results
| ● | Cash
Position: VBI ended the third quarter of 2023 with $35.5 million in cash as compared
with $62.6 million in cash as of December 31, 2022. |
| ● | Revenues,
net: Revenues, net for the third quarter of 2023 were $6.6 million as compared to $0.3
million for the same period in 2022. The revenue increase was a result of an increase in
product sales of PreHevbrio in the U.S. and of PreHevbri to our partner, Valneva, in Europe,
in addition to the license revenue and R&D services revenue associated with the HBV license
agreement, expanded in July 2023, with Brii Bio. |
| ● | Cost
of Revenues: Cost of revenues was $2.5 million in the third quarter of 2023 as compared
to $2.7 million in the third quarter of 2022. The decrease in the cost of revenues was due
to increased product sales, offset by lower direct labor costs as a result of the recent
organization changes that reduced our internal workforce. |
| ● | Research
and Development (R&D): R&D expenses for the third quarter of 2023 were $1.5 million
as compared to $5.0 million for the third quarter of 2022. R&D expenses were offset by
$2.7 million in the third quarter of 2023 and $2.4 million in the third quarter of 2022 due
to government grants and funding arrangements. |
| ● | Sales,
General, and Administrative (SG&A): SG&A expenses for the third quarter of 2023
were $9.0 million as compared to $14.2 million for the same period in 2022. The decrease
in SG&A expenses was mainly a result of the recent organizational changes that reduced
our internal workforce, as announced in April 2023, the redefined deployment strategy of
our U.S. commercial field force, and a reduction in activity-based commercial expenses related
to PreHevbrio. |
| ● | Net
Cash Used in Operating Activities: Net cash used in operating activities for the nine
months ended September 30, 2023, was $48.8 million compared to $54.6 million for the same
period in 2022. The decrease in cash outflows is largely a result of non-cash reconciling
items, mainly impairment charges and unrealized foreign exchange loss, and the change in
operating working capital, most notably in inventory, other current assets, accounts payable,
deferred revenues, and other current liabilities. As announced on April 4, 2023, VBI implemented
cost saving measures that are expected to reduce operating expenses from normal business
in the second half of 2023 by 30-35% compared to the second half of 2022. |
| ● | Net
Loss and Net Loss Per Share: Net loss and net loss per share for the third quarter of
2023 were $20.4 million and $1.01, respectively, compared to a net loss and net loss per
share of $25.2 million and $2.93 for the third quarter of 2022, respectively. |
| ● | Net
Loss, Excluding Impairment Charges and Foreign Exchange Loss, and Net Loss Per Share, Excluding
Impairment Charges and Foreign Exchange Loss: Net loss, excluding impairment charges
and foreign exchange loss, and net loss per share, excluding impairment charges and foreign
exchange loss, for the third quarter of 2023 were $8.0 million and $0.38, respectively, compared
to $22.5 million and $2.62 for the third quarter of 2022, respectively. See “Non-GAAP
Financial Information” below for additional information regarding this non-GAAP financial
measure, and “GAAP to Non-GAAP Reconciliation” for a reconciliation of this non-GAAP
financial measure to net loss and net loss per share. |
| ○ | Impairment
charges and foreign exchange loss for the third quarter of 2023 were $3.6 million and $8.8
million, respectively, as compared to none and $2.7 million for the third quarter of 2022.
Certain intercompany loans between the Company and its subsidiaries are denominated in a
currency other than the functional currency of each entity. The primary driver of the increase
in foreign exchange loss was the impact of the relative strengthening of the U.S. and Canadian
Dollars against the New Israeli Shekel upon translation of these intercompany loans. |
Use
of Non-GAAP Financial Measures
Net
Loss, Excluding Impairment Charges and Foreign Exchange Loss, and Net Loss Per Share, Excluding Impairment Charges and Foreign Exchange
Loss, are non-GAAP financial measures and are defined as Net Loss and Net Loss Per Share excluding the non-cash impairment charges and
foreign exchange loss in both calculations. Net Loss, Excluding Impairment Charges and Foreign Exchange Loss, and Net Loss Per Share,
Excluding Impairment Charges and Foreign Exchange Loss, are not intended to replace Net Loss or Net Loss Per Share or other measures
of financial performance reported in accordance with generally accepted accounting principles (GAAP). VBI’s management believes
that the presentation of Net Loss, Excluding Impairment Charges and Foreign Exchange Loss, and Net Loss Per Share, Excluding Impairment
Charges and Foreign Exchange Loss, are useful to investors because management does not consider foreign exchange loss, which is primarily
driven by changes in exchange rates related to certain intercompany loans, and non-cash impairment charges, both of which are non-recurring
items, when evaluating VBI’s operating performance. Non-GAAP financial measures are meant to supplement, and to be viewed in conjunction
with, GAAP financial results. The presentation of these non-GAAP financial measures should not be considered in isolation or as a substitute
for comparable GAAP financial measures and should be read only in conjunction with the Company’s financial statements prepared
in accordance with GAAP. Reconciliations of the Company’s non-GAAP measures are included below.
The
following represents a reconciliation of Net Loss to Net Loss, Excluding Impairment Charges and Foreign Exchange Loss, and Net Loss Per
Share to Net Loss Per Share, Excluding Impairment Charges and Foreign Exchange Loss. See “Non-GAAP Financial Information”
below for additional information regarding this non-GAAP financial measure, and “GAAP to Non-GAAP Reconciliation” for a reconciliation
of this non-GAAP financial measure to net loss and net loss per share.
| | |
Three
Months Ended
September
30 | |
| | |
2023 | | |
2022 | |
| | |
(Unaudited) (In
000’s except share and per share amounts) | |
| Net Loss | |
$ | (20,444 | ) | |
$ | (25,209 | ) |
| Impairment charges | |
| 3,600 | | |
| - | |
| Foreign
exchange loss | |
| 8,832 | | |
| 2,693 | |
| Net
loss, excluding impairment charges and foreign exchange loss | |
$ | (8,012 | ) | |
$ | (22,516 | ) |
| | |
| | | |
| | |
| Weighted-average number
of shares | |
| 21,166,818 | | |
| 8,608,539 | |
| Net
loss per share, excluding impairment charges and foreign exchange loss | |
$ | (0.38 | ) | |
$ | (2.62 | ) |
About
PreHevbrio [Hepatitis B Vaccine (Recombinant)]
PreHevbrio
is the only 3-antigen hepatitis B vaccine, comprised of the three surface antigens of the hepatitis B virus – Pre-S1, Pre-S2, and
S. It is approved for use in the U.S., European Union/European Economic Area, United Kingdom, Canada, and Israel. The brand names for
this vaccine are: PreHevbrio® (US/Canada), PreHevbri® (EU/EEA/UK), and Sci-B-Vac® (Israel).
Please
visit www.PreHevbrio.com for U.S. Important Safety Information for PreHevbrio [Hepatitis B Vaccine (Recombinant)], or please see
U.S. Full Prescribing Information.
U.S.
Indication
PreHevbrio
is indicated for prevention of infection caused by all known subtypes of hepatitis B virus. PreHevbrio is approved for use in adults
18 years of age and older.
U.S.
Important Safety Information (ISI)
Do
not administer PreHevbrio to individuals with a history of severe allergic reaction (e.g. anaphylaxis) after a previous dose of any hepatitis
B vaccine or to any component of PreHevbrio.
Appropriate
medical treatment and supervision must be available to manage possible anaphylactic reactions following administration of PreHevbrio.
Immunocompromised
persons, including those on immunosuppressant therapy, may have a diminished immune response to PreHevbrio.
PreHevbrio
may not prevent hepatitis B infection, which has a long incubation period, in individuals who have an unrecognized hepatitis B infection
at the time of vaccine administration.
The
most common side effects (> 10%) in adults age 18-44, adults age 45-64, and adults age 65+ were pain and tenderness at the injection
site, myalgia, fatigue, and headache.
There
is a pregnancy exposure registry that monitors pregnancy outcomes in women who received PreHevbrio during pregnancy. Women who receive
PreHevbrio during pregnancy are encouraged to contact 1-888-421-8808 (toll-free).
To
report SUSPECTED ADVERSE REACTIONS, contact VBI Vaccines at 1-888-421-8808 (toll-free) or VAERS at 1-800-822-7967 or www.vaers.hhs.gov.
Please
see Full Prescribing Information.
About
VBI Vaccines Inc.
VBI
Vaccines Inc. (“VBI”) is a biopharmaceutical company driven by immunology in the pursuit of powerful prevention and treatment
of disease. Through its innovative approach to virus-like particles (“VLPs”), including a proprietary enveloped VLP (“eVLP”)
platform technology and a proprietary mRNA-launched eVLP (“MLE”) platform technology, VBI develops vaccine candidates that
mimic the natural presentation of viruses, designed to elicit the innate power of the human immune system. VBI is committed to targeting
and overcoming significant infectious diseases, including hepatitis B, coronaviruses, and cytomegalovirus (CMV), as well as aggressive
cancers including glioblastoma (GBM). VBI is headquartered in Cambridge, Massachusetts, with research operations in Ottawa, Canada, and
a research and manufacturing site in Rehovot, Israel.
Website
Home: http://www.vbivaccines.com/
News
and Resources: http://www.vbivaccines.com/news-and-resources/
Investors:
http://www.vbivaccines.com/investors/
References
| 1. | Gilboa,
Mayan, Regev-Yochay, Gili, Mandelboim, Michael et al. Durability of Immune Response After
COVID-19 Booster Vaccination and Association With COVID-19 Omicron Infection. JAMA Network
Open. September 2022 |
Cautionary
Statement on Forward-looking Information
Certain
statements in this press release that are forward-looking and not statements of historical fact are forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are forward-looking information
within the meaning of Canadian securities laws (collectively, “forward-looking statements”). The Company cautions that such
forward-looking statements involve risks and uncertainties that may materially affect the Company’s results of operations. Such
forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available
to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain
factors, including but not limited to, the impact of general economic, market, industry or political conditions in the United States
or internationally; the impact of the COVID-19 endemic and the continuing effects of the COVID-19 endemic on our clinical studies, manufacturing,
business plan, and the global economy; the ability to successfully manufacture and commercialize PreHevbrio/PreHevbri; the ability to
establish that potential products are efficacious or safe in preclinical or clinical trials; the ability to establish or maintain collaborations
on the development of pipeline candidates and the commercialization of PreHevbrio/PreHevbri; the ability to obtain appropriate or necessary
regulatory approvals to market potential products; the ability to obtain future funding for developmental products and working capital
and to obtain such funding on commercially reasonable terms; the Company’s ability to manufacture product candidates on a commercial
scale or in collaborations with third parties; changes in the size and nature of competitors; the ability to retain key executives and
scientists; our ability to regain and maintain compliance with the Nasdaq Capital Market’s listing standards; and the ability to
secure and enforce legal rights related to the Company’s products. A discussion of these and other factors, including risks and
uncertainties with respect to the Company, is set forth in the Company’s filings with the SEC and the Canadian securities authorities,
including its Annual Report on Form 10-K filed with the SEC on March 13, 2023, and filed with the Canadian security authorities at sedar.com
on March 13, 2023, as may be supplemented or amended by the Company’s Quarterly Reports on Form 10-Q. Given these risks, uncertainties
and factors, you are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety
by this cautionary statement. All such forward-looking statements made herein are based on our current expectations and we undertake
no duty or obligation to update or revise any forward-looking statements for any reason, except as required by law.
VBI
Vaccines Inc. and Subsidiaries
Selected
Unaudited Condensed Consolidated Balance Sheet
(In
Thousands)
| | |
September
30, 2023 | | |
December
31, 2022 | |
| | |
(Unaudited) | | |
| |
| Assets | |
| | | |
| | |
| Cash | |
$ | 35,454 | | |
$ | 62,629 | |
| Accounts
receivable, net | |
| 353 | | |
| 94 | |
| Inventory,
net | |
| 7,540 | | |
| 6,599 | |
| Prepaid
expenses and other current assets | |
| 6,800 | | |
| 8,368 | |
| Total current assets | |
| 50,147 | | |
| 77,690 | |
| Property
and equipment, net | |
| 9,423 | | |
| 12,253 | |
| Intangible
assets, net | |
| 35,603 | | |
| 58,345 | |
| Goodwill | |
| 2,121 | | |
| 2,127 | |
| Other
non-current assets | |
| 3,490 | | |
| 4,671 | |
| Total
Assets | |
$ | 100,784 | | |
$ | 155,086 | |
| | |
| | | |
| | |
| Liabilities
and stockholders’ equity | |
| | | |
| | |
| Accounts
payable | |
$ | 7,008 | | |
$ | 12,973 | |
| Current
portion of long-term debt | |
| 50,299 | | |
| - | |
| Other
current liabilities | |
| 19,887 | | |
| 23,969 | |
| Total current liabilities | |
| 77,194 | | |
| 36,942 | |
| Total
non-current liabilities | |
| 3,704 | | |
| 53,981 | |
| Total liabilities | |
| 80,898 | | |
| 90,923 | |
| Total
stockholders’ equity | |
| 19,886 | | |
| 64,163 | |
| Total
liabilities and stockholders’ equity | |
$ | 100,784 | | |
$ | 155,086 | |
VBI
Vaccines Inc. and Subsidiaries
Condensed
Consolidated Statement of Operations and Comprehensive Loss
(In
Thousands Except Share and Per Share Amounts)
| | |
Three
Months Ended
September 30 | | |
Nine
Months Ended
September 30 | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
(Unaudited) | |
| Revenues, net | |
$ | 6,624 | | |
$ | 317 | | |
$ | 7,829 | | |
$ | 789 | |
| Operating expenses | |
| | | |
| | | |
| | | |
| | |
| Cost of revenue | |
| 2,525 | | |
| 2,672 | | |
| 9,564 | | |
| 7,948 | |
| Research
and development | |
| 1,532 | | |
| 4,983 | | |
| 7,975 | | |
| 12,988 | |
| Sales,
general and administrative | |
| 9,036 | | |
| 14,220 | | |
| 33,237 | | |
| 40,234 | |
| Impairment
charges | |
| 3,600 | | |
| - | | |
| 23,600 | | |
| - | |
| Total
operating expenses | |
| 16,693 | | |
| 21,875 | | |
| 74,376 | | |
| 61,170 | |
| Loss from operations | |
| (10,069 | ) | |
| (21,558 | ) | |
| (66,547 | ) | |
| (60,381 | ) |
| Interest
expense, net | |
| (1,543 | ) | |
| (958 | ) | |
| (4,680 | ) | |
| (2,799 | ) |
| Foreign
exchange loss | |
| (8,832 | ) | |
| (2,693 | ) | |
| (21,596 | ) | |
| (28,982 | ) |
| Loss before income taxes | |
| (20,444 | ) | |
| (25,209 | ) | |
| (92,823 | ) | |
| (92,162 | ) |
| Income
tax expense | |
| - | | |
| - | | |
| - | | |
| - | |
| Net
Loss | |
$ | (20,444 | ) | |
$ | (25,209 | ) | |
$ | (92,823 | ) | |
$ | (92,162 | ) |
| Deemed dividend on certain
warrants | |
| (862 | ) | |
| | | |
| (862 | ) | |
| | |
| | |
| | | |
| | | |
| | | |
| | |
| Net Loss
Available to Common Stockholders | |
$ | (21,306 | ) | |
$ | (25,209 | ) | |
$ | (93,685 | ) | |
$ | (92,162 | ) |
| Basic and diluted net loss
per share | |
| (1.01 | ) | |
| (2.93 | ) | |
| (7.30 | ) | |
| (10.71 | ) |
| Weighted-average
number of shares used to compute basic and diluted net loss per share | |
| 21,166,818 | | |
| 8,608,539 | | |
| 12,840,633 | | |
| 8,608,530 | |
| Other comprehensive income
(loss) - currency translation adjustments | |
| 7,753 | | |
| (494 | ) | |
| 21,022 | | |
| 23,845 | |
| Comprehensive
Loss | |
$ | (12,691 | ) | |
$ | (25,703 | ) | |
$ | (71,801 | ) | |
$ | (68,317 | ) |
VBI
Contact
Nicole
Anderson
Director,
Corporate Communications & IR
Phone:
(617) 830-3031 x124
Email:
IR@vbivaccines.com
v3.23.3
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