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HilleVax, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in cash and cash equivalents to $103.8 million from $216.7 million at the end of 2023. This decrease is attributed to operating expenses and repayment of long-term debt.
Research and development expenses for the quarter were $20.2 million, down from $27.3 million in the same quarter the previous year. The decrease is primarily due to reduced clinical development expenses.
General and administrative expenses were $6.2 million, slightly down from $6.6 million in the previous year, with the decrease mainly due to reduced professional service expenses.
The company reported a net loss of $25.8 million for the quarter, compared to $31.8 million in the previous year, with the reduction attributed to lower operating expenses.
HilleVax completed a workforce reduction in October 2024, affecting approximately 25% of its workforce, in response to the discontinuation of further development of its HIL-214 vaccine candidate.
The company repaid its outstanding term loan of $26.2 million in July 2024, incurring a loss on extinguishment of debt of approximately $1.9 million.
HilleVax continues to focus on exploring strategic alternatives for its norovirus vaccine candidates and other business development activities.
The filing also details the company's liquidity and capital resources, highlighting a decrease in net cash used in operating activities to $90.6 million for the nine months ended September 30, 2024, compared to $65.2 million in the previous year.
HilleVax anticipates its existing cash, cash equivalents, and marketable securities will be sufficient to meet its anticipated cash requirements through at least the next 12 months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the HilleVax Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.