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Vaccinex, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in service revenue to $52,000 from $20,000 in the same quarter the previous year. The increase is attributed to collaboration agreements.
Research and development expenses decreased to $3,165,000 from $4,355,000 in the same quarter of the previous year, primarily due to the winding down of the SIGNAL-AD trial and a pause in enrollment for the head and neck cancer trial.
General and administrative expenses were $1,439,000, compared to $1,499,000 in the same quarter of the previous year, reflecting stable operational costs.
The company reported a net loss of $5,732,000 for the quarter, compared to $4,912,000 in the previous year, with the increase attributed to a loss on settlement of warrants and changes in fair value of warrant liabilities.
Cash used in operating activities was $12,254,000, while cash provided by financing activities was $13,647,000, primarily from private placements of common stock and warrants.
Vaccinex had cash and cash equivalents of $2,906,000 as of September 30, 2024, compared to $1,535,000 at the end of the previous year.
The filing also details the company's ongoing efforts to address liquidity concerns, including potential financing strategies such as public or private sales of equity, debt financing, or collaborations.
Vaccinex is currently not in compliance with Nasdaq's (NDAQ-0.10%) listing requirements and has appealed a delisting determination, with a hearing set for December 5, 2024.
The company continues to focus on developing its lead product candidate, pepinemab, for the treatment of Alzheimer's disease, cancer, and other conditions, with ongoing clinical trials and collaborations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vaccinex Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.