HilleVax, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, which focuses on developing vaccines, particularly for norovirus, experienced a notable decrease in cash and cash equivalents, which fell to $103.8 million from $216.7 million at the end of 2023. Total current assets also decreased to $197.2 million, down from $310.7 million, while total assets dropped to $220.6 million from $344.4 million during the same period.

Despite a reduction in total current liabilities to $13.8 million from $29.3 million, total stockholders’ equity decreased to $184.3 million from $265.5 million. The company reported total operating expenses of $26.4 million for the three months ended September 30, 2024, a decrease from $33.9 million in the same period of 2023. However, for the nine months ended September 30, 2024, operating expenses increased to $119.1 million from $93.1 million year-over-year.

HilleVax reported a net loss of $25.8 million for the third quarter of 2024, an improvement from a net loss of $31.8 million in the same quarter of 2023. For the nine-month period, the net loss was $113.3 million, compared to $86.6 million in the prior year. The net loss per share for the third quarter was $(0.52), compared to $(0.81) in 2023, while for the nine months, it was $(2.31) versus $(2.26).

The company recorded an $8.2 million impairment charge on long-lived assets for the nine months ended September 30, 2024, with no impairment charges reported for the third quarter. Research and development expenses for the third quarter were $20.2 million, down from $27.3 million in 2023, while total operating expenses for the nine months rose by $26.1 million compared to the previous year.

Strategically, HilleVax has undergone workforce reductions, with approximately 15 employees laid off on October 15, 2024, following a previous reduction of 41 employees in July 2024. The total estimated charges related to these reductions are approximately $4.7 million, primarily for severance and termination costs.

The company has not generated revenue since its inception and continues to rely on funding from public offerings, including a recent underwritten public offering in September 2023 that raised approximately $107.8 million. As of September 30, 2024, HilleVax had cash, cash equivalents, and marketable securities totaling $189.3 million, which management believes will be sufficient to meet operational needs for at least the next 12 months.