Vaccinex, Inc., a clinical-stage biotechnology company based in Rochester, New York, reported its financial results for the third quarter and nine months ended September 30, 2024. The company focuses on developing targeted biotherapeutics for serious diseases, including neurodegenerative diseases, cancer, and autoimmune disorders.

For the three months ended September 30, 2024, Vaccinex generated revenue of $52,000, a significant increase from $20,000 in the same period of 2023. However, for the nine months ended September 30, 2024, total revenue was $388,000, down from $570,000 in the prior year, primarily due to a lack of product sales and a decrease in collaboration revenue from Surface Oncology.

Total costs and expenses for the third quarter of 2024 were $4.6 million, down from $5.9 million in the same quarter of 2023. The reduction in expenses was attributed to a decrease in research and development costs, which fell by 27% due to the winding down of the SIGNAL-AD trial and a pause in enrollment for the head and neck cancer trial. The net loss for the third quarter of 2024 was $5.7 million, compared to a net loss of $4.9 million in the same quarter of 2023. For the nine months ended September 30, 2024, the net loss was $15.3 million, an improvement from a net loss of $16.9 million in the prior year.

As of September 30, 2024, Vaccinex reported cash and cash equivalents of $2.9 million, an increase from $1.5 million at the end of 2023. The company’s total current assets rose to $4.8 million, while total assets increased to $4.9 million. Current liabilities were $6.2 million, slightly up from $5.9 million at the end of 2023. The stockholders' deficit improved to $1.3 million from $2.3 million at the end of the previous fiscal year.

In terms of strategic developments, Vaccinex issued a new series of convertible preferred stock in March 2024, raising $1.75 million. The company is also facing compliance issues with Nasdaq regarding its minimum stockholders' equity requirement, having received a deficiency notice in April 2024. An appeal has been filed to maintain its listing, with a hearing scheduled for December 5, 2024.

Overall, Vaccinex continues to navigate significant financial challenges while advancing its clinical programs, particularly the SIGNAL-AD trial for its lead product candidate, pepinemab, which targets Alzheimer’s disease.