Vaccinex, Inc.

What they do

Vaccinex is a clinical-stage biotech focused on targeted biotherapeutics for neurodegenerative diseases, cancer, and autoimmune disorders. Its lead candidate, pepinemab, is a humanized monoclonal antibody that blocks SEMA4D signaling, and is in clinical trials for Alzheimer's disease, with additional development in head and neck and pancreatic cancer. The company also has an earlier-stage candidate, VX5, and an antibody discovery platform, ActivMAb, which generates licensing revenue.

Revenue drivers

• Collaboration and license revenue — Revenue is generated through milestone achievements and service performance from collaboration agreements, including those using the ActivMAb platform. Annual revenue ranged from $275,000 (2022) to $601,000 (2024), with quarterly revenue fluctuating between $52,000 and $232,000 in 2024.
• ActivMAb platform — The ActivMAb platform is used in third-party antibody discovery agreements, and the licensed product CHS-114 (anti-CCR8) to Coherus. This platform contributes to revenue through licensing and service fees, though overall revenue is minimal.

Recent performance

For the year ended December 31, 2024, Vaccinex reported revenue of $601,000 and a net loss of $18.6 million, with diluted EPS of -$8.88. This compares to 2023 revenue of $570,000 and a net loss of $20.3 million. As of December 31, 2024, cash and equivalents were $1.1 million, with total assets of $2.6 million and liabilities of $5.1 million. The company raised approximately $15.8 million in financing during 2024, net of commissions and discounts. Management states there is substantial doubt about the company's ability to continue as a going concern.

Strategy

Vaccinex is prioritizing development of pepinemab for Alzheimer's disease (SIGNAL-AD trial), while also pursuing head and neck and pancreatic cancer indications as resources allow. The company leverages its SEMA4D antibody platform and ActivMAb platform for pipeline expansion and partnership opportunities. It relies on public or private equity/debt financings, collaborations, and licensing arrangements to fund operations. Management expects continued and possibly increasing losses as development progresses.

Risks

• Going concern — The company has recurring net losses and negative cash flows, with only $1.1 million in cash as of December 31, 2024, and a substantial doubt about its ability to continue for a year after financial statement issuance.
• Liquidity and financing — Vaccinex needs additional financing to fund operations; failure to secure capital could force it to curtail or cease development of its product candidates.
• Nasdaq delisting — The company received multiple delisting notices in 2024 and 2025, including on March 7, 2025, indicating it may fail to meet listing requirements, which could impair stock liquidity.
• Clinical pipeline execution — Pepinemab is still in clinical stages, and the company has never been profitable; any failure in trials for Alzheimer's or cancer indications could be devastating.

Outlook

Management expects to continue incurring significant losses and states that losses may increase as it advances research and development and seeks regulatory approvals. The company will require substantial additional capital to fund operations, as present cash is insufficient. It plans to finance through a mix of equity/debt offerings, collaborations, and potential licensing deals, but there is no guarantee of obtaining such financing.