UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On November 7, 2024, HilleVax, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended September 30, 2024. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
Exhibit Description |
99.1 |
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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HilleVax, Inc. |
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Date: |
November 7, 2024 |
By: |
/s/ Paul S. Bavier |
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Name: Paul S. Bavier |
Exhibit 99.1
HilleVax Reports Third Quarter 2024 Financial Results and Highlights Recent Company Progress
$189.3 million of cash, cash equivalents and marketable securities as of September 30, 2024
The company is exploring the potential for continued development of its norovirus vaccine candidates in adults as well as business development related activities and other strategic alternatives
BOSTON, November 7, 2024 – HilleVax, Inc. (Nasdaq: HLVX), a clinical-stage biopharmaceutical company focused on developing and commercializing novel vaccines, today reported financial results for the quarter ended September 30, 2024.
Third Quarter 2024 Financial Results
As of September 30, 2024 and December 31, 2023, the company had cash, cash equivalents and marketable securities totaling $189.3 million and $303.5 million, respectively.
Research and development expenses for the third quarter 2024 were $20.2 million, compared to $27.3 for the third quarter 2023. The decrease was primarily due to lower clinical development costs.
General and administrative expenses for the third quarter 2024 were $6.2 million, compared to $6.6 million for the third quarter 2023. The decrease was primarily due to lower professional service costs.
Other income for the third quarter 2024 was $0.6 million, compared to $2.1 million for the third quarter 2023. The decrease was primarily driven by interest expense incurred on the repayment of the term loan facility during the third quarter of 2024.
Net loss for the third quarter 2024 was $25.8 million, compared to $31.8 million for the third quarter 2023.
About HilleVax
HilleVax is a clinical-stage biopharmaceutical company focused on developing and commercializing novel vaccines. Its initial programs, HIL-214 and HIL-216, are virus-like particle (VLP) based vaccine candidates in development for the prevention of moderate-to-severe acute gastroenteritis (AGE) caused by norovirus infection. Globally, norovirus is estimated to result in over approximately 700 million cases of AGE and 200,000 deaths per year, resulting in over $4 billion in direct health system costs and $60 billion in societal costs per year. The burden of norovirus falls disproportionately on young children and older adults. For more information about HilleVax, visit the company’s website at http://www.HilleVax.com.
Forward-Looking Statements
The Company cautions you that statements contained in this report regarding matters that are not historical facts are forward-looking statements. The forward-looking statements are based on the Company’s current beliefs and expectations and include, but are not limited to: the timing and scope of any workforce reductions, the amount and timing of the related charges and costs, and intended objectives and benefits of a workforce reduction; and the Company’s plan to explore the potential for continued development of its norovirus vaccine candidates as well as business development-related activities for these vaccine candidates. Actual results may differ from those set forth in this report due to the risks and uncertainties inherent in the Company’s business, including, without limitation: the preliminary nature of
the Company’s estimates of the charges and cash expenditures to be incurred in connection with the recent workforce reduction; the Company may not realize the benefits expected from the workforce reduction, including the Company’s ability to conserve cash; the Company’s ability to retain key personnel; to date the Company has depended primarily on the success of HIL-214, and the Company may be unable to identify a viable development path forward for its vaccine candidates; the Company may be unable to secure partnerships or other strategic collaborations on acceptable terms or at all; and other risks described in the Company’s filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in the Company’s annual report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Contact:
Shane Maltbie
IR@hillevax.com
+1-617-213-5054
HilleVax, Inc.
Condensed Consolidated Statement of Operations Data
(in thousands, except share and per share data)
(unaudited)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Operating expenses: |
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Research and development |
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$ |
20,165 |
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$ |
27,308 |
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$ |
72,744 |
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$ |
73,425 |
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In-process research and development |
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— |
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— |
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15,325 |
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— |
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General and administrative |
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6,215 |
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6,603 |
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22,836 |
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19,629 |
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Impairment charges |
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— |
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— |
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8,235 |
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— |
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Total operating expenses |
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26,380 |
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33,911 |
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119,140 |
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93,054 |
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Loss from operations |
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(26,380 |
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(33,911 |
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(119,140 |
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(93,054 |
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Total other income |
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557 |
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2,096 |
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5,820 |
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6,448 |
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Net loss |
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$ |
(25,823 |
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$ |
(31,815 |
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$ |
(113,320 |
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$ |
(86,606 |
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Net loss per share, basic and diluted |
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$ |
(0.52 |
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$ |
(0.81 |
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$ |
(2.31 |
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$ |
(2.26 |
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Weighted-average shares of common stock outstanding, basic and diluted |
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49,382,277 |
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39,039,553 |
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49,008,614 |
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38,252,981 |
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HilleVax, Inc.
Condensed Consolidated Balance Sheet Data
(in thousands)
(unaudited)
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September 30, |
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December 31, |
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Cash, cash equivalents and marketable securities |
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$ |
189,310 |
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$ |
303,483 |
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Total assets |
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220,622 |
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344,434 |
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Total liabilities |
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36,349 |
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78,909 |
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Total stockholders’ equity |
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184,273 |
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265,525 |
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Total liabilities and stockholders’ equity |
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220,622 |
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344,434 |
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