Full Press Release Details
Second Quarter 2021 Financial Results and Recent Corporate Developments
Oxford, United Kingdom, August 12, 2021 -- Vaccitech plc (NASDAQ: VACC)
today announced its financial results for the second quarter, ended June 30, 2021, and provided an overview of the Company's recent
corporate developments. Vaccitech is a clinical-stage biopharmaceutical company engaged in the discovery and development of novel immunotherapeutics
and vaccines for the treatment and prevention of infectious diseases and cancer.
"The second quarter of 2021 was our first as a public company
following our initial public offering that closed in May," said Bill Enright, CEO of Vaccitech. "Capital raised by that transaction
as well as from a Series B private round earlier this year is being applied to our chronic infectious disease and oncology programs. We
continue to make significant progress across all of our ongoing programs, including the recent announcement of our clinical collaboration
Second Quarter and Recent Corporate Developments
Second Quarter 2021 Financial Highlights:
Vaccitech is a clinical-stage biopharmaceutical company engaged in
the discovery and development of novel immunotherapeutics and vaccines for the treatment and prevention of infectious diseases and cancer.
The Company's proprietary platform comprises proprietary modified simian adenoviral vectors, known as ChAdOx1 and ChAdOx2, as well
as the well-validated Modified Vaccinia Ankara, or MVA, boost vector, both with demonstrable tolerability profiles and without the ability
to replicate in humans. The combination of a ChAdOx prime treatment with subsequent MVA boost has consistently generated significantly
higher magnitudes of CD8+ T cells compared with other technologies and approaches. The company has a broad pipeline of both clinical and
preclinical stage therapeutic programs in solid tumors and viral infections and prophylactic viral vaccine programs. Vaccitech co-invented
a COVID-19 vaccine with the University of Oxford, now approved for use in many territories and exclusively licensed worldwide to AstraZeneca
plc through Oxford University Innovation, or OUI. Vaccitech is entitled to receive a share of the milestones and royalty income received
by OUI from AstraZeneca plc.
Forward Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements
regarding the timing and advancement of the Company's programs, including the clinical trials of VTP-200, VTP-300 and VTP-600 and
the Company's cash runway The words "may," "will," "could," "would," "should,"
"expect," "plan," "anticipate," "intend," "believe," "estimate,"
"predict," "project," "potential," "continue" and similar expressions are intended to
identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking
statements in this press release are based on management's current expectations and beliefs and are subject to numerous risks, uncertainties
and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking
statements contained in this press release, including, without limitation: the success, cost and timing of the Company's product
development activities and planned and ongoing clinical trials, the Company's ability to execute on its strategy, regulatory developments,
the Company's ability to fund its operations and the impact that the current COVID-19 pandemic will have on the Company's
clinical trials and preclinical studies and other risks identified in the Company's filings with the Securities and Exchange Commission
(the "SEC"), including its Quarterly Report on Form 10-Q for the first quarter of 2021 and subsequent filings with the SEC.
The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made.
The Company expressly disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations
or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results
will differ from those set forth in the forward-looking statements.
Consolidated Balance SheetS
THOUSANDS, except Number of shares and per share AMOUNTS)
| June 30, 2021 | December 31, 2020 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 243,619 | $ | 43,266 | ||||
| Accounts receivable | 37 | 518 | ||||||
| Research and development incentives receivable | 4,558 | 2,708 | ||||||
| Prepaid expenses and other current assets | 8,514 | 1,409 | ||||||
| Total current assets | 256,728 | 47,901 | ||||||
| Property and equipment, net | 1,038 | 629 | ||||||
| Right of use assets, net | 2,040 | 2,136 | ||||||
| Deferred tax assets | 32 | - | ||||||
| Total assets | $ | 259,838 | $ | 50,666 | ||||
| LIABILITIES, REDEEMABLE PREFERRED SHARES AND SHARESHOLDERS' DEFICIT | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 4,683 | $ | 4,667 | ||||
| Accrued expenses and other current liabilities | 3,441 | 2,537 | ||||||
| Deferred revenue | 217 | 245 | ||||||
| Current portion of lease liability | 202 | 192 | ||||||
| Total current liabilities | 8,543 | 7,641 | ||||||
| Convertible loan notes - non current | - | 44,700 | ||||||
| Lease liability - non current | 1,384 | 1,472 | ||||||
| Total liabilities | $ | 9,927 | $ | 53,813 | ||||
| Commitments and contingencies | ||||||||
| Series A redeemable convertible preferred shares (Series A shares); 0.10 nominal value; no shares issued and outstanding; (December 31, 2020: issued and outstanding: 22,065) | $ | - | $ | 33,765 | ||||
| Series B redeemable convertible preferred shares (Series B shares); 0.10 nominal value; no shares issued and outstanding; (December 31, 2020: issued and outstanding: no shares issued or outstanding) | $ | - | $ | - | ||||
| Shareholders' equity (deficit): | ||||||||
| Ordinary shares, 0.000025 nominal value; 34,328,231 shares authorized, issued and outstanding (December 31, 2020: authorized, issued and outstanding: 7,960,458) | 1 | 0 | 1 | |||||
| Deferred A shares, 1 nominal value; 63,443 shares authorized, issued and outstanding (December 31, 2020: no shares issued or outstanding) | 86 | - | ||||||
| Deferred B shares, 1 nominal value; 570,987 shares authorized, issued and outstanding (December 31, 2020: no shares issued or outstanding) | 8 | - | ||||||
| Deferred C shares, 0,000007 nominal value, 27,828,231 shares authorized, issued and outstanding (December 31, 2020: authorized, issued and outstanding: 7,960,458) | 0 | 1 | 0 | 1 | ||||
| Additional paid-in capital | 340,793 | 21,660 | ||||||
| Accumulated deficit | (88,915 | ) | (57,720 | ) | ||||
| Accumulated other comprehensive loss - foreign currency translation adjustments | (2,580 | ) | (1,243 | ) | ||||
| Noncontrolling interest | 518 | 391 | ||||||
| Total shareholders' equity (deficit) | $ | 249,911 | $ | (36,912 | ) | |||
| Total liabilities, redeemable convertible preferred shares and shareholders' equity | $ | 259,838 | $ | 50,666 |
amount less than thousand
CONDENSED Consolidated
StatementS of Operations and Comprehensive Loss
THOUSANDS, EXCEPT NUMBER OF SHARES AND PER SHARE AMOUNTS)
| Three months ended | Six months ended | |||||||||||||||
| June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||
| License revenue | $ | 16 | $ | 39 | 32 | 42 | ||||||||||
| Service revenue | - | 97 | 21 | 316 | ||||||||||||
| Research grants and contracts | 19 | 375 | 197 | 858 | ||||||||||||
| Total revenue | 35 | 511 | 250 | 1,216 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development | 4,509 | 3,877 | 9,119 | 8,119 | ||||||||||||
| General and administrative | 12,371 | 970 | 14,148 | 2,082 | ||||||||||||
| Total operating expenses | 16,880 | 4,847 | 23,267 | 10,201 | ||||||||||||
| Loss from operations | (16,845 | ) | (4,336 | ) | (23,017 | ) | (8,985 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Change in fair value of derivatives | - | - | 5,994 | - | ||||||||||||
| Unrealized exchange gain on convertible loan notes | - | - | 209 | - | ||||||||||||
| Loss on extinguishment of convertible loan notes | - | - | (13,789 | ) | - | |||||||||||
| Interest income | - | - | 2 | - | ||||||||||||
| Interest expense | - | - | (2,650 | ) | - | |||||||||||
| Research and development incentives | 875 | 679 | 1,830 | 1,377 | ||||||||||||
| Other | (3 | ) | - | (3 | ) | - | ||||||||||
| Total other (expense) income | 872 | 679 | (8,407 | ) | 1,377 | |||||||||||
| Tax (expense)/ (benefit) | (12 | ) | - | 53 | - | |||||||||||
| Net loss | (15,985 | ) | (3,657 | ) | (31,371 | ) | (7,608 | ) | ||||||||
| Net loss attributable to noncontrolling interest | 58 | 69 | 176 | 199 | ||||||||||||
| Net loss attributable to Vaccitech Plc. shareholders | (15,927 | ) | (3,588 | ) | (31,195 | ) | (7,409 | ) | ||||||||
| Weighted-average ordinary shares outstanding, basic and diluted | 24,897,665 | 7,904,838 | 16,523,961 | 7,860,760 | ||||||||||||
| Net loss per share attributable to ordinary shareholders, basic and diluted | $ | (0.64 | ) | $ | (0.45 | ) | (1.89 | ) | (0.94 | ) | ||||||
| Net loss | $ | (15,985 | ) | $ | (3,657 | ) | (31,371 | ) | (7,608 | ) | ||||||
| Other comprehensive income/ (loss) - foreign currency translation adjustments | 86 | (144 | ) | (1,330 | ) | (827 | ) | |||||||||
| Comprehensive loss | (15,899 | ) | (3,801 | ) | (32,701 | ) | (8,435 | ) | ||||||||
| Comprehensive loss attributable to noncontrolling interest | 55 | 70 | 169 | 218 | ||||||||||||
| Comprehensive loss attributable to Vaccitech Plc. shareholders | $ | (15,844 | ) | $ | (3,731 | ) | (32,532 | ) | (8,217 | ) |
Vaccitech Investor Relations
Vaccitech Media Contacts:
Katja Stout, Scius Communications (EU)
Direct: +44 (0) 7789435990
Robert Flamm, Ph.D. (US) / Harrison Wong, Burns McClellan, Inc.
212-213-0006 ext. 364 / 316
Email: rflamm@burnsmc.com / hwong@burnsmc.com
Henry Hodge, Vaccitech
Email: henry.hodge@vaccitech.co.uk