Full Press Release Details
Vaccitech Reports Second Quarter 2022 Financial
Results and Recent Corporate Developments
United Kingdom, August 9, 2022 - Vaccitech plc (NASDAQ: VACC) today announced its financial results for the second quarter
ended June 30, 2022 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, autoimmunity, and cancer.
"The highlight of another productive quarter was interim
data from our ongoing Phase 1b/2a clinical trial of VTP-300 in patients with chronic hepatitis B," said Bill Enright, Vaccitech's
CEO. "We saw not only a robust T Cell response, but also sustained HBsAg reductions with a single treatment - interim data points
that, to our knowledge, have not been observed together in clinical trials of other immunotherapeutics in this indication. This quarter
we have recognized further royalty and milestone payments related to the sales of Vaxzevria , AstraZeneca's COVID-19 vaccine,
which have contributed significant non-dilutive capital to support the company's clinical and preclinical programs going forward."
Second Quarter 2022 and Recent Corporate Developments
Clinical developments:
Pre-clinical development:
Second Quarter 2022 Financial Highlights:
plc ("the Company") is a clinical-stage biopharmaceutical company engaged in the discovery and development of novel immunotherapeutics
and vaccines for the treatment of chronic infectious diseases, cancer, autoimmunity, and other diseases where the T cell arm of the immune
system is believed to play an important role. The company's proprietary platforms include modified simian adenoviral vectors (ChAdOx1
and ChAdOx2), other viral vectors including the well-validated Modified vaccinia Ankara (MVA), and synthetic nano-particle technologies
(SNAPvax and Syntholytic ). The combination of different technologies in a mix and match approach (heterologous prime-boost)
consistently generates significantly higher magnitudes of T cells compared with other technologies and approaches. The Company has a broad
pipeline of both clinical and preclinical stage therapeutic programs to treat solid tumors, chronic viral infections as well as additional
prophylactic viral vaccine programs. Vaccitech co-invented a COVID-19 vaccine, Vaxzevria , with the University of Oxford, now approved
for use in many territories and exclusively licensed worldwide to AstraZeneca through OUI. Vaccitech is entitled to receive a share of
all milestone and royalty income received by OUI from AstraZeneca related to Vaxzevria .
Forward Looking Statements
press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, as amended,
which can generally be identified as such by use of the words "may," "will," "could," "if,"
"forward," "expect," "intend," "believe," "estimate," "potential,"
"on track," and similar expressions, although not all forward-looking statements contain these identifying words. These
forward looking statements include express or implied statements regarding the Company's future expectations, plans and prospects,
and include, without limitation, statements regarding the timing and advancement of the Company's programs, including the clinical
trials of VTP-200, VTP-300, andVTP-850, statements regarding the timing for the potential IND applications for the Company's two
lead SNAPvax candidates, VTP1000 and VTP 1100, statements regarding the updated interim analysis from the HBV002 study, and statements
regarding the Company's capital . 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, risks
and uncertainties related to: 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, global economic uncertainty and the impact that the current ongoing COVID-19 pandemic will have on the Company's
clinical trials, preclinical studies and access to capital and other risks identified in the Company's filings with the Securities
and Exchange Commission (the "SEC"), including its Annual Report on Form 10-K for the year ended December 31, 2021,
its Quarterly Report on Form 10-Q for the second quarter of 2022 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, 2022 | December 31, 2021 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 192,327 | $ | 214,054 | ||||
| Accounts receivable | - | 20 | ||||||
| Accounts receivable - related parties | 17,048 | - | ||||||
| Research and development incentives receivable | 5,217 | 6,229 | ||||||
| Prepaid expenses and other current assets | 11,699 | 6,462 | ||||||
| Total current assets | 226,291 | 226,765 | ||||||
| Goodwill | 12,630 | 12,630 | ||||||
| Property and equipment, net | 7,044 | 1,829 | ||||||
| Intangible assets, net | 29,850 | 31,430 | ||||||
| Right of use assets, net | 8,339 | 7,257 | ||||||
| Other assets | 902 | 804 | ||||||
| Total assets | $ | 285,056 | $ | 280,715 | ||||
| LIABILITIES AND SHARESHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 4,475 | $ | 2,419 | ||||
| Accrued expenses and other current liabilities | 7,256 | 7,875 | ||||||
| Deferred revenue | 136 | 182 | ||||||
| Current portion of lease liability | 299 | 523 | ||||||
| Debt | - | 159 | ||||||
| Total current liabilities | 12,166 | 11,158 | ||||||
| Lease liability - non current | 8,314 | 6,540 | ||||||
| Contingent consideration | 2,727 | 2,371 | ||||||
| Deferred tax liability, net | 6,306 | 8,084 | ||||||
| Other non-current liabilities | 776 | - | ||||||
| Total liabilities | $ | 30,289 | $ | 28,153 | ||||
| Commitments and contingencies | ||||||||
| Shareholders' equity: | ||||||||
| Ordinary shares, 0.000025 nominal value; 37,216,162 shares authorized, issued and outstanding (December 31, 2021: authorized, issued and outstanding: 37,188,730) | 1 | 1 | ||||||
| Deferred A shares, 1 nominal value; 63,443 shares authorized, issued and outstanding (December 31, 2021: authorized, issued and outstanding: 63,443) | 86 | 86 | ||||||
| Deferred B shares, 0.01 nominal value; 570,987 shares authorized, issued and outstanding (December 31, 2021: authorized, issued and outstanding: 570,987) | 8 | 8 | ||||||
| Deferred C shares, 0.000007 nominal value, 27,828,231 shares authorized, issued and outstanding (December 31, 2021: authorized, issued and outstanding: 27,828,231) | 0 | 1 | 0 | 1 | ||||
| Additional paid-in capital | 375,835 | 369,103 | ||||||
| Accumulated deficit | (90,296 | ) | (108,585 | ) | ||||
| Accumulated other comprehensive loss - foreign currency translation adjustments | (31,233 | ) | (8,488 | ) | ||||
| Total shareholders' equity attributable to Vaccitech plc shareholders' | 254,401 | 252,125 | ||||||
| Noncontrolling interest | 366 | 437 | ||||||
| Total shareholders' equity | $ | 254,767 | $ | 252,562 | ||||
| Total liabilities and shareholders' equity | $ | 285,056 | $ | 280,715 |
indicates amount less than thousand
Consolidated StatementS of Operations and Comprehensive Loss
THOUSANDS, EXCEPT NUMBER OF SHARES AND PER SHARE AMOUNTS)
| Three months ended | Six months ended | |||||||||||||||
| June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||
| License revenue (1) | $ | 17,063 | $ | 16 | $ | 32,072 | $ | 32 | ||||||||
| Service revenue | - | - | - | 21 | ||||||||||||
| Research grants and contracts | - | 19 | 9 | 197 | ||||||||||||
| Total revenue | 17,063 | 35 | 32,081 | 250 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development | 9,720 | 4,509 | 20,421 | 9,119 | ||||||||||||
| General and administrative | (6,445 | ) | 12,371 | (2,782 | ) | 14,148 | ||||||||||
| Total operating expenses | 3,275 | 16,880 | 17,639 | 23,267 | ||||||||||||
| Income/(Loss) from operations | 13,788 | (16,845 | ) | 14,442 | (23,017 | ) | ||||||||||
| Other income (expense): | ||||||||||||||||
| Change in fair value of derivatives embedded in convertible loan notes | - | - | - | 5,994 | ||||||||||||
| Change in fair value of contingent consideration | (626 | ) | - | (626 | ) | - | ||||||||||
| Unrealized exchange gain on convertible loan notes | - | - | - | 209 | ||||||||||||
| Loss on extinguishment of convertible loan notes | - | - | - | (13,789 | ) | |||||||||||
| Interest income | 669 | - | 752 | 2 | ||||||||||||
| Interest expense | 66 | - | (8 | ) | (2,650 | ) | ||||||||||
| Research and development incentives | 826 | 875 | 1,874 | 1,830 | ||||||||||||
| Other | 51 | (3 | ) | 51 | (3 | ) | ||||||||||
| Total other (expense) income | 986 | 872 | 2,043 | (8,407 | ) | |||||||||||
| Tax benefit /(expense) | 915 | (12 | ) | 1,778 | 53 | |||||||||||
| Net Income/(loss) | 15,689 | (15,985 | ) | 18,263 | (31,371 | ) | ||||||||||
| Net loss attributable to noncontrolling interest | 4 | 58 | 26 | 176 | ||||||||||||
| Net income/(loss) attributable to Vaccitech plc shareholders | 15,693 | (15,927 | ) | 18,289 | (31,195 | ) | ||||||||||
| Weighted-average ordinary shares outstanding, basic | 37,202,600 | 24,897,665 | 37,196,843 | 16,523,961 | ||||||||||||
| Weighted-average ordinary shares outstanding, diluted | 38,174,426 | 24,897,665 | 38,260,579 | 16,523,961 | ||||||||||||
| Net income (loss) per share attributable to ordinary shareholders, basic | $ | 0.42 | $ | (0.64 | ) | $ | 0.49 | $ | (1.89 | ) | ||||||
| Net income (loss) per share attributable to ordinary shareholders, diluted | $ | 0.41 | $ | (0.64 | ) | $ | 0.48 | $ | (1.89 | ) | ||||||
| Net Income/(loss) | $ | 15,689 | $ | (15,985 | ) | $ | 18,263 | $ | (31,371 | ) | ||||||
| Other comprehensive (loss)/income - foreign currency translation adjustments | (16,807 | ) | 86 | (22,790 | ) | (1,330 | ) | |||||||||
| Comprehensive loss | (1,118 | ) | (15,899 | ) | (4,527 | ) | (32,701 | ) | ||||||||
| Comprehensive loss attributable to noncontrolling interest | 34 | 55 | 71 | 169 | ||||||||||||
| Comprehensive loss attributable to Vaccitech plc Shareholders | $ | (1,084 | ) | $ | (15,844 | ) | $ | (4,456 | ) | $ | (32,532 | ) |
Vaccitech Media Contacts:
Katja Stout, Scius Communications (EU)
Direct: +44 (0) 7789435990
Larch / Robert Flamm, Ph.D., Burns McClellan, Inc. (U.S.)
Email: klarch@burnsmc.com / rflamm@burnsmc.com