Full Press Release Details
Third Quarter 2021 Financial Results and Recent Corporate Developments
Oxford, United Kingdom, November 12, 2021 -- Vaccitech
plc (NASDAQ: VACC) today announced its financial results for the third quarter, ended September 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.
"We continue to advance our promising pipeline with
the recent publication of data on our MERS vaccine program. We also anticipate that initial clinical data on two of our chronic infectious
disease therapeutic programs will be presented at scientific conferences next week," commented Bill Enright, Vaccitech's CEO.
"As we continue to expand and advance our programs, we will need additional lab and office space for our talented staff so we have
planned a move mid next year into a new, state of the art facility."
Third Quarter and Recent Corporate Developments
Third 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, VTP-600, and
VTP-800/850 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.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT NUMBER OF SHARES AND PER SHARE AMOUNTS)
| September 30, 2021 | December 31, 2020 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 233,871 | $ | 43,266 | ||||
| Accounts receivable | 42 | 518 | ||||||
| Research and development incentives receivable | 5,382 | 2,708 | ||||||
| Prepaid expenses and other current assets | 6,684 | 1,409 | ||||||
| Total current assets | 245,979 | 47,901 | ||||||
| Property and equipment, net | 1,033 | 629 | ||||||
| Right of use assets, net | 8,780 | 2,136 | ||||||
| Deferred tax assets | 60 | - | ||||||
| Other assets | 719 | - | ||||||
| Total assets | $ | 256,571 | $ | 50,666 | ||||
| LIABILITIES, REDEEMABLE PREFERRED SHARES AND SHAREHOLDERS' DEFICIT | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,337 | $ | 4,667 | ||||
| Accrued expenses and other current liabilities | 4,404 | 2,537 | ||||||
| Deferred revenue | 196 | 245 | ||||||
| Current portion of lease liability | 435 | 192 | ||||||
| Total current liabilities | 6,372 | 7,641 | ||||||
| Convertible loan notes - non current | - | 44,700 | ||||||
| Lease liability - non current | 7,728 | 1,472 | ||||||
| Total liabilities | $ | 14,100 | $ | 53,813 | ||||
| Commitments and contingencies (Note 11) | ||||||||
| 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: | ||||||||
| 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 | 344,396 | 21,660 | ||||||
| Accumulated deficit | (93,472 | ) | (57,720 | ) | ||||
| Accumulated other comprehensive loss - foreign currency translation adjustments | (9,041 | ) | (1,243 | ) | ||||
| Noncontrolling interest | 493 | 391 | ||||||
| Total shareholders' equity | $ | 242,471 | $ | (36,912 | ) | |||
| Total liabilities, redeemable convertible preferred shares and shareholders' equity | $ | 256,571 | $ | 50,666 |
1 indicates amount less than thousand
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(IN THOUSANDS, EXCEPT NUMBER OF SHARES AND PER SHARE AMOUNTS)
| Three months ended | Nine months ended | |||||||||||||||
| September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||
| License revenue | $ | 16 | $ | 2,663 | $ | 48 | $ | 2,705 | ||||||||
| Service revenue | - | 60 | 21 | 376 | ||||||||||||
| Research grants and contracts | 3 | 528 | 200 | 1,386 | ||||||||||||
| Total revenue | 19 | 3,251 | 269 | 4,467 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development | 4,371 | 3,702 | 13,490 | 11,821 | ||||||||||||
| General and administrative | 1,184 | 977 | 15,332 | 3,059 | ||||||||||||
| Total operating expenses | 5,555 | 4,679 | 28,822 | 14,880 | ||||||||||||
| Loss from operations | (5,536 | ) | (1,428 | ) | (28,553 | ) | (10,413 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Change in fair value of derivatives | - | 3 | 5,994 | 3 | ||||||||||||
| Unrealized exchange gain on convertible loan notes | - | 982 | 209 | 982 | ||||||||||||
| Loss on extinguishment of convertible loan notes | - | - | (13,789 | ) | - | |||||||||||
| Interest income | - | - | 2 | - | ||||||||||||
| Interest expense | - | (969 | ) | (2,650 | ) | (969 | ) | |||||||||
| Research and development incentives | 959 | 1,612 | 2,789 | 2,989 | ||||||||||||
| Other | - | - | (3 | ) | - | |||||||||||
| Total other (expense) income | 959 | 1,628 | (7,448 | ) | 3,005 | |||||||||||
| Tax (expense)/benefit | 7 | - | 60 | - | ||||||||||||
| Net (loss)/ income | (4,570 | ) | 200 | (35,941 | ) | (7,408 | ) | |||||||||
| Net loss/ (income) attributable to noncontrolling interest | 13 | (42 | ) | 189 | 157 | |||||||||||
| Net (loss)/ income attributable to Vaccitech plc Shareholders | (4,557 | ) | 158 | (35,752 | ) | (7,251 | ) | |||||||||
| Weighted-average ordinary shares outstanding, basic | 34,843,154 | 7,937,384 | 22,697,462 | 7,886,488 | ||||||||||||
| Weighted-average ordinary shares outstanding, diluted | 34,843,154 | 15,867,533 | 22,697,462 | 7,886,488 | ||||||||||||
| Net( loss)/ income per share attributable to ordinary shareholders, basic | $ | (0.13 | ) | $ | 0.02 | $ | (1.58 | ) | $ | (0.92 | ) | |||||
| Net (loss)/ income per share attributable to ordinary shareholders, diluted | $ | (0.13 | ) | $ | 0.01 | $ | (1.58 | ) | $ | (0.92 | ) | |||||
| Net (loss)/ income | $ | (4,570 | ) | $ | 200 | $ | (35,941 | ) | $ | (7,408 | ) | |||||
| Other comprehensive (loss) / income - foreign currency translation adjustments | (6,473 | ) | 68 | (7,803 | ) | (759 | ) | |||||||||
| Comprehensive (loss)/ income | (11,043 | ) | 268 | (43,744 | ) | (8,167 | ) | |||||||||
| Comprehensive loss/ (income) attributable to noncontrolling interest | 25 | (49 | ) | 194 | 169 | |||||||||||
| Comprehensive (loss)/ income attributable to Vaccitech plc shareholders | $ | (11,018 | ) | $ | 219 | $ | (43,550 | ) | $ | (7,998 | ) |
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