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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                        to    

Commission File Number: 001-38624

 

Vaccinex, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

16-1603202

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

1895 Mount Hope Avenue

Rochester, New York

14620

(Address of principal executive offices)

(Zip Code)

 

Registrant’s telephone number, including area code: (585) 271-2700

 

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.0001 par value

VCNX

Nasdaq Capital Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes   No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

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. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

 

As of November 4, 2021, the registrant had 30,801,110 shares of common stock, $0.0001 par value per share, outstanding.

 

 

 


 

 

 

VACCINEX, INC.

FORM 10-Q

TABLE OF CONTENTS

 

 

 

 

Page

 

 

 

 

 

PART I – FINANCIAL INFORMATION

 

 

 

 

 

 

 

 

 

 

Item 1.

Financial Statements

 

3

 

 

 

 

 

Condensed Consolidated Balance Sheets (Unaudited)

 

3

 

 

 

 

 

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

 

4

 

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity (Deficit) (Unaudited)

 

5

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

 

6

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

7

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

21

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

29

 

 

 

 

Item 4.

Controls and Procedures

 

29

 

 

 

 

 

 

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

 

 

 

 

 

 

Item 1A.

Risk Factors

 

30

 

 

 

 

Item 6.

Exhibits

 

32

 

 

 

 

 

Signatures

 

33

 

 

2


 

 

 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

VACCINEX, INC.

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share data)

 

 

 

As of

September 30, 2021

 

 

As of

December 31, 2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

13,741

 

 

$

10,596

 

Accounts receivable

 

 

50

 

 

 

157

 

Prepaid expenses and other current assets

 

 

1,071

 

 

 

533

 

Total current assets

 

 

14,862

 

 

 

11,286

 

Property and equipment, net

 

 

327

 

 

 

416

 

TOTAL ASSETS

 

$

15,189

 

 

$

11,702

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

957

 

 

$

3,169

 

Accrued expenses

 

 

1,208

 

 

 

1,937

 

Senior secured convertible debt, net

 

 

-

 

 

 

8,074

 

Total current liabilities

 

 

2,165

 

 

 

13,180

 

Long-term debt

 

 

1,134

 

 

 

1,134

 

TOTAL LIABILITIES

 

 

3,299

 

 

 

14,314

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

Stockholders’ equity (deficit):

 

 

 

 

 

 

 

 

Common stock, par value of $0.0001 per share; 100,000,000 shares authorized

   as of September 30, 2021, and December 31, 2020; 30,801,962 and 22,388,027

   shares issued as of September 30, 2021 and December 31, 2020, respectively;

   30,801,110 and 22,387,175 shares outstanding as of September 30, 2021

   and December 31, 2020, respectively

 

 

3

 

 

 

3

 

Additional paid-in capital

 

 

307,128

 

 

 

250,914

 

Treasury stock, at cost; 852 shares of common stock as of September 30, 2021 and

   December 31, 2020, respectively

 

 

(11

)

 

 

(11

)

Accumulated deficit

 

 

(295,230

)

 

 

(277,481

)

Total Vaccinex, Inc. stockholders’ equity (deficit)

 

 

11,890

 

 

 

(26,575

)

Noncontrolling interests

 

 

-

 

 

 

23,963

 

TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

11,890

 

 

 

(2,612

)

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

15,189

 

 

$

11,702

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3


 

 

VACCINEX, INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

(in thousands, except share and per share data)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

$

50

 

 

$

625

 

 

$

900

 

 

$

625

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

-

 

 

 

2

 

 

 

-

 

 

 

2

 

Research and development

 

 

3,629

 

 

 

7,334

 

 

 

13,206

 

 

 

17,300

 

General and administrative

 

 

1,484

 

 

 

1,872

 

 

 

4,666

 

 

 

5,565

 

Total costs and expenses

 

 

5,113

 

 

 

9,208

 

 

 

17,872

 

 

 

22,867

 

Loss from operations

 

 

(5,063

)

 

 

(8,583

)

 

 

(16,972

)

 

 

(22,242

)

Interest expense

 

 

(142

)

 

 

(148

)

 

 

(825

)

 

 

(150

)

Other income (expense), net

 

 

(1

)

 

 

(23

)

 

 

48

 

 

 

(14

)

Loss before provision for income taxes

 

 

(5,206

)

 

 

(8,754

)

 

 

(17,749

)

 

 

(22,406

)

Provision for income taxes

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

(5,206

)

 

 

(8,754

)

 

 

(17,749

)

 

 

(22,406

)

Net loss attributable to noncontrolling interests

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss attributable to Vaccinex, Inc. common stockholders

 

$

(5,206

)

 

$

(8,754

)

 

$

(17,749

)

 

$

(22,406

)

Comprehensive loss

 

$

(5,206

)

 

$

(8,754

)

 

$

(17,749

)

 

$

(22,406

)

Net loss per share attributable to Vaccinex, Inc. common stockholders, basic and diluted

 

$

(0.17

)

 

$

(0.44

)

 

$

(0.63

)

 

$

(1.27

)

Weighted-average shares used in computing net loss per share attributable to

   Vaccinex, Inc. common stockholders, basic and diluted

 

 

30,801,110

 

 

 

20,074,726

 

 

 

28,198,559

 

 

 

17,587,219

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

4


 

 

VACCINEX, INC.

Condensed Consolidated Statements of Stockholders’ Equity (Deficit) (Unaudited)

(in thousands, except share data)

 

 

 

Common Stock

 

 

 

 

 

 

Treasury Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional

Paid-in

Capital

 

 

Common

Stock

Shares

 

 

Amount

 

 

Accumulated

Deficit

 

 

Total

Vaccinex, Inc.

Stockholders’

Deficit

 

 

Noncontrolling

Interests

 

 

Total

Stockholders’

Deficit

 

Balance as of January 1, 2020

 

 

14,887,999

 

 

$

1

 

 

$

222,403

 

 

 

852

 

 

$

(11

)

 

$

(248,630

)

 

$

(26,237

)

 

$

23,963

 

 

$

(2,274

)

Issuance of Common Shares

 

 

1,468,563

 

 

 

1

 

 

 

7,475

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

7,476

 

 

 

-

 

 

 

7,476

 

Stock-based compensation

 

 

20,000

 

 

 

-

 

 

 

204

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

204

 

 

 

-

 

 

 

204

 

Exercise of stock options

 

 

1,025

 

 

 

-

 

 

 

4

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4

 

 

 

-

 

 

 

4

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(7,149

)

 

 

(7,149

)

 

 

-

 

 

 

(7,149

)

Balance as of March 31, 2020

 

 

16,377,587

 

 

 

2

 

 

 

230,086

 

 

 

852

 

 

 

(11

)

 

 

(255,779

)

 

 

(25,702

)

 

 

23,963

 

 

 

(1,739

)

Issuance of common shares

 

 

642,112

 

 

 

-

 

 

 

2,296

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,296

 

 

 

-

 

 

 

2,296

 

Exchange of partnership units for common shares (Note 10)

 

 

4,125

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

366

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

366

 

 

 

-

 

 

 

366

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(6,501

)

 

 

(6,501

)

 

 

-

 

 

 

(6,501

)

Balance as of June 30, 2020

 

 

17,023,824

 

 

 

2

 

 

 

232,748

 

 

 

852

 

 

 

(11

)

 

 

(262,280

)

 

 

(29,541

)

 

 

23,963

 

 

 

(5,578

)

Issuance of common shares

 

 

5,339,329

 

 

 

1

 

 

 

18,648

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

18,649

 

 

 

-

 

 

 

18,649

 

Common shares issuance costs

 

 

-

 

 

 

-

 

 

 

(659

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(659

)

 

 

-

 

 

 

(659

)

Exchange of Vaccinex Products LP Units for common shares

 

 

14,440

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

91

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

91

 

 

 

-

 

 

 

91

 

Exercise of stock options

 

 

2,758

 

 

 

-

 

 

 

15

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

15

 

 

 

-

 

 

 

15

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(8,754

)

 

 

(8,754

)

 

 

-

 

 

 

(8,754

)

Balance as of September 30, 2020

 

 

22,380,351

 

 

$

3

 

 

$

250,843

 

 

 

852

 

 

$

(11

)

 

$

(271,033

)

 

$

(20,198

)

 

$

23,963

 

 

$

3,765

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

Treasury Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional

Paid-in

Capital

 

 

Common

Stock

Shares

 

 

Amount

 

 

Accumulated

Deficit

 

 

Total

Vaccinex, Inc.

Stockholders’

Equity (Deficit)

 

 

Noncontrolling

Interests

 

 

Total

Stockholders’

Equity

(Deficit)

 

Balance as of January 1, 2021

 

 

22,388,027

 

 

$

3

 

 

$

250,914

 

 

 

852

 

 

$

(11

)

 

$

(277,481

)

 

$

(26,575

)

 

$

23,963

 

 

$

(2,612

)

Issuance of Common Shares

 

 

5,937,900

 

 

 

-

 

 

 

32,848

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

32,848

 

 

 

-

 

 

 

32,848

 

Common shares issuance costs

 

 

-

 

 

 

-

 

 

 

(985

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(985

)

 

 

-

 

 

 

(985

)

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

104

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

104

 

 

 

-

 

 

 

104

 

Shares issued for compensation

 

 

9,979

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Exchange of partnership units for common shares (Note 10)

 

 

109,900

 

 

 

-

 

 

 

2,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,000

 

 

 

(2,000

)

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(6,574

)

 

 

(6,574

)

 

 

-

 

 

 

(6,574

)

Balance as of March 31, 2021

 

 

28,445,806

 

 

 

3

 

 

 

284,881

 

 

 

852

 

 

 

(11

)

 

 

(284,055

)

 

 

818

 

 

 

21,963

 

 

 

22,781

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

128

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

128

 

 

 

-

 

 

 

128

 

Exchange of partnership units for common shares (Note 10)

 

 

2,356,156

 

 

 

-

 

 

 

21,963

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

21,963

 

 

 

(21,963

)

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(5,969

)

 

 

(5,969

)

 

 

-

 

 

 

(5,969

)

Balance as of June 30, 2021

 

 

30,801,962

 

 

 

3

 

 

 

306,972

 

 

 

852

 

 

 

(11

)

 

 

(290,024

)

 

 

16,940

 

 

 

-

 

 

 

16,940

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

156

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

156

 

 

 

-

 

 

 

156

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(5,206

)

 

 

(5,206

)

 

 

-

 

 

 

(5,206

)

Balance as of September 30, 2021

 

 

30,801,962