VBI Vaccines Q1 2024 Financial Results

VBI Vaccines Inc. (Nasdaq: VBIV), a biopharmaceutical company focusing on immunology to drive the prevention and treatment of diseases, has recently provided a business update and financial results for the quarter ending March 31, 2024.

Recent Developments and Achievements

PreHevbrio® (Hepatitis B Vaccine [Recombinant])
PreHevbrio has shown remarkable progress, with global net revenue experiencing a 105% increase year-over-year in the first quarter of 2024 compared to the same period in 2023. Specifically, the U.S. market saw significant sales growth, with more than 80% of the 2023 full-year volume achieved within the first five months of 2024. This growth was driven by new demand in large Integrated Delivery Networks (IDNs) and hospital systems, as well as continued uptake in national and regional pharmacies. Additionally, the vaccine is now available for purchase under the CDC Adult Vaccine Contract, indicating strong public sector momentum.

Outside the U.S., VBI has partnered with Valneva SE to distribute PreHevbri in various European countries. Launched in 2023 in the UK, Sweden, the Netherlands, and Belgium, the vaccine became available in Denmark and Norway by early 2024.

VBI-1901: Cancer Vaccine Immunotherapeutic Candidate for Glioblastoma (GBM)
VBI-1901 is under evaluation in a Phase 2b study for recurrent GBM patients. Encouraging tumor response data was presented in April 2024, showing a 40% disease control rate within the VBI-1901 arm, compared to a 0% control rate in the chemotherapy arm. Additional data is expected by mid-year and year-end 2024.

Novel mRNA-Launched eVLP (MLE) Technology Platform
In April 2024, VBI expanded its strategic partnership with the Canadian Government to advance its MLE technology platform, backed by CAD$28 million in remaining funding. This technology is under active evaluation by potential partners throughout 2024.

Financial Highlights

Cash Position
As of March 31, 2024, VBI had $12.6 million in cash compared to $23.7 million as of December 31, 2023. This does not include approximately $2.8 million gross proceeds from subsequent financial activities.

Revenue and Costs
Net revenues for the first quarter of 2024 were $1.2 million, up from $0.5 million in the same period of 2023, driven by increased sales of PreHevbrio in the U.S. The cost of revenues decreased to $2.7 million from $3.6 million due to organizational changes and decreased inventory-related costs, despite increased product sales.

Research and Development (R&D)
R&D expenses dropped to $2.6 million from $3.2 million, primarily due to decreased development expenses for the company's pan-coronavirus and GBM candidates. Government grants and funding arrangements offset the expenses by $0.7 million for the quarter.

Sales, General, and Administrative (SG&A)
SG&A expenses declined significantly to $7.7 million from $13.3 million, attributed to organizational changes in April 2023 that reduced the workforce and operating expenses.

Net Loss and Cash Flow
Net cash used in operating activities for the first quarter was $11.8 million, a 46% decrease from $21.7 million in the same period in 2023, due to a reduced net loss and changes in operating working capital. The net loss for the first quarter of 2024 was $17.9 million compared to $27.8 million in the previous year.

Future Outlook

VBI is focused on continuing its pipeline execution and expanding access to PreHevbrio in various market segments. Strategic partnerships are aimed at driving opportunities for portfolio assets, creating shareholder value, and strengthening the company's financial standing. As 2024 progresses, VBI expects to release additional data from ongoing studies and further its technological advancements in partnership with external entities.

Conclusion

VBI Vaccines Inc. has demonstrated significant progress and resilience through strategic initiatives, financial prudence, and partnerships, positioning itself strongly for future growth and impact in the biopharmaceutical industry. Further developments and data releases throughout the year are anticipated to bolster the company’s market position and financial health.

How to obtain the latest research advancements in the field of biopharmaceuticals?

In the Synapse database, you can keep abreast of the latest research and development advances in drugs, targets, indications, organizations, etc., anywhere and anytime, on a daily or weekly basis. Click on the image below to embark on a brand new journey of drug discovery!