Vaccinex Reports Fourth Quarter and Full Year 2019 Financial Results and Provides Corporate Update - Seite 2

“At the same time, our SIGNAL clinical trial of pepinemab in Huntington’s disease, our most advanced study, is ongoing and we look forward to topline data from Cohort B later this year.

“We believe these trials, together with ongoing investigator sponsored trials in other cancer indications, and our recent announcement that we are planning to initiate a study in Alzheimer’s disease later this year, offer multiple opportunities to demonstrate the broad potential of pepinemab in treating serious diseases,” Dr. Zauderer concluded.

Upcoming Expected Milestones:

• First half 2020 – Near topline data from the CLASSICAL-Lung non-small cell lung cancer study anticipated.
• May/June 2020 (ASCO) - Interim analysis of combination Window-of-Opportunity studies at Emory University (melanoma, head and neck squamous cell carcinoma, colorectal and pancreatic cancer) expected.
• Second half 2020 – Anticipated publication of data from Cohort A of the SIGNAL Huntington’s disease trial.
• Mid-2020 - Anticipated enrollment of first patient in Alzheimer’s disease Phase 1 study
• October 2020 – Topline data from Cohort B of SIGNAL Huntington’s disease study expected.

Financial Results for the Three and Twelve Months Ended December 31, 2019:

Revenue. Revenue for the year ended December 31, 2019 was $523,000 as compared to $724,000 for the year ended December 31, 2018. The company’s revenues were generated primarily from collaboration arrangements with Surface Oncology, Merck KGaA and Heptares Therapeutics.

Research and Development Expenses. Research and development expenses for the three months ended December 31, 2019 were $4.4 million as compared to $7.1 million for the comparable period in 2018. This decrease was attributable to fewer subjects enrolled in active clinical trials during the three months ended December 31, 2019. For the full year 2019, research and development expenses were $25.7 million as compared to $22.4 million for the full year 2018. This increase was attributable to more subjects enrolled in active clinical trials during the first half of 2019.  During the course of 2019, clinical trial expenses decreased as subjects completed their participation in our clinical trials.