VBI Vaccines reported its financial results for its Q1 ending March 31, 2019, and offered an update on the progress of the company’s pipeline.
VBI Vaccines (VBI) (NASDAQ:VBIV) reported its financial results for its Q1 ending March 31, 2019, and offered an update on the progress of the company’s pipeline.
As quoted in the press release:
“2019 has the potential to be a transformative year for VBI, marked by clinical milestones across all four of our lead programs, and as such, the first quarter of 2019 was characterized by intense focus on the execution of our ongoing clinical programs,” said Jeff Baxter, President and CEO, VBI Vaccines Inc. “In April 2019, all subjects in the Sci-B-Vac pivotal Phase 3 PROTECT study completed clinical visits, including follow-up visits for safety, which confirms the timeline to top-line data. This data read-out is the most significant clinical milestone in the history of VBI and we remain diligently focused and excited as we advance towards the data read-out, expected mid-year this year, 2019.”
First Quarter 2019 Financial Results
- Cash Position: VBI ended the first quarter of 2019 with US$43.3 million in cash and cash equivalents compared to US$59.3 million as of December 31, 2018.
- Net Cash Used in Operating Activities: Net cash used in operations for the three months ended March 31, 2019 was US$14.0 million compared to US$8.6 million for the same period in 2018.
- Revenue: Revenue in the first quarter of 2019 was US$0.4 million, compared to US$0.2 million for the same period in 2018. The increase was primarily due to R&D service revenues earned pursuant to the therapeutic hepatitis B license and collaboration agreement with Brii Biosciences, offset by a slight decrease in named-patient sales of Sci-B-Vac in Europe.
- Net Loss: Net loss and net loss per share for the first quarter of 2019 were US$14.6 million and US$0.15, respectively, compared to a net loss of US$12.3 million and a net loss per share of US$0.19 for the first quarter of 2018.