Hillevax Inc(NASDAQ:HLVX) 
HilleVax, Inc., a clinical-stage biopharmaceutical company, is focused on developing and commercializing novel vaccines. The company is headquartered in Boston, Massachusetts.
Website: https://www.hillevax.com/
Founded: 2020
IPO Price: $17 (Apr 29, 2022)
Sector: TECHNOLOGY
Industry: GENERAL
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating expenses: | ||||||||||||||
research and development | 1,328,000 | 1,983,000 | 5,428,000 | 20,165,000 | 26,601,000 | 25,978,000 | 33,258,000 | 27,308,000 | 22,953,000 | 23,164,000 | 17,556,000 | 13,315,000 | 8,826,000 | 6,211,000 |
in-process research and development | 15,325,000 | 2,500,000 | ||||||||||||
general and administrative | 5,657,000 | 5,621,000 | 5,951,000 | 6,215,000 | 8,127,000 | 8,494,000 | 7,033,000 | 6,603,000 | 7,231,000 | 5,795,000 | 5,543,000 | 4,577,000 | 3,982,000 | 2,603,000 |
impairment charges | 2,058,750 | 8,235,000 | ||||||||||||
total operating expenses | 6,985,000 | 7,604,000 | 36,151,000 | 26,380,000 | 42,963,000 | 49,797,000 | 40,291,000 | 33,911,000 | 30,184,000 | 28,959,000 | 23,099,000 | 17,892,000 | 12,808,000 | 11,314,000 |
income from operations | -6,985,000 | -7,604,000 | -36,151,000 | -26,380,000 | -42,963,000 | -49,797,000 | -40,291,000 | -33,911,000 | -30,184,000 | -28,959,000 | -23,099,000 | -17,892,000 | -12,808,000 | -11,314,000 |
yoy | -83.74% | -84.73% | -10.28% | -22.21% | 42.34% | 71.96% | 74.43% | 89.53% | 135.67% | 155.96% | ||||
qoq | -8.14% | -78.97% | 37.04% | -38.60% | -13.72% | 23.59% | 18.81% | 12.35% | 4.23% | 25.37% | 29.10% | 39.69% | 13.20% | |
other income: | ||||||||||||||
interest income | 746,000 | 776,000 | 1,601,000 | 1,353,000 | 1,698,000 | 2,402,000 | 2,989,000 | 1,690,000 | 2,453,000 | 2,574,000 | 2,218,000 | 1,317,000 | 334,000 | 6,000 |
interest expense | -1,853,000 | -738,000 | -727,000 | -726,000 | -717,000 | -500,000 | -449,000 | -257,000 | -205,000 | -888,000 | -2,064,000 | |||
other income | 973,000 | 767,000 | 603,000 | 1,057,000 | 1,335,000 | 1,293,000 | 1,068,000 | 1,123,000 | 329,000 | -55,000 | -50,000 | -25,000 | -20,000 | -18,000 |
total other income | 1,719,000 | 1,543,000 | 2,204,000 | 557,000 | 2,295,000 | 2,968,000 | 3,331,000 | 2,096,000 | 2,282,000 | 2,070,000 | 1,911,000 | 1,087,000 | -41,121,000 | -56,573,000 |
net income | -5,266,000 | -6,061,000 | -33,947,000 | -25,823,000 | -40,668,000 | -46,829,000 | -36,960,000 | -31,815,000 | -27,902,000 | -26,889,000 | -21,188,000 | -16,805,000 | -53,929,000 | -67,887,000 |
yoy | -87.05% | -87.06% | -8.15% | -18.83% | 45.75% | 74.16% | 74.44% | 89.32% | -48.26% | -60.39% | ||||
qoq | -13.12% | -82.15% | 31.46% | -36.50% | -13.16% | 26.70% | 16.17% | 14.02% | 3.77% | 26.91% | 26.08% | -68.84% | -20.56% | |
other comprehensive income: | ||||||||||||||
unrealized gain on marketable securities | -158,000 | 21,000 | -40,000 | 166,000 | 10,000 | |||||||||
pension and other postemployment benefits | 38,000 | -279,000 | -50,000 | 3,000 | 78,000 | -623,000 | 7,000 | -3,000 | -1,000 | |||||
total comprehensive loss | -5,424,000 | -6,002,000 | -34,266,000 | -25,707,000 | -40,655,000 | -46,872,000 | -37,524,000 | -31,836,000 | -27,942,000 | -26,890,000 | ||||
net income per share | -0.11 | -0.12 | -0.69 | -0.52 | -0.83 | -0.97 | -0.78 | -0.81 | -0.74 | -0.71 | -0.03 | -0.45 | -2.03 | -10.06 |
weighted-average shares of common stock outstanding, basic and diluted | 50,114,308 | 49,980,752 | 49,153,125 | 49,382,277 | 49,179,109 | 48,460,185 | 40,598,482 | 39,039,553 | 37,951,735 | 37,753,522 | 27,147,314 | 37,323,626 | 26,512,881 | 6,748,668 |
unrealized loss on marketable securities | -121,000 | 59,000 | -28,000 | -37,000 | ||||||||||
in-process research and development - related party | ||||||||||||||
change in fair value of convertible promissory notes | -34,396,000 | -17,073,000 | ||||||||||||
change in fair value of warrant liabilities - related party | -6,151,000 | -37,424,000 | ||||||||||||
other comprehensive loss: |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||
current assets: | ||||||||||||||
cash and cash equivalents | 58,677,000 | 47,485,000 | 154,467,000 | 103,764,000 | 108,444,000 | 141,076,000 | 216,678,000 | 208,502,000 | 158,375,000 | 260,542,000 | 279,401,000 | 292,060,000 | 314,612,000 | 111,252,000 |
marketable securities | 100,870,000 | 112,054,000 | 16,965,000 | 85,546,000 | 136,596,000 | 131,667,000 | 86,805,000 | 115,908,000 | 85,675,000 | |||||
prepaid expenses and other current assets | 2,229,000 | 5,577,000 | 6,915,000 | 7,860,000 | 7,486,000 | 8,355,000 | 7,195,000 | 8,785,000 | 8,989,000 | 9,317,000 | 11,212,000 | 8,094,000 | 4,893,000 | 480,000 |
assets held for sale | 465,000 | 593,000 | ||||||||||||
total current assets | 162,241,000 | 165,709,000 | 178,347,000 | 197,170,000 | 252,526,000 | 281,098,000 | 310,678,000 | 333,195,000 | 253,039,000 | 269,859,000 | 290,613,000 | 300,154,000 | 319,505,000 | 111,732,000 |
property and equipment | 4,026,000 | 4,231,000 | 5,222,000 | 9,775,000 | 10,363,000 | 13,592,000 | 14,018,000 | 13,744,000 | 13,143,000 | 10,450,000 | 5,586,000 | 600,000 | ||
operating lease right-of-use assets | 6,990,000 | 7,227,000 | 7,467,000 | 12,022,000 | 12,388,000 | 17,831,000 | 18,082,000 | 18,377,000 | 18,686,000 | 18,999,000 | 19,359,000 | 19,670,000 | 20,075,000 | 176,000 |
restricted cash | 1,631,000 | 1,631,000 | 1,631,000 | 1,631,000 | 1,631,000 | 1,631,000 | 1,631,000 | 1,631,000 | 1,631,000 | 1,631,000 | 1,631,000 | 1,631,000 | 1,631,000 | |
other assets | 26,000 | 23,000 | 23,000 | 24,000 | 23,000 | 23,000 | 25,000 | 22,000 | 23,000 | 22,000 | 22,000 | 21,000 | 21,000 | 2,788,000 |
total assets | 174,914,000 | 178,821,000 | 192,690,000 | 220,622,000 | 276,931,000 | 314,175,000 | 344,434,000 | 366,969,000 | 286,522,000 | 300,961,000 | 317,211,000 | 322,076,000 | 341,232,000 | 114,696,000 |
liabilities and stockholders’ equity | ||||||||||||||
current liabilities: | ||||||||||||||
accounts payable | 113,000 | 72,000 | 3,237,000 | 1,208,000 | 3,850,000 | 2,980,000 | 7,461,000 | 3,287,000 | 151,000 | 1,744,000 | 4,744,000 | 875,000 | 6,033,000 | 4,010,000 |
accrued expenses | 2,404,000 | 2,874,000 | 9,648,000 | 9,082,000 | 16,003,000 | 19,143,000 | 18,553,000 | 12,889,000 | 17,648,000 | 17,412,000 | 8,210,000 | 7,699,000 | 6,419,000 | 4,778,000 |
current portion of operating lease liability | 3,630,000 | 3,599,000 | 3,570,000 | 3,546,000 | 3,516,000 | 3,491,000 | 3,118,000 | 2,654,000 | 437,000 | 38,000 | 37,000 | 34,000 | 35,000 | 35,000 |
total current liabilities | 6,147,000 | 6,545,000 | 16,455,000 | 13,836,000 | 49,165,000 | 25,749,000 | 29,266,000 | 18,958,000 | 18,338,000 | 19,273,000 | 13,046,000 | 8,633,000 | 12,510,000 | 282,926,000 |
operating lease liability, net of current portion | 19,912,000 | 20,440,000 | 20,943,000 | 21,427,000 | 21,896,000 | 22,364,000 | 22,831,000 | 23,247,000 | 23,664,000 | 22,977,000 | 21,569,000 | 21,134,000 | 20,790,000 | 141,000 |
other long-term liabilities | 1,036,000 | 923,000 | 806,000 | 1,086,000 | 940,000 | 1,700,000 | 1,568,000 | 1,096,000 | 922,000 | 747,000 | 575,000 | 379,000 | 81,000 | 1,000 |
total liabilities | 27,095,000 | 27,908,000 | 38,204,000 | 36,349,000 | 72,001,000 | 75,266,000 | 78,909,000 | 68,339,000 | 67,759,000 | 57,900,000 | 49,982,000 | 34,883,000 | 38,078,000 | 283,068,000 |
commitments and contingencies | ||||||||||||||
stockholders’ equity: | ||||||||||||||
preferred stock, 0.0001 par value... | ||||||||||||||
common stock, 0.0001 par value... | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 4,000 | 4,000 | 4,000 | 3,000 | 3,000 | 1,000 |
additional paid-in capital | 696,206,000 | 693,876,000 | 691,447,000 | 686,968,000 | 681,918,000 | 675,242,000 | 654,986,000 | 650,567,000 | 538,865,000 | 535,221,000 | 532,499,000 | 530,995,000 | 530,151,000 | 4,698,000 |
accumulated other comprehensive loss | -1,239,000 | -1,081,000 | -1,140,000 | -821,000 | -937,000 | -950,000 | -907,000 | -343,000 | -322,000 | -282,000 | -281,000 | |||
accumulated deficit | -547,153,000 | -541,887,000 | -535,826,000 | -501,879,000 | -476,056,000 | -435,388,000 | -388,559,000 | -351,599,000 | -319,784,000 | -291,882,000 | -264,993,000 | -243,805,000 | -227,000,000 | -173,071,000 |
total stockholders’ equity | 147,819,000 | 150,913,000 | 154,486,000 | 184,273,000 | 204,930,000 | 238,909,000 | 265,525,000 | 298,630,000 | 218,763,000 | 243,061,000 | 267,229,000 | 287,193,000 | 303,154,000 | |
total liabilities and stockholders’ equity | 174,914,000 | 178,821,000 | 192,690,000 | 220,622,000 | 276,931,000 | 314,175,000 | 344,434,000 | 366,969,000 | 286,522,000 | 300,961,000 | 317,211,000 | 322,076,000 | 341,232,000 | |
accrued interest | 131,000 | 135,000 | 134,000 | 128,000 | 102,000 | 79,000 | 55,000 | 25,000 | 23,000 | 4,885,000 | ||||
long-term debt | 25,453,000 | 25,244,000 | 25,038,000 | 24,835,000 | 14,903,000 | 14,792,000 | 4,737,000 | 4,697,000 | ||||||
current portion of long-term debt, net of debt discount | 25,665,000 | |||||||||||||
convertible promissory notes payable at fair value | 175,349,000 | |||||||||||||
warrant liabilities - related party | 93,869,000 | |||||||||||||
stockholders’ equity | ||||||||||||||
liabilities and stockholders’ deficit | ||||||||||||||
stockholders’ deficit: | ||||||||||||||
total stockholders’ deficit | -168,372,000 | |||||||||||||
total liabilities and stockholders’ deficit | 114,696,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||||||||||
net income | -5,266,000 | -6,061,000 | -33,947,000 | -25,823,000 | -40,668,000 | -46,829,000 | -36,960,000 | -31,815,000 | -27,902,000 | -26,889,000 | -21,188,000 | -16,805,000 | -53,929,000 | -67,887,000 |
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||
depreciation | 241,000 | 250,000 | 476,000 | 476,000 | 468,000 | 456,000 | 429,000 | 344,000 | 105,000 | 1,000 | ||||
stock-based compensation | 2,330,000 | 2,429,000 | 4,479,000 | 5,050,000 | 6,061,000 | 5,194,000 | 3,756,000 | 3,946,000 | 3,246,000 | 2,642,000 | 1,331,000 | 844,000 | 556,000 | 272,000 |
amortization of operating lease right-of-use assets | 237,000 | 240,000 | 378,000 | 366,000 | 327,000 | 251,000 | 295,000 | 309,000 | 313,000 | 360,000 | ||||
impairment of long-lived assets | 8,364,000 | 0 | ||||||||||||
amortization of debt discount | 0 | 0 | 162,000 | 159,000 | 157,000 | 155,000 | 129,000 | 126,000 | 110,000 | 101,000 | ||||
issuance (payment) of pik interest debt | 0 | |||||||||||||
acquired in-process research and development | 0 | 0 | 0 | 15,325,000 | 0 | 2,500,000 | ||||||||
net accretion/amortization of premiums and discounts on marketable securities | -955,000 | -804,000 | -460,000 | -1,135,000 | -1,498,000 | -1,299,000 | ||||||||
loss on disposal of property and equipment | 92,000 | 148,000 | 0 | 0 | 0 | 42,000 | ||||||||
changes in operating assets and liabilities: | ||||||||||||||
prepaid expenses and other current assets | 3,348,000 | 1,338,000 | 945,000 | -374,000 | 869,000 | -1,160,000 | 1,590,000 | 204,000 | 328,000 | 1,895,000 | -3,120,000 | -3,201,000 | -4,411,000 | -339,000 |
accounts payable, accrued expenses and other long-term liabilities | -319,000 | -9,784,000 | 2,037,000 | -6,679,000 | -3,466,000 | -5,180,000 | 9,945,000 | -672,000 | 747,000 | 4,384,000 | 3,532,000 | -1,263,000 | ||
accrued interest | 0 | -131,000 | -4,000 | 1,000 | 6,000 | 26,000 | 23,000 | 24,000 | 29,000 | 2,000 | 757,000 | 2,064,000 | ||
operating lease liabilities | -497,000 | -474,000 | 1,409,000 | |||||||||||
net cash from operating activities | -789,000 | -12,718,000 | -18,188,000 | -27,822,000 | -29,779,000 | -33,002,000 | -21,606,000 | -26,806,000 | -22,417,000 | -15,954,000 | -18,517,000 | -19,547,000 | -13,210,000 | -10,715,000 |
capital expenditures | 0 | -110,000 | -212,000 | -47,000 | -153,000 | -738,000 | -2,186,000 | -4,839,000 | -2,985,000 | 0 | 0 | 0 | 0 | |
free cash flows | -789,000 | -18,298,000 | -28,034,000 | -29,826,000 | -33,155,000 | -22,344,000 | -28,992,000 | -27,256,000 | -18,939,000 | -18,517,000 | -19,547,000 | -13,210,000 | -10,715,000 | |
cash flows from investing activities | ||||||||||||||
cash paid for purchased in-process research and development | 0 | -1,500,000 | 0 | -13,825,000 | 0 | 0 | 0 | -2,500,000 | ||||||
purchases of property and equipment | -110,000 | -212,000 | -47,000 | -153,000 | -738,000 | -2,186,000 | -4,839,000 | -2,985,000 | ||||||
purchases of marketable securities | -6,019,000 | -111,264,000 | 1,000 | -15,694,000 | -46,921,000 | -92,684,000 | -14,693,000 | -43,988,000 | ||||||
proceeds from sales or maturities of marketable securities | 18,000,000 | 17,000,000 | 69,000,000 | 68,045,000 | 43,500,000 | 49,000,000 | 44,900,000 | |||||||
net cash from investing activities | 11,981,000 | -94,264,000 | 68,891,000 | 50,639,000 | -3,468,000 | -57,662,000 | 29,469,000 | -31,174,000 | -89,948,000 | -2,985,000 | -3,829,000 | -185,000 | 0 | -2,500,000 |
cash flows from financing activities | ||||||||||||||
proceeds from issuance of common stock under share-based compensation arrangements | 0 | 0 | 615,000 | 175,000 | ||||||||||
proceeds from issuance of at-the-market offering | 0 | 0 | 0 | 14,887,000 | ||||||||||
net cash from financing activities | 0 | -27,497,000 | 615,000 | 15,062,000 | 313,000 | 108,107,000 | 10,198,000 | 80,000 | 9,687,000 | -2,820,000 | 218,201,000 | -99,000 | ||
net decrease in cash, cash equivalents and restricted cash | 11,192,000 | -106,982,000 | 50,703,000 | -4,680,000 | -32,632,000 | -75,602,000 | -18,859,000 | |||||||
cash, cash equivalents and restricted cash—beginning of period | 0 | 156,098,000 | 0 | 0 | 0 | 218,309,000 | 0 | 0 | 0 | 281,032,000 | 0 | 0 | ||
cash, cash equivalents and restricted cash—end of period | 11,192,000 | 49,116,000 | 50,703,000 | -4,680,000 | -32,632,000 | 142,707,000 | 8,176,000 | 50,127,000 | -102,167,000 | 262,173,000 | -12,659,000 | -22,552,000 | ||
supplemental disclosure of cash flow information | ||||||||||||||
cash paid for interest | 0 | 156,000 | 387,000 | 382,000 | 271,000 | 660,000 | 269,000 | 192,000 | 89,000 | 74,000 | ||||
supplemental disclosure of noncash investing and financing activities | ||||||||||||||
unpaid in-process research and development | 0 | 1,500,000 | ||||||||||||
unpaid property and equipment purchases | 311,000 | 13,000 | -35,000 | -1,241,000 | -2,041,000 | 3,453,000 | 1,158,000 | |||||||
accreted final interest payment fees | 128,000 | 124,000 | 124,000 | 122,000 | 108,000 | 109,000 | 94,000 | 88,000 | ||||||
loss on extinguishment of debt | 0 | |||||||||||||
operating lease right-of-use assets and liabilities | -460,000 | -439,000 | -443,000 | -94,000 | 48,000 | 1,800,000 | 748,000 | 750,000 | 4,000 | |||||
repayment of long-term debt, including fees | 0 | |||||||||||||
proceeds from issuance of common stock in underwritten public offering, net of issuance costs | -310,000 | |||||||||||||
proceeds from issuance of long-term debt, net of issuance costs | 0 | 0 | 10,000,000 | 0 | ||||||||||
unpaid underwritten public offering costs | ||||||||||||||
issuance of pik interest debt | 178,000 | 174,000 | 173,000 | 170,000 | 111,000 | 94,000 | 39,000 | 27,000 | ||||||
change in fair value of convertible promissory notes | 0 | 0 | 34,396,000 | 17,073,000 | ||||||||||
change in fair value of warrant liabilities - related party | 0 | 0 | 6,151,000 | 37,424,000 | ||||||||||
acquired in-process research and development - related party | 0 | |||||||||||||
proceeds from issuance of common stock in initial public offering | 0 | 0 | ||||||||||||
payment of initial public offering costs | -313,000 | -2,820,000 | -16,470,000 | -99,000 | ||||||||||
net increase in cash, cash equivalents and restricted cash | 8,176,000 | 50,127,000 | -12,659,000 | -22,552,000 | ||||||||||
operating lease | 0 | 0 | ||||||||||||
conversion of convertible promissory notes and interest into common stock | 0 | |||||||||||||
conversion of warrant liability into equity | 0 | 0 | ||||||||||||
settlement of espp liability in common stock | ||||||||||||||
net amortization of premiums and discounts on marketable securities | -1,273,000 | |||||||||||||
proceeds from issuances of stock under espp | 0 | |||||||||||||
proceeds from exercise of stock options | 7,000 | 80,000 | 80,000 | |||||||||||
unpaid initial public offering costs | -1,411,000 | 1,176,000 | 548,000 | |||||||||||
non-cash lease costs | ||||||||||||||
proceeds from issuance of common stock | ||||||||||||||
proceeds from issuance of convertible promissory notes | ||||||||||||||
accrued interest exchanged for convertible promissory notes | ||||||||||||||
issuance of takeda warrants in connection with takeda license | ||||||||||||||
issuance of common stock in connection with takeda license | ||||||||||||||
purchase of property and equipment | ||||||||||||||
conversion of convertible promissory notes and accrued interest into common stock | ||||||||||||||
accounts payable and accrued expenses | -1,868,000 | |||||||||||||
net decrease in cash and cash equivalents | -13,314,000 | |||||||||||||
cash and cash equivalents—beginning of period | 124,566,000 | |||||||||||||
cash and cash equivalents—end of period | 111,252,000 |