Icosavax(NASDAQ:ICVX) 
Icosavax, Inc., a biopharmaceutical company, develops vaccines against infectious diseases. The company, with the help of its virus-like particle (VLP) platform technology, focuses primarily on life-threatening respiratory diseases. Its products in pipeline include IVX-A12, an respiratory syncytial ...
Website: https://icosavax.com/
Founded: 2017
CEO: Adam Simpson
Sector: Healthcare
Industry: Biotechnology
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At a glance:
Bull Thesis:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
grant revenue | 582,000 | 2,070,000 | 1,827,000 | 1,904,000 | ||||||
operating expenses: | ||||||||||
research and development | 16,668,000 | 19,826,000 | 17,357,000 | 16,193,000 | 15,484,000 | 15,820,000 | 17,913,000 | 14,063,000 | 10,883,000 | 8,277,000 |
general and administrative | 8,607,000 | 9,129,000 | 9,165,000 | 8,938,000 | 7,659,000 | 7,311,000 | 6,322,000 | 6,218,000 | 25,357,000 | 2,221,000 |
total operating expenses | 25,275,000 | 28,955,000 | 26,522,000 | 25,131,000 | 23,143,000 | 23,131,000 | 24,235,000 | 20,281,000 | 36,240,000 | 10,498,000 |
income from operations | -25,275,000 | -28,955,000 | -26,522,000 | -25,131,000 | -23,143,000 | -23,131,000 | -23,653,000 | -18,211,000 | -34,413,000 | -8,594,000 |
yoy | 9.21% | 25.18% | 12.13% | 38.00% | -32.75% | 169.15% | ||||
qoq | -12.71% | 9.17% | 5.53% | 8.59% | 0.05% | -2.21% | 29.88% | -47.08% | 300.43% | |
other income: | ||||||||||
interest and other income | 3,234,000 | 2,458,000 | 1,961,000 | 29,000 | 27,000 | 42,000 | ||||
total other income | 3,234,000 | 2,458,000 | 1,961,000 | 1,518,000 | 1,167,000 | 495,000 | 120,000 | 29,000 | 27,000 | 42,000 |
net income | -22,041,000 | -26,497,000 | -24,561,000 | -23,613,000 | -21,976,000 | -22,636,000 | ||||
yoy | 0.30% | 17.06% | ||||||||
qoq | -16.82% | 7.88% | 4.01% | 7.45% | -2.92% | |||||
other comprehensive income: | ||||||||||
unrealized gains on available-for-sale debt securities | 18,000 | -3,000 | 340,000 | |||||||
comprehensive loss | -22,023,000 | -26,500,000 | -24,221,000 | -23,407,000 | -22,310,000 | -22,911,000 | ||||
net income per share | -0.44 | -0.59 | -0.6 | -0.59 | -0.55 | -0.57 | -0.6 | 0.77 | -1.3 | -2.86 |
weighted-average common shares outstanding, basic and diluted | 50,030,759 | 44,770,820 | 41,264,508 | 39,725,131 | 39,748,984 | 39,594,028 | 39,401,805 | 17,965,894 | 26,494,914 | 2,985,183 |
change in fair value of embedded derivative liability | ||||||||||
loss on extinguishment of convertible promissory note | ||||||||||
interest and other | 1,518,000 | 1,167,000 | 495,000 | 120,000 | ||||||
comprehensive loss: | ||||||||||
unrealized losses on available-for-sale debt securities | 206,000 | -334,000 | -275,000 | |||||||
net income and comprehensive loss | -23,533,000 | -18,182,000 | -34,386,000 | -8,552,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||
current assets: | ||||||||||
cash and cash equivalents | 63,239,000 | 155,073,000 | 49,341,000 | 58,846,000 | 64,505,000 | 108,345,000 | ||||
restricted cash | 1,061,000 | 1,061,000 | 1,061,000 | 1,061,000 | 1,061,000 | 1,642,000 | 2,652,000 | 1,179,000 | ||
short-term investments | 165,967,000 | 91,860,000 | 147,249,000 | 159,461,000 | 156,894,000 | 134,459,000 | ||||
prepaid expenses and other current assets | 6,101,000 | 4,766,000 | 4,517,000 | 4,545,000 | 6,272,000 | 4,637,000 | 7,681,000 | 5,829,000 | 6,353,000 | 4,119,000 |
total current assets | 235,307,000 | 251,699,000 | 202,168,000 | 223,913,000 | 228,732,000 | 248,502,000 | 270,099,000 | 286,553,000 | 300,276,000 | 115,883,000 |
right-of-use assets – operating leases | 2,975,000 | 3,072,000 | 3,163,000 | 3,247,000 | 3,330,000 | 3,227,000 | 3,309,000 | |||
property and equipment | 11,400,000 | 12,131,000 | 12,225,000 | 11,517,000 | 11,815,000 | 7,949,000 | 3,237,000 | 1,076,000 | 548,000 | 561,000 |
other noncurrent assets | 1,614,000 | 2,124,000 | 2,117,000 | |||||||
total assets | 251,296,000 | 269,026,000 | 219,673,000 | 238,677,000 | 243,877,000 | 259,678,000 | 276,645,000 | 287,629,000 | 300,824,000 | 118,709,000 |
liabilities and stockholders' equity | ||||||||||
current liabilities: | ||||||||||
accounts payable | 1,239,000 | 1,547,000 | 1,611,000 | 2,892,000 | 4,722,000 | 3,485,000 | 6,019,000 | 3,899,000 | 3,049,000 | 3,111,000 |
accrued and other current liabilities | 9,606,000 | 11,298,000 | 9,137,000 | 8,759,000 | 6,720,000 | 7,349,000 | 7,448,000 | 4,757,000 | 2,487,000 | 1,825,000 |
current portion of operating lease liabilities | 2,185,000 | 2,169,000 | 2,153,000 | 2,137,000 | 1,591,000 | 1,061,000 | 530,000 | |||
total current liabilities | 13,030,000 | 15,014,000 | 12,901,000 | 13,788,000 | 13,033,000 | 11,895,000 | 13,997,000 | 9,238,000 | 8,188,000 | 6,115,000 |
operating lease liabilities, net of current portion | 5,886,000 | 6,272,000 | 6,645,000 | 6,658,000 | 5,089,000 | 5,235,000 | 2,964,000 | |||
other noncurrent liabilities | 18,000 | 44,000 | 69,000 | 93,000 | 119,000 | 144,000 | 171,000 | 197,000 | 279,000 | |
total liabilities | 18,916,000 | 21,304,000 | 19,590,000 | 20,515,000 | 18,215,000 | 17,249,000 | 17,105,000 | 9,409,000 | 8,385,000 | 6,394,000 |
commitments and contingencies | ||||||||||
stockholders' equity: | ||||||||||
common stock, 0.0001 par value... | 7,000 | 7,000 | 6,000 | 6,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 2,000 |
additional paid-in capital | 491,347,000 | 484,666,000 | 410,528,000 | 404,386,000 | 388,480,000 | 382,937,000 | 377,137,000 | 372,284,000 | 368,321,000 | 2,201,000 |
accumulated other comprehensive loss | -48,000 | -66,000 | -63,000 | -403,000 | -609,000 | -275,000 | ||||
accumulated deficit | -258,926,000 | -236,885,000 | -210,388,000 | -185,827,000 | -162,214,000 | -140,238,000 | -117,602,000 | -94,069,000 | -75,887,000 | -41,501,000 |
total stockholders' equity | 232,380,000 | 247,722,000 | 200,083,000 | 218,162,000 | 225,662,000 | 242,429,000 | 259,540,000 | 278,220,000 | 292,439,000 | |
total liabilities and stockholders' equity | 251,296,000 | 269,026,000 | 219,673,000 | 238,677,000 | 243,877,000 | 259,678,000 | ||||
deferred revenue | 582,000 | 2,652,000 | 1,179,000 | |||||||
cash | 261,357,000 | 279,082,000 | 291,271,000 | 110,585,000 | ||||||
total liabilities, convertible preferred stock and stockholders' equity | 276,645,000 | 287,629,000 | 300,824,000 | |||||||
liabilities, convertible preferred stock, and stockholders' equity | ||||||||||
long-term convertible promissory note | ||||||||||
embedded derivative liability | ||||||||||
convertible preferred stock, 0.0001 par value... | 151,613,000 | |||||||||
stockholders' equity | ||||||||||
preferred stock, 0.0001 par value... | ||||||||||
deferred offering costs | 2,265,000 | |||||||||
liabilities, convertible preferred stock, and stockholders' deficit | ||||||||||
stockholders' deficit: | ||||||||||
total stockholders' deficit | -39,298,000 | |||||||||
total liabilities, convertible preferred stock and stockholders' deficit | 118,709,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|
operating activities: | |||||||||
net income | -22,041,000 | -26,497,000 | -24,561,000 | -23,613,000 | -21,976,000 | -22,636,000 | -23,533,000 | -18,182,000 | -34,386,000 |
adjustments to reconcile net income to cash from operating activities: | |||||||||
stock-based compensation | 6,602,000 | 6,311,000 | 6,000,000 | 6,158,000 | 5,434,000 | 5,552,000 | 4,550,000 | 3,677,000 | 23,670,000 |
depreciation | 763,000 | 665,000 | 643,000 | 619,000 | 143,000 | 55,000 | 43,000 | 36,000 | 29,000 |
non-cash lease expense | 262,000 | 281,000 | 255,000 | 185,000 | |||||
amortization of premiums and discounts on short-term investments | -1,467,000 | -1,115,000 | -1,048,000 | -798,000 | -541,000 | ||||
changes in operating assets and liabilities: | |||||||||
prepaids and other current assets | -1,335,000 | -249,000 | -352,000 | 1,305,000 | -1,213,000 | 3,044,000 | -1,852,000 | 524,000 | -2,234,000 |
right-of-use assets – operating leases | 97,000 | 91,000 | 84,000 | ||||||
other noncurrent assets | 510,000 | -7,000 | -1,737,000 | ||||||
accounts payable | -308,000 | 44,000 | -1,059,000 | 399,000 | -1,320,000 | -1,312,000 | 1,038,000 | 709,000 | 771,000 |
accrued and other current liabilities | -1,423,000 | 1,892,000 | 378,000 | 2,099,000 | 1,814,000 | -2,602,000 | 2,691,000 | 2,270,000 | 1,351,000 |
deferred revenue | 0 | 0 | 0 | -582,000 | -2,070,000 | 1,473,000 | |||
operating lease liabilities | -370,000 | -357,000 | -527,000 | ||||||
proceeds from lease incentive | 0 | 0 | 530,000 | 1,936,000 | 0 | ||||
net cash from operating activities | -18,972,000 | -19,222,000 | -21,649,000 | -9,004,000 | -17,378,000 | -17,833,000 | -17,460,000 | -13,036,000 | -9,326,000 |
capital expenditures | -32,000 | -679,000 | -1,465,000 | -4,779,000 | -3,902,000 | -2,204,000 | 102,000 | -296,000 | -151,000 |
free cash flows | -19,004,000 | -19,901,000 | -23,114,000 | -13,783,000 | -21,280,000 | -20,037,000 | -17,358,000 | -13,332,000 | -9,477,000 |
investing activities: | |||||||||
purchases of property and equipment | -32,000 | -679,000 | -1,573,000 | -2,550,000 | -3,955,000 | -3,486,000 | -1,122,000 | -423,000 | -15,000 |
purchases of short-term investments | -112,372,000 | 0 | -50,000,000 | -50,063,000 | -36,478,000 | ||||
maturities of short-term investments | 39,750,000 | 56,501,000 | 63,600,000 | 48,500,000 | |||||
net cash from investing activities | -72,654,000 | 55,822,000 | 12,027,000 | -6,742,000 | -26,183,000 | -135,402,000 | -1,122,000 | -423,000 | -15,000 |
financing activities: | |||||||||
proceeds from issuance of common stock, net of issuance costs | -269,000 | ||||||||
proceeds from exercise of stock options | 61,000 | 321,000 | 117,000 | ||||||
payment of deferred offering costs | |||||||||
net cash from financing activities | -208,000 | 68,071,000 | 117,000 | 10,087,000 | -279,000 | 223,000 | 276,000 | 260,000 | 191,500,000 |
net increase in cash, cash equivalents, and restricted cash | -91,834,000 | -5,659,000 | -43,840,000 | ||||||
cash, cash equivalents, and restricted cash at beginning of period | 0 | 0 | 59,907,000 | 0 | 0 | ||||
cash, cash equivalents, and restricted cash at end of period | -91,834,000 | 104,671,000 | 50,402,000 | -5,659,000 | -43,840,000 | ||||
supplemental disclosure of noncash activities | |||||||||
purchases of property and equipment included in accounts payable and accrued liabilities | 108,000 | -2,229,000 | 53,000 | 1,282,000 | 1,224,000 | ||||
right-of-use assets and lease liabilities recognized upon commencement of lease | 0 | 0 | 0 | 3,370,000 | |||||
issuance costs included in accounts payable and accrued liabilities | |||||||||
net decrease in cash, cash equivalents, and restricted cash | -9,505,000 | ||||||||
non-cash interest expense | 0 | 0 | |||||||
change in fair value of embedded derivative liability | 0 | 0 | |||||||
loss on extinguishment of convertible promissory note | 0 | 0 | |||||||
proceeds from issuance of convertible preferred stock, net of issuance costs | 0 | 0 | |||||||
proceeds from initial public offering, net of offering costs | 28,000 | ||||||||
proceeds from exercise of stock options, including early exercise | 312,000 | 83,000 | 223,000 | 276,000 | 232,000 | 48,000 | |||
conversion of preferred stock to common stock | 0 | ||||||||
conversion of convertible note (including accrued interest) and derivative liability for series b-2 convertible preferred stock | |||||||||
deferred offering costs included in accounts payable and accrued and other current liabilities | |||||||||
net increase in cash and restricted cash | -18,306,000 | -13,199,000 | 182,159,000 | ||||||
cash and restricted cash at beginning of period | 280,724,000 | 0 | 0 | ||||||
cash and restricted cash at end of period | 262,418,000 | -13,199,000 | 182,159,000 | ||||||
issuance costs and amounts payable for convertible preferred stock included in accounts payable and accrued liabilities | |||||||||
numerator: | |||||||||
denominator: | |||||||||
weighted-average common shares outstanding, basic and diluted | 39,602,146,000 | -8,417,968,000 | 23,264,083,000 | ||||||
less: weighted-average unvested common stock | -200,341,000 | -111,052,000 | 245,648,000 | ||||||
weighted-average shares used for eps calculation | 39,401,805,000 | -8,529,020,000 | 23,509,731,000 | ||||||
net income per share | -600 | -2,430 | 1,560 | ||||||
proceeds from issuance of convertible promissory notes, net of issuance costs | |||||||||
purchases of property and equipment included in accounts payable | 127,000 | -136,000 | |||||||
conversion of convertible note (including accrued interest) and embedded derivative liability for series b-2 convertible preferred stock | |||||||||
unpaid initial public offering costs |