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Vaxxinity Unchanged on Results

Vaxxinity, Inc. (NASDAQ: VAXX) saw its shares remain static Monday, on reporting financial results for the fourth quarter ended December 31, 2022.

As of December 31, 2022, Vaxxinity had $87.9 million of highly liquid assets, including $33.5 million of cash and cash equivalents, $53.4 million of short-term investments, and $1.1 million of restricted cash, compared to $145.1 million as of December 31, 2021.

Research and development expenses for the three months ended December 31, 2022, were $13.0 million compared to $17.3 million for the three months ended December 31, 2021. The $4.3 million decrease consisted of a decrease in program-specific costs of $6.6 million, offset by an increase in non-program costs of $2.3 million.

Of the program-specific decrease, $8.1 million was related to our UB-612 COVID-19 vaccine program and $0.6 million was related to our UB-312 Parkinson’s disease program, offset by an increase of $1.7 million related to our VXX-401 hypercholesterolemia program. The non-program increase was driven primarily by an increase of $1.7 million increase in rent, lab supplies and other overhead costs, and a $0.5 million increase in external professional services supporting research and development activities across the pipeline.

The $22.7-million decrease was primarily related to a $22.6-million decrease in stock-based compensation; the company recorded a $23.1 million expense in 2021 related to performance-based grants that were previously granted at United Neuroscience prior to its combination with Covaxx to form Vaxxinity, and then vested upon the successful completion of the company’s initial public offering in November 2021.

Net loss for the three months ended December 31, 2022, was $20.5 million or $0.16 per share compared to $47.9 million or $0.48 per share for the three months ended December 31, 2021.

VAXX shares closed Friday at $2.15.