EXHIBIT 99.1
Vical Reports First Quarter 2017 Financial Results
VL-2397 Data to be presented at ASM Microbe 2017 Conference in June
SAN DIEGO, May 15, 2017 (GLOBE NEWSWIRE) -- Vical Incorporated (Nasdaq:VICL) today reported financial results for the three months ended March 31, 2017. Net loss for the first quarter of 2017 was $2.8 million, or $0.25 per share, compared with a net loss of $2.4 million, or $0.26 per share, for the first quarter of 2016. Revenues for the first quarter of 2017 were $3.2 million, compared with revenues of $4.6 million for the first quarter of 2016, reflecting revenues from Astellas Pharma Inc. for manufacturing services performed under our ASP0113 collaborative agreements.
Vical had cash and investments of $39.2 million at March 31, 2017. The Company’s net cash burn for the first quarter of 2017 was $1.8 million, which was consistent with the Company’s full year guidance of between $8 million and $11 million.
Program updates include:
ASP0113 CMV Therapeutic Vaccine
VCL-HB01 HSV-2 Therapeutic Vaccine
VL-2397 Antifungal
Vical will conduct a conference call and webcast today, May 15, at noon Eastern Time, to discuss the Company’s financial results and program updates with invited participants. The call and webcast are open on a listen-only basis to any interested parties. To listen to the conference call, dial in approximately ten minutes before the scheduled call to (719)325-2361 (preferred), or (888)466-4462 (toll-free), and reference confirmation code 9047479. A replay of the call will be available for 48 hours beginning about two hours after the call. To listen to the replay, dial (719)457-0820 (preferred) or (888)203-1112 (toll-free) and enter replay passcode 9047479. The call will also be available live and archived through the events page at www.vical.com. For further information, contact Vical’s Investor Relations department by phone at (858)646-1127 or by e-mail at ir@vical.com.
About Vical
Vical develops biopharmaceutical products for the prevention and treatment of chronic or life-threatening infectious diseases, based on its patented DNA delivery technologies and other therapeutic approaches. Additional information on Vical is available at www.vical.com.
Forward-Looking Statements
This press release contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements include net cash use guidance, as well as anticipated developments in independent and collaborative programs, including the plans, timing of initiation, enrollment and announcement of data for clinical trials. Risks and uncertainties include whether Vical or others will continue development of ASP0113, Vical’s HSV-2 vaccine, VL-2397 or any other independent or collaborative programs; whether Vical will achieve levels of revenues and control expenses to meet its financial projections; whether enrollment in on-going trials will continue at current rates; whether Vical or its collaboration partners will be able to obtain regulatory allowances or guidance necessary to proceed with proposed clinical trials or implement anticipated clinical trial designs; whether on-going or planned clinical trials will be initiated or completed on the timelines Vical currently expects, whether any product candidates will be shown to be safe and efficacious in clinical trials; whether Vical is able to continue its collaborative arrangements or enter into new ones; whether Vical will have access to sufficient capital to fund its planned development activities; whether Vical or its collaborative partners will seek or gain approval to market any product candidates; and additional risks set forth in the Company's filings with the Securities and Exchange Commission. These forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update these forward-looking statements.
VICAL INCORPORATED | ||||||||||||||
Selected Condensed Financial Information (Unaudited) | ||||||||||||||
Three Months Ended | ||||||||||||||
Statements of Operations | March 31, | |||||||||||||
(in thousands, except per share amounts) | 2017 | 2016 | ||||||||||||
Revenues: | ||||||||||||||
Contract revenue | $ | 2,901 | $ | 4,088 | ||||||||||
License and royalty revenue | 304 | 516 | ||||||||||||
Total revenues | 3,205 | 4,604 | ||||||||||||
Operating expenses: | ||||||||||||||
Research and development | 3,300 | 2,478 | ||||||||||||
Manufacturing and production | 1,309 | 2,846 | ||||||||||||
General and administrative | 1,509 | 1,790 | ||||||||||||
Total operating expenses | 6,118 | 7,114 | ||||||||||||
Loss from operations | (2,913 | ) | (2,510 | ) | ||||||||||
Net investment and other income | 89 | 87 | ||||||||||||
Net loss | $ | (2,824 | ) | $ | (2,423 | ) | ||||||||
Basic and diluted net loss per share | $ | (0.25 | ) | $ | (0.26 | ) | ||||||||
Weighted average shares used in computing | ||||||||||||||
basic and diluted net loss per share | 11,101 | 9,217 | ||||||||||||
Balance Sheets | March 31, | December 31, | ||||||||||||
(in thousands) | 2017 | 2016 | ||||||||||||
Assets: | ||||||||||||||
Cash, cash equivalents, and marketable | ||||||||||||||
securities, including restricted | $ | 37,091 | $ | 38,932 | ||||||||||
Other current assets | 10,106 | 8,935 | ||||||||||||
Total current assets | 47,197 | 47,867 | ||||||||||||
Long-term investments | 2,108 | 2,046 | ||||||||||||
Property and equipment, net | 964 | 1,173 | ||||||||||||
Other assets | 1,172 | 1,198 | ||||||||||||
Total assets | $ | 51,441 | $ | 52,284 | ||||||||||
Liabilities and stockholders' equity: | ||||||||||||||
Current liabilities | $ | 8,855 | $ | 7,145 | ||||||||||
Stockholders' equity | 42,586 | 45,139 | ||||||||||||
Total liabilities and stockholders' equity | $ | 51,441 | $ | 52,284 | ||||||||||
Contacts:
Andrew Hopkins
(858) 646-1127
Website: www.vical.com
Anthony Ramos
Vice President and Chief Accounting Officer