VACCINEX, INC. [VCNX] Filings

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

10-Q 1 vcnx-20240630.htm 10-Q 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-38624

Vaccinex, Inc.

(Exact name of registrant as specified in its charter)


Delaware	16-1603202
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1895 Mount Hope Avenue Rochester, New York	14620
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (585) 271-2700

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value	VCNX	Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 9, 2024, the registrant had 1,727,700 shares of common stock, $0.0001 par value per share, outstanding.

VACCINEX, INC.

FORM 10-Q

TABLE OF CONTENTS


		Page

	PART I – FINANCIAL INFORMATION


Item 1.	Financial Statements	3

	Condensed Balance Sheets (Unaudited)	3

	Condensed Statements of Operations and Comprehensive Loss (Unaudited)	4

	Condensed Statements of Stockholders’ Equity (Deficit) (Unaudited)	5

	Condensed Statements of Cash Flows (Unaudited)	6

	Notes to Condensed Financial Statements (Unaudited)	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	35

Item 4.	Controls and Procedures	35


	PART II – OTHER INFORMATION


Item 1A.	Risk Factors	36

Item 6.	Exhibits	38

	Signatures	39

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

VACCINEX, INC.

Condensed Balance Sheets (Unaudited)

(in thousands, except share and per share data)


	As of June 30, 2024			As of December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	233		$	1,535
Accounts receivable		1,045			961
Prepaid expenses and other current assets		910			853
Derivative asset		14			-
Total current assets		2,202			3,349
Property and equipment, net		106			136
Operating lease right-of-use asset		59			146
TOTAL ASSETS	$	2,367		$	3,631
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	3,243		$	2,039
Accrued expenses		1,751			1,242
Deferred revenue		12			63
Current portion of long-term debt		63			75
Operating lease liability		59			146
Warrant liability		103			2,351
Total current liabilities		5,231			5,916
Long-term debt		-			26
TOTAL LIABILITIES		5,231			5,942
Commitments and contingencies (Note 6)
Stockholders’ equity (deficit):
Convertible preferred stock (Series A), par value of $0.001 per share; 10,000,000 shares authorized, 10 shares issued and outstanding as of June 30, 2024, and no shares authorized, issued or outstanding as of December 31, 2023; with aggregate liquidation preference of $1,750,000 and $0 as of June 30, 2024 and December 31, 2023, respectively		1,379			-
Common stock, par value of $0.0001 per share; 100,000,000 shares authorized as of June 30, 2024, and December 31, 2023; 1,584,848 and 892,622 shares issued as of June 30, 2024 and December 31, 2023, respectively; 1,584,843 and 892,617 shares outstanding as of June 30, 2024 and December 31, 2023, respectively		1			-
Additional paid-in capital		345,222			337,627
Treasury stock, at cost; 5 shares of common stock as of June 30, 2024, and December 31, 2023, respectively		(11	)		(11	)
Accumulated deficit		(349,455	)		(339,927	)
TOTAL STOCKHOLDERS’ EQUITY/(DEFICIT)		(2,864	)		(2,311	)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,367		$	3,631

The accompanying notes are an integral part of these condensed financial statements.

VACCINEX, INC.

Condensed Statements of Operations and Comprehensive Loss (Unaudited)

(in thousands, except share and per share data)


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023

Revenue	$	232		$	-		$	336		$	550
Costs and expenses:
Research and development		3,864			5,050			7,247			8,862
General and administrative		2,090			2,027			3,885			3,751
Total costs and expenses		5,954			7,077			11,132			12,613
Loss from operations		(5,722	)		(7,077	)		(10,796	)		(12,063	)
Interest expense		-			-			-			(1	)
Financing costs - warrant liabilities		-			-			(28	)		-
Change in fair value of warrant liabilities		156			-			1,362			-
Change in fair value of derivative asset		(81	)		-			(81	)		-
Other income (expense), net		16			17			15			42
Loss before provision for income taxes		(5,631	)		(7,060	)		(9,528	)		(12,022	)
Provision for income taxes		-			-			-			-
Net loss attributable to Vaccinex, Inc. common stockholders	$	(5,631	)	$	(7,060	)	$	(9,528	)	$	(12,022	)
Comprehensive loss	$	(5,631	)	$	(7,060	)	$	(9,528	)	$	(12,022	)
Net loss per share attributable to Vaccinex, Inc. common stockholders, basic and diluted	$	(3.10	)	$	(24.54	)	$	(6.06	)	$	(45.78	)
Weighted-average shares used in computing net loss per share attributable to Vaccinex, Inc. common stockholders, basic and diluted		1,817,520			287,719			1,572,388			262,623

The accompanying notes are an integral part of these condensed financial statements.

VACCINEX, INC.

Condensed Statements of Stockholders’ Equity (Deficit) (Unaudited)

(in thousands, except share data)





	Preferred Stock				Common Stock							Treasury Stock
	Shares		Amount		Shares		Amount		Additional Paid-in Capital			Common Stock Shares		Amount			Accumulated Deficit			Total Stockholders’ Equity/(Deficit)
Balance as of January 1, 2023		-	$	-		237,532	$	-	$	324,880			5	$	(11	)	$	(319,676	)	$	5,193
Issuance of common stock		-		-		23,693		-		2,040			-		-			-			2,040
Stock-based compensation		-		-		-		-		129			-		-			-			129
Net loss		-		-		-		-		-			-		-			(4,962	)		(4,962	)
Balance as of March 31, 2023		-		-		261,225		-		327,049			5		(11	)		(324,638	)		2,400
Issuance of Common Shares		-		-		51,486		-		4,111			-		-			-			4,111
Stock-based compensation		-		-		-		-		126			-		-			-			126
Net loss		-		-		-		-		-			-		-			(7,060	)		(7,060	)
Balance as of June 30, 2023		-	$	-		312,711	$	-	$	331,286			5	$	(11	)	$	(331,698	)	$	(423	)

	Preferred Stock				Common Stock							Treasury Stock
	Shares		Amount		Shares		Amount		Additional Paid-in Capital			Common Stock Shares		Amount			Accumulated Deficit			Total Stockholders’ Equity/(Deficit)
Balance as of January 1, 2024		-	$	-		892,622	$	-	$	337,627			5	$	(11	)	$	(339,927	)	$	(2,311	)
Issuance of common stock		-		-		64,816		-		2			-		-			-			2
Stock-based compensation		-		-		-		-		96			-		-			-			96
Issuance of common stock and pre-funded warrants in private placement offerings		-		-		626,867		1		4,223			-		-			-			4,224
Issuance of warrants in private placement offerings		-		-		-		-		750			-		-			-			750
Issuance of warrants		-		-		-		-		556			-		-			-			556
Issuance of preferred stock		10		1,236		-		-		-			-		-			-			1,236
Reclassification of public warrants, as amended		-		-		-		-		1,199			-		-			-			1,199
Reclassification of private placement warrants, as amended		-		-		-		-		800			-		-			-			800
Net loss		-		-		-		-		-			-		-			(3,897	)		(3,897	)
Balance as of March 31, 2024		10		1,236		1,584,305		1		345,253			5		(11	)		(343,824	)		2,655
Stock-based compensation		-		-		-		-		112			-		-			-			112
Amortization of preferred stock discount		-		143		-		-		(143	)		-		-			-			-
Issuance of restricted stock		-		-		543		-		-			-		-			-			-
Net loss		-		-		-		-		-			-		-			(5,631	)		(5,631	)
Balance as of June 30, 2024		10	$	1,379		1,584,848	$	1	$	345,222			5	$	(11	)	$	(349,455	)	$	(2,864	)

The accompanying notes are an integral part of these condensed financial statements.

VACCINEX, INC.

Condensed Statements of Cash Flows (Unaudited)

(in thousands)


	Six Months Ended June 30,
	2024			2023

CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(9,528	)	$	(12,022	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		53			61
Stock-based compensation		208			255
Change in fair value of warrant liability		(1,362	)		-
Change in fair value of derivative asset		81			-
Changes in operating assets and liabilities:
Accounts receivable		(84	)		164
Prepaid expenses and other current assets		(57	)		152
Accounts payable		1,196			90
Accrued expenses		509			753
Deferred revenue		(63	)		-
Net cash used in operating activities		(9,047	)		(10,547	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment		(14	)		(49	)
Net cash used in investing activities		(14	)		(49	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, and pre-funded warrants in private placement offerings		2,529			-
Proceeds from issuance of warrants in private placement offerings		1,113			-
Proceeds from private offering of common stock		-			5,001
Payments of long-term debt		(26	)		(38	)
Proceeds from issuance of preferred stock and accompanying warrants		1,697			-
Proceeds from issuance of common stock, and private placement warrants		2,446			-
Proceeds from issuance of common stock		-			1,150
Net cash provided by financing activities		7,759			6,113
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS		(1,302	)		(4,483	)
CASH AND CASH EQUIVALENTS–Beginning of period		1,535			6,391
CASH AND CASH EQUIVALENTS–End of period	$	233		$	1,908

The accompanying notes are an integral part of these condensed financial statements.

VACCINEX, INC.

Notes to Condensed Financial Statements (Unaudited)

Note 1. COMPANY AND NATURE OF BUSINESS

Vaccinex, Inc. (the “Company”) was incorporated in Delaware in April 2001 and is headquartered in Rochester, New York. The Company is a clinical-stage biotechnology company engaged in the discovery and development of targeted biotherapeutics to treat serious diseases and conditions with unmet medical needs, including neurodegenerative diseases, cancer, and autoimmune disorders. Since its inception, the Company has devoted substantially all of its efforts toward product research, manufacturing and clinical development, and raising capital.

The Company is subject to a number of risks and uncertainties common to other early-stage biotechnology companies including, but not limited to, dependency on the successful development and commercialization of its product candidates, rapid technological change and competition, dependence on key personnel and collaborative partners, uncertainty of protection of proprietary technology and patents, clinical trial uncertainty, fluctuation in operating results and financial performance, the need to obtain additional funding, compliance with governmental regulations, technological and medical risks, management of growth and effectiveness of marketing by the Company. If the Company does not successfully commercialize or partner any of its product candidates, it will be unable to generate product revenue or achieve profitability.

Going Concern

These condensed financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

The Company has incurred significant losses and negative cash flows from operations since inception and expects to incur additional losses until such a time it can generate significant revenue from the commercialization of its product candidates. The Company reported cash used in operations of $9.0 million for the six months ended June 30, 2024, and an accumulated deficit of $349.5 million as of June 30, 2024. Given the Company’s projected operating requirements and its existing cash and cash equivalents, the Company is projecting insufficient liquidity to sustain its operations and meet its obligations through one year following the date that the condensed financial statements are issued. These conditions and events raise substantial doubt about the Company’s ability to continue as a going concern.

In response to these conditions, management is currently evaluating different strategies to obtain the required funding of future operations. Financing strategies may include, but are not limited to, the public or private sale of equity, debt financing or funds from other capital sources, such as government funding, collaborations, strategic alliances, divestment of non-core assets, or licensing arrangements with third parties. There can be no assurances that the Company will be able to secure additional financing, or if available, that it will be sufficient to meet its needs or on favorable terms. Because management’s plans have not yet been finalized and are not within the Company’s control, the implementation of such plans cannot be considered probable. As a result, the Company has concluded that management’s plans do not alleviate substantial doubt about the Company’s ability to continue as a going concern.

The condensed financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Consolidation

The accompanying unaudited condensed financial statements reflect the accounts and operations of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information (Accounting Standards Codification (“ASC”) 270, Interim Reporting) and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, these financial statements do not include all of the information necessary for a full presentation of financial position, results of operations, and cash flows in conformity with GAAP. In the opinion of management, the condensed financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the results of the Company for the periods presented.

These condensed financial statements should be read in conjunction with the Company’s audited financial statements and related notes included in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2023, filed with the SEC on April 25, 2024.

Common Stock Reverse Splits

On September 25, 2023, the Company effected a 1-for-15 reverse stock split of its issued shares of common stock. On February 19, 2024, the Company effected a second reverse split of shares of the Company's common stock on a 1-for-14 basis. All per share amounts, common shares outstanding, warrants, and stock-based compensation amounts for all periods presented have been retroactively adjusted to reflect these reverse stock splits. The shares of common stock retain a par value of $0.0001 per share.

Use of Estimates

These condensed financial statements have been prepared in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the condensed financial statements and the reported amount of expenses during the reporting period. Such management estimates include those relating to assumptions used in the valuation of stock option awards, valuation of the warrant liabilities, valuation of the derivative asset, and valuation allowances against deferred income tax assets. Actual results could differ from those estimates.

Convertible Preferred Stock

In March 2024, the Company issued shares of a newly designated series of convertible preferred stock (see Note 9). The convertible preferred stock contained embedded redemption features requiring bifurcation and separate accounting apart from the convertible preferred stock host instrument. The Company recorded the fair value of the embedded redemption features as a derivative asset on the Company’s balance sheets in accordance with ASC Topic 815, Derivatives and Hedging. See Note 4 for the key inputs used in the fair value measurements of the derivative asset.

Fair Value of Financial Instruments

Financial instruments consist of cash, accounts receivable, derivative asset, accounts payable, accrued liabilities, long-term debt, warrant liabilities, and convertible preferred stock. Cash, accounts receivable, accounts payable, accrued liabilities, debt, and convertible preferred stock are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date of such amounts. Warrant liabilities and the derivative asset are measured at fair value on a recurring basis with the assumptions discussed in Note 4.

Concentration of Credit Risk, Other Risks and Uncertainties

The Company is subject to a number of risks, including, but not limited to, the lack of available capital; the possible delisting of our common stock from Nasdaq; possible failure of preclinical testing or clinical trials; inability to obtain regulatory approval of product candidates; competitors developing new technological innovations; potential interruptions in the manufacturing and commercial supply operations; unsuccessful commercialization strategy and launch plans for its proprietary drug candidates; risks inherent in litigation, including purported class actions; market acceptance of the Company’s products; and protection of proprietary technology.

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. Cash equivalents are deposited in interest-bearing money market accounts. Although the Company deposits its cash with multiple financial institutions, cash balances may occasionally be in excess of the amounts insured by the Federal Deposit Insurance Corporation. Management believes the financial risk associated with these balances is minimal and has not experienced any losses to date.

The Company has historically raised capital in transactions with investors that include members of its board of directors and entities controlled by certain board members. As such, the Company's directors, directly and indirectly, control a significant ownership percentage of the Company. The Company can provide no assurances that future financing will be available in sufficient amounts or on terms acceptable to it or that its directors or entities controlled by certain board members will be willing or able to participate in future capital raises by the Company.

The Company depends on third-party manufacturers for the manufacture of drug substances and drug product for clinical trials. The Company also relies on certain third parties for its supply chain. Disputes with these third- party manufacturers or shortages in goods or services from third-party suppliers could delay the manufacturing of the Company’s product candidates and adversely impact its results of operations.

Recently Issued Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires disclosure of additional categories of information about federal, state, and foreign income taxes in the rate reconciliation table and more details about the reconciling items in some categories if items meet a quantitative threshold. The ASU requires entities to disclose income taxes paid, net of refunds, disaggregated by federal (national), state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold. The guidance makes several other changes to the disclosure requirements. The ASU is required to be applied prospectively, with the option to apply it retrospectively. The ASU is effective for fiscal years beginning after December 15, 2024. The Company is currently assessing the impact of the adoption of this guidance on its financial statements and disclosures.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the ASU enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, and contains other disclosure requirements. The ASU does not change how an entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The ASU is required to be applied retrospectively to all periods presented in the financial statements. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently assessing the impact of the adoption of this guidance on its financial statements and disclosures.

Note 3. BALANCE SHEET COMPONENTS

Property and Equipment

Property and equipment consist of the following (in thousands):


	As of June 30, 2024			As of December 31, 2023
Leasehold improvements	$	3,277		$	3,277
Research equipment		3,373			3,351
Furniture and fixtures		350			350
Computer equipment		250			250
Property and equipment, gross		7,250			7,228
Less: accumulated depreciation and amortization		(7,144	)		(7,091	)
Property and equipment, net	$	106		$	136

Depreciation expense related to property and equipment was $25,000 and $53,000 for the three and six months ended June 30, 2024 and $30,000 and $61,000 for the three and six months ended June 30, 2023, respectively.

Accrued Expenses

Accrued expenses consist of the following (in thousands):


	As of June 30, 2024		As of December 31, 2023

Accrued clinical trial cost	$	1,043	$	853
Accrued payroll and related benefits		350		295
Accrued consulting and legal		302		58
Accrued other		56		36
Accrued expenses	$	1,751	$	1,242

Note 4. FAIR VALUE MEASUREMENTS OF FINANCIAL MEASUREMENTS

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Assets and liabilities recorded at fair value on a nonrecurring basis in the condensed balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Financial instruments consist of cash, accounts receivable, accounts payable, accrued liabilities, long-term debt, and convertible preferred stock. Cash, accounts receivable, accounts payable, accrued liabilities, debt, and convertible preferred stock are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date of such amounts.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Fair value measurement standards also apply to certain financial assets and liabilities that are measured at fair value on a recurring basis (each reporting period). For the Company, these financial assets and liabilities include its cash equivalents deposited in money market funds, warrant liabilities, and the derivative asset. The Company does not have any nonfinancial assets or liabilities that are measured at fair value on a recurring basis.

The assets’ or liabilities’ fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy (in thousands):


	As of June 30, 2024
	Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Money market fund	$	1	$	1	$	-	$	-
Derivative asset		14		-		-		14
Total Financial Assets	$	15	$	1	$	-	$	14


	As of December 31, 2023
	Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Money market fund	$	1,337	$	1,337	$	-	$	-
Total Financial Assets	$	1,337	$	1,337	$	-	$	-


	As of June 30, 2024
	Fair Value		Level 1		Level 2		Level 3
Financial Liabilities:
Warrant liabilities - public warrants	$	94	$	-	$	-	$	94
Warrant liabilities - private placement warrants		9		-		-		9
Total Financial Liabilities	$	103	$	-	$	-	$	103


	As of December 31, 2023
	Fair Value		Level 1		Level 2		Level 3
Financial Liabilities:
Warrant liabilities - public warrants	$	2,275	$	-	$	-	$	2,275
Warrant liabilities - private placement warrants		76		-		-		76
Total Financial Liabilities	$	2,351	$	-	$	-	$	2,351

The Company did not transfer any assets or liabilities measured at fair value on a recurring basis to or from Level 1, Level 2, and Level 3 during either of the six months ended June 30, 2024, and 2023.

Fair Value Measurement of Warrant Liabilities

The Company uses the Black-Scholes pricing model to determine the fair value of its warrant liabilities using Level 3 inputs. Inputs used to determine the estimated fair value of the warrant liabilities include the fair value of the underlying stock at the valuation date, the term of the warrants, and the expected volatility of the underlying stock. The significant unobservable input used in the fair value measurement of the warrant liabilities is the estimated term of the warrants.

The key inputs into the respective valuation models used to estimate the fair value of the warrant liabilities at June 30, 2024, were as follows:



	Public Warrants						Private Placement Warrants
	Low			High			Low			High
Risk-free interest rate		3.81	%		5.40	%		4.08	%		5.40	%
Volatility		83	%		130	%		83	%		130	%
Dividend yield		0	%		0	%		0	%		0	%
Expected term (years)		0.08			4.76			0.08			5.01
Share price	$	6.490		$	9.310		$	6.400		$	9.310

The key inputs into the respective valuation models used to estimate the fair value of the warrant liabilities at December 31, 2023, were as follows:

         
        Public Warrants

VACCINEX, INC. [VCNX] Filings
10-Q	[2024-08-14]
10-Q	[2024-05-15]
10-K	[2024-04-02]
10-Q	[2023-11-13]
S-1	[2023-09-14]
10-Q	[2023-08-14]
10-Q	[2023-05-15]
10-K	[2023-03-31]
10-Q	[2022-11-14]
10-Q	[2022-08-15]
10-Q	[2022-05-16]
10-K	[2022-03-31]
10-Q	[2021-11-08]
10-Q	[2021-08-16]
10-Q	[2021-05-17]
10-K	[2021-03-31]
10-Q	[2020-11-13]
10-Q	[2020-08-14]
10-Q	[2020-05-14]
10-K	[2020-03-09]
10-Q	[2019-11-12]
10-Q	[2019-08-14]
10-Q	[2019-05-15]
10-K	[2019-03-13]
10-Q	[2018-11-13]
10-Q	[2018-08-14]
S-1	[2018-07-09]