1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Price Chart
4. Valuation
5. Offer Terms
6. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
VAXX
Listed on
2021-11-11
Sector
Health Care
Subsector
Pharmaceuticals
Offer Price
$13.00
first filed $14.00–$16.00Shares Offered
6M
125.84M
$1.6B
4.8%
Implied Upside vs Midpoint
Description
We are a purpose-driven biotechnology company committed to democratizing healthcare across the globe. Our vision is to disrupt the existing treatment paradigm for chronic diseases, increasingly dominated by drugs, particularly monoclonal antibodies (“mAbs”), which suffer from prohibitive costs and cumbersome administration. We believe our synthetic peptide vaccine platform (“Vaxxine Platform”) has the potential to enable a new class of therapeutics that will improve the quality and convenience of care, reduce costs and increase access to treatments for a wide range of indications. Our Vaxxine Platform is designed to harness the immune system to convert the body into its own “drug factory,” stimulating the production of antibodies with a therapeutic or protective effect. While traditional vaccines have been able to leverage this approach against infectious diseases, they have historically been unable to resolve key challenges in the fight against chronic diseases. We believe our Vaxxine Platform has the potential to overcome these challenges, and has the potential to bring the efficiency of vaccines to a whole new class of medical conditions. Specifically, our technology uses synthetic peptides to mimic and optimally combine biological epitopes in order to selectively activate the immune system, producing antibodies against only the desired targets, including self-antigens, making possible the safe and effective treatment of chronic diseases by vaccines. The modular and synthetic nature of our Vaxxine Platform generally provides significant speed and efficiency in candidate development and has generated multiple product candidates that we are designing to have safety and efficacy equal to or greater than the standard-of-caretreatments for many chronic diseases, with more convenient administration and meaningfully lower costs. Our current pipeline consists of five chronic disease product candidates from early to late-stage development across multiple therapeutic areas including Alzheimer’s Disease (“AD”), Parkinson’s Disease (“PD”), migraine and hypercholesterolemia. Additionally, we believe our Vaxxine Platform may be used to disrupt the treatment paradigm for a wide range of other chronic diseases, including any that are or could potentially be successfully treated by mAbs. We also will opportunistically pursue infectious disease treatments. When the COVID-19 pandemic struck the world in March 2020, we quickly reallocated our resources to develop vaccine candidates for the condition. We have assembled an industry-leading team with extensive experience developing and commercializing successful drugs that is committed to realizing our mission of democratizing healthcare. --- Vaxxinity, Inc. was incorporated under the laws of the State of Delaware on February 2, 2021 for the purpose of acquiring UNS, a biotechnology company dedicated to the development of medicines for chronic diseases, and COVAXX, a biotechnology company dedicated to the development of a COVID-19 vaccine. We separated our business from UBI through a spin-out in 2014 that resulted in UNS as a separate company and a second spin-out in 2020 that resulted in COVAXX as a separate company. Vaxxinity then acquired all of the equity interests of UNS and COVAXX in March 2021 in connection with the Reorganization. Our principal executive office is located at 1717 Main St, Ste 3388 Dallas, TX 75201 and our telephone number is (254) 244-5739. Our website address is www.vaxxinity.com.
| Metric | Value | Peer median | Among peers | Trend |
|---|---|---|---|---|
EV / revenue | >100x | >100x | ||
Gross margin | 90.7% | — | — | |
Operating margin | -5796% | -2562% | ||
Net margin | -7174% | -2119% | ||
Free cash flow margin | -6353% | — | — | |
Net cash / market cap | 1.9% | 3.9% | ||
Debt / equity | 0.00 | 0.00 | ||
Current ratio | 0.91 | 8.77 | ||
Stock comp / revenue | 5460% | — | — | |
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
▼ Priced at $13.00, 13% below the midpoint of the first filed range ($14.00–$16.00, 2021-11-05).
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2021-11-05 | S-1/A | $14.00–$16.00 | — | 6,700,000 | $100.5M |
| 2021-11-12 | 424B4 | — | $13.00 | 6,000,000 | $78.0M |
Vaxxinity, Inc. income statement and balance sheet, FY Dec 2020 to FY Dec 2023, as reported in SEC filings.
| Metric | FY Dec 2020 | FY Dec 2021after listing | FY Dec 2022after listing | FY Dec 2023after listing |
|---|---|---|---|---|
| Revenue | $557K | $66.0K | — | — |
| Gross profit | $505K | ($1.9M) | — | — |
| Operating income | ($32.3M) | ($125M) | ($76.0M) | ($58.3M) |
| Net income | ($40.0M) | ($137M) | ($75.2M) | ($56.9M) |
| Revenue growth | — | −88.2% | — | — |
| Gross margin | 90.7% | −2835% | — | — |
| Operating margin | −5796% | −189508% | — | — |
| Net margin | −7174% | −207841% | — | — |
| Metric | FY Dec 2020 | FY Dec 2021after listing | FY Dec 2022after listing | FY Dec 2023after listing |
|---|---|---|---|---|
| Total assets | $50.1M | $167M | $106M | $44.3M |
| Total liabilities | $75.0M | $38.1M | $44.2M | $30.9M |
| Total equity | ($87.4M) | $129M | $62.2M | $13.4M |
| Cash & equivalents | $31.1M | $145M | $33.5M | $4.9M |