Vaccinex Inc 2025年度报告

Balance Sheets (in thousands, except share and per share data) As ofDecember31, 2025As ofDecember31, 2024 VACCINEX, INC. Statements of Operations and Comprehensive Loss VACCINEX, INC. Statements of Stockholders’Equity/(Deficit) (in thousands, except share data) The accompanying notes are an integral part of these financial statements. VACCINEX, INC. Statements of Cash Flows (in thousands) VACCINEX, INC. Notes to Financial Statements 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 unmetmedical needs, including cancer, neurodegenerative diseases, and autoimmune disorders. Since its inception, the Company has devoted substantially all ofits 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 onkey personnel and collaborative partners, uncertainty of protection of proprietary technology and patents, clinical trial uncertainty, fluctuation in operatingresults 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 productcandidates, it will be unable to generate product revenue or achieve profitability. Going Concern These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, whichcontemplates 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 suchtime that it can generate significant revenue from the commercialization of its product candidates. The Company had net losses from operations of $5.3million and $18.6 million and negative cash flows from operating activities of $6.5 million and $16.2 million for the years ended December 31, 2025, and2024, respectively, and an accumulated deficit of $363.8 million and $358.6 million as of December 31, 2025, and 2024, respectively. Given the Company’sprojected operating requirements and its existing cash and cash equivalents, the Company is projecting insufficient liquidityto sustain its operations and meetits obligations through one year following the date that the financial statements are issued.In addition, the Company has been delisted from the NASDAQCapital Market due to its inability to comply with continued listing standards, is currently listed onthe OTCPK, and filedForm15 to deregister its securitiesunder Section 12(g) of the Securities Act on March 27, 2025. The Company’s ability to obtain financing, trade or sell shares of its common stock, and/orforecasted operations could be negatively impacted in an amount that the Company cannot currently quantify. These conditionsand events raise substantialdoubt 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. Financingstrategies may include, but are not limited to, the public or private sale of equity, debtfinancing,or funds from other capital sources, such as governmentfunding, collaborations, strategic alliances, divestment of non-core assets, or licensing arrangements with third parties. There can be no assurances that theCompany will be able to secure additional financing, or if available, that it will be sufficient to meet its needs or on favorable terms. Becausemanagementplans 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 financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts andclassification of liabilities that might result from the outcome of this uncertainty. 2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying financial statements reflect the application of certain significant accounting policies, as described belowand elsewhere in theaccompanying notes to the financial statements. Basis of Presentation These financial s