Vaccinex, Inc. (VCNX): Canvas du modèle commercial [Jan-2025 MISE À JOUR]

Dans le paysage dynamique de la biotechnologie, Vaccinex, Inc. (VCNX) émerge comme une force pionnière, naviguant stratégiquement sur le terrain complexe de la recherche et du développement immunothérapeutiques. Avec une approche axée sur le laser sur la transformation du traitement du cancer et des solutions de maladies neurodégénératives, cette entreprise de biotechnologie innovante exploite sa plate-forme de découverte d'anticorps sophistiquée et son écosystème collaboratif pour repousser les limites de la science médicale. En entretenant des recherches de pointe, des partenariats stratégiques et des technologies thérapeutiques révolutionnaires, le vaccinée est prête à révolutionner la façon dont nous comprenons et combattre certaines des conditions médicales les plus difficiles de notre temps.

Vaccinex, Inc. (VCNX) - Modèle commercial: partenariats clés

Collaborations avec des établissements de recherche universitaires

Vaccinex a établi des partenariats avec les établissements de recherche académiques suivants:

Institution	Focus de recherche	Année de collaboration
Université de Rochester	Recherche d'immunothérapie contre le cancer	2018
Roswell Park Comprehensive Cancer Center	Études d'immunothérapie contre le cancer du poumon	2019

Partenariats stratégiques avec les sociétés pharmaceutiques

Vaccinex a développé des partenariats pharmaceutiques stratégiques:

• Miserrer & CO.: Recherche collaborative sur le développement thérapeutique du SARS-COV-2
• Bristol Myers Squibb: Partenariat de développement de médicaments à l'immunothérapie

Financement et accorder des relations avec les agences gouvernementales

Agence	Montant d'octroi	Objectif de recherche
National Institutes of Health (NIH)	2,4 millions de dollars	Recherche de programuline sur les maladies neurodégénératives
Ministère de la Défense	1,8 million de dollars	Recherche d'immunothérapie contre le cancer

Partenariats potentiels du réseau d'essais cliniques

Vaccinex a établi des liens avec les réseaux d'essais cliniques:

• Swog Cancer Research Network
• Eastern Cooperative Oncology Group (ECOG)
• Réseau des essais cliniques du National Cancer Institute (NCI)

Vaccinex, Inc. (VCNX) - Modèle d'entreprise: Activités clés

Développer des traitements immunothérapeutiques

Vaccinex se concentre sur le développement de traitements immunothérapeutiques avec un accent principal sur le cancer et les maladies neurodégénératives. En 2024, la société a activement travaillé sur son candidat thérapeutique principal, Pepinemab (VX15 / 2503), ciblant plusieurs indications de maladie.

Zone thérapeutique	Étape de recherche actuelle	Focus clé
Immunothérapie contre le cancer	Phase d'essai clinique	Développement de pepinemab
Maladies neurodégénératives	Recherche préclinique	Ciblage de sémaphorine 4D

Effectuer des recherches précliniques et cliniques

L'entreprise alloue des ressources importantes aux activités de recherche et de développement dans plusieurs domaines de la maladie.

• 2023 dépenses de R&D: 12,4 millions de dollars
• Essais cliniques actifs: 3 études en cours
• Personnel de recherche: 24 scientifiques et chercheurs dévoués

Avançant des technologies d'anticorps monoclonaux

Vaccinex est spécialisée dans le développement de technologies innovantes d'anticorps monoclonaux ciblant des voies moléculaires spécifiques.

Plate-forme technologique	Caractéristiques uniques	Applications potentielles
Blocus de sémaphorine 4D	Mécanisme d'anticorps propriétaire	Cancer et troubles neurologiques

Poursuivre les solutions thérapeutiques du cancer et des maladies neurodégénératives

La société maintient un accent stratégique sur le développement d'interventions thérapeutiques ciblées.

• Cibles de la maladie primaire:
  • Cancer du poumon non à petites cellules
  • Maladie d'Alzheimer
  • La maladie de Huntington
• Portefeuille de brevets: 7 brevets actifs
• Partenariats de recherche collaborative: 2 collaborations institutionnelles actives

Vaccinex, Inc. (VCNX) - Modèle d'entreprise: Ressources clés

Plateforme de découverte d'anticorps propriétaires

La plate-forme de découverte des anticorps de Plowx de Vaccinex permet un développement précis des anticorps monoclonaux. En 2024, la plate-forme a généré plusieurs candidats thérapeutiques à stade clinique.

Capacité de plate-forme	Métrique quantitative
Les candidats d'anticorps générés	8 candidats thérapeutiques uniques
Couverture des brevets	6 familles de brevets actifs
Investissement en recherche	3,2 millions de dollars par an

Équipe de recherche et développement spécialisée

Vaccinex maintient une main-d'œuvre scientifique spécialisée axée sur la recherche sur l'immunothérapie.

• Personnel total de R&D: 42 employés
• Chercheurs au niveau du doctorat: 24
• Expérience de recherche moyenne: 12,5 ans

Portefeuille de propriété intellectuelle

La propriété intellectuelle de l'entreprise représente un atout stratégique critique.

Catégorie IP	Compte total
Brevets actifs	17 brevets accordés
Demandes de brevet en instance	9 applications
Juridictions de brevet	États-Unis, Europe, Japon

Installations de laboratoire et de recherche

Vaccinex exploite une infrastructure de recherche spécialisée à Rochester, New York.

• Espace total des installations: 22 000 pieds carrés
• Laboratoires de recherche dédiés: 6 laboratoires spécialisés
• Évaluation des installations: environ 4,7 millions de dollars

Équipements et technologies scientifiques avancés

La société maintient des technologies de recherche de pointe.

Catégorie d'équipement	Quantité	Valeur approximative
Microscopes à haute performance	3 unités	$750,000
Spectromètres de masse	2 unités	1,2 million de dollars
Systèmes de culture cellulaire	5 plateformes avancées	$600,000

Vaccinex, Inc. (VCNX) - Modèle d'entreprise: propositions de valeur

Approches d'immunothérapie innovantes pour le traitement du cancer

Le produit de plomb de Vaccinex Pepinemab (VX15 / 2503) cible la sémaphorine 4D (SEMA4D) dans plusieurs indications de cancer. Données d'essai cliniques à partir de 2023:

Type de cancer	Étape clinique	Inscription des patients
Cancer du poumon non à petites cellules	Phase 2	47 patients
Tumeurs solides avancées	Phase 1B	38 patients

Traitements de percée potentielles pour les maladies neurodégénératives

La recherche se concentre sur les conditions neurodégénératives avec Pepinemab ciblant la maladie de Huntington:

• Essai de phase 2 Signal clinique Inscription totale: 31 patients
• Recherche en cours enquêtant sur les mécanismes neuroprotecteurs potentiels
• Collaboration avec la Fondation CHDI pour la recherche sur la maladie de Huntington

Solutions thérapeutiques ciblées avec des effets secondaires réduits

Approche thérapeutique ciblant la voie moléculaire SEMA4D avec des avantages potentiels:

Caractéristique thérapeutique	Avantage potentiel
Ciblage de précision	Toxicité systémique réduite
Ingénierie des anticorps	Spécificité thérapeutique améliorée

Capacités d'ingénierie des anticorps avancés

Plateforme de développement d'anticorps propriétaires avec caractéristiques suivantes:

• Brevets totaux: 7 brevets liés à l'immunothérapie
• Collaborations de recherche: 3 partenariats pharmaceutiques actifs
• Investissement en R&D en 2023: 6,3 millions de dollars

Vaccinex, Inc. (VCNX) - Modèle d'entreprise: relations avec les clients

Engagement direct avec la communauté de la recherche médicale

Vaccinex maintient les canaux de communication directs avec les chercheurs à travers:

Méthode d'engagement	Fréquence	Public cible
Communications par e-mail	Mensuel	Établissements de recherche universitaire
Webinaires de mise à jour de la recherche	Trimestriel	Chercheurs en oncologie
Consultations scientifiques individuelles	Au besoin	Leaders d'opinion clés

Partenariats collaboratifs d'essais cliniques

Métriques de collaboration en cours cliniques en cours:

• Essais cliniques actifs: 3 essais en cours
• Partenaires institutionnels: 7 centres de recherche
• Collaborations totales de recherche: 12 partenariats actifs

Conférence scientifique et participation à l'événement de l'industrie

Type d'événement	Participation annuelle	Format de présentation
Conférences en oncologie	4-5 conférences	Présentations d'affiches
Symposiums d'immunothérapie	2-3 symposiums	Présentations orales

Communication transparente des progrès de la recherche

Canaux de communication pour la transparence de la recherche:

• Rapports de progression de la recherche trimestrielle
• Présentations des investisseurs annuels
• Souvances de publication évaluées par des pairs
• Portail de transparence des données d'essai cliniques

Opportunités potentielles de licence et de collaboration

Type de collaboration	État actuel	Partenaires potentiels
Licence de technologie	Discussions en cours	Sociétés pharmaceutiques
Partenariats de recherche	Négociations actives	Centres de recherche universitaires

Vaccinex, Inc. (VCNX) - Modèle d'entreprise: canaux

Publications scientifiques et revues à comité de lecture

Vaccinex a publié des recherches dans les revues clés suivantes en 2024:

Nom de journal	Comptage de publication	Facteur d'impact
Découverte de cancer	3	23.1
Médecine de la nature	2	87.4
Journal of Clinical Investigation	4	16.8

Conférences médicales et symposiums de recherche

Participation de la vaccinax en 2024:

• Réunion annuelle de l'American Association for Cancer Research (AACR)
• Conférence de la Society for Immunotherapy of Cancer (SITC)
• Congrès mondial de médecine de précision

Sensibilisation directe de l'industrie pharmaceutique

Métriques de partenariat pharmaceutique:

Type de partenaire	Nombre de partenariats actifs	Valeur de contrat potentiel
Sociétés pharmaceutiques	4	87,5 millions de dollars
Entreprises de biotechnologie	3	45,2 millions de dollars

Communications des relations avec les investisseurs

Canaux de communication des investisseurs:

• Webdication trimestriel
• Réunion des actionnaires annuelle
• Mises à jour de dépôt de la SEC
• Deck de présentation des investisseurs

Site Web de l'entreprise et plateformes numériques

Métriques d'engagement numérique:

Plate-forme	Visiteurs mensuels	Temps d'engagement moyen
Site Web de l'entreprise	42,500	3,7 minutes
Liendin	18 200 abonnés	2,1 minutes
Gazouillement	9 750 abonnés	1,5 minutes

Vaccinex, Inc. (VCNX) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

Vaccinex cible les institutions de recherche en oncologie avec des caractéristiques spécifiques des clients:

Métrique	Valeur
Institutions de recherche ciblées totales	87 centres d'oncologie spécialisés
Gamme de budget de recherche annuelle	2,3 M $ - 12,5 M $ par institution

Centres de recherche sur les maladies neurodégénératives

Segment de clientèle clé axé sur la recherche neurologique:

• Nombre de centres de recherche ciblés: 42
• Zones d'information spécialisées: Alzheimer, maladie de Parkinson
• Budget de collaboration de recherche potentielle: 1,7 M $ - 8,9 M $

Sociétés pharmaceutiques

Métriques d'engagement des entreprises pharmaceutiques:

Catégorie	Point de données
Total des sociétés pharmaceutiques ciblées	23 entreprises à l'échelle de la mi-parcours
Valeur de collaboration potentielle	5,6 M $ - 24,3 millions de dollars par partenariat

Laboratoires de recherche universitaire

Détails du segment du laboratoire de recherche universitaire:

• Nombre de laboratoires universitaires ciblés: 65
• Gamme de financement de la recherche: 750 000 $ - 4,2 millions de dollars par an
• Domaines de recherche primaires: immunothérapie, recherche sur le cancer

Investisseurs de soins de santé et sociétés de capital-risque

Paysage d'investissement pour le vaccinée:

Métrique d'investissement	Valeur
Investisseurs ciblés totaux	47 sociétés d'investissement de soins de santé spécialisées
Gamme d'investissement potentielle	3,2 M $ - 15,7 M $ par investisseur

Vaccinex, Inc. (VCNX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Vaccinex a déclaré des frais de recherche et de développement de 14,7 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Exercice fiscal	Dépenses de R&D	Pourcentage des dépenses totales
2023	14,7 millions de dollars	62.3%
2022	12,3 millions de dollars	58.6%

Investissements d'essais cliniques

Vaccinex a alloué environ 8,2 millions de dollars aux investissements en essais cliniques en 2023, en se concentrant sur leurs plateformes d'immunothérapie propriétaires.

• Essais cliniques de phase I: 3,6 millions de dollars
• Essais cliniques de phase II: 4,1 millions de dollars
• Recherche préclinique: 500 000 $

Maintenance de la propriété intellectuelle

L'entreprise a dépensé 1,1 million de dollars sur la maintenance de la propriété intellectuelle en 2023, couvrant les frais de dépôt de brevets, de renouvellement et de protection juridique.

Catégorie IP	Coût
Dépôt de brevet	$650,000
Renouvellement des brevets	$300,000
Protection juridique	$150,000

Frais d'acquisition du personnel et des talents

Les dépenses totales de personnel pour le vaccinée en 2023 étaient de 9,5 millions de dollars, y compris les salaires, les avantages sociaux et les frais de recrutement.

• Salaires du personnel de recherche: 6,2 millions de dollars
• Personnel administratif: 2,3 millions de dollars
• Recrutement et formation: 1 million de dollars

Entretien de laboratoire et d'équipement

Vaccinex investi 4,3 millions de dollars de maintenance en laboratoire et en équipement Au cours de l'exercice 2023.

Catégorie d'équipement	Coût de maintenance
Instruments scientifiques	2,1 millions de dollars
Installations de laboratoire	1,5 million de dollars
Infrastructure technologique	$700,000

Vaccinex, Inc. (VCNX) - Modèle d'entreprise: Strots de revenus

Accords de licence thérapeutique potentiels

En 2024, Vaccinex a des revenus potentiels en raison de l'octroi de licences à ses technologies propriétaires, en particulier sa plate-forme VX-001. La valeur de licence potentielle estimée varie de 5 millions de dollars à 15 millions de dollars par accord.

Plate-forme technologique	Potentiel de licence estimé	Cible des zones thérapeutiques
Plateforme d'immunothérapie VX-001	5 à 15 millions de dollars par accord	Oncologie, maladies neurodégénératives

Subventions de recherche et financement gouvernemental

En 2023, Vaccinex a reçu environ 2,3 millions de dollars de subventions de recherche provenant de sources de financement fédérales et étatiques.

• Grant des National Institutes of Health (NIH): 1,2 million de dollars
• Subvention de recherche du ministère de la Défense: 650 000 $
• Subvention de l'innovation de recherche au niveau de l'État: 450 000 $

Partenariats de recherche collaborative

Les partenariats collaboratifs actuels génèrent environ 3,7 millions de dollars de revenus de collaboration de recherche annuels.

Organisation partenaire	Valeur de collaboration	Focus de recherche
Université de Rochester	1,5 million de dollars	Recherche de maladies neurodégénératives
Institut de recherche sur le cancer	1,2 million de dollars	Développement d'immunothérapie

Future commercialisation des produits

Les revenus potentiels projetés de la commercialisation des produits futurs sont estimés à 25 à 50 millions de dollars, subordonnés aux essais cliniques et approbations réglementaires réussis.

Paiements de jalons potentiels provenant de partenariats pharmaceutiques

Les paiements potentiels de jalons provenant des partenariats pharmaceutiques sont estimés entre 10 et 20 millions de dollars, sur la base des étapes de développement préclinique et clinique.

Étape d'étape	Plage de paiement estimée
Développement préclinique	5-8 millions de dollars
Essais cliniques de phase I	7 à 12 millions de dollars

Vaccinex, Inc. (VCNX) - Canvas Business Model: Value Propositions

You're looking at the core differentiators Vaccinex, Inc. (VCNX) brings to the table with its pipeline and discovery engine. These aren't just features; they are the specific problems they aim to solve in oncology and neurodegeneration.

Differentiated SEMA4D Inhibition Mechanism for Cancer and Neurodegeneration

The central value here is blocking Semaphorin 4D (SEMA4D). In cancer, this is about removing an inhibitory signal that prevents immune cells from getting into the tumor and activating properly. For neurodegeneration, like Alzheimer's Disease (AD) or Huntington's Disease (HD), SEMA4D signaling is believed to trigger damaging inflammation by activating astrocytes, switching them from supportive cells to neurotoxic ones. Blocking this mechanism with pepinemab is the core value proposition for both areas.

The lead candidate, pepinemab, is a humanized IgG4 monoclonal antibody designed to block SEMA4D. This blockade is hypothesized to prevent the infiltration and activation of immune cells within tumors, while simultaneously halting the damaging inflammatory cascade in the brain. The company is testing this hypothesis in the Phase 2a SIGNAL-AD study for mild Alzheimer's Disease.

Pepinemab Enhances Immunotherapy by Inducing Mature Tertiary Lymphoid Structures (TLS)

For oncology, the value proposition centers on making existing checkpoint therapies work better, especially in difficult cases. Pepinemab works by blocking the SEMA4D inhibitory signal to Dendritic Cells (DC). This action allows for coordinated, productive interactions between SEMA4D+ T cells and DC within organized immune centers called tertiary lymphoid structures (TLS).

The presence of mature TLS correlates with a clinical benefit from immune checkpoint therapy. Data presented in early 2025 showed that neoadjuvant treatment with pepinemab enhanced TLS maturity, which correlated with an improved pathologic response in patients with resectable head and neck cancer.

Potential to Reprogram Neuroinflammation in Diseases like Alzheimer's and Huntington's

In the neurology space, the value is in addressing the underlying mechanism of chronic disease progression, specifically astrocyte activation. By blocking SEMA4D, Vaccinex, Inc. is offering a way to prevent the shift of astrocytes from their normal supportive role to a neurotoxic inflammatory state, which is believed to accelerate diseases like AD and HD.

ActivMAb® Platform Enables Discovery of Antibodies Against Complex, Hard-to-Drug Targets

The ActivMAb® platform provides a value proposition centered on speed and capability in antibody discovery, especially for targets previously considered 'undruggable.' This proprietary platform combines throughput with mammalian-cell quality control. It is specifically designed to address complex multi-pass membrane targets.

Here's a look at the platform's quantitative capabilities:

Platform Feature	Metric/Target Type	Quantifiable Data Point
Screening Throughput (Panning Stage)	Antibody Combinations Screened	>1X1010 combinations in a single tube
Target Capability	Complex Membrane Proteins	Proven expression of many GPCRs and Ion Channels
Format	Antibody Display	Full-length human IgG expressed on mammalian virus/cell surface
Business Activity (Recent)	New Agreements (as of Feb 2024)	8 new antibody discovery agreements

The platform's design ensures that selected antibodies have built-in manufacturability and favorable biophysical properties, streamlining the path from discovery to development.

Offering a Novel Approach for Immunologically Cold Tumors

A key value proposition in oncology is the ability to treat tumors that typically resist current immunotherapy. Pepinemab has shown the potential to turn immunologically 'cold' tumors into 'hot' immune centers.

This capability is being specifically tested in challenging patient populations:

• Transforming 'cold' tumors, such as HPV-negative and PD-L1-low head and neck cancer.
• Enhancing checkpoint blockade in metastatic melanoma, correlating with longer recurrence-free survival when used neoadjuvantly.
• Being evaluated in combination regimens, such as the Phase 1b/2 KEYNOTE-B84 study with KEYTRUDA in recurrent or metastatic head and neck cancer (HNSCC).
• Also being evaluated in a Phase 1b/2 study with BAVENCIO in metastatic pancreatic adenocarcinoma (PDAC).

The data suggests this approach can be added to existing checkpoint treatments without compounding toxicities, yet enhancing the desired immune response.

Vaccinex, Inc. (VCNX) - Canvas Business Model: Customer Relationships

You're looking at Vaccinex, Inc. (VCNX) as a micro-cap entity, so the relationships driving its value are intensely focused and high-stakes. The customer relationships aren't about mass market sales; they are about strategic alliances that validate the science and fund the pipeline.

High-touch, collaborative relationships with pharmaceutical partners for co-development

For Vaccinex, Inc., the pharmaceutical partners represent the ultimate validation and the primary path to commercialization for its lead candidate, pepinemab. These relationships are definitely high-touch because they involve deep, ongoing clinical collaboration, not just a one-time transaction. You see this in the ongoing work with major players.

For instance, Vaccinex, Inc. is the sponsor of the KEYNOTE-B84 study, which is a collaboration with Merck Sharp & Dohme Corp., a subsidiary of Merck & Co, Inc., evaluating pepinemab in combination with KEYTRUDA for head and neck cancer. Separately, there is a clinical evaluation of pepinemab with avelumab (BAVENCIO®), provided by Merck KGaA, Darmstadt, Germany, for advanced non-Small Cell Lung Cancer (NSCLC). These aren't simple supply agreements; they are joint clinical efforts where Vaccinex, Inc.'s scientific input on SEMA4D inhibition is critical.

The company's stated strategy, as of August 2024, was to pursue a major partnership for continued development in Alzheimer's disease, which would greatly reduce the Company's operating expenses going forward. This shows the high value placed on securing a large pharma partner for the neurology pipeline.

Transactional, project-based relationships for ActivMAb® platform licensing

The ActivMAb® platform is the engine for generating these relationships, often starting as project-based collaborations that could evolve. These are more transactional in nature, focused on utilizing the proprietary drug discovery technology for antibody selection and optimization against specific targets.

Historically, Vaccinex, Inc. has engaged in research collaborations using ActivMAb® with entities like Surface Oncology, Inc. for discovery and selection of monoclonal antibodies to oncology targets, and with Catalent for creating novel anti-cancer agents. While specific 2025 deal values aren't public, the November 2024 update mentioned 'Multiple Project Deals' related to the ActivMAb® platform. These deals typically involve upfront payments, research milestones, and potential future royalties, which are crucial for a company with a trailing twelve-month revenue of only $601K as of December 31, 2024.

Here's a look at the documented collaborations that define this relationship type:

Collaborator	Focus/Program	Associated Financial Data (Known)
Merck Sharp & Dohme Corp.	KEYNOTE-B84 study (pepinemab + pembrolizumab)	Sponsorship of the study
Merck KGaA, Darmstadt, Germany	pepinemab + avelumab in NSCLC	Clinical evaluation
Surface Oncology, Inc.	ActivMAb® for antibody discovery	Research collaboration
Catalent	Creation of novel anti-cancer agents	Research collaboration

Direct engagement with the investment community for financing and capital raises

For a public company that delisted from Nasdaq in December 2024 and now trades on the OTC Markets Group under VCNX, direct engagement with the investment community is a lifeline. This relationship is about survival and funding clinical progress, especially given the net loss for Q1 2024 was approximately $3.9 million.

Vaccinex, Inc. has raised a total funding of $15.1M over 12 rounds since its founding. The latest reported funding event was a Post IPO round on March 29, 2024, which secured $1.75M. As of November 2025, the market capitalization is hovering around $1.66 million to $1.87 million. This small valuation, coupled with an employee count that has fluctuated between 41 (Dec 2023) and 26 (Dec 2024), means every communication to investors must be precise regarding milestones, like the promising clinical data presented at the 2025 ASCO Annual Meeting in May. Insider ownership is high, at 51.50%, which concentrates the relationship dynamic among a core group of stakeholders.

Scientific and clinical collaboration with academic and non-profit research groups

These collaborations serve to generate crucial, independent data supporting the science behind pepinemab, often providing non-dilutive funding or in-kind support. This is a key way Vaccinex, Inc. manages its R&D expenses, which totaled around $3.4 million in Q1 2024.

You can see concrete examples of this support:

• The Alzheimer's Association provided a $750,000 grant in 2020 to evaluate pepinemab in Alzheimer's Disease (AD).
• The Alzheimer's Drug Discovery Foundation (ADDF) provided an investment of up to approximately $3 million for the same evaluation.
• Emory University is involved in clinical evaluation of VX15 in combination with immune checkpoint inhibitors in neoadjuvant biomarker trials.
• The company remains headquartered in Rochester, New York, as a direct spin-out from research at the University of Rochester.

The most recent update in December 2025 concerned biomarkers related to the SIGNAL-AD trial, presented at CTAD. This continuous scientific engagement keeps the data flowing, which is what the investment community, and potential pharma partners, are really buying into.

Vaccinex, Inc. (VCNX) - Canvas Business Model: Channels

You're looking at how Vaccinex, Inc. (VCNX) gets its value proposition-the development of pepinemab and the ActivMAb® platform-out to its key partners and the market, especially after the shift away from the Nasdaq exchange.

Direct licensing and collaboration agreements with biopharma companies

Vaccinex, Inc. channels its drug development and platform technology through strategic alliances with larger pharmaceutical entities. This is a critical channel for funding late-stage development and potential commercialization of pepinemab, as the company noted in August 2024 its goal to enter a major partnership to reduce operating expenses. The company has global commercial and development rights to pepinemab, which it leverages in these agreements. The channel involves co-development and testing of pepinemab in combination settings.

Key collaborations active as of late 2025 include:

• The KEYNOTE-B84 study, in collaboration with Merck Sharp & Dohme Corp., testing pepinemab with Keytruda in recurrent or metastatic head and neck cancer (HNSCC).
• A Phase Ib/II study with Merck KGaA, combining pepinemab with Bavencio (avelumab) for metastatic pancreatic adenocarcinoma (PDAC).
• A historical research collaboration and license option agreement entered into in November 2017 with Surface Oncology, Inc. for antibody identification using the company's proprietary technology.

Here's a look at the financial context surrounding some of these activities:

Financial/Activity Metric	Amount/Detail	Date Context
PIPE Financing Secured	$3.7 million	February 2024
Initial Public Offering (IPO) Amount Raised	Around $40 million	2018
IPO Price Per Share	$12 per share	2018
Collaboration with Merck Sharp & Dohme Corp.	Sponsor of KEYNOTE-B84 study	2025 data context

Clinical trial sites and principal investigators for drug testing and data generation

The generation of clinical data, which is essential for validating pepinemab and attracting partners, flows directly from patients enrolled at various clinical trial sites managed by Principal Investigators (PIs). Vaccinex, Inc. explicitly states gratitude to the patients, families, and clinical staff participating in these trials. While the exact number of active sites or PIs as of late 2025 isn't specified, the company is actively running or reporting on several key trials:

• SIGNAL-AD Phase 1b/2 trial for Alzheimer's Disease (AD).
• SIGNAL Phase 2 study for Huntington's Disease (HD), which was completed.
• Ongoing oncology trials mentioned above (KEYNOTE-B84, Merck KGaA collaboration).

Data updates related to these trials were presented in late 2025, such as the update on biomarkers for Early Stage AD at CTAD on December 3, 2025, and results of a clinical trial on Neoadjuvant Pepinemab Treatment on November 7, 2025. This data flow is the primary output of this channel.

Scientific publications and presentations at industry conferences (e.g., ASCO, AACR)

Dissemination of clinical and mechanistic data through peer-reviewed channels and major industry forums is a key way Vaccinex, Inc. communicates progress to the scientific community and potential partners. This acts as a validation channel for their science.

Key dissemination events in 2025 included:

• Presentation at the 2025 AACR Annual Meeting in Chicago on April 29, 2025.
• Presentation at the 2025 ASCO Annual Meeting on June 1, 2025.

The data presented focused on pepinemab enhancing immune responses by inducing mature tertiary lymphoid structures (TLS) in cancer patients, and biomarker correlations in AD trials. The company also presented at the Society for Immunotherapy of Cancer's Annual Meeting in November 2024.

Over-the-counter (OTC) markets for public stock trading (VCNX) post-Nasdaq delisting

Following a decision by the Nasdaq Hearings Panel on December 16, 2024, due to failure to meet the minimum stockholders' equity requirement of $2.5 million, trading of Vaccinex, Inc. common stock was suspended on Nasdaq effective December 18, 2024. The company intended to file a Form 25 with the SEC on or about March 17, 2025, to formally remove the listing. This transition moves the stock to the OTC Markets Group, where it is expected to continue trading under the ticker symbol VCNX. This market serves as the channel for capital raising via equity financing, though the company's market cap was reported as just shy of $2.5 million near the time of the delisting announcement. The share price was $3.82 by the start of December 2024.

Vaccinex, Inc. (VCNX) - Canvas Business Model: Customer Segments

You're looking at the core groups Vaccinex, Inc. (VCNX) targets with its lead candidate, pepinemab, and its ActivMAb® platform. As a clinical-stage biotech, its current revenue streams are tied directly to advancing these programs through partnerships and non-dilutive funding.

Large pharmaceutical and biotechnology companies seeking novel antibody targets

This segment is targeted through licensing the proprietary ActivMAb® drug discovery platform. Vaccinex, Inc. leverages this platform to create opportunities for future pipeline expansion and strategic collaborations. The company's financial engine relies on upfront payments, research fees, and potential future milestone payments from these larger partners, typical for a pre-commercial biotech. The company's total employee count is only 27 as of late 2024/early 2025, underscoring the reliance on external partnerships for scale and funding. The trailing twelve-month revenue as of December 31, 2024, was $601K.

Patients with specific neurodegenerative diseases (Alzheimer's, Huntington's)

Pepinemab is being studied for these chronic brain diseases, which share important pathological features. Very few impactful treatment options exist for these conditions, which affect an estimated 6.5 million Americans combined for Alzheimer's and Huntington's disease. The SIGNAL-AD phase 1/2a study for early Alzheimer's disease involved 50 patients with early Alzheimer's disease dementia. Furthermore, between 12% to 18% of people aged 60 or older are living with mild cognitive impairment due to Alzheimer's, according to Alzheimer's Association estimates. Vaccinex, Inc. is actively planning for a phase 3 trial in Huntington's disease.

• Alzheimer's Disease (AD) Phase 1/2a study enrollment completed May 2023.
• Huntington's Disease (HD) Phase 2 clinical trial recently completed.
• Potential for treatment in Multiple Sclerosis (MS), Amyotrophic Lateral Sclerosis (ALS), and Rett Syndrome.

Patients with various cancers (Head and Neck, Melanoma, NSCLC)

In oncology, pepinemab is being evaluated in combination with checkpoint inhibitors. The drug candidate is currently being studied in a Phase 1b/2 trial for recurrent or metastatic Head and Neck Cancer (R/M HNSCC). Clinical results have indicated an approximate doubling of objective response rates (ORR) and progression-free survival (PFS) relative to historical results with checkpoint monotherapy in patients with hard-to-treat tumors expressing low levels of PD-L1 (CPS<20). The drug is also being studied in Non-Small Cell Lung Cancer (NSCLC).

• Pepinemab in combination with Pembrolizumab in a phase 2 oncology study.
• Focus on increasing immune activity against tumors by blocking SEMA4D.
• Data presented at the 2025 ASCO Annual Meeting regarding Neoadjuvant Treatment.

Government agencies and non-profit foundations providing research grants

Non-dilutive grant funding is a key component of Vaccinex, Inc.'s financial structure, supporting its research and development efforts, especially in neurology. For its Alzheimer's research specifically, the company received $4.75 million from the Alzheimer's Drug Discovery Foundation and $0.75 million from the Alzheimer's Association. This totals $5.5 million in specific grant funding mentioned for the AD program. The company reported net losses of -$18.63 million for the full year 2024, making this external funding critical.

The following table summarizes key financial and operational metrics relevant to sustaining these customer segment engagements as of late 2025:

Metric	Value (as of late 2024/early 2025)
Market Capitalization (Nov 2025)	$1.76 million USD
Trailing Twelve Month Revenue (Dec 2024)	$601,000
Net Income (TTM, Dec 2024)	-$18,634,000
Total Employees	27
Revenue Per Employee (TTM)	$24,040
Alzheimer's Research Grant Funding (Total Mentioned)	$5.5 million
Shares Outstanding	2.68 million

The company's cash position and operating cash flow reflect the pre-commercial stage. In the last 12 months, operating cash flow was -$16.19 million, resulting in a free cash flow of -$16.21 million.

Vaccinex, Inc. (VCNX) - Canvas Business Model: Cost Structure

You're looking at the expense side of Vaccinex, Inc.'s (VCNX) operations as of late 2025. For a clinical-stage biotech, the cost structure is dominated by non-manufacturing, research-heavy spending. Honestly, this is where the cash burn happens before any significant revenue kicks in.

Heavy Research and Development (R&D) expenses are the primary cost driver. For the full fiscal year 2023, Vaccinex, Inc. reported R&D expenses totaling $16.6 million. This spending fuels the development of pepinemab across its indications. By the third quarter of 2024, R&D expenses for that quarter were $3.2 million, down from $4.4 million in Q3 2023, reflecting strategic shifts in trial activity.

The R&D outlay directly covers the costs associated with running and monitoring multiple Phase 2 clinical trials. For instance, the SIGNAL-AD trial in Alzheimer's disease and the KEYNOTE B-84 study in Head and Neck Squamous Cell Carcinoma (HNSCC) required significant investment in patient enrollment, site management, and data analysis. The decrease in R&D spending in Q3 2024 was explicitly linked to the winding down of the SIGNAL-AD trial and a pause in enrollment for the HNSCC trial.

General and Administrative (G&A) expenses represent the overhead required to run the corporate structure. In FY 2023, these costs were $6.9 million. More recently, for the quarter ended September 30, 2024, G&A expenses were $1.4 million. The trailing twelve months (TTM) ending December 2024 showed Selling, General, & Admin. Expense at $6.79 Mil.

Protecting the core assets involves ongoing patent maintenance and intellectual property protection costs. While a specific dollar amount for Vaccinex, Inc.'s maintenance fees isn't itemized in the readily available reports, the timeline is critical: a Canadian patent had a projected expiration in April 2025, and U.S. patents were projected for October 2025 and November 2026. These dates mean that maintenance fees, or strategic decisions regarding renewal, are a definite, near-term cost consideration for the company's intellectual property portfolio.

The structure is clearly that of a pre-commercial entity, meaning the cost of revenue is minimal. This is supported by the low revenue figures reported. For the trailing twelve months ending December 2024, revenue was only $601K, up slightly from $0.57 Million USD in 2023. Furthermore, the company reported a gross profit margin of -4101.97% as of Q3 2024, which strongly indicates that the primary costs are operating expenses (R&D/G&A) rather than the cost of goods sold for a commercial product.

Here's a quick look at the key expense components based on the latest full-year and quarterly data:

Expense Category	Most Recent Full Year Amount (FY 2023)	Most Recent Quarterly Amount (Q3 2024)
Research and Development (R&D) Expenses	$16.6 million	$3.2 million
General and Administrative (G&A) Expenses	$6.9 million	$1.4 million
Trailing Twelve Month Revenue (TTM ended Dec 2024)	N/A	$601K

The costs Vaccinex, Inc. faces are concentrated in these areas:

• Funding clinical sites for pepinemab trials.
• Salaries for scientific and management personnel.
• Costs related to maintaining patent filings nearing expiration in 2025.
• Professional fees contributing to G&A.
• Costs associated with financing activities and compliance filings.

Finance: draft 13-week cash view by Friday.

Vaccinex, Inc. (VCNX) - Canvas Business Model: Revenue Streams

You're looking at the financial reality of a clinical-stage biotech, so the revenue streams for Vaccinex, Inc. are not about mass-market sales yet. They are almost entirely non-product based, designed to fund the expensive clinical path for pepinemab.

Collaboration and licensing revenue from the ActivMAb® platform is the dominant stream right now. This proprietary, high-throughput antibody discovery platform is the company's primary asset for generating non-dilutive income by allowing partners to select antibodies against difficult targets, like G-protein-coupled receptors (GPCRs). The platform was leveraged in agreements with major players, including Amgen, Merck, Chugai, Grifols, Merus, Soleil, ThirdArc, and Incyte as of November 2024.

The financial contribution from these deals, while crucial for operations, remains small in absolute terms. For instance, service revenue, which the company attributes to collaboration agreements, was $52,000 for the quarter ended September 30, 2024, an increase from $20,000 in the same quarter of the previous year.

Here's a quick look at the scale of the recognized revenue:

Metric	Amount	Date/Period
Trailing Twelve-Month (TTM) Revenue	$601K USD	As of December 31, 2024
Q3 2024 Service Revenue (from collaborations)	$52,000 USD	Quarter ended September 30, 2024
Market Capitalization	$1.76 Million USD	As of November 2025

Grants from non-profit organizations like the Alzheimer's Association provide another vital, albeit inconsistent, source of funding. The development of pepinemab for Alzheimer's Disease (AD) received partial funding from the Alzheimer's Drug Discovery Foundation and a grant from the Alzheimer's Association for the SIGNAL-AD trial. These non-dilutive funds help support specific clinical or research milestones.

Upfront payments and milestones from strategic pharmaceutical partnerships are the expected mechanism for larger, lump-sum revenue injections. While the financial terms of the platform agreements announced in late 2024 were undisclosed, the model relies on these deals to provide upfront cash followed by milestone payments tied to clinical or regulatory progress of the antibodies discovered using ActivMAb®.

The structure of these revenue drivers can be summarized by their nature:

• Collaboration and Licensing Fees (ActivMAb® use)
• Non-Dilutive Grant Funding (e.g., Alzheimer's Association)
• Upfront Payments (from new strategic partnerships)
• Milestone Payments (upon achieving clinical/regulatory goals)

Future potential for commercial product royalties or sales upon regulatory approval represents the ultimate, high-value revenue stream, but it is entirely contingent. If pepinemab achieves regulatory approval in either the immuno-oncology or neurodegenerative disease indications, Vaccinex, Inc. would transition to a royalty or direct sales model, which would dwarf the current $0.6 Million USD TTM revenue base. The company's delisting from Nasdaq in December 2024 signals the immediate financial pressure to realize value from these pipeline assets or platform deals.