Vaccinex, Inc. (VCNX): Business Model Canvas [Dec-2025 Updated]

You're looking at a clinical-stage biotech, Vaccinex, Inc. (VCNX), that's defintely navigating some choppy waters after that Nasdaq delisting in early 2025. Honestly, for a company burning through R&D cash-like the $16.6 million they spent in FY 2023-and sitting on just $1.5 million in cash at the end of 2023, their entire model hinges on two things: the lead candidate, pepinemab, and their proprietary ActivMAb® platform. With trailing twelve-month revenue barely hitting $0.6 Million USD as of late 2025, understanding exactly how they plan to fund the next Phase 2 readout and secure a strategic deal is crucial. Let's break down the nine building blocks of the Vaccinex, Inc. (VCNX) Business Model Canvas to see where the real value-and the real risk-lies below.

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

You're looking at the core relationships that fuel Vaccinex, Inc.'s pipeline progression, especially for pepinemab and the ActivMAb® platform. These aren't just names on a slide; they represent crucial external validation and shared risk in clinical development. Honestly, for a company of this size, these alliances are everything.

Clinical Collaboration with Merck Sharp & Dohme Corp. for KEYTRUDA Combination Studies

The collaboration with Merck Sharp & Dohme Corp. (a subsidiary of Merck & Co., Inc.) for pepinemab in combination with KEYTRUDA® (pembrolizumab) is a big one for your oncology segment. This is centered on the KEYNOTE-B84 study for advanced, recurrent or metastatic Head and Neck Squamous Cell Carcinoma (HNSCC). The planned expansion segment of this study aimed to enroll up to 62 subjects, building on an initial safety run-in segment. The rationale here is strong: blocking SEMA4D with pepinemab is thought to increase immune cell infiltration inside the tumor. In a related Phase 1b/2 CLASSICAL-Lung trial, the combination showed an Overall Response Rate (ORR) of 25-33% in patients with PD-L1 low/negative tumors, which is significantly higher than the reported ~10-15% ORR for anti-PD-L1 monotherapy in similar patient groups.

Research and Licensing Deals for ActivMAb® with Major Pharma

Vaccinex, Inc. uses its proprietary ActivMAb® technology platform to secure deals for antibody discovery against complex targets. As of late 2024, Vaccinex, Inc. announced multiple proprietary project agreements involving major pharmaceutical companies. These deals typically include upfront payments, research funding, and potential milestone payments, though the specific financial terms for most are undisclosed. These partners validate the platform's utility for generating antibodies to challenging targets like GPCRs and Ion Channels.

Here's a look at the key players leveraging the ActivMAb® platform:

• Major Pharma Partners: Amgen, Merck, Chugai, and Incyte.
• Other Collaboration Partners: (Grifols), Merus, Soleil, and ThirdArc.
• Strategic Service Partners: Charles River Labs, OmniAb, and Adimab.

Grants and Funding from Non-Profits

Non-profit support has been critical for advancing the Alzheimer's Disease (AD) program with pepinemab. The Alzheimer's Drug Discovery Foundation (ADDF) has been a consistent supporter. Most recently, Vaccinex, Inc. reported receiving a $1.75 million investment from the ADDF on March 29, 2024, via a private placement of preferred stock. This followed an earlier award from the ADDF of up to approximately $3 million to evaluate pepinemab in AD. Also, the Alzheimer's Association provided a $750,000 grant under its 2020 Part the Cloud Program for the same study. To give you context on the ADDF's scale, as of late 2024, the foundation has granted over $130 million to support more than 600 programs across 19 countries.

Academic Clinical Trial Sites

Clinical execution relies on strong academic ties. Vaccinex, Inc. establishes research collaborations with distinguished investigators at major institutions to run complex trials. You'll find their work being conducted at sites like Emory University and the University of Rochester, which are key for biomarker trials and specific indication studies.

Collaboration with Merck KGaA for Avelumab Combination Trials

Vaccinex, Inc. also has a clinical evaluation collaboration with the healthcare business of Merck KGaA, Darmstadt, Germany, for pepinemab in combination with avelumab (BAVENCIO®), an anti-PD-L1 therapy. This is being evaluated in indications like metastatic pancreatic adenocarcinoma (NCT05102721) and previously in advanced Non-Small Cell Lung Cancer (NSCLC). Data from the NSCLC Phase 1b/2 trial indicated that the pepinemab/avelumab combination increased the frequency of objective responses and extended progression-free survival compared to avelumab as a single agent. To put Merck KGaA's strategic commitment in perspective, the company is targeting group sales of approximately €25 billion ($30 billion) by 2025, with new products expected to contribute roughly 75% of that growth up to that year.

Here is a summary of the key partnership details with available figures:

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine driving Vaccinex, Inc. (VCNX) right now-the activities that consume capital and generate the data needed for future value. Honestly, it's all about pushing pepinemab through the final stages of clinical proof.

Advancing pepinemab through Phase 2 clinical trials for oncology and neurology

The key activity here is generating compelling clinical evidence for pepinemab, the SEMA4D blocking antibody. This involves running and analyzing data from ongoing and recently completed trials in both cancer and neurodegeneration.

For neurology, specifically Alzheimer's Disease (AD) and Huntington's Disease (HD), the focus is on slowing cognitive decline by blocking astrocyte activation. The data points are concrete:

In oncology, Vaccinex, Inc. is focused on enhancing immune checkpoint blockade. They reported results on neoadjuvant pepinemab treatment in November 2025.

Research and Development (R&D) of SEMA4D inhibition and new antibody candidates

This activity covers the ongoing scientific work supporting pepinemab and the exploration of the ActivMAb® platform for new targets. The financial commitment to this is clear from the expense reports. Here's the quick math on R&D burn:

• Research and development expenses for the year ended December 31, 2023, totaled $16.6 million.
• Research and development expenses for the third quarter ended September 30, 2024, were $3.2 million.

The company's operational scale, as of late 2023, involved 41 employees. Still, annual revenue as of December 31, 2024, was only $601K.

Securing non-dilutive financing and strategic licensing deals for the ActivMAb® platform

While the search results primarily highlight equity financing used to fund operations like the SIGNAL-AD trial, securing capital is a critical activity. The company has been actively raising funds to sustain operations, which is defintely necessary given the cash burn from R&D.

Recent financing activity includes:

• Gross proceeds of $3.7 million from a private placement closing on or before February 8, 2024.
• A post-IPO raise of $1.75M on March 29, 2024.

Cash on hand as of September 30, 2024, was $2.9 million in cash and marketable securities. The ActivMAb® platform is being leveraged for future pipeline expansion and strategic collaborations, though specific 2025 deal values weren't detailed in the latest updates.

Presenting clinical data at major 2025 conferences (ASCO, AACR, CTAD)

Disseminating data is a non-negotiable activity for a clinical-stage company seeking partnerships or future funding. Vaccinex, Inc. actively presented its findings throughout 2025 at key industry gatherings.

Major 2025 presentation events included:

• AACR Annual Meeting: Presentations occurred around April 25-30, 2025.
• ASCO Annual Meeting: Presentations occurred around May 12-16, 2025.
• CTAD 2025: An oral communication was scheduled for December 1-4, 2025.

These presentations covered both oncology data (enhancing immunotherapy) and neurology data (AD biomarkers).

Maintaining intellectual property and proprietary ActivMAb® platform

Protecting the core technology, the ActivMAb® platform, and the lead candidate, pepinemab, is an underlying key activity. This ensures the company retains the rights to its SEMA4D blocking mechanism and discovery engine. The platform is central to creating future pipeline opportunities. The company is the sponsor of the KEYNOTE-B84 study in collaboration with Merck Sharp & Dohme Corp.

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

You're looking at the core assets Vaccinex, Inc. (VCNX) relies on to drive its business, especially as it navigates late-stage clinical development. These aren't just ideas; they are the tangible and intellectual properties backing the SEMA4D inhibition strategy.

Proprietary ActivMAb® Antibody Discovery Platform

The ActivMAb® platform is central, offering a proprietary mammalian cell-based system built on poxvirus technology. This lets Vaccinex, Inc. select full-length human IgG antibodies against difficult targets, like multi-pass membrane proteins such as G-protein-coupled receptors (GPCRs) and ion channels. The throughput is significant; the platform can screen over $\text{1X}10{10}$ antibody combinations in a single tube during the panning stage. This technology has been validated through collaborations, including a proof-of-concept with OmniAb, Inc., and has secured new antibody discovery agreements with major pharma and biotech companies.

• Platform uses Vaccinia Virus for antigen display.
• Enables selection of antibodies against complex membrane antigens.
• Focuses on built-in manufacturability and favorable biophysical properties.
• Led to eight new antibody discovery agreements within a three-month period ending in early 2024.

Lead Drug Candidate: Pepinemab

Pepinemab, a humanized monoclonal antibody, is the primary asset. It is designed specifically to block Semaphorin 4D (SEMA4D). This molecule is believed to be a key driver of damaging inflammation in the brain and a suppressor of immune cell infiltration in tumors. The clinical program is active across neurology and immuno-oncology indications.

Here's a look at the current clinical positioning and key data points:

Vaccinex, Inc. holds the global commercial and development rights for pepinemab.

Intellectual Property and Expertise

The value is heavily tied to the intellectual property surrounding SEMA4D inhibition and the ActivMAb® technology itself. This is supported by deep scientific and clinical expertise in the specific disease areas Vaccinex, Inc. targets. The company has been actively presenting data, including characterizing pepinemab's mechanism at the 2025 Annual Meeting of the American Association for Cancer Research (AACR) in April 2025, and planning updates at the Clinical Trials on Alzheimer's Disease (CTAD) meeting in December 2025.

The firm's structure includes a team of 27 employees as of the last reported fiscal year, which concentrates this specialized knowledge base. The company's market capitalization as of December 2025 was reported at $0.98 Million USD.

Financial Resources

Cash on hand is a critical resource for a clinical-stage company. While cash and equivalents were $1.5 million as of December 31, 2023, the latest available trailing twelve months (TTM) data indicates a Cash & Cash Equivalents balance of $1.11 million. The TTM operating cash flow was -$16.19 million, resulting in a Free Cash Flow of -$16.21 million.

The latest reported revenue for the trailing twelve months was $601,000, against a net loss of -$18.63 million.

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:

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:

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:

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:

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:

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:

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.