UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 2015
Vical Incorporated
(Exact name of registrant as specified in its charter)
Delaware |
000-21088 |
93-0948554 |
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(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
10390 Pacific Center Court San Diego, California |
92121-4340 |
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: (858) 646-1100
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |
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[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
On October 29, 2015, Vical Incorporated issued a press release announcing, among other things, its unaudited financial results for the three and nine months ended September 30, 2015. A copy of the press release is attached as Exhibit 99.1 to this Current Report.
The information in this Item 2.02, and Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press release issued by Vical Incorporated on October 29, 2015.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Vical Incorporated |
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Date: October 29, 2015 | By: | /s/ VIJAY B. SAMANT Vijay B. Samant Chief Executive Officer |
INDEX TO EXHIBITS
Exhibit No. |
Description |
99.1 |
Press release issued by Vical Incorporated on October 29, 2015. |
EXHIBIT 99.1
SAN DIEGO, Oct. 29, 2015 (GLOBE NEWSWIRE) -- Vical Incorporated (Nasdaq:VICL) today reported financial results for the three and nine months ended September 30, 2015. Net loss for the third quarter of 2015 was $0.3 million, or $0.00 per share, compared with a net loss of $4.4 million, or $0.05 per share, for the third quarter of 2014. Revenues for the third quarter of 2015 were $5.0 million, compared with revenues of $3.4 million for the third quarter of 2014, reflecting increased revenues from Astellas Pharma Inc. for manufacturing services performed under our ASP0113 collaborative agreements. ASP0113 is Vical's therapeutic vaccine designed to prevent cytomegalovirus (CMV) disease and associated complications in transplant recipients.
Vical generated positive cash flow for the third quarter of 2015 of $0.2 million. The Company had cash and investments of $43.9 million at September 30, 2015 compared to $49.1 million at December 31, 2014. The Company is updating its 2015 full year cash burn guidance to a range of between $7 million and $9 million, a reduction in cash burn from its previous forecast of between $9 million and $12 million.
Program updates include:
ASP0113 CMV Vaccine
HSV-2 Vaccine
VL-2397 Antifungal
Vical will conduct a conference call and webcast today, October 29, at noon Eastern Time, to discuss the Company's financial results and program updates with invited participants. The call and webcast are open on a listen-only basis to any interested parties. To listen to the conference call, dial in approximately ten minutes before the scheduled call to (719) 325-2376 (preferred), or (888) 401-4669 (toll-free), and reference confirmation code 3993142. A replay of the call will be available for 48 hours beginning about two hours after the call. To listen to the replay, dial (719) 457-0820 (preferred) or (888) 203-1112 (toll-free) and enter replay passcode 3993142. The call will also be available live and archived through the events page at www.vical.com. For further information, contact Vical's Investor Relations department by phone at (858) 646-1127 or by e-mail at ir@vical.com.
About Vical
Vical develops biopharmaceutical products for the prevention and treatment of chronic or life-threatening infectious diseases, based on its patented DNA delivery technologies and other therapeutic approaches. Additional information on Vical is available at www.vical.com.
Forward-Looking Statements
This press release contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements include net cash use guidance, as well as anticipated developments in independent and collaborative programs, including the timing of initiation, enrollment and announcement of data for clinical trials. Risks and uncertainties include whether Vical or others will continue development of ASP0113, Vical's HSV-2 vaccine, VL-2397 or any other independent or collaborative programs; whether Vical will achieve levels of revenues and control expenses to meet its financial projections; whether enrollment in on-going trials will continue at current rates; whether Vical or its collaboration partners will be able to obtain regulatory allowances or guidance necessary to proceed with proposed clinical trials or implement anticipated clinical trial designs; whether any product candidates will be shown to be safe and efficacious in clinical trials; whether Vical is able to continue its collaborative arrangements or enter into new ones; the timing of clinical trials; whether Vical or its collaborative partners will seek or gain approval to market any product candidates; and additional risks set forth in the Company's filings with the Securities and Exchange Commission. These forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update these forward-looking statements.
VICAL INCORPORATED | ||||
Selected Condensed Financial Information (Unaudited) | ||||
Three Months Ended | Nine Months Ended | |||
Statements of Operations | September 30, | September 30, | ||
(in thousands, except per share amounts) | 2015 | 2014 | 2015 | 2014 |
Revenues: | ||||
Contract revenue | $ 4,427 | $ 3,004 | $ 12,382 | $ 9,073 |
License and royalty revenue | 590 | 438 | 1,755 | 1,321 |
Total revenues | 5,017 | 3,442 | 14,137 | 10,394 |
Operating expenses: | ||||
Research and development | 2,128 | 3,180 | 8,222 | 7,705 |
Manufacturing and production | 1,306 | 2,292 | 6,626 | 7,457 |
General and administrative | 1,916 | 2,366 | 6,271 | 7,176 |
Total operating expenses | 5,350 | 7,838 | 21,119 | 22,338 |
Loss from operations | (333) | (4,396) | (6,982) | (11,944) |
Net investment and other income | 33 | 32 | 99 | 85 |
Net loss | $ (300) | $ (4,364) | $ (6,883) | $ (11,859) |
Basic and diluted net loss per share | $ (0.00) | $ (0.05) | $ (0.08) | $ (0.13) |
Weighted average shares used in computing basic and diluted net loss per share | 91,957 | 89,976 | 91,600 | 88,154 |
Balance Sheets | September 30, | December 31, | ||
(in thousands) | 2015 | 2014 | ||
Assets: | ||||
Cash, cash equivalents, and marketable securities, including restricted | $ 41,851 | $ 47,152 | ||
Other current assets | 5,769 | 4,178 | ||
Total current assets | 47,620 | 51,330 | ||
Long-term investments | 2,077 | 1,971 | ||
Property and equipment, net | 2,010 | 2,639 | ||
Other assets | 1,713 | 2,039 | ||
Total assets | $ 53,420 | $ 57,979 | ||
Liabilities and stockholders' equity: | ||||
Current liabilities | $ 5,474 | $ 5,201 | ||
Long-term liabilities | 494 | 856 | ||
Stockholders' equity | 47,452 | 51,922 | ||
Total liabilities and stockholders' equity | $ 53,420 | $ 57,979 |
CONTACT: Andrew Hopkins Anthony Ramos Vice President and Chief Accounting Officer (858) 646-1127 Website: www.vical.com