HOOKIPA Pharma (HOOK) Q4 2024 earnings summary

Executive summary

• Clinical-stage biopharma focused on arenavirus-based immunotherapeutics for oncology and infectious diseases.

• 2024 saw a major strategic refocus, pausing eseba-vec (HPV16+ cancer) and HB-300 (prostate cancer) programs, and prioritizing HB-700 (KRAS-mutated cancers) and Gilead-partnered HBV/HIV programs.

• Significant restructuring: workforce reduced by ~80%, Vienna operations consolidated, and GMP facility project discontinued.

Financial highlights

• Revenue from collaboration and licensing: $43.9M in 2024, up from $20.1M in 2023, mainly due to Roche agreement termination and milestone payments.

• Net loss: $43.5M in 2024, improved from $81.6M in 2023.

• Research and development expenses: $68.5M in 2024, down from $86.4M in 2023.

• Cash, cash equivalents, and restricted cash: $39.9M as of Dec 31, 2024.

• Accumulated deficit: $412.8M as of Dec 31, 2024.

• Grant income: $7.4M in 2024, mainly from Austrian research incentives.

Outlook and guidance

• Substantial doubt exists regarding ability to continue as a going concern for 12 months post-report; additional funding required.

• Focus on progressing HB-700 into Phase 1 for KRAS-mutated cancers and advancing Gilead-partnered HBV/HIV programs.

• Further cost-saving initiatives and potential capital raises under consideration.