New Risk • Aug 22
New major risk - Revenue and earnings growth Earnings have declined by 5.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 5.9% per year over the past 5 years. Revenue is less than US$1m. Announcement • Aug 05
XOMA Royalty Corporation (NasdaqGM:XOMA) entered into an Agreement and Plan of Merger to acquire HilleVax, Inc. (NasdaqGS:HLVX) for $97.8 million. XOMA Royalty Corporation (NasdaqGM:XOMA) entered into an Agreement and Plan of Merger to acquire HilleVax, Inc. (NasdaqGS:HLVX) for $97.8 million on August 4, 2025. Under the terms of the Merger Agreement, HilleVax stockholders will receive $1.95 in cash per share of HilleVax common stock at the closing of the merger, plus one non-transferable contingent value right. Pursuant and subject to the terms of the Merger Agreement, XOMA Royalty and its acquisition subsidiary will commence a tender offer by August 18, 2025, to acquire all outstanding shares of HilleVax common stock. Sell side termination fee is $2.475 million. The closing of the Offer is subject to certain conditions, including the tender of HilleVax common stock representing at least a majority of the total number of outstanding shares; a minimum cash balance at closing, and other customary closing conditions. Immediately following the closing of the tender offer, HilleVax will be acquired by XOMA Royalty, and all remaining shares not tendered in the offer, other than shares validly subject to appraisal, will be converted into the right to receive the same cash and CVR consideration per share as is provided in the tender offer. Certain HilleVax officers, directors and stockholders holding approximately 22.9% of HilleVax common stock have signed support agreements under which such stockholders have agreed to tender their shares in the Offer and support the merger transaction. HilleVax’s Board of Directors has unanimously approved the transaction. The closing net cash of the Company as finally determined pursuant to the Merger Agreement shall be no less than $102.95 million. The acquisition is expected to close in September 2025. Leerink Partners is acting as exclusive financial advisor and fairness opinion provider to HilleVax and Daniel Rees and Matt Bush of Latham & Watkins LLP is acting as legal counsel to HilleVax. Ryan A. Murr and Branden C. Berns of Gibson, Dunn & Crutcher LLP is acting as legal counsel to XOMA Royalty. Announcement • May 01
HilleVax, Inc., Annual General Meeting, Jun 23, 2025 HilleVax, Inc., Annual General Meeting, Jun 23, 2025. Board Change • Mar 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. Independent Director Nanette Cocero was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Nov 01
Price target decreased by 90% to US$3.00 Down from US$29.60, the current price target is an average from 4 analysts. New target price is 66% above last closing price of US$1.81. Stock is down 86% over the past year. The company is forecast to post a net loss per share of US$2.46 next year compared to a net loss per share of US$3.04 last year. Announcement • Aug 02
Hillevax Announces Reduction in Force HilleVax, Inc. announced a workforce reduction to reduce its operating expenses. The reduction of approximately 41 employees, or approximately 40% of the company’s workforce, is intended to preserve cash while maintaining core capabilities as the company explores the potential for continued development of its HIL-214 and HIL-216 norovirus vaccine candidates as well as business development-related activities for these vaccine candidates. Price Target Changed • Jul 09
Price target decreased by 83% to US$5.00 Down from US$29.60, the current price target is provided by 1 analyst. New target price is 196% above last closing price of US$1.69. Stock is down 89% over the past year. The company is forecast to post a net loss per share of US$2.76 next year compared to a net loss per share of US$3.04 last year. New Risk • Jul 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$217m net loss in 3 years). Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (28% increase in shares outstanding). Announcement • Jul 08
HilleVax Reports Topline Data from NEST-IN1 Phase 2b Clinical Study of HIL-214 in Infants HilleVax, Inc. announced topline data results from NEST-IN1. NEST-IN1 is a Phase 2b, randomized, double-blind, placebo-controlled clinical trial to evaluate the efficacy, safety, and immunogenicity of HIL-214 in infants of approximately 5 months of age at the time of initial vaccination at sites in the United States and Latin America. In the NEST-IN1 study there were 51 primary endpoint events with 25 in the vaccine arm (n=1,425) and 26 in the placebo arm (n=1,399) resulting in vaccine efficacy of 5% (95% confidence interval; -64%, 45%). The study did not meet its primary endpoint of efficacy against moderate or severe acute gastroenteritis (AGE) events due to GI.1 or GII.4 norovirus genotypes. No clinical benefit was observed across secondary endpoints. HIL-214 exhibited a safety and immunogenicity profile consistent with what was observed in the prespecified analysis of the first 200 subjects in NEST-IN1 and in previously reported studies. The NEST-IN1 study was conducted after a Phase 2b study in adults, NOR-211, demonstrated statistically significant efficacy against moderate or severe AGE due to norovirus. The company plans to discontinue further development of HIL-214 in infants and is exploring the potential for continued development of HIL-214 and HIL-216, HilleVax’s Phase 1 ready vaccine candidate, in adults. New Risk • May 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 2.0% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$226m net loss in 3 years). Shareholders have been diluted in the past year (28% increase in shares outstanding). Announcement • Apr 28
HilleVax, Inc., Annual General Meeting, Jun 06, 2024 HilleVax, Inc., Annual General Meeting, Jun 06, 2024, at 12:00 US Eastern Standard Time. Agenda: To elect three directors to serve as Class II directors for a three-year term to expire at the 2027 annual meeting of stockholders; to ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2024; and to approve an amendment to our Amended and Restated Certificate of Incorporation to reflect Delaware law provisions to permit exculpation of certain officer; and to transact such other business as may properly come before the meeting or any adjournment thereof. Recent Insider Transactions Derivative • Mar 22
Chief Business Officer & Director notifies of intention to sell stock Aditya Kohli intends to sell 54k shares in the next 90 days after lodging an Intent To Sell Form on the 20th of March. If the sale is conducted around the recent share price of US$17.43, it would amount to US$941k. Since June 2023, Aditya's direct individual holding has decreased from 736.28k shares to 706.78k. Company insiders have collectively sold US$1.1m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Feb 14
President recently sold US$173k worth of stock On the 8th of February, Robert Hershberg sold around 12k shares on-market at roughly US$14.93 per share. This transaction amounted to 1.4% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$287k. This was Robert's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Jan 24
President notifies of intention to sell stock Robert Hershberg intends to sell 72k shares in the next 90 days after lodging an Intent To Sell Form on the 22nd of January. If the sale is conducted around the recent share price of US$14.00, it would amount to US$1.0m. For the year to December 2020, Robert's total compensation was 59% salary and 41% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2023, Robert has owned 777.46k shares directly. Company insiders have collectively sold US$647k more than they bought, via options and on-market transactions in the last 12 months. Announcement • Jan 18
HilleVax, Inc. Announces Executive Changes Effective January 16, 2024 (the “Transition Date”), the Board of Directors (the “Board”) of HilleVax, Inc. (the “Company”) appointed Sean McLoughlin to serve as the Company’s Chief Operating Officer, replacing Aditya Kohli. On the Transition Date, in connection with Mr. McLoughlin’s appointment, Dr. Kohli resigned as Chief Operating Officer and will continue his employment with the Company in an executive capacity. Effective February 19, 2024, Dr. Kohli will succeed David Socks as the Company’s Chief Business Officer; Mr. Socks’ employment with the Company will terminate and he will continue as a consultant to the Company as of such date. Mr. McLoughlin, age 52, previously held a number of roles of increasing responsibility at GlaxoSmithKline from May 1998 to January 2024. Most recently, he served as VP Global Commercial Lead – RSV from February 2021 to January 2024. Prior to that, he served as the New Product Strategy Lead of the Vaccines Business Unit from June 2019 to February 2021. Mr. McLoughlin holds a B.Sc. in Accounting from Queen’s University of Belfast, Ireland, an M.B.A. from St. Joseph’s University, and a Certificate of Professional Development from The Wharton School Artesty Institute of Executive Education. Mr. McLoughlin has three decades of commercial and operational experience in vaccines, most recently as the Global Vaccine Commercialization Lead, RSV at GSK. In this capacity, he was responsible for the successful commercial launch of GSK’s RSV product AREXVY. Prior to that Mr. McLoughlin held the position of New Product Strategy Lead, Vaccines Business Unit at GSK. He previously served as GSK’s U.S. Launch Lead, Shingrix. Mr. McLoughlin was at GSK for over 25 years, during which he held various leadership positions of increasing responsibility. Recent Insider Transactions • Dec 20
Chief Medical Officer recently sold US$155k worth of stock On the 15th of December, Astrid Borkowski sold around 10k shares on-market at roughly US$15.50 per share. This transaction amounted to 8.1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$287k. Insiders have been net sellers, collectively disposing of US$647k more than they bought in the last 12 months. Recent Insider Transactions • Dec 07
Chief Medical Officer recently sold US$287k worth of stock On the 4th of December, Astrid Borkowski sold around 20k shares on-market at roughly US$14.35 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$492k more than they bought in the last 12 months. Recent Insider Transactions • Nov 24
Chief Medical Officer recently sold US$140k worth of stock On the 17th of November, Astrid Borkowski sold around 10k shares on-market at roughly US$14.00 per share. This transaction amounted to 6.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$205k more than they bought in the last 12 months. Price Target Changed • Nov 15
Price target decreased by 8.1% to US$28.25 Down from US$30.75, the current price target is an average from 4 analysts. New target price is 98% above last closing price of US$14.29. Stock is down 32% over the past year. The company is forecast to post a net loss per share of US$3.04 next year compared to a net loss per share of US$5.89 last year. New Risk • Nov 10
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 56% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 7.3% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (56% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (US$198m net loss in 3 years). Announcement • Sep 21
HilleVax, Inc. has completed a Follow-on Equity Offering in the amount of $100 million. HilleVax, Inc. has completed a Follow-on Equity Offering in the amount of $100 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 8,000,000
Price\Range: $12.5
Discount Per Security: $0.75 Recent Insider Transactions Derivative • Jun 25
Chief Medical Officer notifies of intention to sell stock Astrid Borkowski intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 21st of June. If the sale is conducted around the recent share price of US$16.74, it would amount to US$167k. Since March 2023, Astrid has owned 168.44k shares directly. There have been no trades via on-market transactions or options from company insiders in the last 12 months. Announcement • May 10
HilleVax, Inc. Appoints Nanette Cocero as Board of Director HilleVax, Inc. announced the appointment of Nanette Cocero, Ph.D., MBA, to its board of directors, effective May 8, 2023. Dr. Cocero served as the Global President of Pfizer Vaccines during the last four years and is a recognized leader in global healthcare. Dr. Cocero is a seasoned pharmaceutical executive with over 25 years of experience in diverse leadership positions. Most recently, Dr. Cocero was the Global President of Pfizer Vaccines where she led an over $30B global business and managed a diverse vaccines portfolio aimed at protecting lives at all stages, from infants to older adults. Dr. Cocero was responsible for the development, global commercialization, and delivery of >2B doses of the Pfizer-BioNTech COVID-19 Vaccine to 152 countries and territories around the world. Throughout her 21-year tenure at Pfizer, she held a number of senior positions touching every market of the world, from United States, Europe and Japan to emerging markets. Before joining Pfizer, Nanette was a management consultant in the biotech and pharmaceutical industries. Nanette earned a Bachelor of Science degree in chemistry from Cornell University, a Ph.D. in pharmacology from the University of Pennsylvania, and an MBA from The Wharton Business School. Announcement • Dec 06
HilleVax Inc. Announces Positive Immunogenicity Results for Run-In Cohort of NEST-IN1 Phase 2b Clinical Trial of HIL-214 Norovirus Vaccine Candidate HilleVax, Inc. reported results from a prespecified immunogenicity analysis of the 203 subjects enrolled in the run-in cohort of NEST-IN1, the company’s ongoing Phase 2b trial for HIL-214, its investigational virus-like particle based vaccine candidate for the prevention of moderate-to-severe norovirus-related acute gastroenteritis in infants. These results follow the previously announced positive recommendation from an independent safety data monitoring committee based on this same cohort. Geometric Mean Titers of pan-IG antibodies 28 days following the second dose were 11,102.0 IU/mL and 2,185.5 IU/mL for GI.1 and GII.4, respectively, for HIL-214 compared to 59.6 IU/mL and 73.5 IU/mL for GI.1 and GII.4, respectively, for placebo. These titers corresponded to a Geometric Mean Fold Rise (GMFR) versus baseline of more than 18-fold for HIL-214. Seroresponse rates (SRRs) for HIL-214, defined in NOR-212 as the percentage of subjects with at least a 4-fold increase in pan-Ig (immunoglobulin) antibody titers 28 days following the second dose compared to pre-vaccination baseline, were 99.0% for GI.1 and 86.9% for GII.4. SRRs for placebo were 4.1% and 3.1% for GI.1 and GII.4, respectively. NEST-IN1 is a Phase 2b, randomized, double-blind, placebo-controlled clinical trial to evaluate the efficacy, safety, and immunogenicity of HIL-214 in infants of approximately 5 months of age at time of initial vaccination at sites in the United States and Latin America. The study is planned to enroll 3,000 subjects who will be randomized 1:1 to receive a two-dose regimen of either HIL-214 or placebo. The clinical trial protocol includes the now completed prespecified 200 subject run-in to assess safety and immunogenicity. The primary objective of the trial is to evaluate the protective efficacy of HIL-214 against the first confirmed moderate or severe AGE event due to a HIL-214 vaccine strain, GI.1 or GII.4, that occurs prior to each subject reaching 12 months of age. A key secondary endpoint is to evaluate the protective efficacy of HIL-214 against any GI or GII norovirus strain. Board Change • Nov 16
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. President, CEO & Chairman of the Board Rob Hershberg is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Sep 01
HilleVax Announces Positive Recommendation from Safety Data Monitoring Committee for NEST-IN1 Phase 2b Clinical Trial of HIL-214 Norovirus Vaccine Candidate HilleVax, Inc. reported that an independent safety data monitoring committee (DMC) completed a prespecified review of safety data from the 203 subjects enrolled in the run-in portion of NEST-IN1 (Norovirus Efficacy and Safety Trial for INfants, or NOR-212), the company’s Phase 2b trial for HIL-214, its investigational virus-like particle (VLP) based vaccine candidate, for the prevention of moderate-to-severe norovirus-related acute gastroenteritis (AGE) in infants. Based on this review, the DMC recommended continuation of NEST-IN1 without modification and enrollment has subsequently resumed. NEST-IN1 is a Phase 2b, randomized, double-blind, placebo-controlled clinical trial to evaluate the efficacy, safety, and immunogenicity of HIL-214 in infants of approximately 5 months of age at the time of initial vaccination at sites in the United States and Latin America. The study is planned to enroll 3,000 subjects who will be randomized 1:1 to receive a two-dose regimen of either HIL-214 or placebo. The clinical trial protocol includes a prespecified 200 subject run-in to assess safety and immunogenicity. The primary objective of the trial is to evaluate the protective efficacy of HIL-214 against the first confirmed moderate or severe AGE event due to a HIL-214 vaccine strain, GI.1 or GII.4, (excluding certain co-infections) that occurs prior to each subject reaching 12 months of age. A key secondary endpoint is to evaluate the protective efficacy of HIL-214 against any GI or GII norovirus strain. Announcement • Jul 21
HilleVax Announces Results from 5-Year Clinical Study Supporting Long-Term Immunogenicity of Hil-214 Norovirus Vaccine Candidate HilleVax, Inc. announced results from NOR-213, a Phase 2 long-term immunogenicity follow-up clinical trial of adults and older adults who previously received HIL-214, the company’s investigational virus-like particle (VLP) based vaccine for the prevention of moderate-to-severe acute gastroenteritis (AGE) caused by norovirus infection. NOR-213 included 528 adult and older adult subjects that were enrolled following participation in prior clinical studies of HIL-214, including NOR-107, NOR-204, and NOR-210. The subjects received either one or two doses of HIL-214 (GI.1/GII.4 VLP combination with 500 µg alum) with or without the adjuvant monophosphoryl lipid A. Among all dose regimens of HIL-214, GI.1-specific and GII.4-specific HBGA-blocking and pan-Ig responses to vaccination persisted to year 5 of the study and, at year 5, results were similar to those previously reported at year 3. These results further support a single dose of HIL-214 (15/50 µg GI.1/GII.4 VLP combination with 500 µg alum) without MPL as the intended regimen for future development in adults and older adults. No adverse events were deemed related to HIL-214, and no new safety risks were identified during the study. The company anticipates presenting detailed data from the NOR-213 clinical trial at a future medical meeting. Announcement • May 04
HilleVax, Inc. Announces Initiation of Phase 2b Clinical Trial of HIL-214 Vaccine Candidate for Prevention of Norovirus-Related Acute Gastroenteritis in Infants HilleVax, Inc. reported dosing of the first subjects in its previously announced Phase 2b clinical trial of HIL-214, the company’s virus-like particle (VLP) based vaccine candidate, for the prevention of moderate-to-severe acute gastroenteritis (AGE) caused by norovirus infection in infants. The clinical trial is a Phase 2b, randomized, double-blind, placebo-controlled study to evaluate the efficacy, safety, and immunogenicity of HIL-214 in infants of approximately 5 months of age at time of initial vaccination at sites in the United States and Latin America. The study is planned to enroll 3,000 subjects who will be randomized 1:1 to receive a two-dose regimen of either HIL-214 or placebo. The primary objective of the trial is to evaluate the protective efficacy of HIL-214 against the first confirmed moderate or severe AGE event due to GI.1 or GII.4 norovirus strains (excluding certain co-infections) that occurs prior to each subject reaching 12 months of age. A key secondary endpoint is to evaluate the protective efficacy of HIL-214 against any GI or GII norovirus strain. A pre-specified safety and immunogenicity analysis is planned for the first 200 subjects. Board Change • Apr 28
High number of new and inexperienced directors There are 10 new directors who have joined the board in the last 3 years. The company's board is composed of: 10 new directors. No experienced directors. No highly experienced directors. President, CEO & Chairman of the Board Rob Hershberg is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.