- \n
- Appointed Andrew Hall, Chief Business Officer, as interim CEO, Jeremy Graff, PhD as Chief Scientific Officer, Stanley Frankel, MD and Jose Iglesias, MD as Clinical Advisors<\/i><\/li>\n<\/ul>\n
- \n
- Strengthened financial position and extended cash runway with the completion of a $25M financing resulting in pro-forma cash and cash equivalents of $45.8 million on June 30th<\/sup>, 2021<\/i><\/li>\n<\/ul>\n
- \n
- Completed the DeCidE1 Phase 2 clinical study in advanced, recurrent ovarian cancer. Translational analyses confirm generation of tumor-antigen directed T cells by maveropepimut-S <\/i><\/li>\n<\/ul>\n
- \n
- Initiated Phase 2B trial in relapsed\/refractory DLBCL<\/i><\/li>\n<\/ul>\n
- \n
- Expanded presence in the US with a corporate office in Cambridge, Massachusetts biotech hub<\/i><\/li>\n<\/ul>\n
DARTMOUTH, Nova Scotia & CAMBRIDGE, Mass.–(BUSINESS WIRE<\/a>)–
\nIMV Inc. (the \u201cCompany\u201d or \u201cIMV\u201d) (TSX: IMV; NASDAQ: IMV), a clinical-stage biopharmaceutical company pioneering a novel class of immunotherapies, today announced its financial and operational results and provided an update for the second quarter ended June 30, 2021.\n<\/p>\n\n\u201cIMV is undergoing a critical transformation and focusing on delivering tangible clinical and scientific data to support further development and commercialization of our unique programs and DPX platform technology,\u201d said Andrew Hall, interim Chief Executive Officer of IMV. \u201cThe recent results obtained with the translational analyses in ovarian cancer further validate our lead compound and DPX technology. We are also very excited by the overall expansion of our clinical pipeline across a range of tumor antigens and indications. Our recent financing has strengthened our balance sheet and provided us with the runway to deliver additional confirmatory data to investors and the scientific community.\u201d\n<\/p>\n
\n\u201cBased on clinical results and a continued deeper understanding of the mechanism of action of our distinctive delivery platform we believe we are in an exceptional position to deliver sustainable shareholder value supported by an enhanced financial position and our ability to attract quality talent at every level of the organization,\u201d concluded Mr. Hall.\n<\/p>\n
Corporate Updates<\/span><\/b><\/p>\n
Appointment of Andrew Hall as Interim Chief Executive Officer (CEO)<\/b><\/p>\n
\nOn August 4, 2021, the Corporation announced that Frederic Ors stepped down as Chief Executive Officer and that the IMV Board appointed Andrew Hall, formerly of Celgene, the Company\u2019s Chief Business Officer, as Interim CEO. The Company\u2019s Board is commencing a comprehensive search process to identify a permanent CEO.\n<\/p>\n
Appointment of a Chief Scientific Officer (CSO)<\/b><\/p>\n
\nJeremy R. Graff, Ph.D., formerly of Lilly, was recently appointed Chief Scientific Officer of IMV and brings over 20 years of experience in preclinical and clinical research and translational analysis for novel immune-activating therapeutics in oncology.\n<\/p>\n
Development of IMV\u2019s Clinical Advisory Committee<\/b><\/p>\n
\nStanley Frankel, M.D, an industry veteran, was appointed clinical advisor to support development of MVP-S in diffuse large B-cell lymphoma (DLBCL) and the initiation of the Company\u2019s next clinical trial in advanced ovarian cancer.\n<\/p>\n
\nDr. Frankel brings a wealth of experience and knowledge in hematology, cell therapy and immuno-oncology accumulated at Bristol-Myers Squibb (BMS) where he was Senior Vice President, Cellular Therapy Development, and responsible for late development portfolio of cellular therapy assets including Breyanzi\u00ae (lisocabtagene maraleucel) and Abecma\u00ae (idecabtagene vicleucel). Prior to this experience, Dr. Frankel was Corporate Vice President, Head, Immuno-Oncology & Cellular Therapy, Clinical Research and Development Head, Cell Therapy Clinical Center of Excellence at Celgene and served on joint steering and\/or joint development committees for alliances with JW Therapeutics, Jounce Therapeutics, AstraZeneca\/MedImmune, Juno Therapeutics, and BeiGene.\n<\/p>\n
\nJose Iglesias, M.D., another renowned expert in the Immuno-Oncology space, was recently appointed as Clinical Advisor. Dr. Iglesias brings decades of expertise in clinical development strategy, clinical trial design, biomarker-guided pharmacodynamics, proof of principle and proof of concept studies, drug approval strategies, studies to support commercialization, academic research collaborations and liaisons with worldwide centers of excellence and oncology cooperative groups. Dr. Iglesias served as Chief Medical Officer at Senti Biosciences, Biothera Pharmaceuticals, Bionomics Ltd., Abraxis Bioscience Inc. and as Vice President, Clinical Development at Celgene.\n<\/p>\n
Operational Expansion in the USA<\/b><\/p>\n
\nIMV has now established a U.S. subsidiary and an office in Cambridge, Massachusetts, a world-leading biotech research hub with a large geographical concentration of biotech and pharmaceutical companies, world-renowned universities, research centers, and a highly skilled talent pool.\n<\/p>\n
\nThis new corporate office will serve as a springboard to accelerate future business development and other initiatives.\n<\/p>\n
Clinical Programs with Maveropepimut-S (MVP-S, Formerly Named DPX-Survivac)<\/span><\/b><\/p>\n
Phase 2B Study in Relapsed\/Refractory DLBCL (“r\/r DLBCL”)<\/b><\/p>\n
\nIn the previous Phase 2 clinical study (SPiReL), MVP-S in combination with Merck\u2019s KEYTRUDA and intermittent low dose cyclophosphamide (CPA) showed promising data with 50% Overall Response Rate (ORR) and 78.6% Disease Control Rate (DCR) in evaluable patients. Also, PD-L1 expression has been identified as a potential predictive biomarker of response, as PD-L1+ patients demonstrated 85.7% ORR and 85.7% DCR. Most commonly reported events are Grade 1 and 2 injection site reactions, 20.8% subjects reported Grade 3 or above adverse events.\n<\/p>\n
\nThe Company announced in April that it entered into an agreement with Merck (NYSE: MRK) to initiate a Phase 2B clinical trial to evaluate its lead compound, MVP-S, in combination with KEYTRUDA\u00ae<\/sup> (pembrolizumab), Merck\u2019s anti-PD-1 therapy, in a Phase 2B study r\/r DLBCL.\n<\/p>\n
\nThe trial was initiated in June 2021, and the first sites have since been activated. PD-L1 will be assessed for every potential patient considered for enrollment.\n<\/p>\n
Phase 2 DeCidE1 Study in Advanced, Recurrent Ovarian Cancer<\/b><\/p>\n
\nIMV has recently completed the DeCidE1 clinical trial evaluating MVP-S in association with CPA in patients with advanced recurrent ovarian cancer. The final patient completed the study after more than 2 years of clinical benefit with MVP-S. In this study, many subjects have been through several lines of prior treatment and 57.9% patients were platinum resistant. Overall, the treatment was well tolerated with most adverse events being injection site reactions. At the 2-year cut-off, the overall survival rate in this cohort was 44.9% with a median overall survival of 19.9 months, results that support further clinical evaluation of this treatment.\n<\/p>\n
\nTranslational analyses from this trial confirm generation of tumor-antigen directed T cells by MVP-S. The details of these translational analyses have been submitted for presentation at upcoming scientific meetings. These data will also inform the discussion and design of a Phase 2B clinical study to be submitted to the FDA.\n<\/p>\n
Recent Financing Strengthens IMV\u2019s Financial Position<\/span><\/b><\/p>\n
\nAll dollar amounts noted herein are denominated in United States dollars (unless otherwise noted herein).\n<\/p>\n
Public Offering<\/b><\/p>\n
\nOn July 20, 2021, IMV announced the closing of a public offering of 14,285,714 units at a price to the public of $1.75 per Unit, for aggregate gross proceeds to the Corporation of approximately $25 million (Estimated net proceeds are $23 million). Each unit is comprised of one common share and three-quarters of one common share purchase warrant. Each Warrant entitles the holder thereof to purchase one common share at a price of $2.10 per common share, subject to adjustment in certain events, for five years until July 20, 2026. If the warrants are fully exercised, they can represent approximately $22.5M of additional gross proceeds.\n<\/p>\n
Overview of Second Quarter 2021 Financial Results<\/span><\/b><\/p>\n
\nOn June 30, 2021, the Company had cash and cash equivalents of $22.8 million and working capital of $24.6 million, compared with $36.3 million and $35.6 million, respectively at December 31, 2020. Subsequent to June 30, 2021, the Company completed the above-mentioned public offering of 14,285,714 units at $1.75 per unit for gross process of $25 million (estimated net proceeds of $23 million) resulting in pro-forma cash and cash equivalents of $45.8 million as of June 30, 2021. Based on its current plan, IMV expects its current cash position will be sufficient to fund operations for more than 12 months.\n<\/p>\n
\nResearch and development expenses were $5.2 million for the three months ended June 30, 2021, compared with $3.8 million for the three months ended June 30, 2020. This increase of $1.4 million was mainly due to startup costs for the Phase 2B trial in DLBCL, the timing of manufacturing activities for MVP-S and DPX-SurMAGE, and an increase in headcount. These increases were partly offset by a decrease in costs for the pre-clinical development of DPX-COVID-19 and costs for the ongoing basket trial of MVP-S in several cancer indications.\n<\/p>\n
\nGeneral and administrative expenses were $3.4 million for the three months ended June 30, 2021, compared with $2.2 million for the three months ended June 30, 2020. This increase of $1.2 million was mainly attributable an increase in the Company\u2019s Directors and Officers insurance premium as a result of rate increases in mid-2020, an increase in headcount and an increase in recruiting fees for new executives and board members.\n<\/p>\n
\nGovernment assistance totaled $1.2 million for the three months ended June 30, 2021, compared with $1 million in Q2 2020. This increase in mainly driven by the revaluation of the Nova Scotia loan upon receipt of the 2-year deferral of repayments partly offset by a decrease in various government grants for the development of DPX-COVID-19, consistent with the decrease in development expenses described above.\n<\/p>\n
\nThe net loss and comprehensive loss of $7.4 million ($0.11 per share) for the three months ended June 30, 2021, was $2.6 million higher than the net loss and comprehensive loss of $4.8 million ($0.08 per share) for the three months ended June 30, 2020.\n<\/p>\n
\nFor the six-month period ended June 30, 2021, the net loss and comprehensive loss of $14.3 million ($0.21 per share) was $2.3 million higher than the net loss and comprehensive loss of $12.0 million ($0.24 per share) for the six-month period ended June 30, 2020. The higher net loss is primarily the result of a $1.1 million increase in R&D expenses and a $2 million increase in general and administrative expenses partly compensated by a $1 million increase in government assistance mainly towards COVID-19 vaccine development as well as the revaluation of the loan with the province of Nova Scotia upon receipt of the above-mentioned amendment.\n<\/p>\n
\nAs of August 10, 2021, the number of issued and outstanding common shares was 82,142,629 and a total of 15,705,452 stock options, warrants and deferred share units were outstanding.\n<\/p>\n
\nThe Corporation’s audited annual consolidated results of operations, financial condition and cash flows for the year ended December 31, 2020 and the related management’s discussion and analysis (MD&A) are available on SEDAR at www.sedar.com<\/a> and on EDGAR at <\/i>www.sec.gov\/edgar<\/a>as well as the Company\u2019s website at https:\/\/www.imv-inc.com\/investors\/financial-information\/financial-results<\/i><\/a>.<\/i><\/p>\n
Selected Upcoming Milestones<\/span><\/b><\/p>\n
\nMaveropepimut-S (MVP-S):\n<\/p>\n
- \n
- \nQ3 2021: Initiation of investigator-led study in breast cancer\n<\/li>\n
- \nH2 2021: Design of Phase 2 clinical study in ovarian cancer for FDA meeting\n<\/li>\n
- \nQ4 2021: Clinical update for the basket trial (Bladder & MSI-hi tumor cancers)\n<\/li>\n
- \nH1 2022: Clinical update for the breast trial\n<\/li>\n<\/ul>\n
\nDPX-SurMAGE:\n<\/p>\n
- \n
- \nH2 2021: Initiation of a Phase 1 clinical study in bladder cancer\n<\/li>\n<\/ul>\n
Conference Call and Webcast Information<\/span><\/b><\/p>\n
\nManagement will host a conference call and webcast today August 11, 2021, at 8:00 a.m. ET. Financial analysts are invited to join the conference call by dialing (866) 211-3204 (U.S. and Canada) or (647) 689-6600 (international) using the conference ID# 2877244\n<\/p>\n
\nOther interested parties will be able to access the live audio webcast at this link: https:\/\/ir.imv-inc.com\/events-and-presentations<\/a>. The webcast will be recorded and will then be available on the IMV website for 30 days following the call.\n<\/p>\n
About IMV<\/b><\/p>\n
\nIMV Inc. is a clinical stage biopharmaceutical company dedicated to making immunotherapy more effective, more broadly applicable, and more widely available to people facing hard-to-treat cancer and other unmet medical needs. IMV is pioneering a novel class of cancer immunotherapies based on the Company\u2019s proprietary delivery platform (DPX). This patented technology leverages a differentiated mechanism of action that generates a targeted and durable immune activation with limited side effects. IMV\u2019s lead candidate, maveropepimut-S (formerly named DPX-Survivac), is a T cell-activating immunotherapy that combines the utility of the platform with a novel cancer target: survivin. IMV is currently assessing maveropepimut-S in breast and advanced ovarian cancer, as well as a combination therapy in multiple clinical studies with Merck. IMV is also developing another DPX-based immunotherapy: DPX-SurMAGE, a dual targeted immunotherapy to be evaluated in subjects with bladder cancer later this year. For more information, visit www.imv-inc.com<\/a> and connect with us on Twitter<\/a> and LinkedIn<\/a>.\n<\/p>\n
IMV Forward-Looking Statements<\/strong><\/p>\n
This press release contains forward-looking information under applicable securities law. All information that addresses activities or developments that we expect to occur in the future is forward-looking information. Forward-looking statements use such word as \u201cwill\u201d, \u201cmay\u201d, \u201cpotential\u201d, \u201cbelieve\u201d, \u201cexpect\u201d, \u201ccontinue\u201d, \u201canticipate\u201d and other similar terminology. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to, statements regarding the anticipated timing, enrollment of subjects and results from the Company\u2019s clinical studies and trials for its various drugs and therapies, the anticipated timing of meetings and submissions with the FDA for the Company\u2019s various drugs and therapies and the potential for synergistic action and results from the use of combined immunotherapies by the Company for various diseases. However, they should not be regarded as a representation that any of the plans will be achieved. Actual results may differ materially from those set forth in this press release due to risks affecting the Company, including access to capital, the successful design and completion of clinical trials and the timely receipt of all regulatory approvals to commence, and then continue, clinical studies and trials and the receipt of all regulatory approvals to commercialize its products. IMV Inc. assumes no responsibility to update forward-looking statements in this press release except as required by law. These forward-looking statements involve known and unknown risks and uncertainties, and those risks and uncertainties include, but are not limited to, the ability to access capital, the successful and, generally, the timely completion of clinical trials and studies and the receipt of all regulatory approvals as well as other risks detailed from time to time in our ongoing quarterly filings and annual information form. Investors are cautioned not to rely on these forward-looking statements and are encouraged to read IMV\u2019s continuous disclosure documents, including its current annual information form, as well as its audited annual consolidated financial statements which are available on SEDAR at www.sedar.com<\/a> and on EDGAR at www.sec.gov\/edgar<\/a><\/i><\/p>\n
\n
\n \n \nIMV INC.
\n
Consolidated Statements of Loss and Comprehensive Loss\n<\/p>\n<\/td>\n<\/tr>\n\n \n \n(In thousands of United States dollars, except for share and per share amounts)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \nThree Months ended,
\n
June 30,\n<\/p>\n<\/td>\n\n \n\u00a0\n<\/p>\n<\/td>\n
\n \nSix Months ended,
\n
June 30,\n<\/p>\n<\/td>\n<\/tr>\n\n \n \n\u00a0\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n2021
\n
$\n<\/p>\n<\/td>\n\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2020
\n
$\n<\/p>\n<\/td>\n\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2021
\n
$\n<\/p>\n<\/td>\n\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2020
\n
$\n<\/p>\n<\/td>\n<\/tr>\n\n \n Revenue<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest Income\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n42\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n40\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n112\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n90\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal revenue\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n42\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n40\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n112\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n90\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Expenses<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nResearch and development\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n5,219\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,798\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n9,961\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n8,861\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGeneral and administrative\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n3,416\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,200\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n6,499\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,459\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGovernment assistance\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n(1,169)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(1,015)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(2,404)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(1,440)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccreted interest and valuation adjustments\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n15\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n305\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n375\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n628\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal operating expenses\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n7,481\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n5,288\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n14,431\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n12,508\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Net loss <\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n(7,439)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(5,248)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(14,319)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(12,418)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrency translation adjustment\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n471\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n424\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Total comprehensive loss<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n(7,439)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(4,777)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(14,319)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(11,994)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Basic and diluted loss per share<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n(0.11)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(0.08)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(0.21)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(0.24)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nWeighted-average shares outstanding\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n67,781,940\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n57,300,903\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n67,629,392\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n50,719,488\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n \nIMV INC.
\n
Consolidated Statements of Financial Position
\n
(In thousands of United States dollars, except for share and per share amounts)\n<\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \nJune 30, 2021\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \nDecember 31, 2020\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Assets<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrent assets\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n22,826\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n36,268\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts receivable\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n694\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,574\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPrepaid expenses\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n5,175\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,416\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInvestment tax credits receivable\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,895\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,519\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal current assets\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n30,590\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n43,777\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProperty and equipment\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,582\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,221\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal assets\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n33,172\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n45,998\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n
Liabilities and Equity<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrent liabilities\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts payable, accrued and other liabilities\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n5,785\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n7,228\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrent portion of long-term debt\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n78\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n856\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrent portion of lease obligations\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n119\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n109\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal current liabilities\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n5,982\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n8,193\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLease obligation\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n922\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n953\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLong-term debt\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n6,585\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n6,050\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal liabilities\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n13,489\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n15,196\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEquity\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n19,683\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n30,802\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal liabilities and equity\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n33,172\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n45,998\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n\u00a0\n<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210811005251\/en\/<\/a><\/span><\/p>\n
Investor Relations<\/b><\/p>\n
Marc Jasmin, Senior Director, Investor Relations, IMV
\n<\/b>
O: (902) 492-1819, ext: 1042
\n
M: (514) 617-9481 E: mjasmin@imv-inc.com<\/a><\/p>\nIrina Koffler, Managing Director, LifeSci Advisors
\n<\/b>
O: (646) 970-4681 M: (917) 734-7387
\n
E: ikoffler@lifesciadvisors.com<\/a><\/p>\nMedia<\/b><\/p>\n
Delphine Davan, Senior Director, Communications, IMV Inc.
\n<\/b>
M: (514) 968 1046
\n
E: ddavan@imv-inc.com<\/a><\/p>\n
- \nH2 2021: Initiation of a Phase 1 clinical study in bladder cancer\n<\/li>\n<\/ul>\n
- Expanded presence in the US with a corporate office in Cambridge, Massachusetts biotech hub<\/i><\/li>\n<\/ul>\n
- Initiated Phase 2B trial in relapsed\/refractory DLBCL<\/i><\/li>\n<\/ul>\n
- Completed the DeCidE1 Phase 2 clinical study in advanced, recurrent ovarian cancer. Translational analyses confirm generation of tumor-antigen directed T cells by maveropepimut-S <\/i><\/li>\n<\/ul>\n
- Strengthened financial position and extended cash runway with the completion of a $25M financing resulting in pro-forma cash and cash equivalents of $45.8 million on June 30th<\/sup>, 2021<\/i><\/li>\n<\/ul>\n