2022 Q3 Form 10-Q Financial Statement

#000149315222021559 Filed on August 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $317.0K $346.0K $126.0K
YoY Change 196.26% 143.66% -58.0%
Cost Of Revenue $2.672M $2.522M $2.754M
YoY Change 8.35% -4.25% 14.27%
Gross Profit -$2.355M -$2.176M -$2.628M
YoY Change -0.17% -12.68% 24.55%
Gross Profit Margin -742.9% -628.9% -2085.71%
Selling, General & Admin $14.22M $15.08M $10.93M
YoY Change 46.7% 61.03% 61.93%
% of Gross Profit
Research & Development $4.983M $5.643M $2.362M
YoY Change 67.66% 23.16% -65.47%
% of Gross Profit
Depreciation & Amortization $526.0K $542.0K $473.0K
YoY Change 18.2% 15.07% 5.11%
% of Gross Profit
Operating Expenses $21.88M $23.25M $13.29M
YoY Change 72.72% 40.2% -2.19%
Operating Profit -$21.56M -$22.90M -$15.92M
YoY Change 43.49% 39.3% 1.4%
Interest Expense $958.0K $901.0K -$5.334M
YoY Change -216.4% 6.63% 173.54%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$25.21M -$45.70M -$21.25M
YoY Change 59.08% 161.5% 20.42%
Income Tax
% Of Pretax Income
Net Earnings -$25.21M -$45.70M -$21.25M
YoY Change 59.08% 161.5% 20.44%
Net Earnings / Revenue -7952.37% -13207.8% -16868.25%
Basic Earnings Per Share -$0.10 -$0.18 -$2.47
Diluted Earnings Per Share -$97.61K -$177.0K -$82.30K
COMMON SHARES
Basic Shares Outstanding 258.3M shares 258.3M shares 8.609M shares
Diluted Shares Outstanding 8.609M shares 8.609M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $83.55M $82.41M $101.3M
YoY Change -39.22% -38.96% -24.15%
Cash & Equivalents $83.55M $82.41M $101.3M
Short-Term Investments
Other Short-Term Assets $4.008M $4.468M $4.082M
YoY Change -32.13% 6.05% 13.39%
Inventory $5.796M $4.050M $4.057M
Prepaid Expenses $2.730M $1.685M
Receivables $132.0K $135.0K $102.0K
Other Receivables $2.350M $2.313M $2.769M
Total Short-Term Assets $96.22M $92.75M $112.3M
YoY Change -34.9% -36.51% -22.84%
LONG-TERM ASSETS
Property, Plant & Equipment $11.15M $11.02M $14.69M
YoY Change 2.12% -3.39% 27.76%
Goodwill $2.104M $2.237M
YoY Change
Intangibles $57.73M $61.38M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.349M $1.396M $1.446M
YoY Change 23.31% 46.79% 80.75%
Total Long-Term Assets $75.79M $79.41M $81.66M
YoY Change -0.83% 1.1% 5.64%
TOTAL ASSETS
Total Short-Term Assets $96.22M $92.75M $112.3M
Total Long-Term Assets $75.79M $79.41M $81.66M
Total Assets $172.0M $172.2M $194.0M
YoY Change -23.29% -23.36% -12.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.67M $5.617M $3.927M
YoY Change 211.51% 225.62% 131.0%
Accrued Expenses $13.50M $15.07M $14.67M
YoY Change -2.81% -1.95% 29.85%
Deferred Revenue $597.0K $864.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.780M $4.744M
YoY Change
Total Short-Term Liabilities $34.68M $40.53M $33.99M
YoY Change 5.26% 55.49% 42.82%
LONG-TERM LIABILITIES
Long-Term Debt $48.42M $21.16M $24.79M
YoY Change 73.3% -22.91% 55.9%
Other Long-Term Liabilities $5.094M $4.908M $5.663M
YoY Change 59.39% 62.09% 82.68%
Total Long-Term Liabilities $53.51M $26.07M $30.45M
YoY Change 71.87% -14.47% 60.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.68M $40.53M $33.99M
Total Long-Term Liabilities $53.51M $26.07M $30.45M
Total Liabilities $88.19M $66.60M $64.44M
YoY Change 37.62% 17.78% 50.21%
SHAREHOLDERS EQUITY
Retained Earnings -$468.5M -$443.3M
YoY Change
Common Stock $442.3M $442.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $83.82M $105.6M $129.6M
YoY Change
Total Liabilities & Shareholders Equity $172.0M $172.2M $194.0M
YoY Change -23.29% -23.36% -12.96%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$25.21M -$45.70M -$21.25M
YoY Change 59.08% 161.5% 20.44%
Depreciation, Depletion And Amortization $526.0K $542.0K $473.0K
YoY Change 18.2% 15.07% 5.11%
Cash From Operating Activities -$17.27M -$17.45M -$19.93M
YoY Change 328.64% 62.75% 200.08%
INVESTING ACTIVITIES
Capital Expenditures -$1.300M -$1.077M -$515.0K
YoY Change 205.88% 169.25% -8.04%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.300M -$1.077M -$515.0K
YoY Change 205.88% -104.35% -8.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 19.44M 0.000 12.00K
YoY Change 175.51% -100.0% -99.94%
NET CHANGE
Cash From Operating Activities -17.27M -17.45M -19.93M
Cash From Investing Activities -1.300M -1.077M -515.0K
Cash From Financing Activities 19.44M 0.000 12.00K
Net Change In Cash 863.0K -18.53M -20.43M
YoY Change -66.81% -169.25% -241.66%
FREE CASH FLOW
Cash From Operating Activities -$17.27M -$17.45M -$19.93M
Capital Expenditures -$1.300M -$1.077M -$515.0K
Free Cash Flow -$15.97M -$16.37M -$19.41M
YoY Change 343.11% 58.62% 219.24%

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VBIV Inventory Reserve
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Contract With Customer Liability
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us-gaap Increase Decrease In Other Current Liabilities
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VBIV Operating Lease Proceeds And Payments
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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us-gaap Interest Paid Net
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VBIV Adjustments For Prior Periods From Adoption
AdjustmentsForPriorPeriodsFromAdoption
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VBIV Warrants Modification In Connection With Debt Amendment
WarrantsModificationInConnectionWithDebtAmendment
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us-gaap Stock Issued1
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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VBIV Share Issuance Costs Included In Accounts Payable And Other Current Liabilities
ShareIssuanceCostsIncludedInAccountsPayableAndOtherCurrentLiabilities
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VBIV Share Issuance Costs Included In Accounts Payable And Other Current Liabilities
ShareIssuanceCostsIncludedInAccountsPayableAndOtherCurrentLiabilities
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us-gaap Nature Of Operations
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<p id="xdx_80F_eus-gaap--NatureOfOperations_z67wpMlTiXl4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_823_zzxLKZoiP7K6">NATURE OF BUSINESS AND CONTINUATION OF BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate Overview</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VBI Vaccines Inc. (the “Company” or “VBI”) was incorporated under the laws of British Columbia, Canada on <span id="xdx_90B_edei--EntityIncorporationDateOfIncorporation_c20220101__20220630_zcO5h29TMPUk" title="Entity incorporation, date of incorporation">April 9, 1965</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company and its wholly-owned subsidiaries, VBI Vaccines (Delaware) Inc., a Delaware corporation (“VBI DE”); VBI DE’s wholly-owned subsidiary, Variation Biotechnologies (US), Inc., a Delaware corporation (“VBI US”); Variation Biotechnologies, Inc. a Canadian company and the wholly-owned subsidiary of VBI US (“VBI Cda”); and SciVac Ltd. an Israeli company (“SciVac”); SciVac Hong Kong Limited (“SciVac HK”) and VBI Vaccines B.V a Netherlands company (“VBI BV”), are collectively referred to as the “Company”, “we”, “us”, “our”, or “VBI”.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s registered office is located at Suite 1700, Park Place, 666 Burrard Street, Vancouver, BC V6C 2X8 with its principal office located at 160 Second Street, Floor 3, Cambridge, MA 02142. In addition, the Company has manufacturing facilities located in Rehovot, Israel and research facilities located in Ottawa, Ontario, Canada.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal Operations</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VBI Vaccines Inc. (“VBI”) is a commercial stage biopharmaceutical company driven by immunology in the pursuit of prevention and treatment of disease. Through its innovative approach to virus-like particles (“VLPs”), including a proprietary enveloped VLP (“eVLP”) platform technology, VBI develops vaccine candidates that mimic the natural presentation of viruses, designed to elicit the innate power of the human immune system. VBI is committed to targeting and overcoming significant infectious diseases, including hepatitis B (“HBV”), COVID-19 and coronaviruses, and cytomegalovirus (“CMV”), as well as aggressive cancers including glioblastoma (“GBM”). VBI is headquartered in Cambridge, Massachusetts, with research operations in Ottawa, Canada, and a research and manufacturing site in Rehovot, Israel.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ongoing COVID-19 pandemic has materially negatively affected and continues to affect the global economy, and there is continued severe uncertainty about the duration and intensity of the impacts of the pandemic. As a result, the Company’s business and results of operations have also been adversely affected and could continue to be adversely affected by COVID-19 which has necessitated restricting the number of personnel in the Company’s research laboratories and manufacturing facility at any given point in time, and has slowed recruitment to clinical trials. The extent to which the COVID-19 pandemic will continue to impact our business will depend on future developments, which are highly uncertain and cannot be predicted. We do not yet know the full extent of potential delays or impacts on our business, our clinical studies, our research programs, the recoverability of our assets, and our manufacturing; however, the COVID-19 pandemic may continue to disrupt or delay our business operations, including with respect to efforts relating to potential business development transactions, and it could continue to disrupt the marketplace which could have an adverse effect on our operations.  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity and Going Concern</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company faces a number of risks, including but not limited to, uncertainties regarding the success of the development and commercialization of its products, demand and market acceptance of the Company’s products, and reliance on major customers. The Company anticipates that it will continue to incur significant operating costs and losses in connection with the development and commercialization of its products.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company had an accumulated deficit of $<span id="xdx_904_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn3n3_di_c20220630_zBfqXDAM69Ok" title="Accumulated deficit">443,259</span> as of June 30, 2022 and cash outflows from operating activities of $<span id="xdx_90C_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pn3n3_di_c20220101__20220630_zTLAeocUBXV5" title="Net cash provided by (used in) operating activities">37,375</span> for the six months ended June 30, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will require significant additional funds to conduct clinical and non-clinical trials, commercially launch our products, and achieve regulatory approvals. Additional financing may be obtained from the issuance of equity securities, the issuance of additional debt, structured asset financings, government or non-governmental organization grants or subsidies, and/or revenues from potential business development transactions, if any. There is no assurance the Company will manage to obtain these sources of financing, if required. The above conditions raise substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 1, 2022, we received a letter from the Listing Qualifications Department of the Nasdaq Stock Market (“NASDAQ”) indicating that, based upon the closing bid price of our common shares for the 30 consecutive business day period between May 18, 2022 through June 30, 2022, we did not meet the minimum bid price of $<span id="xdx_90F_eus-gaap--SharePrice_iI_pid_c20220702__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--RangeAxis__srt--MinimumMember_zVi3BX6fBB78" title="Bid price">1.00</span> per share required for continued listing on The NASDAQ Capital Market pursuant to NASDAQ Listing Rule 5550(a)(2). The letter also indicated that we will be provided with a compliance period of 180 calendar days, or until December 28, 2022 (the “Compliance Period”), in which to regain compliance pursuant to NASDAQ Listing Rule 5810(c)(3)(A).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to regain compliance with NASDAQ’s minimum bid price requirement, our common shares must maintain a minimum closing bid price of $<span id="xdx_904_eus-gaap--SharePrice_iI_pid_c20220702__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--RangeAxis__srt--MinimumMember_zfJNBjE7rt8g" title="Bid price">1.00</span> for a minimum of ten consecutive business days during the Compliance Period. In the event that we do not regain compliance by the end of the Compliance Period, we may be eligible for additional time to regain compliance. To qualify, we will be required to meet the continued listing requirement for the market value of our publicly held shares and all other initial listing standards for NASDAQ, with the exception of the bid price requirement, and will need to provide written notice of our intention to cure the deficiency during the second compliance period, by effecting a reverse stock split if necessary. If we meet these requirements, we may be granted an additional 180 calendar days to regain compliance. We have not regained compliance as of the date of this Form 10-Q, and if we fail to regain compliance during the Compliance Period or any subsequent grace period granted by NASDAQ, our common shares will be subject to delisting by NASDAQ, which could seriously decrease or eliminate the value of an investment in our common shares and result in significantly increased uncertainty as to the Company’s ability to raise additional capital.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments recognized in the condensed consolidated balance sheet consist of cash, accounts receivable, other current assets, accounts payable, and other current liabilities. The Company believes that the carrying value of its current financial instruments approximates their fair values due to the short-term nature of these instruments. The Company does not hold any derivative financial instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The carrying amounts of the Company’s other long-term assets approximate their respective fair values.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
1965-04-09
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us-gaap Net Cash Provided By Used In Operating Activities
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OtherCurrentLiabilities
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CY2021Q4 VBIV Other Current Liabilities
OtherCurrentLiabilities
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CY2022Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
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OtherLiabilitiesCurrent
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CY2020Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
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InventoryWorkInProcess
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CY2022Q2 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
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InventoryRawMaterialsAndSupplies
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CY2022Q2 us-gaap Inventory Net
InventoryNet
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InventoryNet
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CY2020Q2 VBIV Intrinsic Value Of Beneficial Conversion Feature Recorded To Additional Paid In Capital
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CY2022Q2 us-gaap Government Contract Receivable
GovernmentContractReceivable
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OtherCurrentAssets
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CY2021Q4 VBIV Other Current Assets
OtherCurrentAssets
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OtherAssetsCurrent
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VBIV Finite Lived Intangible Assets Cumulative Impairment Charge
FiniteLivedIntangibleAssetsCumulativeImpairmentCharge
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VBIV Finite Lived Intangible Assets Cumulative Currency Translation
FiniteLivedIntangibleAssetsCumulativeCurrencyTranslation
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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us-gaap Repayments Of Secured Debt
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FiniteLivedIntangibleAssetsCumulativeImpairmentCharge
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CY2021 VBIV Finite Lived Intangible Assets Cumulative Currency Translation
FiniteLivedIntangibleAssetsCumulativeCurrencyTranslation
882000 usd
CY2022Q2 VBIV Interest Income
InterestIncome
179000 usd
CY2022Q2 us-gaap Goodwill Gross
GoodwillGross
8714000 usd
CY2022Q2 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
6292000 usd
CY2022Q2 VBIV Goodwill Cumulative Currency Translation
GoodwillCumulativeCurrencyTranslation
185000 usd
CY2022Q2 VBIV Goodwill Net
GoodwillNet
2237000 usd
CY2021Q4 us-gaap Goodwill Gross
GoodwillGross
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CY2021Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
6292000 usd
CY2021Q4 VBIV Goodwill Cumulative Currency Translation
GoodwillCumulativeCurrencyTranslation
161000 usd
CY2021Q4 VBIV Goodwill Net
GoodwillNet
2261000 usd
CY2022Q2 VBIV Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
7600000 usd
CY2021Q4 VBIV Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
8196000 usd
CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4199000 usd
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2294000 usd
CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2377000 usd
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4805000 usd
CY2022Q2 VBIV Deferred Funding Current
DeferredFundingCurrent
8639000 usd
CY2022Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
8780000 usd
CY2022Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
21163000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
26033127 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
20860479 shares
CY2022Q2 VBIV Long Term Debt Net
LongTermDebtNet
29943000 usd
CY2021Q4 VBIV Long Term Debt Net
LongTermDebtNet
28441000 usd
CY2022Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
669000 usd
CY2021Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
481000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
1276000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
870000 usd
CY2022Q2 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
411000 usd
CY2021Q2 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
401000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
821000 usd
CY2018Q4 VBIV Additional Potential Regulatory And Sales Milestone Payments
AdditionalPotentialRegulatoryAndSalesMilestonePayments
117500000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
2012000 usd
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
142000 usd
CY2021Q2 VBIV Interest Income
InterestIncome
37000 usd
VBIV Interest Income
InterestIncome
256000 usd
VBIV Interest Income
InterestIncome
225000 usd
CY2022Q2 us-gaap Interest Expense
InterestExpense
901000 usd
CY2021Q2 us-gaap Interest Expense
InterestExpense
845000 usd
us-gaap Interest Expense
InterestExpense
1841000 usd
us-gaap Interest Expense
InterestExpense
2657000 usd
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
19492000 usd
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
12732000 usd
CY2022Q2 VBIV Long Term Debt1
LongTermDebt1
32224000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
472000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
443000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.9317 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.9713 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0171 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0054 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y9M29D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y10M6D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.15
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.40
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2457000 usd
CY2021Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2423000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
4959000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
4562000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
346000 usd
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
451000 usd
CY2022Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2742000 usd
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3104000 usd
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2803000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
38000 usd
VBIV Contract With Customer Liability Currency Translation
ContractWithCustomerLiabilityCurrencyTranslation
23000 usd
CY2022Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2742000 usd
CY2022Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
864000 usd
CY2022Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
1878000 usd
VBIV Description Of Vaccine Development
DescriptionOfVaccineDevelopment
On March 9, 2021, the Company and CEPI announced the CEPI Funding Agreement, to develop eVLP vaccine candidates against SARS-COV-2 variants, including the Beta variant, also known as the B.1.351 variant and as 501Y.V2, first identified in South Africa. CEPI agreed to provide up to $33,018 to support the advancement of VBI-2905, a monovalent eVLP candidate expressing the pre-fusion form of the spike protein from the Beta variant strain, through Phase I clinical development. This funding will also support preclinical expansion of additional multivalent vaccine candidates designed to evaluate the potential breadth of our eVLP technology. The preclinical expansion is intended to develop clinic-ready vaccine candidates capable of addressing emerging variants.
VBIV Funding Received
FundingReceived
19327000 usd
CY2022Q2 VBIV Deferred Funding Current
DeferredFundingCurrent
8639000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
895000 usd
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
340000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
683000 usd
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y2M23D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.12 pure
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
648000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1176000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1064000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
575000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
574000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
169000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4206000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
808000 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
3398000 usd
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
891000 usd
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2507000 usd
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
346000 usd
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
142000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
472000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
443000 usd

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