HilleVax's primary focus is its VLP-based vaccine candidate HIL-214, where VLP technology mimics the structure and antigenic properties of viruses without containing infectious genetic material, thereby triggering effective immunogenic responses in the host. As of March 2025, HilleVax had cash of $160m and no debt, with annual cash burn of $90m, providing approximately 21 months of cash runway.
Cyborg Score Rationale
HilleVax is not currently generating revenue and is considered an early-stage business. The company reduced its cash burn by 28% over the last year, suggesting some degree of prudence. However, significant clinical and regulatory risks remain with lead candidate still in development.
Top Insights
Company has dual programs: HIL-214 and HIL-216, both VLP-based vaccine candidates for norovirus-induced acute gastroenteritis prevention.
Cash burn has been reduced by 28% year-over-year, demonstrating improved operational efficiency.
With $90m annual cash burn against a $100m market cap, cash burn represents approximately 90% of market value, suggesting potential funding difficulties.
Company was founded in 2019 and is headquartered in Boston, Massachusetts.
Named Competitors
mRNA Vaccines — mRNA-based vaccine platform with multiple approved products
Oral Vaccine Platform — Oral vaccine development for infectious diseases
Diversified Vaccines — Large pharmaceutical company with extensive vaccine portfolio
mRNA/VLP Platform — mRNA-based therapeutic and vaccine development
Recent Developments
(August 2025) Investigations announced by law firms regarding proposed acquisition and potential securities law violations
(March 2025) Cash position of $160m with improved burn rate; approximately 21 months runway remaining
(2024) Expected to report top-line Phase 2b data from NEST-IN1 trial
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