HOOKIPA Pharma Inc. reported a net income of $14.4 million for the first quarter of 2024, a significant turnaround from the net loss of $19.7 million in the same period of the previous year. This improvement was largely due to a substantial increase in revenue from collaboration and licensing, which surged to $36.6 million from $3.2 million year-on-year, driven by the accelerated recognition of upfront and milestone payments following the termination of a collaboration agreement with Roche. Research and development expenses slightly decreased to $20.2 million from $20.9 million, reflecting a reduction in indirect research and development costs. General and administrative expenses also fell to $4.1 million from $4.9 million, attributed to lower personnel-related expenses. The company's restructuring expenses amounted to $1.3 million, associated with severance...Show More

HOOKIPA Pharma Inc. reported a net income of $14.4 million for the first quarter of 2024, a significant turnaround from the net loss of $19.7 million in the same period of the previous year. This improvement was largely due to a substantial increase in revenue from collaboration and licensing, which surged to $36.6 million from $3.2 million year-on-year, driven by the accelerated recognition of upfront and milestone payments following the termination of a collaboration agreement with Roche. Research and development expenses slightly decreased to $20.2 million from $20.9 million, reflecting a reduction in indirect research and development costs. General and administrative expenses also fell to $4.1 million from $4.9 million, attributed to lower personnel-related expenses. The company's restructuring expenses amounted to $1.3 million, associated with severance and other personnel costs. HOOKIPA Pharma's cash, cash equivalents, and restricted cash stood at $93.0 million as of March 31, 2024. The company's business development highlighted the advancement of its oncology portfolio, with HB-200 in a Phase 1/2 clinical trial for HPV16+ head and neck cancers and the receipt of IND clearance from the FDA for HB-700 for KRAS mutated cancers. HOOKIPA Pharma also noted collaborations with Gilead Sciences for Hepatitis B and HIV programs, with the first participant dosed in a Phase 1 clinical trial for the Hepatitis B candidate. Looking ahead, the company plans to initiate a randomized Phase 2/3 trial for HB-200 in combination with pembrolizumab for HPV16+ oropharyngeal squamous cell carcinoma.