HOOKIPA Pharma (HOOK) investor relations material

Executive summary

• Report covers Q1 2025, highlighting a strategic refocus, major restructuring, and a pause in key clinical programs, with continued partnership development, especially with Gilead for HBV and HIV therapies.

• Workforce reduced by ~80% and Vienna operations consolidated to cut costs; eseba-vec clinical program paused, and Roche collaboration terminated.

• Discussions for a potential acquisition of Poolbeg Pharma were terminated in February 2025.

• Company remains pre-revenue from product sales, relying on collaboration, milestone, and grant income.

Financial highlights

• Revenue was $2.0M in Q1 2025, down from $36.6M in Q1 2024, due to the end of the Roche collaboration and lower milestone recognition.

• Net loss was $15.4M in Q1 2025, compared to net income of $14.4M in Q1 2024, reflecting lower revenue and ongoing expenses.

• Research and development expenses decreased to $12.9M from $20.2M year-over-year, mainly due to program pauses and workforce reductions.

• General and administrative expenses increased to $6.9M from $4.1M, driven by higher professional and consulting fees related to strategic reviews.

• Cash, cash equivalents, and restricted cash totaled $40.5M as of March 31, 2025.

Outlook and guidance

• Substantial doubt exists about the company's ability to continue as a going concern for at least 12 months without additional funding.

• Management plans to seek further capital, reduce spending, and pursue strategic alternatives, but the probability of success is less than probable.

• No expectation of positive cash flows from operations in the foreseeable future; further cost-saving initiatives may be implemented.