| | |
PER ADS
|
| |
TOTAL
|
| ||||||
Initial public offering price
|
| | | $ | 17.00 | | | | | $ | 110,500,000 | | |
Underwriting commissions(1)
|
| | | $ | 1.19 | | | | | $ | 7,735,000 | | |
Proceeds to Vaccitech plc, before expenses
|
| | | $ | 15.81 | | | | | $ | 102,765,000 | | |
|
Morgan Stanley
|
| |
Jefferies
|
| |
Barclays
|
| |
William Blair
|
|
|
H.C. Wainwright & Co.
|
|
| | | | | 2 | | | |
| | | | | 2 | | | |
| | | | | 4 | | | |
| | | | | 12 | | | |
| | | | | 14 | | | |
| | | | | 16 | | | |
| | | | | 93 | | | |
| | | | | 95 | | | |
| | | | | 96 | | | |
| | | | | 97 | | | |
| | | | | 100 | | | |
| | | | | 102 | | | |
| | | | | 104 | | | |
| | | | | 106 | | | |
| | | | | 122 | | | |
| | | | | 189 | | | |
| | | | | 195 | | | |
| | | | | 202 | | | |
| | | | | 204 | | | |
| | | | | 207 | | | |
| | | | | 209 | | | |
| | | | | 229 | | | |
| | | | | 237 | | | |
| | | | | 239 | | | |
| | | | | 246 | | | |
| | | | | 256 | | | |
| | | | | 257 | | | |
| | | | | 258 | | | |
| | | | | 260 | | | |
| | | | | F-1 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
| | |
(in thousands, except share and per share data)
|
| |||||||||
Consolidated Statement of Operations Data | | | | | | | | | | | | | |
License revenue
|
| | | $ | 20 | | | | | $ | 2,552 | | |
Service revenue
|
| | | | 203 | | | | | | 405 | | |
Sale of viral seeds
|
| | | | 115 | | | | | | — | | |
Research grants and contracts
|
| | | | 6,507 | | | | | | 1,863 | | |
Total revenue
|
| | | | 6,845 | | | | | | 4,820 | | |
Operating expenses | | | | | | | | | | | | | |
Research and development
|
| | | | 29,842 | | | | | | 14,386 | | |
General and administrative
|
| | | | 2,668 | | | | | | 10,481 | | |
Total operating expenses
|
| | | | 32,510 | | | | | | 24,867 | | |
Loss from operations
|
| | | | (25,665) | | | | | | (20,047) | | |
Other income (expense): | | | | | | | | | | | | | |
Change in fair value of derivatives
|
| | | | — | | | | | | 2,039 | | |
Unrealized foreign exchange gain on convertible loan notes
|
| | | | — | | | | | | 448 | | |
Interest expense
|
| | | | (133) | | | | | | (3,600) | | |
Interest income
|
| | | | 40 | | | | | | — | | |
Gain from disposal of property and equipment
|
| | | | 4 | | | | | | — | | |
Research and development incentives
|
| | | | 2,976 | | | | | | 3,279 | | |
Other income
|
| | | | 80 | | | | | | 42 | | |
Total other income
|
| | | | 2,967 | | | | | | 2,208 | | |
Tax expense
|
| | | | — | | | | | | (95) | | |
Net loss
|
| | | | (22,698) | | | | | | (17,934) | | |
Net loss attributable to noncontrolling interest
|
| | | | 1,968 | | | | | | 228 | | |
Net loss attributable to Vaccitech shareholders
|
| | | $ | (20,730) | | | | | $ | (17,706) | | |
Weighted-average ordinary shares outstanding, basic and diluted
|
| | | | 23,469 | | | | | | 25,581 | | |
Net loss per share attributable to ordinary shareholders, basic and diluted
|
| | | $ | (883.27) | | | | | $ | (692.16) | | |
Pro forma weighted-average ordinary shares outstanding, basic and
diluted (unaudited)(1) |
| | | | | | | | | | 14,722,614 | | |
Pro forma net loss per share, basic and diluted (unaudited)(1)
|
| | | | | | | | | $ | (1.20) | | |
| | |
December 31, 2020
|
| |||||||||||||||
| | |
ACTUAL
|
| |
PRO
FORMA(1) |
| |
PRO FORMA
AS ADJUSTED(2) |
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
| | | | | | | | |
(unaudited)
|
| |||||||||
Consolidated Balance Sheet Data | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 43,266 | | | | | $ | 166,612 | | | | | $ | 266,577 | | |
Working capital(3)
|
| | | | 40,260 | | | | | | 163,606 | | | | | | 263,571 | | |
Total assets
|
| | | | 50,666 | | | | | | 174,012 | | | | | | 273,977 | | |
Long-term debt(4)
|
| | | | 46,172 | | | | | | 1,472 | | | | | | 1,472 | | |
Total liabilities
|
| | | | 53,813 | | | | | | 9,113 | | | | | | 9,113 | | |
Series A Shares(5)
|
| | | | 33,765 | | | | | | — | | | | | | — | | |
Total shareholders’ (deficit) equity
|
| | | | (36,912) | | | | | | 164,899 | | | | | | 264,864 | | |
| | |
AS OF DECEMBER 31, 2020
|
| | | | |||||||||||||||||||||
| | |
ACTUAL
|
| |
PRO FORMA
|
| |
PRO FORMA
AS ADJUSTED |
| | | | |||||||||||||||
| | |
(in thousands)
|
| | | | |||||||||||||||||||||
| | | | | | | | |
(unaudited)
|
| | | | |||||||||||||||
Cash and cash equivalents
|
| | | $ | 43,266 | | | | | $ | 166,612 | | | | | $ | 266,577 | | | | | | ||||||
Long-term debt(1)
|
| | | $ | 46,172 | | | | | $ | 1,472 | | | | | $ | 1,472 | | | | | | | | | | | |
Series A Shares
|
| | | | 33,765 | | | | | | — | | | | | | — | | | | | | ||||||
Shareholders’ equity: | | | | | | | | |||||||||||||||||||||
Ordinary shares
|
| | | | — | | | | | | 1 | | | | | | 1 | | | | | | ||||||
Additional paid-in capital
|
| | | | 19,531 | | | | | | 221,341 | | | | | | 321,306 | | | | | | ||||||
Accumulated deficit
|
| | | | (55,591) | | | | | | (55,591) | | | | | | (55,591) | | | | | | ||||||
Accumulated other comprehensive loss
|
| | | | (1,243) | | | | | | (1,243) | | | | | | (1,243) | | | | | | ||||||
Non controlling interest
|
| | | | 391 | | | | | | 391 | | | | | | 391 | | | | | | ||||||
Total shareholders’ (deficit) equity
|
| | | | (36,912) | | | | | | 164,899 | | | | | | 264,864 | | | | | | ||||||
Total capitalization
|
| | | $ | 43,025 | | | | | $ | 166,371 | | | | | $ | 266,336 | | | | | |
|
Initial public offering price per ADS
|
| | | | | | | | | $ | 17.00 | | |
|
Historical net tangible book value per ADS as of December 31, 2020
|
| | | $ | (0.40) | | | | | | | | |
|
Increase per ADS attributable to the pro forma adjustments described above
|
| | | | 6.38 | | | | | | | | |
|
Pro forma net tangible book value per ADS as of December 31, 2020
|
| | | | 5.98 | | | | | | | | |
|
Increase in pro forma as adjusted net tangible book value attributable to new investors purchasing ADSs in this offering
|
| | | | 1.79 | | | | | | | | |
|
Pro forma as adjusted net tangible book value per ADS as of December 31, 2020
|
| | | | | | | | | | 7.78 | | |
|
Dilution per share to new investors purchasing ADSs in this offering
|
| | | | | | | | | $ | 9.22 | | |
| | |
ORDINARY SHARES/ADS
PURCHASED |
| |
TOTAL CONSIDERATION
|
| |
AVERAGE PRICE
PER ORDINARY SHARE/ADS |
| |||||||||||||||||||||
| | |
NUMBER
|
| |
PERCENT
|
| |
AMOUNT
|
| |
PERCENT
|
| ||||||||||||||||||
Existing shareholders
|
| | | | 27,564,345 | | | | | | 80.9% | | | | | $ | 219,775,806 | | | | | | 66.5% | | | | | $ | 7.97 | | |
New investors participating in this offering
|
| | | | 6,500,000 | | | | | | 19.1 | | | | | | 110,500,000 | | | | | | 33.5 | | | | | | 17.00 | | |
Total
|
| | | | 34,064,345 | | | | | | 100.0% | | | | | $ | 330,275,806 | | | | | | 100.0% | | | | | | | | |