Vaccinex, Inc. Announces $60 million Agreement to Finance a Phase 2b clinical trial of pepinemab to treat Alzheimer’s Disease

Rhea-AI Summary

Vaccinex (NASDAQ:VCNX) announced a $60 million revenue‑sharing financing with Pepinemab Development Venture LP to fund an enlarged Phase 2b trial of pepinemab for Alzheimer’s disease on Dec 23, 2025. The deal gives PDV 50% of future economic proceeds from neurological pepinemab licenses and 25% for other indications. Company cites prior SIGNAL‑AD Phase 1/2a and HD Phase 2 data showing tolerability, biomarker effects, reduced Ast10 astrocyte representation, and signals of slowed cognitive decline; results were reported at CTAD on Dec 3, 2025.

Positive

• $60M committed to fund enlarged Phase 2b
• PDV financing enables continued pepinemab development
• Prior SIGNAL‑AD and HD studies reported tolerability and biomarker signals

Negative

• PDV receives 50% of neurological proceeds, reducing future economics
• Revenue‑share arrangement is with an investor‑linked entity, creating governance optics

Key Figures

Financing agreement $60 million Revenue sharing agreement to finance enlarged Phase 2b AD trial

Neurology proceeds share 50% Future economic proceeds from neurological indications payable to PDV

Other indications share 25% Future economic proceeds from non-neurological indications payable to PDV

Huntington’s study size 179 patients (n=179) Randomized Phase 2 Huntington’s disease study of pepinemab

SIGNAL-AD sample size 50 patients (n=50) SIGNAL-AD Phase 1/2a study in MCI and mild AD

Current share price $0.70 Pre-news price, down 11.39% on the day

52-week range $0.2521 – $4.81 Trading 85.45% below high and 177.67% above low

Market capitalization $2,810,335 Equity value before publication of this news

Market Reality Check

$0.9800 Last Close

Volume Volume 16,847 is 4.54x the 20-day average of 3,710, indicating elevated trading interest ahead of this news. high

Technical Shares at $0.70 were trading below the 200-day MA of $0.80 and about 85.45% under the 52-week high of $4.81 before this announcement.

Peers on Argus

Before this news, VCNX was down 11.39%, while multiple biotech peers were also weak (e.g., AXIM -23.25%, OCEA -20%, AGNPF -8.01%, GRTX -4.55%). This points to both stock-specific and broader biotech pressure, despite no same-day peer headlines.

Market Pulse Summary

This announcement highlighted a $60 million revenue sharing agreement to finance an enlarged Phase 2b trial of pepinemab in Alzheimer’s disease, building on Phase 1/2a data in 50 patients and a randomized Phase 2 Huntington’s study in 179 patients. The focus on the SEMA4D-PLXNB1 signaling pathway and astrocyte biology underscored a mechanistic approach to slowing cognitive decline. Investors may watch upcoming Phase 2b design details, enrollment progress, and partner interest around future economic rights.

Key Terms

revenue sharing agreement financial

"announced that it has entered into a $60 million revenue sharing agreement"

A revenue sharing agreement is a contract where two or more parties agree to split income generated by a product, service, or asset according to preset percentages or rules. For investors it matters because it directly affects how much cash a company keeps versus pays out to partners, which influences profit, growth funding, and the risk profile—think of it like roommates agreeing how to divide rental income so each person’s take-home pay and responsibilities become clear.

phase 2b clinical trial medical

"in an enlarged phase 2b clinical trial for treatment of AD"

A phase 2b clinical trial is a mid-stage medical study that tests whether a new treatment works and which dose is best by enrolling a larger group of patients than earlier phase 2 studies. For investors, its results are a key signal of a drug’s real-world effectiveness and safety, and can strongly influence the chances of later regulatory approval, future funding needs, and a company’s stock outlook—like a larger pilot test before full rollout.

astrocytes medical

"a genetic signature associated with a unique subset of astrocytes termed Ast10"

Star-shaped brain cells that support and maintain neurons by cleaning up waste, regulating chemical balance, and helping control blood flow; think of them as the brain’s support staff and maintenance crew. They matter to investors because drugs or diagnostics that target these cells can change the development path and commercial potential of treatments for neurological and psychiatric disorders, affecting the valuation and risk of biotech and pharmaceutical companies.

microglia medical

"blocks crosstalk between reactive astrocytes and microglia that amplifies glial reactivity"

Microglia are the brain’s resident immune cells that act like on-site janitors and security guards: they clear damaged cells and debris, patrol for threats, and coordinate local repair. For investors, microglia matter because they are a major target and biomarker in drug development for neurological and psychiatric conditions; therapies that modulate microglial activity can drive clinical trial outcomes, regulatory decisions, and the commercial value of biotech investments.

cerebral spinal fluid (CSF) medical

"proteins in cerebral spinal fluid (CSF) including SNAP25 associated with synaptic loss"

A clear fluid that surrounds and cushions the brain and spinal cord, carrying nutrients and removing waste much like a windshield wiper and air filter for the central nervous system. For investors, cerebrospinal fluid is important because tests of that fluid can reveal disease markers, guide drug delivery and clinical trial decisions, and influence the approval and commercial prospects of neurological diagnostics and treatments.

randomized Phase 2 study medical

"In addition, data from a randomized Phase 2 study in Huntington’s disease"

A randomized phase 2 study is an early-stage clinical trial where patients are assigned by chance to different treatment groups to evaluate whether a new drug or therapy appears to work and is reasonably safe. Think of it as a focused pilot test that checks effectiveness and side effects in a modest-sized group before larger, definitive trials; investors watch these results because positive findings can substantially raise a drug’s chances of approval and commercial value.

mild cognitive impairment (MCI) medical

"SIGNAL-AD phase 1/2a study in Mild Cognitive Impairment (MCI) and mild AD"

Mild cognitive impairment (MCI) is a condition where a person experiences noticeable but not severe problems with memory, thinking, or decision-making. It can be seen as a warning sign that cognitive health is changing, but it does not yet interfere significantly with daily life. For investors, understanding MCI is important because it may indicate increased risk of developing more serious conditions like dementia, which can impact financial planning and long-term decision-making.

SEMA4D-PLXNB1 signaling pathway medical

"the SEMA4D-PLXNB1 signaling pathway was identified as a top ligand-receptor pair"

A cell-to-cell communication route where the protein semaphorin 4D (sema4D) binds to its receptor plexin‑B1 (PLXNB1) on nearby cells, sending signals that change cell movement, growth, blood vessel formation, or immune activity. Investors care because drugs that block or modify this signaling can alter disease courses—especially in cancer and inflammatory conditions—so breakthroughs or trial results targeting this pathway can materially affect biotech valuations and future revenue prospects.

AI-generated analysis. Not financial advice.

ROCHESTER, N.Y., Dec. 23, 2025 (GLOBE NEWSWIRE) -- Vaccinex, Inc. (VCNX), a clinical-stage biotechnology company pioneering a differentiated approach to treating Alzheimer’s disease (AD) by inhibiting semaphorin 4D (SEMA4D) induced pathology in brain, today announced that it has entered into a $60 million revenue sharing agreement with Pepinemab Development Venture, LP (PDV) to continue advancing development of its pepinemab anti-SEMA4D antibody in an enlarged phase 2b clinical trial for treatment of AD. PDV LP is an investment entity established by FCMI, an existing Vaccinex investor. Albert Friedberg is Chairman of FCMI and of the Vaccinex Board. The agreements provide that, in exchange for the commitment of funding, PDV will receive 50% of future economic proceeds received by Vaccinex from a development partner or licensee of pepinemab related to neurological indications and 25% related to other indications.

This agreement follows on promising data previously reported from studies in animal disease models and in the early stage SIGNAL-AD phase 1/2a clinical trial indicating that treatment with pepinemab antibody (1) blocks crosstalk between reactive astrocytes and microglia that amplifies glial reactivity leading to inflammation and glial scars; (2) preserves vascular integrity in brain; and (3) downregulates expression of AD disease-related proteins in cerebral spinal fluid (CSF) including SNAP25 associated with synaptic loss and GAP-43 that promotes tau spreading and accumulation. In addition, data from a randomized Phase 2 study in Huntington’s disease (HD, n=179) as well as the completed SIGNAL-AD phase 1/2a study in Mild Cognitive Impairment (MCI) and mild AD (n=50) suggest that pepinemab was well-tolerated and that treatment early in disease has favorable effects on biomarkers related to disease progression and appears to slow cognitive decline.

More recently, a large group of investigators led by Dr. Philip De Jager, Professor of Neurology and Chief, Division of Neuroimmunology at Columbia University Medical Center, identified a genetic signature associated with a unique subset of astrocytes termed Ast10 whose representation in brain correlates with cognitive decline in Alzheimer’s. Importantly, the SEMA4D-PLXNB1 signaling pathway was identified as a top ligand-receptor pair that strongly regulates Ast10 representation in brain. Based on information shared by Dr. De Jager and colleagues, we were able to determine that pepinemab treatment (1) reduced representation of Ast10 cells in brain, and (2) that this appears to be associated with slowing of cognitive decline relative to the placebo controls. Results were reported at the Clinical Trials on Alzheimer's Disease (CTAD) Conference in San Diego, December 3, 2025. We believe that the combination of biological, clinical and genetic evidence for the important role of the SEMA4D-PLXNB1 signaling pathway in AD progression is a compelling reason to continue development of pepinemab as a potentially novel and effective therapeutic for AD.

About Vaccinex Inc. 

Vaccinex, Inc. is pioneering a differentiated approach to treating slowly progressive neurodegenerative diseases including Alzheimer’s and Huntington’s disease through the inhibition of semaphorin 4D (SEMA4D). The Company’s lead drug candidate, pepinemab, blocks SEMA4D, a potent biological effector that it believes triggers a chain of pathogenic events downstream of astrocyte reactivity that drive disease progression in both AD and HD.

Forward Looking Statements

To the extent that statements contained in this presentation are not descriptions of historical facts regarding Vaccinex, Inc. (“Vaccinex,” “we,” “us,” or “our”), they are forward-looking statements reflecting management’s current beliefs and expectations. Such statements include, but are not limited to, statements about the Company’s plans, expectations and objectives with respect to the results and timing of clinical trials of pepinemab in various indications, the use and potential benefits of pepinemab in Huntington’s and Alzheimer’s disease and other indications, the expected timeline for publication and disclosure of trial results, and other statements identified by words such as “may,” “will,” “appears,” “expect,” “planned,” “anticipate,” “estimate,” “intend,” “hypothesis,” “potential,” “suggest,” “advance,” and similar expressions or their negatives (as well as other words and expressions referencing future events, conditions, or circumstances). Forward-looking statements involve substantial risks and uncertainties that could cause the outcome of the Company’s research and pre-clinical development programs, clinical development programs, future results, performance, or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, uncertainties inherent in the execution, cost and completion of preclinical and clinical trials, uncertainties related to regulatory approval, the risks related to the Company’s dependence on its lead product candidate pepinemab, the ability to leverage its ActivMAb® platform, the impact of the COVID-19 pandemic, and other matters that could affect the Company’s development plans or the commercial potential of its product candidates. Except as required by law, the Company assumes no obligation to update these forward-looking statements. For a further discussion of these and other factors that could cause future results to differ materially from any forward-looking statement, see the section titled “Risk Factors” in the Company’s periodic reports and its most recent year end Annual Report on Form 10-K.

Investor Contact
Elizabeth Evans, PhD
Chief Operating Officer, Vaccinex, Inc.
(585) 271-2700
eevans@vaccinex.com

FAQ

What financing did Vaccinex (VCNX) announce on December 23, 2025?

Vaccinex announced a $60 million revenue‑sharing agreement with Pepinemab Development Venture LP to fund an enlarged Phase 2b pepinemab trial.

What are the revenue‑sharing terms in Vaccinex's (VCNX) pepinemab deal?

PDV will receive 50% of future proceeds from neurological pepinemab licenses and 25% for other indications.

How does the Vaccinex (VCNX) financing affect pepinemab development timeline?

The $60M commitment is intended to continue and enlarge the Phase 2b clinical trial to advance pepinemab development.

What clinical evidence did Vaccinex cite to support pepinemab (VCNX) for Alzheimer’s?

Vaccinex cited SIGNAL‑AD Phase 1/2a and a Huntington’s Phase 2 study showing tolerability, biomarker changes, and reported signals of slowed cognitive decline.

Who is Pepinemab Development Venture and what is its relationship to Vaccinex (VCNX)?

PDV is an investment entity established by FCMI, an existing Vaccinex investor; FCMI chairman Albert Friedberg also chairs the Vaccinex board.