Executive Summary

Q4 2024: GAAP net loss of $33.9M and GAAP EPS of -$0.68, improving year over year from -$0.78 on lower R&D and despite restructuring and impairment charges of $20.8M .
On S&P Global’s “Primary EPS” basis, HilleVax beat Wall Street: actual -$0.265 vs. consensus -$0.327, a ~$0.06 beat; revenue consensus was $0 given pre-commercial status (no product revenue)*.
Cash, cash equivalents and marketable securities declined to $171.4M at year end, down from $189.3M at Q3 and $245.0M at Q2 2024, reflecting operating losses and restructuring .
Management reiterated strategic pivot: “exploring the potential for continued development of its norovirus vaccine candidates in adults as well as business development related activities and other strategic alternatives” .

What Went Well and What Went Wrong

Cost actions flowing through: Q4 R&D declined to $9.2M (from $20.2M in Q3), driving YoY EPS improvement from -$0.78 to -$0.68 .
Normalized earnings outperformed Street: “Primary EPS” beat versus consensus (actual -$0.265 vs. -$0.327)*, suggesting lower core OpEx excluding one-time items.
Strategic focus clarified: “exploring the potential for continued development…in adults as well as business development related activities and other strategic alternatives,” signaling potential partnering or portfolio reorientation .

Restructuring/impairment elevated Q4 OpEx: $20.8M of charges recorded, contributing to quarterly net loss of $33.9M .
Cash burn persisted: liquidity fell to $171.4M by year end from $245.0M at Q2 and $189.3M at Q3 .
Program setback earlier in 2024: NEST-IN1 failed to meet endpoints; infant HIL-214 development discontinued, triggering a ~40% workforce reduction and impairments .

Metric	Q2 2024	Q3 2024	Q4 2024
Net Loss ($USD Millions)	$40.668	$25.823	$33.947
Net Loss Per Share ($USD)	-$0.83	-$0.52	-$0.68
Total Operating Expenses ($USD Millions)	$42.963	$26.380	$36.151
R&D Expense ($USD Millions)	$26.601	$20.165	$9.199
G&A Expense ($USD Millions)	$8.127	$6.215	$6.138
Restructuring & Impairment ($USD Millions)	$8.235 (impairment)	—	$20.814

Metric	Q4 2024
Primary EPS Consensus Mean*	-$0.327*
Primary EPS Actual*	-$0.265*
GAAP Net Loss Per Share ($USD)	-$0.68
Result vs. Consensus (Primary EPS)	Beat by ~$0.062*

Metric	Q2 2024	Q3 2024	Q4 2024
Cash, Cash Equivalents & Marketable Securities ($USD Millions)	$245.040	$189.310	$171.432
Total Assets ($USD Millions)	$276.931	$220.622	$192.690
Total Liabilities ($USD Millions)	$72.001	$36.349	$38.204
Stockholders’ Equity ($USD Millions)	$204.930	$184.273	$154.486

Note: HilleVax is a clinical-stage, pre-commercial company with no reported product revenue in these periods .

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Q4 2024	None provided	None provided	Maintained (no formal guidance)
Operating Expenses	FY/Q4 2024	None provided	None provided; one-time restructuring/impairment recognized ($20.8M)	N/A
EPS	FY/Q4 2024	None provided	None provided	Maintained (no formal guidance)
Program Strategy	FY/Q4 2024	Infant HIL-214 previously prioritized	Adult development exploration and BD/strategic alternatives	Reoriented focus

No earnings call transcript for Q4 2024 was available in our document catalog; themes are drawn from company earnings releases.

Topic	Previous Mentions (Q2 2024, Q3 2024)	Current Period (Q4 2024)	Trend
R&D Execution	NEST-IN1 did not meet endpoints; infant HIL-214 discontinued	Adult-focused exploration for HIL-214/HIL-216	Pivot to adult indications
Workforce & Cost Actions	~40% workforce reduction announced to reduce OpEx	Restructuring/impairment charges booked ($20.8M)	Cost base lowering with one-time charges
Business Development	Exploring BD/strategic collaborations	Continued BD and strategic alternatives emphasis	Ongoing partnering focus
Liquidity/Cash Runway	Cash $245.0M (Q2)	Cash $189.3M (Q3) ; $171.4M (Q4)	Declining liquidity; monitor burn
Program Direction	Infant program setback	Adult development path under consideration	Strategic reorientation

Strategic focus: “The company is exploring the potential for continued development of its norovirus vaccine candidates in adults as well as business development related activities and other strategic alternatives.”
Cost discipline: Q4 recognized “Restructuring and impairment charges” of $20.8M, reflecting execution on organizational realignment .
Operating profile: R&D decreased to $9.2M in Q4 (from $33.3M in Q4 2023), primarily due to lower clinical development costs .

No Q4 2024 earnings call transcript was available; no Q&A disclosures to evaluate in this period.

EPS: S&P Global “Primary EPS” consensus for Q4 2024 was -$0.327; actual “Primary EPS” was -$0.265, implying an EPS beat driven by lower core OpEx excluding one-time items*.
Revenue: Consensus was $0.0 and remains appropriate given pre-commercial status*.
Update risk: Street models may lower forward OpEx following workforce reduction and program pivot; GAAP EPS will remain sensitive to any additional restructuring and impairment charges .

Near-term trading: Expect focus on normalized EPS beats versus consensus and monitoring of additional restructuring effects; GAAP EPS was pressured by one-time charges while “Primary EPS” beat Street*.
Liquidity watch: Cash declined to $171.4M; runway depends on BD outcomes, adult program plans, and operating burn trajectory .
Strategic catalyst path: Adult norovirus development and BD/strategic alternatives are potential stock catalysts; updates could re-rate risk/reward .
Cost base inflection: R&D down sharply in Q4; ongoing OpEx reductions could improve normalized earnings trajectory despite lack of revenue .
Program execution: Infant HIL-214 discontinuation is embedded; clarity on adult indications and timelines is key to valuation .
Estimate revisions: Models likely adjust for lower R&D and one-time charge normalization; maintain appropriate zero revenue assumptions*.
Watch disclosures: With no Q4 call transcript, rely on upcoming filings/releases for detailed timelines and BD milestones.

Estimates marked with * retrieved from S&P Global.