Vaccinex, Inc. (VCNX) Income Statement
VCNX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsVCNX revenue and net income
Where VCNX's revenue goes
2025Each bar shows an amount and its share of revenue. VCNX kept −251.1% of revenue as net income.
VCNX profit margins
VCNX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +248.6% | +175.7% | +111.1% | — |
| Gross profit | +242.8% | +211.7% | +112.1% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VCNX quarterly EPS vs estimates
Vaccinex beat the analyst EPS estimate in 3 of the last 4 quarters.
VCNX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.1M | $601,000 | $570,000 | $100,000 | $900,000 | $50,000 | $523,000 | $724,000 | $90,000 | $316,000 |
| Cost of revenue | $35,000 | $0 | $119,000 | $207,000 | $169,000 | $2,000 | $199,000 | $1.0M | $160,000 | $115,000 |
| Gross profit | $2.1M | $601,000 | $570,000 | $68,000 | $731,000 | $48,000 | $324,000 | −$309,000 | −$70,000 | $201,000 |
| Research & development | $4.2M | $12.5M | $16.6M | $14.0M | $17.2M | $21.5M | $25.7M | $22.4M | $16.6M | $16.0M |
| Sales, general & admin | — | $6.8M | $7.1M | $6.2M | $6.2M | $7.4M | $6.7M | $4.6M | $4.5M | $4.4M |
| Total operating expenses | $7.3M | $19.3M | $23.5M | $20.0M | $23.2M | $28.4M | $32.3M | $27.0M | $21.0M | $20.5M |
| Operating income | −$5.2M | −$18.7M | −$22.9M | −$19.9M | −$22.5M | −$28.3M | −$32.0M | −$27.3M | −$21.1M | −$20.3M |
| Interest income | — | — | — | — | — | — | — | $23,000 | $2.4M | $6.3M |
| Interest expense | $132,000 | $2,000 | $1,000 | $2,000 | $809,000 | $489,000 | $0 | $392,000 | $1.4M | $3.0M |
| Income before taxes | −$5.3M | −$18.6M | −$20.3M | −$19.8M | −$22.4M | −$28.9M | −$31.9M | −$29.5M | −$18.8M | −$13.9M |
| Income taxes | — | −$18.6M | −$48,895 | −$93,000 | $852,000 | $458,000 | $152,000 | −$1.8M | $1.3M | $3.0M |
| Net income | −$5.3M | −$18.6M | −$20.3M | −$19.7M | −$22.4M | −$28.9M | −$32.0M | −$29.5M | −$18.7M | −$13.9M |
| EBITDA | −$5.2M | −$18.5M | −$19.7M | −$19.6M | −$21.4M | −$28.1M | −$31.6M | −$28.9M | −$17.2M | −$10.8M |
| EPS (diluted) | −$2.51 | −$6.96 | −$22.69 | −$0.47 | −$99.04 | −$175.04 | −$525.00 | −$124.17 | −$690.85 | — |
| Gross margin | 98.3% | 100.0% | 100.0% | 68.0% | 81.2% | 96.0% | 62.0% | −42.7% | −77.8% | 63.6% |
| Operating margin | −249.7% | −3,117.3% | −4,014.9% | −19,906.0% | −2,498.9% | −56,662.0% | −6,121.4% | −3,768.1% | −23,448.9% | −6,411.1% |
| Net margin | −251.1% | −3,100.5% | −3,552.8% | −19,722.0% | −2,486.7% | −57,702.0% | −6,121.4% | −4,077.1% | −20,802.2% | −4,412.3% |
| Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | Jun '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $213,000 | $213,000 | $52,000 | $232,000 | $104,000 | $0 | $20,000 | $0 | $550,000 | $50,000 | $50,000 | $0 |
| Cost of revenue | $0 | — | $24,000 | $25,000 | $27,000 | — | $31,000 | $30,000 | $31,000 | $45,000 | $67,000 | $54,000 |
| Gross profit | $213,000 | — | $52,000 | $232,000 | $77,000 | — | −$11,000 | −$30,000 | $519,000 | $50,000 | $50,000 | −$54,000 |
| Research & development | $2.1M | $2.1M | $3.2M | $3.9M | $3.4M | $3.4M | $4.4M | $5.0M | $3.8M | $3.7M | $3.4M | $3.8M |
| Sales, general & admin | $1.5M | $1.5M | $1.4M | $2.1M | $1.8M | $1.6M | $1.5M | $2.0M | $1.7M | $1.6M | $1.4M | $1.6M |
| Total operating expenses | $3.6M | $3.6M | $4.6M | $6.0M | $5.2M | $5.0M | $5.9M | $7.1M | $5.5M | $5.2M | $4.8M | $5.4M |
| Operating income | −$3.4M | −$3.4M | −$4.6M | −$5.7M | −$5.1M | −$5.0M | −$5.8M | −$7.1M | −$5.0M | −$5.1M | −$4.8M | −$5.4M |
| Interest expense | $2,000 | $2,000 | $0 | $0 | $28,000 | $0 | $0 | $0 | $24,000 | $1,000 | $1,000 | $1,000 |
| Income before taxes | −$3.4M | −$3.4M | −$5.7M | −$5.6M | −$3.9M | −$3.3M | −$4.9M | −$7.1M | −$5.0M | −$5.1M | −$4.8M | −$5.4M |
| Income taxes | — | — | −$5.7M | −$5.7M | −$27,000 | — | −$31,000 | $17,000 | −$24,000 | −$59,000 | $35,000 | −$18,000 |
| Net income | −$3.4M | −$3.4M | −$5.7M | −$5.6M | −$3.9M | −$3.3M | −$4.9M | −$7.1M | −$4.9M | −$5.1M | −$4.8M | −$5.4M |
| EBITDA | −$3.4M | −$3.4M | −$5.7M | −$5.6M | −$3.8M | — | −$4.9M | −$7.0M | −$4.9M | −$5.0M | −$4.7M | −$5.3M |
| EPS (diluted) | −$1.26 | — | −$2.83 | −$3.10 | −$3.72 | — | −$1.09 | −$0.21 | −$0.21 | −$0.11 | −$0.11 | −$0.13 |
| Gross margin | 100.0% | — | 100.0% | 100.0% | 74.0% | — | −55.0% | — | 94.4% | 100.0% | 100.0% | — |
| Operating margin | −1,590.1% | −1,590.1% | −8,753.8% | −2,466.4% | −4,878.8% | — | −29,170.0% | — | −906.5% | −10,238.0% | −9,584.0% | — |
| Net margin | −1,584.0% | −1,584.0% | −11,023.1% | −2,427.2% | −3,747.1% | — | −24,560.0% | — | −897.8% | −10,156.0% | −9,518.0% | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in VCNX's financial statements (latest annual report filed December 31, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VCNX financial results
In fiscal year 2025 (ended December 31, 2025), Vaccinex reported revenue of $2.1 million, up 248.6% from the year before. It had a net loss of $5.3 million, a net profit margin of −251.1%. Diluted earnings per share came to −$2.51. Over five years revenue grew at an average rate of 111.1% a year.
See the VCNX stock overview for the latest quote and news, or the VCNX chart for price history and technical indicators.
VCNX income statement FAQ
What is Vaccinex's annual revenue?
Vaccinex reported total revenue of $2.1 million for fiscal year 2025, which ended on December 31, 2025. That was up 248.6% from $0.6 million the previous year.
Is Vaccinex profitable?
No. Vaccinex reported a net loss of $5.3 million in fiscal 2025, a net profit margin of −251.1%; its operating margin was −249.7%.
What is Vaccinex's gross margin?
Vaccinex's gross margin was 98.3% in fiscal 2025: for every $100 of revenue, Vaccinex kept $98 after the direct cost of its products and services.
How much does Vaccinex spend on research and development?
Vaccinex spent $4.2 million on research and development in fiscal 2025, 201.2% of revenue.
How fast is Vaccinex growing?
Revenue grew 111.1% a year on average over the last five fiscal years, from $0.1 million to $2.1 million.
What are Vaccinex's earnings per share?
Vaccinex earned $-2.51 per diluted share in fiscal 2025, compared with $-6.96 a year earlier.
When does Vaccinex's fiscal year end?
Vaccinex's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on December 31, 2025.