During 2024, HilleVax recorded impairment charges totaling $9.3 million on its right-of-use assets. An additional $7.3 million in impairment charges was recorded on property and equipment. These charges reflect the diminished value of assets tied to the company's discontinued programs.
These impairment charges are a direct consequence of the strategic re-evaluation and cost-cutting measures implemented by the company. The charges underscore the financial impact of the discontinuation of the HIL-214.00 infant program.
The recognition of these non-cash charges impacts the company's financial statements for the full year 2024. This reflects the company's efforts to align its asset values with its revised operational footprint and strategic focus.
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