Vaccinex is a clinical-stage biotech focused on developing antibody-based therapies for neurodegenerative diseases and cancer. Its lead asset is pepinemab, a humanized monoclonal antibody that blocks SEMA4D, a signaling molecule that regulates immune and inflammatory activity. In Alzheimer's disease, pepinemab targets neuroinflammation by preventing chronic activation of astrocytes and microglia, which contribute to cognitive decline. In cancer, pepinemab aims to break down a barrier at tumor margins to promote immune cell infiltration. Pepinemab is administered as a monthly IV infusion and has been evaluated across multiple indications, with over 650 patients enrolled in Phase 1 and 2 trials. The current primary focus is Alzheimer's, where Vaccinex completed the Phase 1b/2 SIGNAL-AD trial in mid-2024. Cancer and Huntington's disease programs are currently paused. Vaccinex has no approved products and no product revenue. The company funds operations through equity financing, grants from disease foundations, and clinical collaboration agreements with Merck and Merck KGaA, under which Vaccinex retains full rights to pepinemab. Vaccinex also licenses its ActivMAb antibody discovery platform, which uses a vaccinia virus-based system to display antibodies in mammalian cells, enabling targeting of complex membrane proteins. One ActivMAb-derived antibody is in active development at Coherus. Long-term monetization depends on successfully developing pepinemab and generating milestones and royalties from ActivMAb-derived products.