Burning Cash, Going Global — How UK’s Vaccitech Used Nasdaq to Fund R&D and Step onto the World Stage

Business Overview｜Vaccine Innovation Born in Oxford

Vaccitech, a biotech spinout from Oxford University, focuses on T-cell immunotherapies and vaccine technologies. Its core platform, ChAdOx, underpins the Oxford/AZ COVID-19 vaccine.

Unlike traditional pharma, Vaccitech took a high-risk, R&D-heavy approach from the start, targeting diseases like chronic hepatitis B, prostate cancer, and HPV. With no products yet on the market and ongoing losses, the company turned to capital markets early for support—a classic case of "tech not yet monetized, but already backed by the market."

IPO Details｜Nasdaq Gave Them the Spark

Financial Comparison｜Low Revenue, High Losses, R&D-Driven

Vaccitech generates minimal revenue but prioritizes heavy R&D investment, with over 80% of total costs in 2024 dedicated to research. Its operations are largely funded through IPO proceeds and subsequent equity offerings.

Capital Market Performance｜From Peak to Trough, Still in the Game

Despite a long-term stock decline post-IPO, Vaccitech has continued to secure funding—ensuring critical runway for ongoing R&D efforts.

Benefits to the Founding Team｜Global Access, Extended Lifeline

For Vaccitech’s founders, the IPO wasn’t about cashing out—it was about strategic leverage:

• Global credibility: The Oxford vaccine link elevated its profile among international researchers.

• Talent acquisition: Public status enabled recruitment of top clinical and regulatory experts from the U.S. and Europe.

• Sustained R&D: Despite losses, the company advanced multiple Phase II trials.

• Stronger negotiating power: Being publicly listed gave it more clout in partnerships and licensing deals.

Conclusion｜Going Public First Makes Future Growth Possible

Vaccitech’s story shows that when a technology holds promise but isn’t yet profitable, Nasdaq can be the platform that keeps the dream alive.

Through its IPO, Vaccitech not only survived but continued advancing its global clinical pipeline. Though not yet profitable, it gained the most valuable assets: time, resources, and trust.

That’s the deeper meaning of “go public first, grow later.”