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Иvalneva VALNEVA SE Campus Bio - Ouest | 6 , Rue Alain Bombard 44800 Saint - Herblain , France • • • • • Valneva Reports Q1 2021 Financial Results and Business Update Excellent progress on clinical programs in the first quarter of 2021 for : о VLA15 , currently the only clinical stage vaccine candidate against Lyme disease Initiation of additional Phase 2 trial to accelerate pediatric development VLA2001 , currently the only inactivated , adjuvanted vaccine candidate for COVID - 19 in clinical trials in Europe : О Initiation of pivotal Phase 3 clinical trial Participation in the world's first COVID - 19 vaccine booster trial in the UK Publication of Phase 1/2 results VLA1553 , currently the only Phase 3 chikungunya vaccine program worldwide Recruitment completion for pivotal Phase 3 trial Successful Nasdaq listing ( Q2 event ) ; $ 107.6 million of gross proceeds raised in a US initial public offering and a concurrent private placement in Europe Cash and cash equivalents of € 235.9 million at March 31 , 2021 ○ Q1 2021 cash and cash equivalents do not include proceeds of $ 107.6 million from the Company's recent Global Offering Total revenue of € 23.2 million in the first quarter of 2021 compared to € 35.2 million in the first quarter of 2020 ○ Product sales of € 16.1 million in the first quarter of 2021 ( € 32.7 million in the first quarter of 2020 ) , affected by the COVID - 19 pandemic impact on the travel industry € 7.1 million of Other Revenues ( revenues from collaborations , licensing and services ) in the first quarter of 2021 ( € 2.5 million in the first quarter of 2020 ) EBITDA¹ loss of € 28.3 million in the first quarter of 2021 reflecting increased R & D investment in clinical stage programs , and lower sales ( compared to EBITDA profit of € 2.4 million in Q1 2020 ) R & D investment increased to € 27.7 million in the first quarter of 2021 compared to € 13.3 million in the first quarter of 2020 FY 2021 financial guidance updated Updated guidance , excluding VLA2001 related activities ( including revenue , costs of goods sold , R & D investments ) , for full - year 2021 : • Total revenues , excluding VLA2001 , of € 80 million to € 105 million ○ Range modified noting that , despite initial signs of recovery in travel vaccine sales being seen , the 2021 outlook remains soft R & D expenses , excluding VLA2001 , of € 65 million to € 75 million Thomas Lingelbach , Valneva's Chief Executive Officer , commented , " Valneva continues to achieve significant R & D milestones thanks to the huge efforts of our team and our partners . Our recent successful Nasdaq listing marks a significant strategic step for Valneva as we look forward . 1 EBITDA is a non - IFRS financial measure . See " Non - IFRS Financial Measures " section included herein for more information regarding our use of EBITDA and a reconciliation to operating profit ( loss ) , the most directly comparable financial measures calculated in accordance with IFRS . May 20 , 2021 VALNEVA SE