Why did HLVX's EPS remain flat in 2024?

The EPS of HLVX remained flat in 2024 due to a combination of factors:

1. **Revenue and Net Income**: HLVX reported a net loss of $33.95 million for Q4 2024, which is a significant decrease from the previous year's net loss of $123.6 million. However, when considering the entire year, the net loss increased to $147.3 million, indicating that the company's financial performance has deteriorated over the year.

|code|Ticker|Name|Date|Total Revenue|Net Income|Diluted EPS|market_code|
|---|---|---|---|---|---|---|---|
|HLVX|HLVX.O|HilleVax|2024 Q1||-4.6829E7|-0.97|185|
|HLVX|HLVX.O|HilleVax|2024 Q2||-4.0668E7|-0.83|185|
|HLVX|HLVX.O|HilleVax|2024 Q3||-2.5823E7|-0.52|185|
|HLVX|HLVX.O|HilleVax|2024 Q4||-3.3947E7||185|

2. **Strategic Changes and Impairments**: The increase in net loss is attributed to restructuring and impairment charges, as well as in-process research and development expenses. These charges are often one-time or related to specific decisions by the company, such as discontinuing further development of HIL-214 in infants. Such strategic changes can lead to a fluctuation in financial metrics like EPS.
3. **Research and Development Expenses**: HLVX's research and development expenses decreased to $78.2 million from $106.7 million. This reduction, primarily due to lower clinical development expenses, suggests a potential shift in focus or efficiency in their R&D activities. This change could have an impact on the company's financial outcomes, including EPS.
4. **General and Administrative Expenses**: The general and administrative expenses increased to $28.8 million from $26.7 million. This increase, driven by higher personnel-related expenses and consulting fees, could have offset some of the positive impacts from reduced R&D expenses on EPS.
5. **Interest Income and Expense**: The company reported interest income of $7.1 million and interest expense of $3.3 million. These financial items are less likely to have a significant impact on EPS, but they contribute to the overall net income, which in turn affects EPS.

In conclusion, HLVX's EPS remained flat in 2024 despite a net loss increase due to a combination of strategic changes, reductions in research and development expenses, and increases in general and administrative expenses. The interest income and expense also play a role in the overall financial performance, although they are less significant factors in the context of EPS stability.