Perceptive Advisors Llc - Jun 9, 2021 Form 4 Insider Report for VBI Vaccines Inc/BC (VBIV)

Role: 10%+ Owner
Signature: /s/ Joseph Edelman - for Perceptive Life Sciences Master Fund Ltd., By: Perceptive Advisors LLC, its investment manager, By: Joseph Edelman, its managing member
Stock symbol: VBIV
Transactions as of: Jun 9, 2021
Transactions value $: -$1,002
Form type: 4
Date filed: 6/11/2021, 06:41 PM
Previous filing: Jun 3, 2021
Next filing: Jun 14, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	VBIV	Common Stock	Exercise of in-the-money or at-the-money derivative security	$4.41M	+1.6M		$2.75	1.6M	Jun 9, 2021	See Footnote	F1
transaction	VBIV	Common Stock	Exercise of in-the-money or at-the-money derivative security	$1.28M	+466K		$2.75	466K	Jun 9, 2021	See Footnote	F2
transaction	VBIV	Common Stock	Sale	-$4.41M	-1.1M	-68.76%	$4.00	501K	Jun 9, 2021	See Footnote	F1, F4
transaction	VBIV	Common Stock	Sale	-$1.28M	-320K	-68.76%	$4.00	146K	Jun 9, 2021	See Footnote	F2, F4
holding	VBIV	Common Stock						55M	Jun 9, 2021	See Footnote	F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	VBIV	Warrant (right to buy)	Exercise of in-the-money or at-the-money derivative security	$0	-1.6M	-100%	$0.00^*	0	Jun 9, 2021	Common Stock	1.6M	$2.75	See Footnote	F1
transaction	VBIV	Warrant (right to buy)	Exercise of in-the-money or at-the-money derivative security	$0	-466K	-100%	$0.00^*	0	Jun 9, 2021	Common Stock	466K	$2.75	See Footnote	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The securities are held directly by Perceptive Credit Holdings, L.P (the "Credit Fund"). Joseph Edelman is the control person of the general partner of the Credit Fund. Each of Mr. Edelman and the Credit Fund's general partner disclaims, for purposes of Section 16 of the Securities Exchange Act of 1934, beneficial ownership of such securities, except to the extent of his/its indirect pecuniary interest therein, and this report shall not be deemed an admission that either Mr. Edelman or the Advisor is the beneficial owner of such securities for purposes of Section 16 or for any other purposes.
F2	The securities are held directly by PCOF EQ AIV, L.P. ("AIV"). Mr. Edelman is the control person of the general partner of AIV. Each of Mr. Edelman and AIV's general partner disclaims, for purposes of Section 16 of the Securities Exchange Act of 1934, beneficial ownership of such securities, except to the extent of his/its indirect pecuniary interest therein, and this report shall not be deemed an admission that either Mr. Edelman or the Advisor is the beneficial owner of such securities for purposes of Section 16 or for any other purposes.
F3	The securities are directly held by Perceptive Life Sciences Master Fund Ltd. (the "Master Fund"). Perceptive Advisors LLC (the "Advisor") serves as the investment manager of Master Fund. Mr. Edelman is the managing member of the Advisor. Each of Mr. Edelman and the Advisor disclaims, for purposes of Section 16 of the Securities Exchange Act of 1934, beneficial ownership of such securities, except to the extent of his/its indirect pecuniary interest therein, and this report shall not be deemed an admission that either Mr. Edelman or the Advisor is the beneficial owner of such securities for purposes of Section 16 or for any other purposes.
F4	The exercise price of the warrants was paid on a cashless basis, resulting in the Issuer withholding an aggregate of 1,422,567 of the warrant shares to pay the exercise price.