IMV : Financial Reports Q2 2021

Unaudited Interim Condensed Consolidated

Financial Statements

June 30, 2021

August 10, 2021

Management's Responsibility for Financial Reporting

The accompanying unaudited interim condensed consolidated financial statements of IMV Inc. (the "Corporation") are the responsibility of management and have been approved by the Board of Directors. The unaudited interim condensed consolidated financial statements have been prepared by management in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. The unaudited interim condensed consolidated financial statements include some amounts and assumptions based on management's best estimates which have been derived with careful judgment.

In fulfilling its responsibilities, management has developed and maintains a system of internal accounting controls. These controls are designed to ensure that the financial records are reliable for preparation of the unaudited interim condensed consolidated financial statements. The Audit Committee of the Board of Directors reviewed and approved the Corporation's unaudited interim condensed consolidated financial statements and recommended their approval by the Board of Directors.

(signed) "Andrew Hall"	(signed) "Pierre Labbé"
Interim Chief Executive Officer	Chief Financial Officer

Approved on behalf of the Board of Directors

(signed) "Andrew Sheldon", Director

(signed) "Kyle Kuvalanka", Director

IMV Inc.

Unaudited Interim Condensed Consolidated Statements of Financial Position

As at June 30, 2021 and December 31, 2020

(Expressed in thousands of United States dollars except for share and per share amounts)

June 30,	December 31,
2021	2020
$	$
	(recast - note 2)

Assets

Current assets

Cash and cash equivalents

Amounts receivable

Prepaid expenses

Investment tax credits receivable

Property and equipment

Liabilities

Current liabilities

Accounts payable, accrued and other liabilities Current portion of long-term debt (note 5) Current portion of lease obligation

Lease obligation

Long-term debt (note 5)

Equity

Going concern (note 1)

Subsequent event (note 10)

22,826	36,268
694	1,574
5,175	4,416
1,895	1,519
30,590	43,777
2,582	2,221
33,172	45,998
5,785	7,228
78	856
119	109
5,982	8,193
922	953
6,585	6,050
13,489	15,196
19,683	30,802
33,172	45,998

The accompanying notes form an integral part of these unaudited interim condensed consolidated financial statements.

IMV Inc.

Unaudited Interim Condensed Consolidated Statements of Equity

For the periods ended June 30, 2021 and June 30, 2020

(Expressed in thousands of United States dollars except for share and per share amounts)

						Accumulated other
		Share	Contributed	Warrants		comprehensive
		capital	surplus	Deficit	income (loss)	Total
		$	$	$	$	$	$
		(note 6)	(note 7)	(note 8)
Balance, December 31, 2019
(recast - note 2)	90,294	6,676	254	(92,272)	-	4,952
Net loss and comprehensive
loss for the period	-	-	-	(12,418)	-	(7,192)
Other comprehensive loss	-	-	-	-	424	424
Total comprehensive loss for
the period	-	-	-	(12,418)	424	(11,994)
Issuance of shares in public
equity offering	5,498	-	-	-	-	5,498
Share issuance costs in a
public equity offering	(454)	-	-	-	-	(454)
Issuance of shares and
warrants in a private
placement	15,117	-	2,678	-	-	17,795
Share and warrant issuance
costs in private placement	(108)	-	-	-	-	(108)
Redemption of DSU's, net of
applicable taxes	128	(132)	-	-	-	(4)
Warrants expired	-	254	(254)	-	-	-
DSUs:
Value of services recognized	-	175	-	-	-	175
Employee share options:
Value of services recognized	-	346	-	-	-	346
Exercise of options	471	(286)	-	-	-	185
Balance, June 30, 2020	110,946	7,033	2,678	(104,690)	424	16,391
Balance, December 31, 2020
(recast - note 2)	137,262	7,652	2,112	(118,331)	2,107	30,802
Net loss and comprehensive
loss for the period	-	-	-	(14,319)	-	(14,319)
Issuance of shares in public
equity offering	2,304	-	-	-	-	2,304
Share issuance costs in a
public equity offering	(104)	-	-	-	-	(104)
Redemption of DSU's, net of
applicable taxes	239	(235)	-	-	-	4
DSUs:
Value of services recognized	-	281	-	-	-	281
Employee share options:
Value of services recognized	-	669	-	-	-	669
Exercise of options	217	(171)	-	-	-	46
Balance, June 30, 2021		139,918	8,196	2,112	(132,650)	2,107	19,683

The accompanying notes form an integral part of these unaudited interim condensed consolidated financial statements.

IMV Inc.

Unaudited Interim Condensed Consolidated Statements of Loss and Comprehensive Loss

For the three and six months ended June 30, 2021 and 2020

(Expressed in thousands of United States dollars except for share and per share amounts)

Three months ended	Six months ended
	June 30,		June 30,
2021	2020	2021	2020
$	$	$	$
	(recast -		(recast -
	note 2		note 2)

Income

Interest income

Expenses

Research and development General and administrative Government assistance (note 4)

Accreted interest and valuation adjustments (note 5)

Net loss for the period

Other comprehensive loss

Currency translation adjustment (note 2)

Total comprehesive loss for the period

Basic and diluted loss per share

Weighted-average shares outstanding

42	40	112	90
5,219	3,798	9,961	8,861
3,416	2,200	6,499	4,459
(1,169)	(1,015)	(2,404)	(1,440)
15	305	375	628
7,481	5,288	14,431	12,508
(7,439)	(5,248)	(14,319)	(12,418)
-	471	-	424
(7,439)	(4,777)	(14,319)	(11,994)
(0.11)	(0.08)	(0.21)	(0.24)
67,781,940	57,300,903	67,629,392	50,719,488

The accompanying notes form an integral part of these unaudited interim condensed consolidated financial statements.