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Virpax Pharmaceuticals, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in cash to $17,229 from $9,141,512 at the end of the previous year. The decrease is attributed to settlement payments and operating expenses.
The company reported total operating expenses of $1,924,354 for the quarter, down from $6,115,138 in the same quarter of the previous year. This decrease is mainly due to reduced general and administrative expenses.
General and administrative expenses decreased to $780,958 from $4,619,519, primarily due to lower litigation-related costs following a settlement agreement.
Research and development expenses were $1,143,396 for the quarter, a decrease from $1,495,619 in the previous year, reflecting a shift in focus to the company's lead asset, Probudur.
Virpax reported a net loss of $2,006,456 for the quarter, compared to a net loss of $5,994,498 in the previous year. The reduction in net loss is attributed to decreased operating expenses.
Cash used in operating activities was $13,842,213 for the nine months ended September 30, 2024, compared to $6,842,291 in the previous year. The increase is primarily due to settlement payments.
Virpax had a working capital deficit of $2,051,612 as of September 30, 2024, compared to a working capital of $1,934,321 at the end of the previous year. The deficit is due to reduced cash reserves and increased liabilities.
The filing also discusses various research and development agreements, including those with Yissum and Lipocure, focusing on the optimization of the Liposomal Bupivacaine formulation.
Virpax is seeking additional capital to fund operations and complete clinical development of its product candidates. The company acknowledges the risk of needing to curtail spending if financing is not secured.
The company faces potential challenges related to Nasdaq listing compliance, with ongoing efforts to meet the minimum stockholders' equity requirement and maintain its listing on the Nasdaq Capital Market.
Virpax continues to focus on developing its product candidates, including Probudur, Envelta, and NobrXiol, while seeking partnerships for AnQlar and Epoladerm.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Virpax Pharmaceuticals Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.