Virpax Pharmaceuticals, Inc. (Virpax) reported financial results for the quarter ended March 31, 2024. The company experienced a net loss of $3.2 million, compared to a net loss of $1.5 million for the same period in 2023. The increase in net loss was primarily due to a $3.5 million payment made as part of a settlement agreement, with an additional $2.5 million payment due by July 1, 2024. General and administrative expenses rose to $1.7 million, up from $0.4 million in the previous year, largely due to the absence of a $1.25 million insurance reimbursement received in 2023. Research and development expenses also increased by 31% to $1.6 million, driven by preclinical activities for the company's lead asset, Probudur. Virpax's cash position as of March 31, 2024, was approximately $1.9 million, a decrease from $9.6 million at...Show More

Virpax Pharmaceuticals, Inc. (Virpax) reported financial results for the quarter ended March 31, 2024. The company experienced a net loss of $3.2 million, compared to a net loss of $1.5 million for the same period in 2023. The increase in net loss was primarily due to a $3.5 million payment made as part of a settlement agreement, with an additional $2.5 million payment due by July 1, 2024. General and administrative expenses rose to $1.7 million, up from $0.4 million in the previous year, largely due to the absence of a $1.25 million insurance reimbursement received in 2023. Research and development expenses also increased by 31% to $1.6 million, driven by preclinical activities for the company's lead asset, Probudur. Virpax's cash position as of March 31, 2024, was approximately $1.9 million, a decrease from $9.6 million at the end of 2023. The company's cash reserves are insufficient to sustain operations through the second quarter of 2024, necessitating additional capital to fund operations and fulfill settlement obligations. Virpax is focused on developing non-opioid pain management treatments and CNS disorder treatments, with several product candidates in preclinical stages. The company's future plans include raising additional capital, advancing clinical development, and seeking regulatory approval for its product candidates.