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Virpax Pharmaceuticals | 10-Q: Q3 2024 Earnings Report

Virpax Pharmaceuticals | 10-Q: Q3 2024 Earnings Report

Virpax制药 | 10-Q：2024财年三季报
美股SEC公告 ·  2024/11/15 06:07

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Virpax Pharmaceuticals reported a Q3 2024 net loss of $2.0 million, compared to a $6.0 million loss in Q3 2023. Total operating expenses decreased 69% to $1.9 million, driven by lower litigation costs and reduced general and administrative expenses. The company ended the quarter with $17,229 in cash, down from $9.1 million at year-end 2023.The company reached a settlement agreement with Sorrento Therapeutics and Scilex Pharmaceuticals, agreeing to pay $6 million in cash plus 6% royalties on future sales of certain products. Virpax also underwent leadership changes, with Jatinder Dhaliwal appointed as CEO following the resignation of Gerald Bruce and other executives. Cost-cutting measures included 50% salary reductions and elimination of D&O insurance.Development continues on lead candidate Probudur, with clinical trials expected to commence in Q1 2025. The company raised $2.8 million from warrant exercises in July 2024 and completed a $5 million public offering in November 2024. However, Virpax faces ongoing Nasdaq listing compliance challenges and requires substantial additional capital to fund operations and development programs.
Virpax Pharmaceuticals reported a Q3 2024 net loss of $2.0 million, compared to a $6.0 million loss in Q3 2023. Total operating expenses decreased 69% to $1.9 million, driven by lower litigation costs and reduced general and administrative expenses. The company ended the quarter with $17,229 in cash, down from $9.1 million at year-end 2023.The company reached a settlement agreement with Sorrento Therapeutics and Scilex Pharmaceuticals, agreeing to pay $6 million in cash plus 6% royalties on future sales of certain products. Virpax also underwent leadership changes, with Jatinder Dhaliwal appointed as CEO following the resignation of Gerald Bruce and other executives. Cost-cutting measures included 50% salary reductions and elimination of D&O insurance.Development continues on lead candidate Probudur, with clinical trials expected to commence in Q1 2025. The company raised $2.8 million from warrant exercises in July 2024 and completed a $5 million public offering in November 2024. However, Virpax faces ongoing Nasdaq listing compliance challenges and requires substantial additional capital to fund operations and development programs.
Virpax制药在2024年第三季度报告净亏损200万美元，相比之下，2023年第三季度亏损600万美元。总营业费用下降69%，降至190万美元，主要受低诉讼费用和减少的管理费用的推动。公司在季度末现金余额为17,229美元，较2023年年底的910万美元有所下降。公司与Sorrento Therapeutics和Scilex Pharmaceuticals达成和解协议，同意支付600万美元现金以及未来某些产品销售的6% royalty。Virpax还进行了领导层更换，在Gerald Bruce及其他高管辞职后，Jatinder Dhaliwal被任命为首席执行官。削减成本的措施包括减少50%...展开全部
Virpax制药在2024年第三季度报告净亏损200万美元，相比之下，2023年第三季度亏损600万美元。总营业费用下降69%，降至190万美元，主要受低诉讼费用和减少的管理费用的推动。公司在季度末现金余额为17,229美元，较2023年年底的910万美元有所下降。公司与Sorrento Therapeutics和Scilex Pharmaceuticals达成和解协议，同意支付600万美元现金以及未来某些产品销售的6% royalty。Virpax还进行了领导层更换，在Gerald Bruce及其他高管辞职后，Jatinder Dhaliwal被任命为首席执行官。削减成本的措施包括减少50%的工资和取消D&O保险。针对主要候选药物Probudur的开发仍在进行中，预计临床试验将在2025年第一季度开始。公司在2024年7月通过认股权证筹集了280万美元，并在2024年11月完成了500万美元的公开发行。然而，Virpax面临持续的纳斯达克上市合规挑战，并需要大量额外资本来资助运营和开发项目。

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