Virpax Pharmaceuticals Inc. (Virpax), a preclinical-stage pharmaceutical company, reported a net loss of $15.2 million for the fiscal year ended December 31, 2023, compared to a net loss of $21.7 million for the previous year. The company's accumulated deficit reached $59.5 million. Despite the losses, Virpax made significant progress in its product development pipeline, focusing on non-opioid and non-addictive pain management treatments and CNS disorder treatments. The company's primary capital has come from equity offerings, including $15.8 million from an initial public offering in February 2021 and $37.0 million from a follow-on offering in September 2021. As of December 31, 2023, Virpax had cash reserves of approximately $9.1 million. However, the company paid $3.5 million as part of a settlement agreement with Sorrento Therapeutics Inc. and Scilex...Show More

Virpax Pharmaceuticals Inc. (Virpax), a preclinical-stage pharmaceutical company, reported a net loss of $15.2 million for the fiscal year ended December 31, 2023, compared to a net loss of $21.7 million for the previous year. The company's accumulated deficit reached $59.5 million. Despite the losses, Virpax made significant progress in its product development pipeline, focusing on non-opioid and non-addictive pain management treatments and CNS disorder treatments. The company's primary capital has come from equity offerings, including $15.8 million from an initial public offering in February 2021 and $37.0 million from a follow-on offering in September 2021. As of December 31, 2023, Virpax had cash reserves of approximately $9.1 million. However, the company paid $3.5 million as part of a settlement agreement with Sorrento Therapeutics Inc. and Scilex Pharmaceuticals Inc., with an additional $2.5 million payment due by July 1, 2024. The settlement relates to a legal dispute where Virpax and its former CEO were accused of contract breaches and trade secret misappropriation. The company's financial statements have been prepared under the assumption that it will continue as a going concern, but the ongoing losses and significant cash obligations raise substantial doubt about this ability. Virpax will need to raise additional capital to fund operations and meet its payment obligations. The company's future success will depend on its ability to develop, obtain regulatory approval for, and commercialize its product candidates.