Summary by Moomoo AI
Virpax Pharmaceuticals announced its Q2 2024 financial results, reporting an operating loss of $3.5M compared to $3.1M in Q2 2023. General and administrative expenses decreased to $1.5M from $1.9M, while R&D expenses increased to $2.0M from $1.3M YoY. The company ended the quarter with $1.9M in cash.The company reported positive results from its pharmacokinetics and safety study for Probudur, its lead pain relief asset, in a Swine Model pilot study. The study demonstrated well-tolerated results and a long-term, slow-release profile. Additionally, Virpax secured $2.8M through warrant exercises in July 2024 and regained Nasdaq minimum bid price compliance.In other developments, Virpax closed a $2.5M secured loan to settle litigation, subsequently repaid through warrant proceeds. The company's board was reorganized and reduced to seven members. The company also completed a $2.25M public offering in May 2024, issuing shares and warrants at $1.35 per unit.
