Summary by Moomoo AI
Theriva Biologics reported Q2 2024 financial results with $16.6 million cash position expected to provide runway into Q2 2025. The company's Phase 2b VIRAGE trial of VCN-01 in metastatic pancreatic cancer is nearing completion of enrollment in Q3 2024. The FDA granted Fast Track Designation for VCN-01 in pancreatic cancer and Rare Pediatric Disease Designation for retinoblastoma treatment.Q2 financial results showed decreased operating expenses, with G&A expenses down 45% to $1.5 million and R&D expenses slightly lower at $3.0 million compared to Q3 2023. The company recorded a $4.0 million goodwill impairment charge, while maintaining $19.2 million in IPR&D assets. Other income was $172,000, primarily from interest earnings.The company continues to advance its lead candidate VCN-01, an oncolytic virus designed for co-administration with chemotherapy. The VIRAGE trial is evaluating VCN-01 combined with gemcitabine/nab-paclitaxel as first-line therapy in metastatic pancreatic cancer patients, aiming to enroll 92 evaluable patients across U.S. and Spain sites.
