Summary by Moomoo AI
Theriva Biologics reported Q2 2024 financial results and operational highlights. The VIRAGE Phase 2b trial of VCN-01 for metastatic pancreatic cancer is expected to complete enrollment in Q3 2024. The FDA granted Fast Track Designation for VCN-01 in metastatic pancreatic cancer and Rare Pediatric Disease Designation for retinoblastoma.Financially, Theriva reported $16.6 million in cash as of June 30, 2024, expected to provide runway into Q2 2025. Q2 general and administrative expenses decreased 45% year-over-year to $1.5 million, while R&D expenses slightly decreased to $3.0 million. The company recorded a $4.0 million goodwill impairment charge.Theriva continues to advance its oncolytic virus platform, with VCN-01 as the lead candidate for pancreatic cancer and retinoblastoma. The company is pursuing opportunities to maximize VCN-01's therapeutic potential across difficult-to-treat cancers. Management expressed optimism about building on compelling Phase 1 data for VCN-01 and overcoming historical challenges in systemic oncolytic virus administration.
