Summary by Moomoo AI
Virpax Pharmaceuticals, a preclinical-stage pharmaceutical company, reported a net loss of $21.7 million for the year ended December 31, 2022, compared to a net loss of $12.1 million for the previous year. The company's accumulated deficit reached approximately $44.4 million. Despite the losses, Virpax has cash reserves of around $19.0 million. The company is involved in litigation with potential damages up to $35.0 million, but has accrued $2 million for this purpose. Virpax's primary source of capital has been through equity securities issuance, including a successful initial public offering (IPO) and an underwritten public offering in 2021. The company's financial statements have been prepared under the assumption that it will continue as a going concern, although there is substantial doubt due to ongoing losses and litigation uncertainties. Virpax is focused on developing non-opioid pain management treatments and CNS disorder treatments. The company relies on third-party contract manufacturing organizations (CMOs) for production and has entered into various research and licensing agreements to advance its product candidates.
