Summary by Moomoo AI
Virpax Pharmaceuticals reported a net loss of $21.7 million for fiscal year 2022, compared to $12.1 million in 2021, as the company continued advancing its preclinical pipeline. Research and development expenses increased 122% to $10.8 million, primarily due to expanded development activities for AnQlar, Epoladerm, Probudur and NobrXiol programs. Cash and equivalents stood at $19.0 million as of December 31, 2022.The company made progress across multiple programs, including completing dermal safety studies for Epoladerm and pursuing an OTC regulatory pathway, advancing IND-enabling studies for AnQlar, and achieving development milestones for NobrXiol. General and administrative expenses rose 54% to $11.1 million, including a $2.0 million litigation liability accrual related to ongoing legal proceedings.Management noted substantial doubt about the company's ability to continue as a going concern, citing continuing losses and uncertainty regarding litigation outcomes. The company is exploring additional financing options and may need to curtail R&D spending to conserve cash. Virpax continues to advance its non-opioid pain management and CNS disorder treatment pipeline while seeking potential strategic partnerships.
