Summary by Moomoo AI
Virpax Pharmaceuticals, Inc. (Virpax), a preclinical-stage pharmaceutical company, reported financial results for the quarter ended September 30, 2024. The company experienced a net loss of $2,006,456 for the quarter, compared to a net loss of $5,994,498 for the same period in 2023. Operating expenses totaled $1,924,354, a significant decrease from $6,115,138 in the previous year, primarily due to reduced legal expenses following the settlement of a lawsuit. Research and development expenses also decreased to $1,143,396 from $1,495,619 year-on-year. The company's cash position as of September 30, 2024, was $17,229, down from $9,141,512 at the end of 2023. Virpax's financial performance reflects ongoing investments in its drug development pipeline, including its lead product candidate Probudur, a non-opioid pain management treatment. The company's future plans include continuing clinical trials and seeking additional funding to support operations and product development. Virpax's ability to continue as a going concern is dependent on raising additional capital, which may include equity offerings, debt financings, or strategic partnerships.
