Genelux Corporation Reports Q1 2025 Financial Results with $7.5 Million Net Loss

Genelux Corporation reported its financial results for the first quarter of 2025, revealing a net loss of $7.5 million, a slight improvement from the $7.9 million loss recorded in the same period of 2024. The company did not generate any revenue during the quarter, compared to $8,000 in revenue from a license agreement in the prior year. Total operating expenses decreased to $7.8 million from $8.1 million year-over-year, primarily due to a reduction in general and administrative costs, which fell to $3.1 million from $4.1 million. Research and development expenses increased to $4.7 million, up from $4.0 million, reflecting higher clinical trial costs.

In terms of liquidity, Genelux reported cash, cash equivalents, and short-term investments totaling $35.1 million as of March 31, 2025, an increase from $31.5 million at the end of 2024. The company completed a public offering in March 2025, raising approximately $9.6 million from the sale of 3 million shares at $3.50 each. This capital infusion is expected to support the company’s ongoing research and development activities, particularly as it advances its clinical trials for its lead product candidate, Olvi-Vec, an oncolytic viral immunotherapy.

Operationally, Genelux has made significant strides in its clinical programs. The company is currently conducting a Phase 2 trial for Olvi-Vec in patients with recurrent non-small cell lung cancer (NSCLC), with the first patient dosed in October 2024. The trial is funded by Newsoara BioPharma Co. Ltd., which is responsible for the majority of the trial costs. Additionally, Genelux has undergone a leadership transition, appointing Matthew Pulisic as Chief Financial Officer following the resignation of Lourie Zak.

The company’s total liabilities increased to $9.1 million from $8.4 million at the end of 2024, driven by higher accounts payable and accrued expenses. As of March 31, 2025, Genelux had 37.7 million shares outstanding, up from 34.7 million at the end of the previous year, reflecting the recent public offering. The company continues to face challenges in generating revenue and achieving profitability, with an accumulated deficit of $258.9 million as of the end of the quarter. Looking ahead, Genelux anticipates needing additional funding to support its operations and clinical development efforts, emphasizing the uncertainty surrounding its ability to raise capital on favorable terms.