GeoVax Labs, Inc. reported its financial results for the first quarter of 2025, revealing a revenue of $1.6 million from a government contract, a significant increase compared to the same period in 2024, which recorded no revenue. The revenue was primarily derived from the ATI-RRPV Contract, awarded to advance the clinical development of the company's next-generation COVID-19 vaccine, GEO-CM04S1. Despite this revenue, the company reported a net loss of $5.4 million for the quarter, a slight improvement from a net loss of $5.9 million in the first quarter of 2024.
Total operating expenses for the first quarter of 2025 were $7.0 million, up from $5.9 million in the prior year, reflecting increased research and development costs associated with ongoing clinical trials and program-specific expenses. Research and development expenses rose to $5.4 million, a 21% increase from $4.4 million in the previous year, driven by costs related to the ATI-RRPV Contract and other clinical programs. General and administrative expenses also increased by 16% to $1.7 million, attributed to higher investor relations costs and stock-based compensation.
GeoVax's balance sheet showed total assets of $10.8 million as of March 31, 2025, up from $8.2 million at the end of 2024. Cash and cash equivalents increased to $7.4 million, bolstered by net proceeds of approximately $7.9 million from recent equity offerings, including a registered direct offering and sales through an At-the-Market program. The company’s stockholders’ equity rose to $7.9 million, reflecting the issuance of additional shares during the quarter.
The company is currently focused on advancing its clinical programs, including GEO-CM04S1, which is undergoing multiple Phase 2 trials, and Gedeptin®, a gene-directed therapy for solid tumors. However, on April 11, 2025, GeoVax received a notice to cease all work related to the ATI-RRPV Contract, as the government decided to terminate the contract for convenience. This development may impact future revenue streams and operational plans.
Looking ahead, GeoVax anticipates continued losses as it progresses its research and development activities. The company plans to seek additional funding through various means, including public or private equity, government grants, and strategic partnerships. Management expressed confidence in securing the necessary capital to support ongoing operations, although they acknowledged substantial doubt about the company's ability to continue as a going concern without additional funding.
About GeoVax Labs, Inc.
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