Theriva Biologics Reports $4.3 Million Net Loss, Focuses on Oncology Pipeline

Theriva Biologics, Inc. reported a net loss of $4.3 million, or $1.55 per share, for the three months ended March 31, 2025, a decrease from a net loss of $5.2 million, or $7.53 per share, during the same period in 2024. The company’s total operating costs and expenses fell to $4.4 million from $5.4 million year-over-year, primarily due to reduced general and administrative expenses, which decreased by 25% to $1.4 million, and a 14% decline in research and development expenses to $3.0 million. The decrease in research costs was attributed to lower manufacturing expenses for VCN-01 and reduced clinical trial costs related to the SYN-004 program.

As of March 31, 2025, Theriva Biologics had cash and cash equivalents of approximately $10.0 million, down from $11.6 million at the end of 2024. The company has an accumulated deficit of $339.3 million and continues to rely on financing through equity sales to fund its operations. In early May 2025, the company reported cash on hand of $14.1 million, which it believes will support operations into the first quarter of 2026. However, management indicated that additional funding will be necessary to continue the development of its product candidates, including VCN-01, SYN-004, and SYN-020.

Strategically, Theriva Biologics is focused on advancing its oncology pipeline, particularly the VCN-01 program, which is currently in a Phase 2b clinical trial for pancreatic cancer. The company has also received positive topline results from this trial, indicating improved overall survival rates for patients treated with VCN-01 in combination with standard chemotherapy. Additionally, the company is exploring partnerships and licensing opportunities for its gastrointestinal products, SYN-004 and SYN-020, as part of its strategic transformation following the acquisition of VCN Biosciences in March 2022.

Operationally, the company has made significant progress in its clinical trials, with VCN-01 being administered to 142 patients across various studies. The company is also actively pursuing additional financing options, including public offerings and strategic partnerships, to support its ongoing clinical trials and operational needs. However, the company has expressed uncertainty regarding its ability to secure the necessary funding, which could impact its future clinical development plans.