Theriva Biologics, Inc. reported a significant reduction in its net loss for the second quarter of 2026, with a loss of $3.2 million, or $0.07 per share, compared to a net loss of $13.1 million, or $1.93 per share, for the same period in 2025. For the first half of 2026, the company recorded a net loss of $5.3 million, down from $17.4 million in the prior year. The decrease in losses is attributed to a substantial reduction in general and administrative expenses, which fell to $2.0 million from $11.2 million, primarily due to a prior year adjustment related to contingent consideration from the successful VIRAGE Phase 2b clinical trial of VCN-01 in pancreatic cancer.
Total operating costs and expenses for the second quarter of 2026 were $3.3 million, down from $13.1 million in the same quarter of 2025. Research and development expenses also decreased to $1.3 million from approximately $2.0 million, reflecting lower clinical trial costs and indirect expenses. The company recognized $300,000 in license revenue from a new agreement with Rasayana Therapeutics, marking a strategic development in its oncology-focused portfolio. This agreement allows Rasayana to develop and commercialize SYN-020, an oral formulation of a recombinant enzyme, with potential milestone payments totaling up to $38 million.
As of June 30, 2026, Theriva Biologics had cash and cash equivalents of approximately $11.3 million, a decrease from $13.1 million at the end of 2025. The company has been actively pursuing additional financing options to support its clinical development activities, particularly for its lead product candidate, VCN-01. The company anticipates that its current cash will be sufficient to fund operations into the first quarter of 2027, but it faces significant uncertainties regarding its ability to continue as a going concern without securing additional capital.
Operationally, Theriva Biologics has made strides in its clinical programs, including the initiation of the VIRAGE2 trial, which aims to evaluate increased dosing frequency of VCN-01 in combination with standard chemotherapy for metastatic pancreatic cancer. The company is also preparing for a pivotal Phase 3 trial, contingent on successful outcomes from ongoing studies. However, the company has indicated that it will not proceed with further trials for SYN-004 unless additional funding is secured.
Looking ahead, Theriva Biologics is focused on advancing its clinical programs while exploring strategic partnerships and financing opportunities. The company is committed to its oncology strategy following the acquisition of VCN Biosciences and aims to leverage its pipeline to address significant unmet medical needs in cancer treatment.
About Theriva Biologics, Inc.
Theriva Biologics is a clinical-stage biotech developing cancer therapeutics, notably oncolytic viruses like VCN-01 for solid tumors and pancreatic cancer. Its platform leverages virus-induced tumor cell destruction and immune activation, with potential for intravenous delivery. The company also explores microbiome-focused therapies for infections like C. difficile and VRE, aiming to address high unmet medical needs in oncology and infectious diseases.
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