Virpax Pharmaceuticals, Inc., a preclinical-stage biopharmaceutical company, reported a net loss of approximately $12.1 million for the fiscal year ending December 31, 2024, compared to a loss of $15.2 million in the previous year. The company has accumulated a deficit of about $71.6 million since its inception in 2017. As of December 31, 2024, Virpax's current assets totaled approximately $1.6 million, a significant decrease from $9.6 million in 2023, while current liabilities were reported at $2.5 million, down from $7.7 million. The company’s working capital deficit stood at $913,760, indicating a substantial decline in financial health.
In terms of operational developments, Virpax has focused on advancing its product pipeline, which includes several drug candidates such as Probudur, Envelta, NobrXiol, AnQlar, and Epoladerm. The company has made significant investments in research and development, with R&D expenses rising to $5.8 million in 2024, primarily driven by preclinical activities related to Probudur. However, general and administrative expenses decreased by 41% to $6.3 million, largely due to reduced legal expenses following a settlement agreement related to litigation with Sorrento Therapeutics and Scilex Pharmaceuticals, which resulted in a total cash payment of $6 million.
Strategically, Virpax has undergone several changes in its management team, including the appointment of Jatinder Dhaliwal as CEO and Usama Chaudhry as CFO. The company has also made governance adjustments, such as appointing new independent directors to enhance oversight. Additionally, Virpax has engaged in public offerings to raise capital, generating approximately $9.1 million in financing activities during 2024, which included proceeds from two public offerings and the exercise of warrants.
Looking ahead, Virpax anticipates continuing to incur significant operating losses as it advances its product candidates through clinical trials and seeks regulatory approvals. The company plans to initiate clinical trials for Probudur in 2025 and for Envelta in 2026, although these timelines are subject to change based on various factors, including market conditions and operational challenges. The company has expressed a need for additional capital to fund its operations and product development, highlighting the uncertainty surrounding its ability to raise funds in the current economic climate. Virpax's future success will depend on its ability to navigate these challenges while effectively managing its financial resources and operational capabilities.
About Virpax Pharmaceuticals, Inc.
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