Summary by Futu AI
Virpax Pharmaceuticals reported a Q3 2024 net loss of $2.0 million, compared to a $6.0 million loss in Q3 2023. Total operating expenses decreased 69% to $1.9 million, driven by lower litigation costs and reduced general and administrative expenses. The company ended the quarter with $17,229 in cash, down from $9.1 million at year-end 2023.The company reached a settlement agreement with Sorrento Therapeutics and Scilex Pharmaceuticals, agreeing to pay $6 million in cash plus 6% royalties on future sales of certain products. Virpax also underwent leadership changes, with Jatinder Dhaliwal appointed as CEO following the resignation of Gerald Bruce and other executives. Cost-cutting measures included 50% salary reductions and elimination of D&O insurance.Development continues on lead candidate Probudur, with clinical trials expected to commence in Q1 2025. The company raised $2.8 million from warrant exercises in July 2024 and completed a $5 million public offering in November 2024. However, Virpax faces ongoing Nasdaq listing compliance challenges and requires substantial additional capital to fund operations and development programs.
