Virpax Pharmaceuticals reported a net loss of $15.2 million for fiscal year 2023, compared to $21.7 million in 2022. Total operating expenses decreased to $15.7 million from $21.8 million, with research and development expenses declining 52% to $5.1 million. The company ended the year with $9.1 million in cash.The company reached a settlement agreement with Sorrento Therapeutics and Scilex Pharmaceuticals, agreeing to pay $6 million in cash payments ($3.5 million paid in March 2024 and $2.5 million due by July 1, 2024) plus 6% royalties on future sales of Epoladerm, Probudur and Envelta products. The settlement resolves all claims against Virpax related to the litigation.Management continues to advance its pipeline of non-opioid pain management candidates, though noting substantial doubt about its ability to continue as a going concern due to continuing losses and cash position. The company will need to raise additional capital to fund operations and make the remaining $2.5 million litigation payment. Development activities for Probudur in Israel may face potential delays due to regional conflicts.

Virpax Pharmaceuticals reported a net loss of $15.2 million for fiscal year 2023, compared to $21.7 million in 2022. Total operating expenses decreased to $15.7 million from $21.8 million, with research and development expenses declining 52% to $5.1 million. The company ended the year with $9.1 million in cash.The company reached a settlement agreement with Sorrento Therapeutics and Scilex Pharmaceuticals, agreeing to pay $6 million in cash payments ($3.5 million paid in March 2024 and $2.5 million due by July 1, 2024) plus 6% royalties on future sales of Epoladerm, Probudur and Envelta products. The settlement resolves all claims against Virpax related to the litigation.Management continues to advance its pipeline of non-opioid pain management candidates, though noting substantial doubt about its ability to continue as a going concern due to continuing losses and cash position. The company will need to raise additional capital to fund operations and make the remaining $2.5 million litigation payment. Development activities for Probudur in Israel may face potential delays due to regional conflicts.