Summary by Futu AI
GeoVax Labs reported Q3 2024 financial results, with revenue of $2.8 million primarily from the BARDA contract for COVID-19 vaccine development, compared to no revenue in Q3 2023. Net loss narrowed to $5.8 million from $8.4 million year-over-year. Research and development expenses increased 6.5% to $7.4 million, while general and administrative costs decreased 24.9% to $1.2 million.The company's cash position strengthened to $8.6 million as of September 30, 2024, up from $6.5 million at year-end 2023, bolstered by approximately $19.1 million in net proceeds from equity offerings and warrant exercises. The BARDA contract, valued at up to $45 million, will fund manufacturing and support for a 10,000-participant Phase 2b trial of GEO-CM04S1 COVID-19 vaccine.Management believes current cash reserves will fund operations into Q1 2025. Key clinical programs include GEO-CM04S1 in multiple Phase 2 trials for COVID-19 prevention and Gedeptin for advanced head and neck cancer, which is advancing toward an expanded Phase 2 trial planned for first half of 2025.
