Summary by Moomoo AI
Theriva Biologics reported financial results for 2024, ending the year with $11.6 million in cash and cash equivalents, down from $23.2 million in 2023. The company recorded a net loss of $25.7 million, or $19.03 per share, compared to $18.3 million, or $28.48 per share in 2023. Research and development expenses decreased 16% to $12.0 million, while general and administrative expenses increased 4% to $7.4 million.The company made significant progress in its clinical programs, particularly with VCN-01. The Phase 2b VIRAGE trial in pancreatic cancer completed target enrollment of 92 patients, with 36 patients receiving second doses. Additionally, positive topline data was reported from the Phase 1 trial of intravitreal VCN-01 in retinoblastoma patients, demonstrating safety and promising antitumor activity.Management believes current cash will fund operations into the third quarter of 2025, supporting completion of the VIRAGE trial and retinoblastoma clinical study report. The company raised approximately $5.6 million through equity offerings in 2024, including $3.6 million from ATM sales and $2.0 million from a public offering. Strategic focus remains on advancing VCN-01 development while exploring partnership opportunities for other assets.
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