Core Viewpoint - GeoVax Labs reported strong second quarter 2025 results with significant revenue growth but raised concerns about increased operating costs and cash reserves [1][5][10] Financial Performance - GAAP revenue reached $0.85 million, exceeding analyst estimates of $0.39 million, marking a year-over-year increase of 183.6% from $0.30 million in Q2 2024 [2][5] - GAAP earnings per share were a loss of $(0.35), slightly worse than the expected $(0.34) but a significant improvement from $(1.99) in Q2 2024, reflecting an 82.4% year-over-year improvement [2][6] - Net loss for the quarter was $(5.37) million, a slight increase from $(5.06) million in Q2 2024, while research and development expenses rose by 10.5% to $4.73 million [2][6] Business Overview - GeoVax specializes in developing vaccines and immunotherapies for infectious diseases and cancer, focusing on unmet medical needs [3] - The clinical pipeline includes three main product families: GEO-CM04S1 (COVID-19 vaccine), GEO-MVA (mpox and smallpox vaccine), and Gedeptin (gene-directed immunotherapy for cancers) [3] Strategic Focus - The company aims to accelerate clinical trial progress, expand its intellectual property portfolio, and improve manufacturing scalability [4] - Key success factors include advancing clinical trials, securing regulatory approvals, and forming strategic partnerships [4] Pipeline Progress - Revenue growth was driven by government contract revenues from the BARDA/RRPV Project NextGen award, which has since been terminated [5][10] - The GEO-MVA vaccine received positive regulatory feedback from the EMA, with plans to initiate a pivotal Phase 3 trial in late 2026, representing a market opportunity over $10 billion [7] - The GEO-CM04S1 vaccine is targeting immunocompromised patients, showing enhanced immune responses in clinical trials [8] Manufacturing and Intellectual Property - GeoVax is developing scalable vaccine manufacturing methods to address supply bottlenecks and has secured new U.S. patents for a malaria vaccine and expanded Gedeptin use [9] Future Outlook - The company ended the quarter with $3.09 million in cash, down from $5.51 million, and raised $5.6 million through a public offering to extend its cash runway [10] - Management did not provide formal guidance but emphasized advancing vaccine and oncology programs and building U.S.-based manufacturing capacity [11]

[Business Highlights](index=1&type=section&id=Business%20Highlights) GeoVax reported a pivotal second quarter, marked by significant clinical and regulatory achievements, underscoring the company's progress in both oncology and infectious disease preparedness - Received favorable European regulatory guidance for GEO-MVA, supporting a streamlined development pathway for its Mpox and smallpox vaccine[1](index=1&type=chunk)[2](index=2&type=chunk) - GEO-CM04S1 demonstrated superior immune responses in Chronic Lymphocytic Leukemia (CLL) patients compared to an authorized mRNA vaccine, with data presented at the EHA 2025 conference[1](index=1&type=chunk)[2](index=2&type=chunk) - Gedeptin® showed strong safety and efficacy data for treating solid tumors in a presentation at the AACR 2025 conference[1](index=1&type=chunk)[2](index=2&type=chunk) [Clinical Trial Progress and Operational Developments](index=1&type=section&id=Clinical%20Trial%20Progress%20and%20Operational%20Developments) The company detailed significant progress across its three lead programs, including a clear regulatory pathway for GEO-MVA, superior immunogenicity for GEO-CM04S1, and promising safety and efficacy for Gedeptin® [GEO-MVA (Mpox/Smallpox Vaccine)](index=1&type=section&id=GEO-MVA%20(Mpox%2FSmallpox%20Vaccine)) GeoVax received favorable Scientific Advice from the European Medicines Agency (EMA) for GEO-MVA, confirming a streamlined development process for market authorization in the EU - The EMA confirmed a single Phase 3 immuno-bridging trial is sufficient for potential market authorization in the EU, eliminating multiple common development steps[5](index=5&type=chunk) - GeoVax plans to initiate the Phase 3 trial in the second half of 2026[5](index=5&type=chunk) - The estimated market potential for GEO-MVA is over **$10 billion**[5](index=5&type=chunk) [GEO-CM04S1 (COVID-19 Vaccine)](index=2&type=section&id=GEO-CM04S1%20(COVID-19%20Vaccine)) GEO-CM04S1 demonstrated superior performance in multiple clinical settings, including enhanced T cell responses in CLL patients and cross-protective potential against Mpox - In CLL patients, GEO-CM04S1 showed significantly better T cell responses (IFN-γ secretion and AIM+) than an authorized mRNA vaccine, which failed its primary endpoint[9](index=9&type=chunk) - Unlike the mRNA vaccine, GEO-CM04S1 elicited statistically significant SARS-CoV-2 Nucleocapsid (N)-specific IgG and T cell responses[9](index=9&type=chunk) - The vaccine demonstrated dual protective potential, inducing immune responses against both SARS-CoV-2 and Mpox[9](index=9&type=chunk) - The estimated market potential for GEO-CM04S1 is over **$30 billion**[9](index=9&type=chunk) [Gedeptin® (Solid Tumor Therapy)](index=2&type=section&id=Gedeptin%C2%AE%20(Solid%20Tumor%20Therapy)) Clinical data highlighted Gedeptin's strong safety and efficacy profile in heavily pretreated patients with advanced solid tumors, showing promising survival rates with no dose-limiting toxicities - In a Phase 1/2 trial with eight heavily pretreated patients (median 4 prior therapies), Gedeptin® demonstrated a median Progression-Free Survival (PFS) and Overall Survival (OS) of **7.0 months**[9](index=9&type=chunk) - The treatment was well-tolerated, with no dose-limiting toxicities (DLTs) reported, with minimal injection site pain as the most common adverse event[9](index=9&type=chunk) - The estimated market potential for Gedeptin® is over **$15 billion**[9](index=9&type=chunk) [Second Quarter 2025 Financial Results](index=3&type=section&id=Second%20Quarter%202025%20Financial%20Results) For the second quarter of 2025, GeoVax reported a net loss of $5.4 million, or $0.35 per share, with increased R&D and G&A expenses, and a cash position of $3.1 million at quarter-end, bolstered by a $5.6 million financing in July 2025 Second Quarter Financial Performance (Amounts in Millions, Except Per Share Data) | Financial Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | **Net Loss** | $5.4M | $5.1M | Increased Loss | | **Loss Per Share** | $0.35 | $1.99 | Decreased (due to more shares) | | **Revenue** | $0.85M | $0.30M | +183% | | **R&D Expenses** | $4.7M | $4.3M | +9.6% | | **G&A Expenses** | $1.5M | $1.1M | +36.7% | - The BARDA/RRPV Project NextGen contract, which generated all revenue in the quarter, was terminated for convenience by the government[12](index=12&type=chunk) - Cash and cash equivalents were **$3.1 million** as of June 30, 2025, down from **$5.5 million** at December 31, 2024, with the company raising approximately **$5.6 million** in net proceeds from a public offering in July 2025[15](index=15&type=chunk) [Other Corporate Updates](index=3&type=section&id=Other%20Corporate%20Updates) GeoVax strengthened its intellectual property portfolio with new patents for a Malaria vaccine and Gedeptin® therapy, while enhancing leadership with a key appointment in technical development - Issued U.S. Patent No. **12,329,808** for a novel vaccine construct designed to prevent Malaria infection[16](index=16&type=chunk) - Received a Notice of Allowance for additional patent claims covering the synergistic use of Gedeptin® therapy with radiation for solid tumors[16](index=16&type=chunk) - Appointed Dr. Senthil Ranganathan, with over **20 years** of experience, as Vice President, Technical Development and CMC Operations[16](index=16&type=chunk) [Financial Tables](index=6&type=section&id=Financial%20Tables) The condensed consolidated financial statements provide detailed figures for the company's operations and financial position, showing an increase in revenue and operating expenses, and a decrease in total assets and stockholders' equity Condensed Consolidated Statements of Operations (Amounts in Thousands, Except Per Share Data) | Financial Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Revenue from government contract** | $2,489 | $301 | | **Research and development** | $10,083 | $8,703 | | **General and administrative** | $3,230 | $2,543 | | **Loss from operations** | $(10,824) | $(10,945) | | **Net loss** | $(10,727) | $(10,914) | | **Loss per common share** | $0.79 | $4.68 | Condensed Consolidated Balance Sheet (Amounts in Thousands, Except Share Data) | Financial Metric | June 30, 2025 | Dec. 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $3,094 | $5,507 | | **Total current assets** | $5,135 | $7,935 | | **Total assets** | $5,350 | $8,156 | | **Total liabilities** | $2,529 | $3,107 | | **Stockholders' equity** | $2,821 | $5,049 | | **Common shares outstanding** | 15,924,593 | 10,536,875 |

Financial Data and Key Metrics Changes - For the six months ended June 30, 2025, the company reported revenues of $2.5 million compared to $301,000 in 2024, primarily due to the BARDA Project NextGen contract that began in June 2024 [16] - Research and development expenses increased to $10 million in 2025 from $8.7 million in 2024, representing a 16% increase, mainly associated with the BARDA contract and other programs [17] - General and administrative expenses rose to $3.2 million in 2025 from $2.5 million in 2024, a 27% increase attributed to higher investor relations consulting costs and stock-based compensation [18] - The net loss for the six-month period in 2025 was approximately $10.7 million or $0.79 per share, compared to a net loss of $10.9 million or $4.68 per share in 2024 [18] Business Line Data and Key Metrics Changes - The company is focused on advancing its product candidates, including GEO MVA, GEO CM04S1, and Gideptin, which address significant unmet healthcare needs [5][14] - The advanced MVA manufacturing process is expected to provide a competitive advantage in the production of MVA-based vaccines and therapies [6] Market Data and Key Metrics Changes - The company anticipates significant governmental interest in U.S.-based supply chains, particularly in light of the current overdependence on non-U.S. suppliers [9] - The company is engaged in discussions with various stakeholders, including the White House and WHO, regarding the progress of GEO MVA [9] Company Strategy and Development Direction - The company aims to develop innovative cancer therapies and infectious disease vaccines, focusing on expedited registration pathways and establishing partnerships for worldwide development and commercialization [14] - The strategic focus for 2025 includes advancing GEO MVA to clinical evaluation readiness, progressing GEO CM04S1 for immunocompromised patients, and enhancing the advanced MVA manufacturing process [14] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the progress and outlook for its product portfolio, particularly in light of recent guidance from the European Medicines Agency for GEO MVA [5][6] - The company is committed to addressing the medical needs of immunocompromised patients with its COVID-19 vaccine candidate, GEO CM04S1, which is expected to provide a more robust immune response [10][11] Other Important Information - The company completed CGMP production and quality release of the clinical batch of GEO MVA vaccine material, with plans to produce additional product for potential emergency use distribution [8] - The company has initiated discussions for potential collaborations in the long-term development and commercialization of Gideptin [14] Q&A Session Summary Question: Regarding the new patch method for the MDA vaccine - The company does not intend to use the patch for the clinical program and plans to utilize the standard vaccine delivery method [24] Question: Is the making of enough vaccine product a limiting step for the trial start? - The vaccine is largely manufactured, and various components need to come together before the trial can start [26] Question: What is the expected start date for the Gideptin trial? - The target start date for the Gideptin trial is the second half of 2026 [51] Question: Can you elaborate on the major pathological response endpoint for Gideptin? - The major pathological response is defined by the extent of response in the resected tumor tissue, with a primary endpoint focused on pathological response [45] Question: What is the status of the BARDA manufacturing proposal? - The company was selected for funding but is currently in a holding pattern pending funding availability [65]

Financial Data and Key Metrics Changes - For the six months ended June 30, 2025, the company reported revenues of $2.5 million compared to $301,000 in 2024, primarily due to the BARDA Project NextGen contract that began in June 2024 [15] - Research and development expenses increased to $10 million in 2025 from $8.7 million in 2024, representing a 16% increase, mainly associated with the BARDA contract and the Gideptin and GEO MVA programs [16] - General and administrative expenses rose to $3.2 million in 2025 from $2.5 million in 2024, a 27% increase attributed to higher investor relations consulting costs and stock-based compensation [17] - The net loss for the six-month period in 2025 was approximately $10.7 million or $0.79 per share, compared to a net loss of $10.9 million or $4.68 per share in 2024 [17] - Cash balances decreased to $3.1 million as of June 30, 2025, from $5.5 million at the end of 2024, reflecting $10.3 million used in operating activities [18] Business Line Data and Key Metrics Changes - The company is focused on advancing its product candidates, including GEO MVA, GEO CM04S1, and Gideptin, which address significant unmet healthcare needs [5][13] - The advanced MVA manufacturing process is expected to provide a competitive advantage in the production of MVA-based vaccines and therapies [6] Market Data and Key Metrics Changes - There is significant governmental interest in U.S.-based supply chains, highlighting a shift towards onshoring initiatives [8] - The company is engaged in discussions with various stakeholders, including the White House and WHO, regarding the clinical inventory of GEO MVA [8] Company Strategy and Development Direction - The company aims to develop innovative cancer therapies and infectious disease vaccines, focusing on expedited registration pathways and strategic partnerships for worldwide development and commercialization [13] - The strategic priority for 2025 includes advancing GEO MVA to clinical evaluation readiness and focusing on oncology related to Gideptin [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the progress and outlook for their product portfolio, particularly in addressing critical healthcare needs [5] - The company anticipates that the advanced MVA manufacturing process will significantly enhance production capabilities [6] Other Important Information - The company plans to produce additional vaccine material for clinical evaluation and potential emergency use distribution prior to formal market authorization [6] - The company is exploring various funding strategies to support development programs, including strategic partnerships and additional stock offerings [19] Q&A Session Summary Question: Regarding the new patch method for the MDA vaccine - The company does not intend to use the patch for the clinical program and plans to utilize standard vaccine delivery [24] Question: Is the making of enough vaccine product a limiting step for the trial start? - The vaccine is largely manufactured, but multiple components need to come together before starting the trial [26] Question: Clarification on R&D expenses - The reported R&D expense was $10 million for the six-month period, not for the quarter [31] Question: Details on the MVA trials and immuno-bridging study - The immuno-bridging trial will compare the immune response of GMBA to MVABN without requiring animal efficacy studies [38] Question: Will the trial data be applicable for U.S. approval? - The data from the trial will support discussions with the FDA regarding potential approval [40] Question: Updates on Gideptin trial endpoints - The primary endpoint will be major pathological response, with a secondary endpoint of disease-free survival after one year [43] Question: Start date for Gideptin trial - The target start date for the Gideptin trial is the second half of 2026 [50] Question: Status of BARDA manufacturing proposal - The company’s proposal for the manufacturing process has been selected but is dependent on funding availability [64]

PART I – FINANCIAL INFORMATION [Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the periods ended June 30, 2025, and 2024, including balance sheets, statements of operations, changes in stockholders' equity, and cash flows, highlighting a net loss of **$10.7 million** and substantial doubt about the company's ability to continue as a going concern Condensed Consolidated Balance Sheets (Unaudited) | | June 30, 2025 ($) | December 31, 2024 ($) | | :--- | :--- | :--- | | **Total current assets** | $5,135,548 | $7,934,883 | | **Total assets** | $5,350,420 | $8,155,867 | | **Total current liabilities** | $2,529,224 | $3,107,332 | | **Total stockholders' equity** | $2,821,196 | $5,048,535 | Condensed Consolidated Statements of Operations (Unaudited) | | Six Months Ended June 30, 2025 ($) | Six Months Ended June 30, 2024 ($) | | :--- | :--- | :--- | | Revenue from government contract | $2,489,145 | $300,677 | | Research and development | $10,083,586 | $8,702,596 | | General and administrative | $3,229,635 | $2,543,383 | | **Loss from operations** | **$(10,824,076)** | **$(10,945,302)** | | **Net loss** | **$(10,727,434)** | **$(10,914,174)** | | **Net loss per common share** | **$(0.79)** | **$(4.68)** | Condensed Consolidated Statements of Cash Flows (Unaudited) | | Six Months Ended June 30, 2025 ($) | Six Months Ended June 30, 2024 ($) | | :--- | :--- | :--- | | Net cash used in operating activities | $(10,300,078) | $(7,624,778) | | Net cash used in investing activities | $(27,612) | $- | | Net cash provided by financing activities | $7,914,611 | $2,733,901 | | **Net decrease in cash** | **$(2,413,079)** | **$(4,890,877)** | | **Cash at end of period** | **$3,093,862** | **$1,561,712** | - The company's existing cash resources are projected to be sufficient to fund planned operations only into the **fourth quarter of 2025**, which raises **substantial doubt** about its ability to continue as a going concern[22](index=22&type=chunk) - On April 11, 2025, the company was notified by Advanced Technology International (ATI) that BARDA had **terminated** the ATI-RRPV contract for the development of GEO-CM04S1 for the convenience of the government[39](index=39&type=chunk) - In March 2025, the company closed a registered direct offering, raising net proceeds of approximately **$4.1 million**. Additionally, during Q1 2025, the company sold shares through its ATM Program for net proceeds of approximately **$3.8 million**[29](index=29&type=chunk)[30](index=30&type=chunk) - Subsequent to the quarter end, on July 2, 2025, the company closed a public offering of units and warrants, raising net proceeds of approximately **$5.6 million**[42](index=42&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=11&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition, operational results, and strategic focus, highlighting advancements in vaccine and immunotherapy programs, increased expenses, a **$10.7 million** net loss, and ongoing concerns about liquidity and going concern status [Overview and Recent Developments](index=11&type=section&id=Overview%20and%20Recent%20Developments) GeoVax, a clinical-stage biotech, provides updates on its vaccine and immunotherapy programs, including GEO-CM04S1 in Phase 2, Gedeptin® planning Phase 2, and GEO-MVA preparing for Phase 3 - GEO-CM04S1 (COVID-19 Vaccine): Currently in **three Phase 2 trials** evaluating its use as a primary vaccine in immunocompromised patients, a booster for CLL patients, and a heterologous booster for healthy individuals[19](index=19&type=chunk)[48](index=48&type=chunk) - Gedeptin® (Oncology): Completed a **Phase 1/2 trial** for advanced head and neck cancers, with planning underway for a **Phase 2 trial to start in 2026** evaluating Gedeptin with an immune checkpoint inhibitor[19](index=19&type=chunk)[50](index=50&type=chunk) - GEO-MVA (Mpox/Smallpox Vaccine): Following scientific advice from the EMA, the company intends to proceed directly to a **Phase 3 trial**, expected to initiate in **mid-2026**[50](index=50&type=chunk) - The development award from BARDA to support the GEO-CM04S1 Phase 2b study was **terminated** for convenience by the government on April 11, 2025[50](index=50&type=chunk) [Results of Operations](index=14&type=section&id=Results%20of%20Operations) Revenue from government contracts increased to **$2.5 million** but was terminated, while R&D and G&A expenses rose, resulting in a net loss of **$10.7 million** for the six months ended June 30, 2025 Comparison of Results for the Six Months Ended June 30 | | 2025 ($) | 2024 ($) | Change ($) | | :--- | :--- | :--- | :--- | | Revenue from government contract | $2,489,145 | $300,677 | $2,188,468 | | Research and development | $10,083,586 | $8,702,596 | $1,380,990 (15.9%) | | General and administrative | $3,229,635 | $2,543,383 | $686,252 (27.0%) | | **Net loss** | **$(10,727,434)** | **$(10,914,174)** | **$186,740** | - The increase in R&D expenses was primarily due to program-specific costs for the ATI-RRPV Contract, Gedeptin, and GEO-MVA programs[61](index=61&type=chunk) - The increase in G&A expenses was mainly due to higher investor relations consulting costs and stock-based compensation expense[62](index=62&type=chunk) [Liquidity and Capital Resources](index=15&type=section&id=Liquidity%20and%20Capital%20Resources) Cash and equivalents decreased to **$3.1 million** by June 30, 2025, with **$10.3 million** used in operations, despite **$7.9 million** from Q1 equity offerings and **$5.6 million** post-quarter, raising substantial doubt about going concern Liquidity and Cash Flow Summary | | June 30, 2025 ($) | Dec 31, 2024 ($) | | :--- | :--- | :--- | | Cash and cash equivalents | $3,093,862 | $5,506,941 | | Working capital | $2,606,324 | $4,827,551 | | **Cash Flow (Six Months Ended June 30)** | **2025 ($)** | **2024 ($)** | | Net cash used in Operating activities | $(10,300,078) | $(7,624,778) | | Net cash provided by Financing activities | $7,914,611 | $2,733,901 | - In Q1 2025, the company raised approximately **$7.9 million** in net proceeds from a registered direct offering and its ATM program[68](index=68&type=chunk) - Post-quarter, on July 2, 2025, a public offering of common stock and warrants yielded net proceeds of approximately **$5.6 million**[69](index=69&type=chunk) - Management believes existing cash is sufficient to fund operations only into the **fourth quarter of 2025**, and that plans to raise additional capital do not fully alleviate the **substantial doubt** about the company's ability to operate as a going concern[70](index=70&type=chunk)[71](index=71&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=17&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This disclosure is not applicable as the company qualifies as a smaller reporting company - This disclosure is not applicable to smaller reporting companies[76](index=76&type=chunk) [Controls and Procedures](index=17&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2025, with no significant changes in internal control over financial reporting - Management concluded that as of the end of the period, the company's disclosure controls and procedures were effective[78](index=78&type=chunk) - There were no significant changes in internal control over financial reporting during the three months ended June 30, 2025[79](index=79&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=18&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no legal proceedings - None[82](index=82&type=chunk) [Risk Factors](index=18&type=section&id=Item%201A.%20Risk%20Factors) As a smaller reporting company, GeoVax refers to its most recent Form 10-K for risk factors, as updates are not required in this report - As a smaller reporting company, GeoVax is not required to provide information on material changes from previously disclosed risk factors and refers to its most recent Form 10-K[83](index=83&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=18&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the period not previously disclosed on a Form 8-K - There were no sales of unregistered equity securities during the period that were not previously reported on Form 8-K[84](index=84&type=chunk) [Defaults Upon Senior Securities](index=18&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - None[85](index=85&type=chunk) [Mine Safety Disclosures](index=18&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[86](index=86&type=chunk) [Other Information](index=18&type=section&id=Item%205.%20Other%20Information) Stockholders approved the 2025 Stock Incentive Plan on June 5, 2025, and no directors or Section 16 officers adopted or terminated Rule 10b5-1 trading arrangements - On June 5, 2025, stockholders approved the Company's 2025 Stock Incentive Plan[88](index=88&type=chunk) - No directors or Section 16 officers adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the reporting period[87](index=87&type=chunk) [Exhibits](index=19&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the 2025 Stock Incentive Plan, officer certifications, and XBRL documents - The list of exhibits includes the 2025 Stock Incentive Plan, CEO/CFO certifications, and XBRL data files[89](index=89&type=chunk)

Financial Data and Key Metrics Changes - Revenues associated with the BARDA contract were $1,600,000 in Q1 2025 compared to zero in Q1 2024, as the contract began in June 2024 [17] - The overall net loss for Q1 2025 was approximately $5,400,000 or $0.45 per share, compared to a net loss of $5,900,000 or $2.47 per share in Q1 2024 [19] - Cash balances at March 31, 2025, were $7,400,000, up from $5,500,000 at December 31, 2024 [20] Business Line Data and Key Metrics Changes - Research and development expenses increased to $5,400,000 in Q1 2025 from $4,400,000 in Q1 2024, representing a 21% increase [18] - General and administrative expenses rose to $1,700,000 in Q1 2025 from $1,500,000 in Q1 2024, a 16% increase [19] Market Data and Key Metrics Changes - The company estimates that over 40 million adults in the United States and over 400 million worldwide have medical conditions rendering them inadequately responsive to first-generation vaccines [10] Company Strategy and Development Direction - The company aims to advance its product candidates, including GEO CM04S1 and GEO MVA, to address unmet healthcare needs and expedite registration paths [6][13] - There is a focus on establishing US-based manufacturing for MVA vaccines to reduce dependence on non-US suppliers [14][51] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment over the BARDA Project NextGen stop work order but remains committed to the development of the CM04S1 vaccine [8][9] - The company anticipates multiple presentations of clinical results for CM04S1 throughout 2025, which may serve as catalysts for strategic partnerships [11] Other Important Information - The company is actively exploring various funding strategies, including strategic partnerships and non-dilutive funding, to support its development programs [21] - The advanced MVA manufacturing process is expected to provide a competitive advantage in the production of MVA-based vaccines and therapies [7] Q&A Session Summary Question: Comparison with Vaxart's program and implications of the stop work order - Management highlighted distinct differences between their program and Vaxart's, noting that Vaxart had already dosed patients before the halt [24][25] Question: Impact of recent comments by HHS on vaccine trials - Management confirmed ongoing phase two trials and expressed confidence in the value of multi-antigen vaccines [31][34] Question: Next steps for trials based on healthy volunteers' results - The focus remains on immunocompromised populations, with plans for expanded trials if results are encouraging [40][43] Question: Safety and efficacy of the MPOXX vaccine - Management confirmed no adverse safety issues have been observed with the MVA vaccine, emphasizing its historical safety profile [48][49] Question: Support for US-based manufacturing - Management indicated ongoing discussions with government representatives regarding US-based manufacturing and expressed optimism for future funding [51][53]

[Business Update and Highlights](index=1&type=section&id=Business%20Update%20and%20Highlights) GeoVax reported significant progress across its key clinical programs in Q1 2025, advancing its multi-antigen COVID-19 vaccine, Mpox/smallpox vaccine, and Gedeptin® oncology program while maintaining focus on unmet needs in oncology, infectious diseases, and biodefense [GEO-CM04S1 (COVID-19 Vaccine)](index=1&type=section&id=GEO-CM04S1%20%28COVID-19%20Vaccine%29) The GEO-CM04S1 program is advancing in Phase 2 trials for immunocompromised patients, with healthy adult booster trial data expected in Q2 2025 and continued enrollment in a CLL patient study after early termination of the mRNA vaccine arm - Despite the unexpected termination of the Project NextGen award by BARDA, GeoVax remains committed to advancing GEO-CM04S1[3](index=3&type=chunk) - Data readout for the healthy adult booster trial is expected in the **second quarter of 2025**[1](index=1&type=chunk)[5](index=5&type=chunk) - In the Chronic Lymphocytic Leukemia (CLL) patient study, the Data Safety Review Board recommended early termination of the mRNA arm, while the GEO-CM04S1 arm continues to enroll[5](index=5&type=chunk) - The company estimates the market potential for its COVID-19 vaccine at over **$30 billion**[8](index=8&type=chunk) [Gedeptin® (Oncology)](index=1&type=section&id=Gedeptin%C2%AE%20%28Oncology%29) The Gedeptin® program is advancing to a Phase 2 clinical trial for recurrent head and neck cancer in combination with an immune checkpoint inhibitor, having received Orphan Drug designation and showing potential for other solid tumors - Gedeptin® is advancing to a **Phase 2 trial** for recurrent head and neck cancer in combination with an immune checkpoint inhibitor[1](index=1&type=chunk)[4](index=4&type=chunk)[8](index=8&type=chunk) - Gedeptin® has received **Orphan Drug designation** for use in advanced head & neck cancer patients[8](index=8&type=chunk) - The estimated market potential for Gedeptin® in head and neck cancer is over **$15 billion**[8](index=8&type=chunk) [GEO-MVA (Mpox/Smallpox Vaccine)](index=1&type=section&id=GEO-MVA%20%28Mpox%2FSmallpox%20Vaccine%29) GeoVax plans to initiate clinical trials for its GEO-MVA Mpox/smallpox vaccine candidate in H2 2025, having successfully produced cGMP clinical product to provide a U.S.-developed biosecurity alternative - Clinical evaluation of GEO-MVA is expected to begin in the **second half of 2025**[1](index=1&type=chunk)[4](index=4&type=chunk)[8](index=8&type=chunk) - The company has successfully produced **cGMP clinical product** for GEO-MVA in preparation for clinical trials[8](index=8&type=chunk) - The estimated market potential for GEO-MVA is over **$10 billion**[8](index=8&type=chunk) [Corporate and Strategic Developments](index=2&type=section&id=Corporate%20and%20Strategic%20Developments) GeoVax is scaling MVA manufacturing for global reach, establishing a UK presence for European partnerships, and appointed Dr. Senthil Ranganathan to support commercialization efforts - Advancing continuous cell line manufacturing for MVA-based vaccines to enable scalable, cost-effective production[7](index=7&type=chunk) - Announced a plan to establish a strategic presence in the United Kingdom to advance manufacturing and European collaborations[9](index=9&type=chunk) - Appointed Senthil Ranganathan, Ph.D., as Vice President, Technical Development & CMC Operations, to focus on product authorization and commercialization[9](index=9&type=chunk) [First Quarter 2025 Financial Results](index=3&type=section&id=First%20Quarter%202025%20Financial%20Results) GeoVax reported a net loss of $5.4 million in Q1 2025, an improvement from the prior year, with $1.6 million in government contract revenue and increased R&D and G&A expenses, while cash improved to $7.4 million [Financial Performance Summary](index=3&type=section&id=Financial%20Performance%20Summary) Q1 2025 saw a narrowed net loss of $5.4 million, $1.6 million in government contract revenue, increased R&D and G&A expenses, and a cash balance of $7.4 million | Metric | Q1 2025 (Millions USD) | Q1 2024 (Millions USD) | Change (Millions USD) | | :--- | :--- | :--- | :--- | | Revenue | $1.6 | $0 | +$1.6 | | R&D Expenses | $5.4 | $4.4 | +$1.0 | | G&A Expenses | $1.7 | $1.5 | +$0.2 | | Net Loss | $5.4 | $5.9 | -$0.5 | | Date | Cash Balance (Millions USD) | | :--- | :--- | | March 31, 2025 | $7.4 | | Dec 31, 2024 | $5.5 | [Condensed Consolidated Financial Statements](index=5&type=section&id=Condensed%20Consolidated%20Financial%20Statements) Detailed financial tables for Q1 2025 show a net loss of $5.358 million or ($0.45) per share, with total assets of $10.833 million and stockholders' equity of $7.898 million as of March 31, 2025 | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Revenue from government contract (Thousands USD) | $1,637 | $- | | Research and development (Thousands USD) | $5,355 | $4,426 | | General and administrative (Thousands USD) | $1,687 | $1,457 | | Loss from operations (Thousands USD) | $(5,405) | $(5,883) | | Net loss (Thousands USD) | $(5,358) | $(5,850) | | Net loss per common share (USD) | $(0.45) | $(2.47) | | Weighted average common shares outstanding | 11,954,797 | 2,367,050 | | Metric | March 31, 2025 | Dec. 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents (Thousands USD) | $7,439 | $5,507 | | Total assets (Thousands USD) | $10,833 | $8,156 | | Total liabilities (Thousands USD) | $2,935 | $3,107 | | Stockholders' equity (Thousands USD) | $7,898 | $5,049 | | Common shares outstanding | 13,839,478 | 10,536,875 | [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) GeoVax will host a conference call and live audio webcast on May 1, 2025, at 4:30 p.m. ET to discuss financial results and provide a corporate update, with an archive available on the investor relations website - A conference call is scheduled for **May 1, 2025, at 4:30 p.m. ET** to review financial results and corporate developments[14](index=14&type=chunk) - An archive of the audio webcast will be available on the GeoVax website for at least **90 days** following the event[16](index=16&type=chunk) [Company Overview and Forward-Looking Statements](index=4&type=section&id=Company%20Overview%20and%20Forward-Looking%20Statements) GeoVax is a clinical-stage biotechnology company developing novel vaccines and cancer therapies, with the report including standard forward-looking statements subject to various risks and uncertainties - GeoVax is a clinical-stage biotechnology company developing novel vaccines against infectious diseases and therapies for solid tumor cancers[18](index=18&type=chunk) - The report contains forward-looking statements subject to risks and uncertainties, including clinical trial outcomes, regulatory approvals, manufacturing, and competition[19](index=19&type=chunk)

Financial Data and Key Metrics Changes - Revenues associated with the BARDA contract were $1.6 million in Q1 2025 compared to zero in Q1 2024, as the contract began in June 2024 [19] - The net loss for Q1 2025 was approximately $5.4 million or $0.45 per share, compared to a net loss of $5.9 million or $2.47 per share in Q1 2024 [21] - Cash balances at March 31, 2025, were $7.4 million, up from $5.5 million at December 31, 2024 [22] Business Line Data and Key Metrics Changes - Research and development expenses increased to $5.4 million in Q1 2025 from $4.4 million in Q1 2024, representing a 21% increase [20] - General and administrative expenses rose to $1.7 million in Q1 2025 from $1.5 million in Q1 2024, a 16% increase [21] Market Data and Key Metrics Changes - The company estimates that over 40 million adults in the U.S. have medical conditions rendering them inadequately responsive to first-generation vaccines, with a global estimate of over 400 million at such risk [11] Company Strategy and Development Direction - The company aims to advance its product candidates, including GEO CM04S1, GEO MVA, and Gideptin, focusing on unmet healthcare needs and expedited registration paths [6][14] - The advanced MVA manufacturing process is expected to provide a competitive advantage in the production of MVA-based vaccines and therapies [6] - The company is committed to establishing U.S.-based manufacturing for its MVA vaccines, with ongoing discussions with government stakeholders [55][56] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment over the BARDA Project NextGen stop work order but emphasized that it would not impact ongoing clinical trials [10] - The company remains optimistic about the potential of its multi-antigen COVID-19 vaccine, CM04S1, particularly for immunocompromised populations [11][46] - Management highlighted the significant governmental interest in U.S.-based supply chains and the need for expanded MPOXX vaccine supply [15][16] Other Important Information - The company plans to present clinical results for CM04S1 at multiple conferences throughout 2025, which may serve as catalysts for strategic partnerships [12] - The company is exploring various funding strategies to support its development programs, including strategic partnerships and non-dilutive funding [22] Q&A Session Summary Question: Comparison with Vaxart's program and implications of the stop work order - Management noted distinct differences between Vaxart's program and its own, emphasizing that Vaxart had already dosed patients before the halt [26][28] Question: Impact of recent comments on placebo-controlled vaccine trials - Management confirmed ongoing trials and expressed confidence in the multi-antigen approach, which they believe offers enhanced value [34][37] Question: Next steps for trials based on upcoming results - The focus remains on immunocompromised populations, with plans for expanded trials if current results are encouraging [42][46] Question: Safety and efficacy of the MPOXX vaccine - Management confirmed that MVA has been recognized for its safety and has not shown concerning side effects in their products [52] Question: Support for U.S.-based manufacturing - Management indicated ongoing discussions with government representatives to establish U.S.-based manufacturing for MVA vaccines [55][56]

PART I – FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201%20Condensed%20Consolidated%20Financial%20Statements) The company's Q1 2025 financials reflect a net loss, revenue from a terminated contract, and going concern doubts Condensed Consolidated Balance Sheet Highlights | Account | March 31, 2025 ($) | December 31, 2024 ($) | | :--- | :--- | :--- | | Cash and cash equivalents | $7,438,769 | $5,506,941 | | Total current assets | $10,612,407 | $7,934,883 | | Total current liabilities | $2,935,334 | $3,107,332 | | Total stockholders' equity | $7,898,030 | $5,048,535 | | Total assets | $10,833,364 | $8,155,867 | Condensed Consolidated Statement of Operations Highlights (Three Months Ended March 31) | Account | 2025 ($) | 2024 ($) | | :--- | :--- | :--- | | Revenue from government contract | $1,636,863 | $0 | | Research and development | $5,354,588 | $4,425,728 | | General and administrative | $1,687,445 | $1,457,353 | | Loss from operations | ($5,405,170) | ($5,883,081) | | Net loss | ($5,357,651) | ($5,850,132) | | Net loss per common share | ($0.45) | ($2.47) | - The company's existing cash resources are projected to be sufficient to fund planned operations only into the **third quarter of 2025**, which raises **substantial doubt** about its ability to continue as a **going concern**[22](index=22&type=chunk) - In **June 2024**, the company was awarded a contract from BARDA for its **COVID-19 vaccine, GEO-CM04S1**, recognizing **$1.6 million** in revenue in Q1 2025, but on **April 11, 2025**, the contract was **terminated** for the convenience of the government[38](index=38&type=chunk)[39](index=39&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=11&type=section&id=Item%202%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses key vaccine programs, Q1 2025 net loss, increased expenses, and cash sufficiency only into Q3 2025 - The company's lead clinical program, **GEO-CM04S1**, is a next-generation **COVID-19 vaccine** in multiple **Phase 2 trials**, with other key programs including **Gedeptin®** for **solid tumors** and **GEO-MVA** for **Mpox and smallpox**[19](index=19&type=chunk)[45](index=45&type=chunk) - On **April 11, 2025**, the company was directed to cease all work on the **ATI-RRPV Contract** funded by **BARDA**, which was **terminated** for the convenience of the government, impacting the development of **GEO-CM04S1**[49](index=49&type=chunk) Results of Operations Comparison (Three Months Ended March 31) | Category | 2025 ($) | 2024 ($) | Change ($) | | :--- | :--- | :--- | :--- | | Revenue from government contract | $1,636,863 | $0 | $1,636,863 | | Research and development | $5,354,588 | $4,425,728 | $928,860 | | General and administrative | $1,687,445 | $1,457,353 | $230,092 | | Net loss | ($5,357,651) | ($5,850,132) | $492,481 | - The company believes its existing cash and cash equivalents of **$7.4 million** are sufficient to fund operations only into the **third quarter of 2025**, raising **substantial doubt** about its ability to continue as a **going concern**[69](index=69&type=chunk)[70](index=70&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=17&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, GeoVax Labs, Inc. is not required to provide this information - The company is **not required** to provide information for this item as it qualifies as a **smaller reporting company**[75](index=75&type=chunk) [Item 4. Controls and Procedures](index=17&type=section&id=Item%204%20Controls%20and%20Procedures) Management evaluated the company's disclosure controls and procedures, concluding they were effective with no significant changes - Based on an evaluation as of the end of the period, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures are **effective**[77](index=77&type=chunk) - There were **no significant changes** in internal control over financial reporting during the three months ended March 31, 2025, that materially affected, or are reasonably likely to materially affect, internal controls[78](index=78&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=18&type=section&id=Item%201%20Legal%20Proceedings) The company reported no legal proceedings during the period - The company has **no legal proceedings** to report[81](index=81&type=chunk) [Item 1A. Risk Factors](index=18&type=section&id=Item%201A%20Risk%20Factors) As a smaller reporting company, GeoVax is not required to update risk factors, referring to its most recent Form 10-K - As a **smaller reporting company**, GeoVax is **not required** to provide information on material changes from risk factors previously disclosed in its most recent Form 10-K[82](index=82&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=18&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no sales of unregistered equity securities during the period that were not previously reported on a Form 8-K - There were **no sales of unregistered equity securities** during the period that have not already been reported on Form 8-K[83](index=83&type=chunk) [Item 3. Defaults Upon Senior Securities](index=18&type=section&id=Item%203%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - **None**[84](index=84&type=chunk) [Item 4. Mine Safety Disclosures](index=18&type=section&id=Item%204%20Mine%20Safety%20Disclosures) This item is not applicable to the company - **Not applicable**[85](index=85&type=chunk) [Item 5. Other Information](index=18&type=section&id=Item%205%20Other%20Information) The company stated that none of its directors or executive officers adopted or terminated any Rule 10b5-1 trading arrangements - During the reporting period, **no directors or executive officers adopted or terminated any "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement."**[86](index=86&type=chunk) [Item 6. Exhibits](index=19&type=section&id=Item%206%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including warrants, a securities purchase agreement, and officer certifications - Exhibits filed include forms of **Pre-Funded Warrants** and **Common Stock Purchase Warrants**, a **Securities Purchase Agreement**, and **CEO/CFO certifications**[89](index=89&type=chunk) - Several key agreements, including the Securities Purchase Agreement and warrant forms, are **incorporated by reference** from the company's **Current Report on Form 8-K** filed on **March 25, 2025**[89](index=89&type=chunk)

[GeoVax 2024 Year-End Financial Results and Business Update](index=1&type=section&id=GeoVax%20Reports%202024%20Year-End%20Financial%20Results%20and%20Provides%20Business%20Update) This report summarizes GeoVax's 2024 financial performance and key business developments, including significant clinical trial progress and strategic initiatives [CEO Statement and Business Highlights](index=1&type=section&id=CEO%20Statement%20and%20Business%20Highlights) David Dodd, Chairman and CEO, highlighted 2024 as a pivotal year, marked by a significant BARDA Project NextGen award of nearly $400 million to advance the GEO-CM04S1 COVID-19 vaccine, building on positive clinical data and advancing the GEO-MVA vaccine for Mpox and smallpox - Received a BARDA Project NextGen award of nearly **$400 million** to advance the GEO-CM04S1 vaccine in a Phase 2b clinical trial[4](index=4&type=chunk) - Reported positive initial safety and immune response data from the Phase 2 trial of GEO-CM04S1 as a booster for adults who previously received mRNA vaccines, observing statistically significant increases in neutralizing antibody responses[4](index=4&type=chunk) - Advancing manufacturing capabilities and development of GEO-MVA, a vaccine candidate for protection against Mpox and smallpox, to address urgent public health needs[5](index=5&type=chunk) [Clinical Trial Progress and Operational Developments](index=2&type=section&id=Clinical%20Trial%20Progress%20and%20Operational%20Developments) The company reported significant progress across its clinical pipeline, including advancing the BARDA-funded Phase 2b trial for the COVID-19 vaccine GEO-CM04S1, planning a new Phase 2 trial for the cancer therapy Gedeptin®, and preparing for clinical evaluation of the Mpox/Smallpox vaccine GEO-MVA [GEO-CM04S1 (COVID-19 Vaccine)](index=2&type=section&id=GEO-CM04S1) Progress for the next-generation COVID-19 vaccine, GEO-CM04S1, is centered on the BARDA-funded 10,000-participant Phase 2b trial, with clinical sites confirmed and manufacturing underway, also being evaluated in immunocompromised patients and as a booster in healthy adults - Preparations are ongoing for the 10,000-participant, randomized, Phase 2b BARDA Project NextGen trial to compare GEO-CM04S1 with an FDA-approved mRNA vaccine[1](index=1&type=chunk)[10](index=10&type=chunk) - In the Phase 2 trial for patients with chronic lymphocytic leukemia (CLL), the DSMB recommended continuing enrollment for the GEO-CM04S1 arm after the mRNA control arm failed to meet its primary endpoint[10](index=10&type=chunk) - Enrollment is complete in the Phase 2 booster study for healthy adults, with data readouts anticipated in the first half of 2025[1](index=1&type=chunk)[10](index=10&type=chunk) - The estimated market potential for GEO-CM04S1 is over **$30 billion**[10](index=10&type=chunk) [Gedeptin® (Cancer Therapy)](index=2&type=section&id=Gedeptin%C2%AE) GeoVax is advancing its cancer therapy, Gedeptin®, with plans for a Phase 2 clinical trial to evaluate it as a neoadjuvant therapy in combination with an immune checkpoint inhibitor for first recurrent head and neck cancer, holding FDA Orphan Drug designation and addressing a market estimated at over $15 billion - Planning is underway for a Phase 2 clinical trial of Gedeptin® combined with an immune checkpoint inhibitor for recurrent Head & Neck (H&N) cancer[1](index=1&type=chunk)[10](index=10&type=chunk) - The planned trial will be a single-cycle study in approximately 36 patients, with pathologic response rate as the primary endpoint[10](index=10&type=chunk) - Gedeptin® has FDA Orphan Drug designation and an estimated market potential of over **$15 billion**, with potential application in other solid tumors[10](index=10&type=chunk) [Mpox and Smallpox Vaccine Platform (GEO-MVA)](index=3&type=section&id=Mpox%20and%20Smallpox%20Vaccine%20Platform) The company is preparing for the clinical evaluation of its GEO-MVA vaccine candidate for Mpox and Smallpox, with trials expected to begin in the second half of 2025, having successfully manufactured a cGMP clinical batch in 2024 and actively seeking strategic partnerships - Clinical evaluation of GEO-MVA, a vaccine for Mpox and Smallpox, is expected to begin in the second half of 2025[1](index=1&type=chunk)[17](index=17&type=chunk) - A clinical batch of GEO-MVA was successfully manufactured under cGMP standards in 2024[17](index=17&type=chunk) - The company is pursuing strategic partnerships with governments and NGOs to maximize the reach of its GEO-MVA platform, which addresses an estimated market of over **$10 billion**[17](index=17&type=chunk) [Corporate and Financial Overview](index=3&type=section&id=Corporate%20and%20Financial%20Overview) GeoVax strengthened its corporate position in 2024 by expanding its intellectual property portfolio and planning a strategic entry into the UK, while financially reporting its first-ever revenue of $4.0 million from a government contract, a slightly reduced net loss of $25.0 million, and ending the year with a cash balance of $5.5 million [Corporate and Intellectual Property Developments](index=3&type=section&id=Corporate%20and%20Intellectual%20Property%20Developments) In 2024, GeoVax expanded its intellectual property assets to over 130 granted or pending patents and announced a plan to establish a strategic presence in the United Kingdom to foster European collaborations, manufacturing partnerships, and technology licensing - Announced a plan to establish a strategic presence in the United Kingdom to advance European partnerships and collaborations[17](index=17&type=chunk) - The company's intellectual property portfolio was strengthened and now includes over **130 granted or pending patents** across 23 different families[17](index=17&type=chunk) [2024 Full Year Financial Results](index=3&type=section&id=2024%20Full%20Year%20Financial%20Results) For the fiscal year 2024, GeoVax recorded **$4.0 million** in revenue from its BARDA government contract, a new revenue stream, with the net loss narrowing to **$25.0 million** compared to **$26.0 million** in 2023, R&D expenses rising to **$23.7 million**, and G&A expenses falling to **$5.4 million**, concluding the year with **$5.5 million** in cash and cash equivalents Condensed Consolidated Statements of Operations (Year Ended Dec 31) | | 2024 (in thousands) | 2023 (in thousands) | | :--- | :--- | :--- | | Revenue from government contract | $ 3,955 | $ - | | Research and development | $ 23,714 | $ 20,721 | | General and administrative | $ 5,385 | $ 6,022 | | **Net loss** | **$ (24,992)** | **$ (25,967)** | | Net loss per common share | $ (4.82) | $ (14.29) | Condensed Consolidated Balance Sheet (As of Dec 31) | | 2024 (in thousands) | 2023 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $ 5,507 | $ 6,453 | | Total assets | $ 8,156 | $ 9,283 | | Total liabilities | $ 3,107 | $ 3,520 | | Stockholders' equity | $ 5,049 | $ 5,763 | - The increase in R&D expenses to **$23.7 million** was primarily due to costs of manufacturing materials for clinical trials of GEO-CM04S1 and other costs associated with the BARDA contract[13](index=13&type=chunk) - G&A expenses decreased to **$5.4 million** from **$6.0 million** in 2023, mainly due to lower stock-based compensation, consulting, and patent costs[14](index=14&type=chunk)