UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-40064 VIRPAX PHARMACEUTICALS, INC. (Exact name of registrant as specified in its charter) | Delaware | 82-1510982 | | --- | --- | | (State or other jurisdiction of | ...

NEW YORK, NY, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Spartan Capital Securities, LLC, a leading full-service investment banking and financial advisory firm, is proud to announce its role as sole placement agent for Virpax Pharmaceuticals, Inc. (NASDAQ:VRPX) in the successful close of its $6 million follow-on offering. Virpax Pharmaceuticals, Inc. (NASDAQ:VRPX) is a preclinical-stage pharmaceutical company pioneering novel drug delivery systems for pain management and central nervous system disorders. The proceed ...

NEW YORK, NY, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Spartan Capital Securities, LLC, a leading full-service investment banking and financial advisory firm, is proud to announce its role as sole placement agent for Virpax Pharmaceuticals, Inc. (Nasdaq: VRPX) in the successful close of its $6 million follow-on offering. Virpax Pharmaceuticals, Inc. (Nasdaq: VRPX) is a preclinical-stage pharmaceutical company pioneering novel drug delivery systems for pain management and central nervous system disorders. The proce ...

New York, NY, Nov. 18, 2024 (GLOBE NEWSWIRE) -- Spartan Capital Securities, LLC, a leading investment banking firm, is pleased to announce its role as the sole placement agent in Virpax Pharmaceuticals, Inc.'s (Nasdaq: VRPX) successful $5.0 million public offering of common stock and pre-funded warrants. Virpax Pharmaceuticals, a preclinical-stage pharmaceutical company focused on developing novel and proprietary drug delivery systems across various pain indications, raised $5.0 million through the sale of ...

Financial Performance - The company reported a net loss of $2,006,456 for the three months ended September 30, 2024, compared to a net loss of $5,994,498 for the same period in 2023[15]. - For the nine months ended September 30, 2024, the company incurred a net loss of $8.7 million, compared to a net loss of $10.6 million for the same period in 2023, resulting in an accumulated deficit of $68.2 million[24]. - Basic and diluted net loss per share for the three months ended September 30, 2024, was $(0.43), compared to $(5.12) for the same period in 2023[15]. - The company incurred a net loss of $2,006,456 for the three months ended September 30, 2024, compared to a net loss of $5,994,498 for the same period in 2023, representing a decrease of approximately 66.6%[15]. - Total operating expenses for the three months ended September 30, 2024, were $1,924,354, a decrease from $6,115,138 in the same period of 2023, indicating a reduction of approximately 68.6%[15]. Assets and Liabilities - As of September 30, 2024, total current assets were $304,162, a significant decrease from $9,628,345 as of December 31, 2023[11]. - The company had total liabilities of $2,355,774 as of September 30, 2024, compared to $7,694,024 as of December 31, 2023[12]. - The accumulated deficit increased to $(68,221,271) as of September 30, 2024, from $(59,544,135) as of December 31, 2023[13]. - Current liabilities increased to $2,355,774 as of September 30, 2024, compared to $1,694,024 as of December 31, 2023, reflecting an increase of approximately 39.0%[12]. - As of September 30, 2024, prepaid expenses and other current assets totaled $286,933, a decrease of 41% from $486,833 on December 31, 2023[42]. Cash Flow - The company reported a net cash used in operating activities of $13.8 million for the nine months ended September 30, 2024, compared to $6.8 million for the same period in 2023[19]. - As of September 30, 2024, the company had cash of $17,229, compared to $12,152,993 at the end of the same period in 2023[19]. - The company raised $2.2 million from a public offering during the nine months ended September 30, 2024[19]. - The company raised $5,000,000 through a public offering of 3,200,000 shares of common stock at $0.50 per share, along with prefunded warrants for 6,800,000 shares[119]. Research and Development - Research and development expenses for the three months ended September 30, 2024, were $1,143,396, compared to $1,495,619 for the same period in 2023[15]. - Research and development expenses for the nine months ended September 30, 2024, were $60,878, compared to $142,099 for the same period in 2023, indicating a reduction in R&D spending[79]. - The company has incurred significant research and development expenses, with a notable increase in R&D expenses from $143,071 to $1,219,828 as of September 30, 2024[43]. - The company is facing potential disruptions in research and development activities due to global macroeconomic challenges, including supply chain weaknesses and geopolitical instability[59]. Legal and Settlement Obligations - The company is liable for $14,684,833 in potential damages related to ongoing litigation, with additional claims for royalties of 6% on net sales of certain drug candidates[49][54]. - The company incurred a litigation liability of $6 million as part of a settlement agreement with Sorrento Therapeutics, Inc. and Scilex Pharmaceuticals Inc.[25]. - A settlement agreement was reached on February 29, 2024, with a total cash payment of $6 million to be made to Sorrento and Scilex, with $3.5 million paid shortly after the settlement order[54]. - The company has ongoing obligations for significant cash payments in the next year, raising substantial doubt about its ability to continue as a going concern[8]. Stock and Equity - The number of common shares outstanding increased to 4,887,581 as of September 30, 2024, from 1,171,233 as of December 31, 2023[13]. - The company authorized the issuance of 10,000,000 shares of preferred stock and 100,000,000 shares of common stock, with 4,887,581 shares of common stock issued as of September 30, 2024[62][63]. - The company executed a 1-for-10 reverse stock split effective March 1, 2024, affecting all issued and outstanding shares of common stock[64]. - The company granted common warrants in connection with the offering, with a relative fair value of approximately $1.1 million recorded to additional paid-in capital[70]. Management and Governance - The company accepted the resignation of CEO Anthony P. Mack effective November 17, 2023, with estimated separation compensation of $711,000 recorded in accounts payable and accrued expenses[60]. - An employment dispute arose with former executives regarding alleged violations of their employment agreements, with the company denying the allegations and planning to defend the matter[118]. Tax and Valuation - The company expects no current tax expenses during 2024 due to current year losses and maintains a full valuation allowance on deferred tax assets[39]. - The company has no uncertain income tax positions as of September 30, 2024[40]. Financing and Capital Needs - The company will need to raise additional capital to fund operations and litigation costs, with substantial doubt about its ability to continue as a going concern[25][26]. - The company is negotiating a subsequent financing of not less than $5 million with the investor, with exclusive negotiation rights until November 30, 2024[115].

Financial Performance - The operating loss for the three months ended June 30, 2024, was $3.5 million, compared to $3.1 million for the same period in 2023[9]. - Net loss for 2024 was $6,670,680, compared to a net loss of $4,633,301 in 2023, representing an increase of approximately 44%[16]. - Net cash used in operating activities increased to $9,372,939 in 2024 from $4,191,284 in 2023, indicating a rise of about 123%[16]. - Cash flow from operating activities reflects significant challenges, with a net loss and increased cash usage compared to the previous year[16]. Expenses - For the three months ended June 30, 2024, general and administrative expenses were $1.5 million, a decrease of 21% compared to $1.9 million for the same period in 2023[8]. - Research and development expenses increased to $2.0 million for the three months ended June 30, 2024, from $1.3 million in the same period in 2023, primarily due to $1.1 million related to preclinical activities for Probudur[8]. - Stock-based compensation decreased to $145,229 in 2024 from $358,840 in 2023, a reduction of about 60%[16]. - Accounts payable and accrued expenses increased to $885,559 in 2024 from $552,180 in 2023, reflecting a growth of approximately 60%[16]. - Litigation liability recorded in 2024 was $3,500,000, with no such liability reported in 2023[16]. Cash and Financing - As of June 30, 2024, Virpax had cash of approximately $1.9 million[9]. - Cash at the end of the period decreased to $1,870,729 in 2024 from $14,804,000 in 2023, a decline of approximately 87%[16]. - Virpax received approximately $2.8 million from the issuance of approximately two million shares of common stock from investors exercising warrants in the May 15 public offering[3]. - The company closed a $2.5 million secured loan financing from an institutional investor, which enabled the final payment of its litigation settlement[4]. - Virpax announced a public offering of 1,666,667 shares of common stock at a combined public offering price of $1.35 per share, resulting in gross proceeds of approximately $2.25 million[6]. - Proceeds from public offering amounted to $2,249,993, with no proceeds reported in the previous year[16]. - Net cash provided by financing activities was $2,102,156, with no financing activities reported in 2023[16]. Assets and Compliance - The accumulated deficit as of June 30, 2024, was $66.2 million, compared to $59.5 million as of December 31, 2023[14]. - The company regained compliance with the minimum bid price requirement for continued listing on Nasdaq as of July 24, 2024[3]. Product Development - Probudur, the company's lead asset, demonstrated a long-term, slow-release profile in a pharmacokinetics and safety study conducted in a Swine Model[4]. - Change in prepaid expenses and other current assets was $(233,047) in 2024, compared to $(469,003) in 2023, indicating an improvement[16].

Virpax Pharmaceuticals (NASDAQ:VRPX) stock is rocketing higher on Wednesday after the preclinicalstage pharmaceutical company announced positive results from a swine model pilot study. Virpax Pharmaceuticals has released results from its swine model study of Probudur. This is a treatment candidate to assist in immediate and long-term pain management at wound sites. Virpax Pharmaceuticals is developing Probudur as a replacement for opioids. The swine model study resulted in it injecting four pigs with the tr ...

Loading... Loading... Wednesday, Virpax Pharmaceuticals Inc VRPX released results for a Swine Model pilot study for Probudur, Virpax's long-acting liposomal bupivacaine formulation injected at a wound site to provide immediate and extended pain relief. Shares are trading on a strong session volume of over 100 million, as per data from Benzinga Pro. The pharmacokinetics (PK) and safety study of Probudur in the Swine Model was designed to determine the PK profile of Probudur and to ascertain any adverse effec ...

Probudur is a single-injection liposomal bupivacaine formulation being developed to manage postoperative pain. Envelta is an intranasal molecular envelope enkephalin formulation being developed to manage severe pain, including post-cancer pain. As announced earlier, Virpax Pharmaceuticals priced the public offering of 1.67 million, Series A-1 common warrants to purchase up to 1.7 million shares, and Series A-2 common warrants to purchase up to 1.7 million at a combined price of $1.35/share. The Series A-1 w ...

Exhibit 99.1 "We recently reported results for a Probudur™ Maximum Tolerated Dose Study, as we continue to make steady progress in anticipation of filing our IND. The results of this study, as expected, confirmed our belief that a single injection of Probudur was well- tolerated. Our studies to date continue to reaffirm our belief that Probudur's proprietary formulation has the potential to provide both immediate relief as well as sustained relief at the wound site, avoiding the need for additional free bup ...