Virpax Pharmaceuticals(US:VRPX)2024-03-26 11:30Financial Performance - For the year ended December 31, 2023, Virpax reported operating expenses of $15.7 million, a decrease from $21.8 million in 2022, primarily due to lower legal defense costs and reduced research and development expenses[11][12][21]. - The operating loss for 2023 was $15.2 million, compared to an operating loss of $21.7 million in 2022, indicating improved financial performance[13]. - The net loss for the year ended December 31, 2023, was $15.2 million, compared to a net loss of $21.7 million in 2022, reflecting a reduction in losses[23]. Research and Development - Research and development expenses were $5.1 million for 2023, down from $10.8 million in 2022, mainly due to a milestone payment in 2022 and decreased preclinical activities[12]. - Virpax is on track to file an Investigational New Drug (IND) application for Probudur in 2024, with a head-to-head study against free bupivacaine and EXPAREL expected to start mid-year[4][17]. - The company is continuing to develop Envelta, a non-addictive pain product candidate, and is making progress towards filing the IND[4]. Cash and Liabilities - As of December 31, 2023, Virpax had cash of approximately $9.1 million, a significant decrease from $19.0 million at the end of 2022[14]. - Virpax's total liabilities increased to $7.7 million as of December 31, 2023, compared to $3.1 million in 2022, largely due to litigation liabilities[20]. Funding and Compliance - The company has developed a core competency in securing government grants, which has become a significant source of non-dilutive funding[5]. - Virpax executed a 1-for-10 reverse stock split effective March 1, 2024, to regain compliance with Nasdaq's minimum bid price requirement[10].