Virpax Pharmaceuticals(VRPX) - 2024 Q2 - Quarterly Results

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].