GeoVax Labs(GOVX) - 2025 Q1 - Quarterly Report

PART I – FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements 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] - In June 2024, the company was awarded a contract from BARDA for its COVID-19 vaccine, GEO-CM04S1, recognizing $1.6 million in revenue in Q1 2025, but on April 11, 2025, the contract was terminated for the convenience of the government[38][39] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses key vaccine programs, Q1 2025 net loss, increased expenses, and cash sufficiency only into Q3 2025 - The company's lead clinical program, GEO-CM04S1, is a next-generation COVID-19 vaccine in multiple Phase 2 trials, with other key programs including Gedeptin® for solid tumors and GEO-MVA for Mpox and smallpox[19][45] - On April 11, 2025, the company was directed to cease all work on the ATI-RRPV Contract funded by BARDA, which was terminated for the convenience of the government, impacting the development of GEO-CM04S1[49] Results of Operations Comparison (Three Months Ended March 31) | Category | 2025 ($) | 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][70] Item 3. Quantitative and Qualitative Disclosures about Market Risk 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] Item 4. Controls and Procedures 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] - 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] PART II – OTHER INFORMATION Item 1. Legal Proceedings The company reported no legal proceedings during the period - The company has no legal proceedings to report[81] Item 1A. Risk Factors 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] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 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] Item 3. Defaults Upon Senior Securities The company reported no defaults upon senior securities - None[84] Item 4. Mine Safety Disclosures This item is not applicable to the company - Not applicable[85] Item 5. Other Information 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] Item 6. Exhibits 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] - 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]