GeoVax Labs(GOVX) - 2025 Q2 - Quarterly Report

PART I – FINANCIAL INFORMATION Condensed Consolidated Financial Statements 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] - 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] - 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][30] - 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] Management's Discussion and Analysis of Financial Condition and Results of Operations 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 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][48] - 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][50] - 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] - 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] Results of Operations 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] - The increase in G&A expenses was mainly due to higher investor relations consulting costs and stock-based compensation expense[62] Liquidity and Capital Resources 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] - Post-quarter, on July 2, 2025, a public offering of common stock and warrants yielded net proceeds of approximately $5.6 million[69] - 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][71] Quantitative and Qualitative Disclosures About Market Risk This disclosure is not applicable as the company qualifies as a smaller reporting company - This disclosure is not applicable to smaller reporting companies[76] Controls and Procedures 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] - There were no significant changes in internal control over financial reporting during the three months ended June 30, 2025[79] PART II – OTHER INFORMATION Legal Proceedings The company reports no legal proceedings - None[82] Risk Factors 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] Unregistered Sales of Equity Securities and Use of Proceeds 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] Defaults Upon Senior Securities The company reports no defaults upon senior securities - None[85] Mine Safety Disclosures This item is not applicable to the company - Not applicable[86] Other Information 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] - 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] Exhibits 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]