Synthetic Biologics(TOVX) - 2025 Q2 - Quarterly Results

Financial Position - Theriva Biologics reported cash and cash equivalents of $12.1 million as of June 30, 2025, with an expected cash runway into Q1 2026[1] - Total assets increased to $35,830 million as of June 30, 2025, compared to $35,352 million at December 31, 2024, reflecting a growth of 1.35%[17] - Current liabilities rose significantly to $12,394 million from $7,585 million, marking an increase of 63.5%[17] - Total stockholders' equity decreased to $10,623 million from $19,067 million, a decline of 44.5%[17] - Accumulated deficit increased to $352,353 million as of June 30, 2025, from $334,971 million at December 31, 2024, indicating a rise of 5.5%[17] Expenses - General and administrative expenses increased by 662% to $11.2 million for Q2 2025, primarily due to a $9.2 million increase in fair value of contingent consideration related to the VIRAGE Phase 2b trial[5] - Research and development expenses decreased by 34% to $2.0 million for Q2 2025, attributed to lower clinical trial expenses for the VIRAGE trial and decreased manufacturing costs[6] - The charge related to stock-based compensation expense was $97,000 for Q2 2025, compared to $114,000 for Q2 2024[5] - Other income for Q2 2025 was $74,000, down from $172,000 in Q2 2024, primarily due to a decrease in interest income[7] - Research and development expenses decreased to $1,953 million in Q2 2025 from $2,953 million in Q2 2024, a reduction of 33.8%[19] - Total operating costs and expenses for the six months ended June 30, 2025, were $17,549 million, up from $13,881 million in the same period of 2024, an increase of 26.3%[19] Net Loss - Net loss for the three months ended June 30, 2025, was $13,058 million, compared to a net loss of $8,316 million for the same period in 2024, representing a year-over-year increase of 57.5%[19] - The company reported a net loss per share of $1.93 for Q2 2025, compared to a net loss per share of $10.72 in Q2 2024[19] - Total comprehensive loss for the six months ended June 30, 2025, was $15,411 million, compared to $14,222 million for the same period in 2024, reflecting an increase of 8.4%[19] Clinical Trials and Research - Positive topline results from the VIRAGE Phase 2b trial indicated increased overall survival, progression-free survival, and duration of response for metastatic pancreatic cancer patients treated with VCN-01 compared to standard chemotherapy[3] - The company is preparing a study protocol for a potential Phase 3 clinical trial for VCN-01 in metastatic pancreatic ductal adenocarcinoma (PDAC)[2] - Expanded data from the VIRAGE trial is scheduled to be presented at the ESMO 2025 Congress on October 20, 2025[3] - Theriva anticipates an increase in research and development expenses as it completes the VIRAGE trial and plans for the potential Phase 3 trial of VCN-01[6] - VCN-01 has been administered to 142 patients in clinical trials across various cancers, demonstrating its potential in treating multiple tumor types[9] Foreign Currency Exchange - The company experienced a foreign currency exchange gain of $20 million in Q2 2025, compared to a loss of $1 million in Q2 2024[19]