GeoVax Labs(US:GOVX)2025-11-13 21:03Financial Performance - Total current assets decreased to $6,517,248 as of September 30, 2025, down from $7,934,883 on December 31, 2024, representing a decline of approximately 18%[13] - Revenue from government contracts was $0 for the three months ended September 30, 2025, compared to $2,789,484 for the same period in 2024, indicating a decrease of 100%[15] - The net loss for the nine months ended September 30, 2025, was $17,046,348, compared to a net loss of $16,729,642 for the same period in 2024, reflecting an increase in loss of approximately 2%[19] - The company reported a basic and diluted net loss per common share of $0.31 for the three months ended September 30, 2025[15] - The net loss for the three-month period ended September 30, 2025, was $6,318,914, an increase of $503,446 compared to the net loss of $5,815,468 in the same period in 2024[65] Operating Expenses - Total operating expenses for the nine months ended September 30, 2025, were $19,686,436, slightly down from $19,890,039 in the same period of 2024, a decrease of about 1%[15] - Total operating expenses for the three-month period ended September 30, 2025, were $6,373,215, down from $8,644,060 in the same period in 2024, a decrease of $2,270,845[65] - General and administrative expenses increased by $88,535 (7.1%) for the three-month period and $774,787 (20.5%) for the nine-month period ended September 30, 2025, compared to the same periods in 2024[68] Cash Flow and Financing - Cash and cash equivalents at the end of the period were $5,008,997, down from $8,592,523 at the end of September 30, 2024, a decrease of about 42%[19] - Net cash used in operating activities for the nine months ended September 30, 2025, was $16,512,193, primarily due to a net loss of $17,046,348[70] - Net cash provided by financing activities was $16,041,861 for the nine-month period ended September 30, 2025, compared to $19,082,548 for the same period in 2024[72] - The company closed a registered direct offering of common stock and warrants in the first quarter of 2025, generating approximately $7.9 million in net proceeds[74] - The company raised $15,885,652 from the sale of common stock and warrants during the nine months ended September 30, 2025[19] - As of September 30, 2025, the company believes existing cash and cash equivalents are sufficient to fund operations into December 2025[76] - The company anticipates needing substantial additional funding to support ongoing operations and product development[78] - The sale of additional equity may result in dilution to stockholders, and the company may also consider debt financing, which could impose operational restrictions[79] Research and Development - GeoVax's lead clinical program, GEO-CM04S1, is currently in three Phase 2 clinical trials targeting COVID-19[22] - The company is developing a vaccine targeting Mpox and smallpox, with a Phase 3 immuno-bridging study expected to initiate in late 2026[22] - The company plans to initiate a Phase 3 trial for the GEO-MVA vaccine candidate in 2026, bypassing traditional Phase 1 and 2 studies[56] - The company received a development award from BARDA to support the advancement of GEO-CM04S1 into a Phase 2b study, which was later terminated[56] - The company is developing a continuous avian cell line manufacturing platform to enhance the production of its Modified Vaccinia Ankara (MVA)-based vaccines[56] - The company expects research and development expenditures to increase as it advances existing and future product candidates through clinical trials[58] - Research and development expenses decreased by $2,359,380 (31.9%) for the three-month period and by $978,390 (6.1%) for the nine-month period ended September 30, 2025, compared to the same periods in 2024[67] - Research and development expenses for the three-month and nine-month periods of 2025 included stock-based compensation of $130,323 and $390,962, respectively[67] Stockholder Equity - Stockholders' equity decreased to $4,907,078 as of September 30, 2025, from $5,048,535 on December 31, 2024, a decline of approximately 3%[13] - The company has 40,027,849 outstanding warrants as of September 30, 2025, with a weighted average exercise price of $0.70[41] - The company expects to recognize $1,619,481 of unrecognized stock-based compensation expense over a weighted-average period of 2.1 years as of September 30, 2025[44] - Stock-based compensation expense for the nine-month period ended September 30, 2025, was $863,030, an increase of approximately 157.5% compared to $335,132 for the same period in 2024[44] Other Financial Metrics - Total prepaid expenses decreased from $1,768,533 on December 31, 2024, to $1,508,251 on September 30, 2025, a reduction of approximately 14.7%[28] - Total accrued expenses decreased from $1,257,572 on December 31, 2024, to $847,766 on September 30, 2025, a reduction of approximately 32.5%[28] - Interest income for the three-month and nine-month periods ended September 30, 2025, was $54,301 and $150,943, respectively, compared to $53,191 and $91,611 for the same periods in 2024[69] - The company remains in a cumulative loss position with no provision for income taxes recorded as of September 30, 2025[49] - The company has not generated any revenue from product sales to date, relying solely on government grants and contracts[55] - The company has not generated any product revenue to date and does not expect to do so until regulatory approval is obtained[73]