GeoVax Labs(GOVX) - 2021 Q2 - Quarterly Report

Financial Performance - Grant and collaboration revenue for Q2 2021 was $79,708, a decrease of 82% from $440,602 in Q2 2020[52] - Total operating expenses for Q2 2021 were $1,566,334, an increase of 76% from $888,713 in Q2 2020[52] - Net loss for Q2 2021 was $1,314,033, compared to a net loss of $455,204 in Q2 2020, representing an increase of 188%[52] - The company has accumulated net losses of approximately $48.7 million since inception through June 30, 2021[66] Research and Development - Research and development expenses increased by $371,414 (80%) in Q2 2021 compared to Q2 2020, primarily due to COVID-19 vaccine program expenditures[56] - The most advanced vaccine program is focused on HIV prevention, expected to enter an upcoming clinical trial (HVTN 132)[49] - The company anticipates an increase in research and development costs as it progresses towards later stages of development, particularly for clinical trials[74] - General and administrative expenses are expected to remain consistent for the remainder of 2021 but will increase beyond 2021 to support expanded research and development activities[75] - NIAID has funded all human clinical trials to date for the company's preventive HIV vaccines, with further funding expected for planned trials[77] Cash Flow and Financing - Cash and cash equivalents increased to $19,538,513 as of June 30, 2021, compared to $9,883,796 as of December 31, 2020, representing a 97.5% increase[67] - Net cash used in operating activities was $2,879,566 for the six months ended June 30, 2021, compared to $925,493 for the same period in 2020, indicating a significant increase in operational losses[67] - Net cash provided by financing activities was $12,554,212 for the six months ended June 30, 2021, primarily from a public offering of common stock, which generated net proceeds of $9,408,920[69] - The company expects existing cash resources to be sufficient to meet anticipated cash requirements through mid-2023, although this is subject to risks and uncertainties[71] - The company may need to raise additional capital to support future operating activities, including development programs and commercialization efforts[73] Government Support and Partnerships - Ongoing government support includes a Small Business Innovative Research (SBIR) grant for the COVID-19 vaccine program[49] - The company plans to pursue partnerships or licensing arrangements to achieve regulatory approval and commercialization of its products[50] - The company has $275,302 in approved grant funds for its COVID-19 vaccine program, expected to be expended during the remainder of 2021 and early 2022[76] - As of June 30, 2021, there are 2,793,635 stock purchase warrants outstanding, which could generate approximately $9.3 million in gross proceeds if fully exercised[78]