Core Insights - Theriva Biologics has made significant clinical progress with VCN-01 in the VIRAGE Phase 2b trial for metastatic pancreatic ductal adenocarcinoma, achieving primary survival and safety endpoints [2][5] - The company successfully closed a public offering, raising approximately $7.5 million, which will extend its cash runway into the first quarter of 2026 [4][10] - Financial results for Q1 2025 show a decrease in general and administrative expenses by 25% and research and development expenses by 14% compared to Q1 2024 [7][8] Clinical Developments - VCN-01, in combination with gemcitabine/nab-paclitaxel, demonstrated improved overall survival (OS), progression-free survival (PFS), and duration of response (DOR) compared to standard chemotherapy alone [5] - The trial indicated that patients receiving two doses of VCN-01 experienced greater OS benefits, suggesting the second dose provides meaningful additional benefits [5] - The company is scaling up manufacturing and finalizing the design for a potential Phase 3 trial of VCN-01 [2][5] Financial Performance - General and administrative expenses decreased to $1.4 million in Q1 2025 from $1.9 million in Q1 2024, primarily due to lower salary costs and travel expenses [7] - Research and development expenses fell to $3.0 million in Q1 2025 from approximately $3.5 million in Q1 2024, attributed to reduced manufacturing costs and lower clinical trial expenses [8] - The net loss attributable to common stockholders for Q1 2025 was $4.3 million, compared to a net loss of $5.2 million in Q1 2024, with a net loss per share of $1.55 [22] Corporate Updates - The public offering consisted of 6,818,180 shares at a combined offering price of $1.10 per share, with warrants to purchase an equal number of shares [4][6] - The company intends to use the net proceeds from the offering for working capital, research and development, and manufacturing scale-up of VCN-01 [6] - Cash and cash equivalents totaled $10 million as of March 31, 2025, down from $11.6 million at the end of 2024, but increased to $14.1 million post-offering [10]