$VRPX
Virpax Pharmaceuticals, Inc.

2023 Q2 Form 10-Q Financial Statement

#000121390023039029 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.949M $415.5K $1.782M
YoY Change -26.34% -76.69% 40.35%
% of Gross Profit
Research & Development $1.291M $1.236M $3.341M
YoY Change -60.39% -63.02% 209.39%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $3.239M $1.651M $5.124M
YoY Change -45.13% -67.78% 118.03%
Operating Profit -$3.239M -$1.651M -$5.124M
YoY Change -45.13% -67.78%
Interest Expense $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $126.7K -$13.18K
YoY Change 554.21%
Pretax Income -$3.113M -$1.521M -$5.137M
YoY Change -47.1% -70.4% 115.84%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$3.113M -$1.521M -$5.137M
YoY Change -47.1% -70.4% 115.91%
Net Earnings / Revenue
Basic Earnings Per Share -$0.27 -$0.13 -$0.44
Diluted Earnings Per Share -$0.27 -$0.13 -$438.7K
COMMON SHARES
Basic Shares Outstanding 11.71M shares 11.71M shares 11.71M shares
Diluted Shares Outstanding 11.71M shares 11.71M shares 11.71M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.80M $16.99M $30.80M
YoY Change -43.2% -44.84% 151.2%
Cash & Equivalents $14.80M $16.99M $30.80M
Short-Term Investments
Other Short-Term Assets $1.147M $1.506M $3.949M
YoY Change -65.66% -61.85% 311.34%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $15.95M $18.49M $34.75M
YoY Change -45.75% -46.78% 162.83%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $15.95M $18.49M $34.75M
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $15.95M $18.49M $34.75M
YoY Change -45.75% -46.78% 162.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $636.3K $164.1K $155.9K
YoY Change 170.08% 5.23% -40.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.647M $3.294M $2.187M
YoY Change 46.85% 50.64% -17.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.647M $3.294M $2.187M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $3.647M $3.294M $2.187M
YoY Change 46.85% 50.64% -40.25%
SHAREHOLDERS EQUITY
Retained Earnings -$48.99M -$45.88M
YoY Change 45.25%
Common Stock $117.00 $117.00
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.30M $15.20M $32.56M
YoY Change
Total Liabilities & Shareholders Equity $15.95M $18.49M $34.75M
YoY Change -45.75% -46.78% 162.83%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$3.113M -$1.521M -$5.137M
YoY Change -47.1% -70.4% 115.91%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$2.183M -$2.008M -$6.045M
YoY Change -53.91% -66.78% 96.26%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities -2.183M -$2.008M -6.045M
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash -2.183M -$2.008M $0.00
YoY Change -53.91% -100.0%
FREE CASH FLOW
Cash From Operating Activities -$2.183M -$2.008M -$6.045M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use of Estimates</i></b> — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of expenses during the reporting period. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the financial statements, actual results may materially vary from these estimates.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant items subject to such estimates and assumptions include research and development accruals and prepaid expenses, estimated litigation liability, and the valuation of stock-based compensation. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. Accounting estimates used in the preparation of these financial statements change as new events occur, as more experience is acquired, as additional information is obtained and as the operating environment changes.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
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The 2022 Plan reserves an aggregate of (i) 1,500,000 shares of the Company’s common stock for the issuance of awards under the 2022 Plan (all of which may be granted as an Incentive Stock Option, or ISOs) plus (ii) an additional number of shares of common stock subject to outstanding awards under the 2017 Plan that become forfeited or canceled without payment or which are surrendered in payment of the exercise price and/or withholding taxes (collectively, the “Share Limit”). Pursuant to the 2022 Plan’s “evergreen” provision, the Share Limit shall be cumulatively increased on January 1, 2023, and on each January 1 thereafter, by 2% of the number of shares of common stock issued and outstanding on the immediately preceding December 31 or such lesser number of shares as determined by the Board. The 2022 Plan increased by 234,286 shares on January 1, 2023. 
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The 2022 Plan provides that:    ● on January 1 of each year, each non-employee director will be granted options under the 2022 Plan to purchase 15,000 shares of the Company’s common stock.     ● each new non-employee director will be granted options under the 2022 Plan to purchase up to 25,000 shares of the Company’s common stock, subject to approval by the Compensation Committee, at the time the individual first becomes a director.     ● on January 1, of each year, each then serving non-Chair member of the Audit Committee, the Compensation Committee, the Nominating and Corporate Governance Committee and the Science and Technology Committee shall automatically be granted options to purchase 5,000 shares of common stock under the 2022 Plan, and the Chair of each of the Audit Committee, the Compensation Committee, the Nominating and Corporate Governance Committee and the Science and Technology Committee shall each be granted options to purchase 10,000 shares of common stock under the 2022 Plan.  
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
25265 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Period Increase Decrease
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsPeriodIncreaseDecrease
155000 shares
CY2023Q1 vrpx Exercise Price Per Share
ExercisePricePerShare
0.622
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Period Increase Decrease
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsPeriodIncreaseDecrease
528500 shares
CY2023Q1 vrpx Exercise Price Per Share
ExercisePricePerShare
0.788
CY2023Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
0.867
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent
1.10 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Period Increase Decrease
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsPeriodIncreaseDecrease
25000 shares
CY2023Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
0.836
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.61
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
390600 usd
CY2023Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P2Y4M28D
CY2018Q1 vrpx Description Of Lipocure Agreement
DescriptionOfLipocureAgreement
Under the Lipocure Agreement, the Company was required to pay an upfront fee upon signing of $150,000 and is required to make future milestone and royalty payments to Lipocure. The Company is obligated to make aggregate milestone payments of up to $19.8 million upon the achievement of specified development and commercial milestones. Royalty payments must be paid in an amount equal to a single digit to low double-digit percentage of annual net sales of royalty qualifying products, subject to certain adjustments. Royalties shall be payable during the period of time, on a country-by-country basis, commencing on the first commercial sale and ending upon the expiration of the last-to-expire patent claim on the licensed product, which is set to expire on July 24, 2030.
CY2019Q2 vrpx Nanomerics Collaboration Agreement Description
NanomericsCollaborationAgreementDescription
the Company entered into an exclusive collaboration and license agreement, as amended (the “Nanomerics Collaboration Agreement”), with Nanomerics Ltd., a company organized and existing under the laws of United Kingdom (“Nanomerics”), for the exclusive world-wide license to develop and commercialize products, including Envelta™, which contain hydrophilic neuropeptide Leucin5-Enkephalin and an amphiphile compound which is quaternary ammonium palmitoyl glycol chitosan, to engage in a collaborative program utilizing Nanomerics’ knowledge, skills and expertise in the clinical development of products and to attract external funding for such development.
CY2021Q2 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
337500 usd
CY2023Q1 vrpx Description Of Agreement Rendering Of Research Services
DescriptionOfAgreementRenderingOfResearchServices
In consideration for the research services, the Company agreed to pay research service fees of $1,286,000 in four equal quarterly installments ($321,500 per calendar quarter). All services to be provided under the January 2023 Lipocure Research Agreement initiated on January 1, 2023, and are anticipated to be completed towards the end 2023.
CY2020Q3 vrpx Cooperative Research And Development Agreement Description
CooperativeResearchAndDevelopmentAgreementDescription
The term of the CRADA is for a period of four years from May 6, 2020 (the effective date of the agreement) and can be terminated by both parties at any time by mutual written consent.
CY2023Q1 us-gaap Subsequent Event Description
SubsequentEventDescription
The options granted to the consultant will vest upon the one-year anniversary of the grant date and have a ten-year expiration date. Options were also granted to the Company’s EVP Commercial Operations and director pursuant to the 2022 Plan to purchase an aggregate of 100,000 shares of common stock. The options have an exercise price of $0.73 per share, the fair market value of the common stock on the date of grant. The options granted to this individual vest immediately upon grant and have a ten-year expiration date.
CY2023Q1 dei Entity Registrant Name
EntityRegistrantName
Virpax Pharmaceuticals, Inc.
CY2022Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2022Q4 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2023Q1 us-gaap Other Expenses
OtherExpenses
usd
CY2022Q1 us-gaap Other Income
OtherIncome
usd
CY2022Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
usd
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
CY2022Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
CY2022 us-gaap Premiums Earned Net Other Insurance
PremiumsEarnedNetOtherInsurance
usd
CY2022 us-gaap Professional Fees
ProfessionalFees
usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
shares
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
CY2023Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Vested
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested
usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
usd
CY2023Q1 dei Amendment Flag
AmendmentFlag
false
CY2023Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2023Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2023Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001708331

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