2023 Q4 Form 10-Q Financial Statement
#000121390023093897 Filed on December 07, 2023
Income Statement
Concept | 2023 Q4 | 2023 Q3 | 2022 Q3 |
---|---|---|---|
Revenue | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $3.589M | $4.620M | $4.910M |
YoY Change | 105.72% | -5.92% | 216.46% |
% of Gross Profit | |||
Research & Development | $1.096M | $1.496M | $2.805M |
YoY Change | -19.3% | -46.68% | 601.28% |
% of Gross Profit | |||
Depreciation & Amortization | |||
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $4.684M | $6.115M | $7.715M |
YoY Change | 51.0% | -20.74% | 1828.79% |
Operating Profit | -$6.115M | -$7.715M | |
YoY Change | -20.74% | 137.41% | |
Interest Expense | |||
YoY Change | |||
% of Operating Profit | |||
Other Income/Expense, Net | $122.4K | $120.6K | $73.25K |
YoY Change | 6.45% | 64.7% | 16.42% |
Pretax Income | -$4.562M | -$5.994M | -$7.642M |
YoY Change | 52.71% | -21.56% | 137.64% |
Income Tax | $0.00 | ||
% Of Pretax Income | |||
Net Earnings | -$4.562M | -$5.994M | -$7.642M |
YoY Change | 52.71% | -21.56% | 137.64% |
Net Earnings / Revenue | |||
Basic Earnings Per Share | -$0.51 | -$0.65 | |
Diluted Earnings Per Share | -$3.90 | -$0.51 | -$0.65 |
COMMON SHARES | |||
Basic Shares Outstanding | 11.71M shares | 11.71M shares | 11.71M shares |
Diluted Shares Outstanding | 11.71M shares | 11.71M shares |
Balance Sheet
Concept | 2023 Q4 | 2023 Q3 | 2022 Q3 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $9.142M | $12.15M | $20.56M |
YoY Change | -51.87% | -40.9% | -50.71% |
Cash & Equivalents | $9.142M | $12.15M | $20.56M |
Short-Term Investments | |||
Other Short-Term Assets | $486.8K | $885.4K | $3.073M |
YoY Change | -28.23% | -71.19% | 97.05% |
Inventory | |||
Prepaid Expenses | |||
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $9.628M | $13.04M | $23.64M |
YoY Change | -51.06% | -44.84% | -45.38% |
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 | $9.628M | $13.04M | $23.64M |
Total Long-Term Assets | $0.00 | $0.00 | $0.00 |
Total Assets | $9.628M | $13.04M | $23.64M |
YoY Change | -51.06% | -44.84% | -45.38% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $2.000M | ||
YoY Change | |||
Accrued Expenses | $493.8K | $595.6K | $311.2K |
YoY Change | -24.59% | 91.35% | |
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 | $7.694M | $6.533M | $4.208M |
YoY Change | 148.63% | 55.25% | 132.25% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $7.694M | $6.533M | $4.208M |
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
Total Liabilities | $7.694M | $6.533M | $4.208M |
YoY Change | 148.63% | 55.25% | 132.25% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$59.54M | -$54.98M | -$41.37M |
YoY Change | 34.25% | 32.91% | |
Common Stock | $12.00 | $117.00 | $117.00 |
YoY Change | -89.74% | 0.0% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $1.934M | $6.506M | $19.43M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $9.628M | $13.04M | $23.64M |
YoY Change | -51.06% | -44.84% | -45.38% |
Cashflow Statement
Concept | 2023 Q4 | 2023 Q3 | 2022 Q3 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$4.562M | -$5.994M | -$7.642M |
YoY Change | 52.71% | -21.56% | 137.64% |
Depreciation, Depletion And Amortization | |||
YoY Change | |||
Cash From Operating Activities | -$3.011M | -$2.652M | -$5.499M |
YoY Change | 92.14% | -51.76% | 15.94% |
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 | 0.000 | ||
YoY Change | -100.0% | ||
NET CHANGE | |||
Cash From Operating Activities | -3.011M | -2.652M | -5.499M |
Cash From Investing Activities | |||
Cash From Financing Activities | 0.000 | ||
Net Change In Cash | -3.011M | -2.652M | -5.499M |
YoY Change | 92.14% | -51.76% | -117.6% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$3.011M | -$2.652M | -$5.499M |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
Facts In Submission
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|
-0.91 | ||
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Earnings Per Share Diluted
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|
-1.59 | ||
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2023-09-30 | ||
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2023 | ||
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001-40064 | ||
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VIRPAX PHARMACEUTICALS, INC. | ||
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Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
|
DE | ||
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Entity Tax Identification Number
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82-1510982 | ||
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1055 Westlakes Drive | ||
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Suite 300 | ||
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Berwyn | ||
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19312 | ||
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(610) | ||
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727-4597 | ||
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Common Stock, $0.00001 Par Value Per Share | ||
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VRPX | ||
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|
18995284 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
36841992 | usd |
CY2023Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
12152993 | usd |
CY2022Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
20562611 | usd |
dei |
Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
|
2017-05-12 | ||
us-gaap |
Net Income Loss
NetIncomeLoss
|
-10627799 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-18663607 | usd | |
CY2023Q3 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-54982426 | usd |
CY2023Q3 | vrpx |
Estimated Litigation Liability
EstimatedLitigationLiability
|
5000000 | usd |
us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ from those estimates. 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.</p> | ||
CY2022Q4 | us-gaap |
Prepaid Insurance
PrepaidInsurance
|
156754 | usd |
CY2023Q3 | vrpx |
Prepaid Research And Development
PrepaidResearchAndDevelopment
|
448429 | usd |
CY2023Q3 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
11900000 | usd |
CY2022Q4 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
18700000 | usd |
us-gaap |
Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
|
0.50 | pure | |
CY2023Q3 | us-gaap |
Prepaid Insurance
PrepaidInsurance
|
406853 | usd |
CY2022Q4 | vrpx |
Prepaid Research And Development
PrepaidResearchAndDevelopment
|
496270 | usd |
CY2023Q3 | us-gaap |
Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
|
30112 | usd |
CY2022Q4 | us-gaap |
Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
|
25341 | usd |
CY2023Q3 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
885394 | usd |
CY2022Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
678365 | usd |
CY2023Q3 | us-gaap |
Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
|
537054 | usd |
CY2022Q4 | us-gaap |
Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
|
654765 | usd |
CY2023Q3 | vrpx |
Accrued Severance
AccruedSeverance
|
58500 | usd |
CY2023Q3 | us-gaap |
Accrued Insurance Current
AccruedInsuranceCurrent
|
210622 | usd |
CY2023Q3 | vrpx |
Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
|
422176 | usd |
CY2022Q4 | vrpx |
Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
|
254904 | usd |
us-gaap |
Legal Fees
LegalFees
|
178889 | usd | |
us-gaap |
Legal Fees
LegalFees
|
147277 | usd | |
CY2023Q3 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
92290 | usd |
CY2023Q3 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
33192 | usd |
CY2022Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
37644 | usd |
CY2023Q3 | us-gaap |
Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
|
1532723 | usd |
CY2022Q4 | us-gaap |
Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
|
1094590 | usd |
CY2023Q1 | vrpx |
Net Of Insurance Reimbursement
NetOfInsuranceReimbursement
|
1250000 | usd |
CY2023Q4 | us-gaap |
Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
|
14684833 | usd |
CY2023Q4 | vrpx |
Net Sales Of Epoladerm
NetSalesOfEpoladerm
|
0.05 | pure |
CY2023Q4 | vrpx |
Net Sales Of Envelta
NetSalesOfEnvelta
|
0.075 | pure |
CY2023Q4 | vrpx |
Loss Contingency Exemplary Damage Value
LossContingencyExemplaryDamageValue
|
13400000 | usd |
us-gaap |
Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
|
6.7 | usd | |
CY2023Q3 | vrpx |
Proffered Documents
ProfferedDocuments
|
1182 | shares |
us-gaap |
Payments For Fees
PaymentsForFees
|
28382 | usd | |
CY2022 | us-gaap |
Litigation Settlement Interest
LitigationSettlementInterest
|
2000000 | usd |
us-gaap |
Litigation Settlement Interest
LitigationSettlementInterest
|
5000000 | usd | |
us-gaap |
Other Selling General And Administrative Expense
OtherSellingGeneralAndAdministrativeExpense
|
3000000 | usd | |
CY2023Q3 | us-gaap |
Other Selling General And Administrative Expense
OtherSellingGeneralAndAdministrativeExpense
|
2000000 | usd |
CY2022Q3 | us-gaap |
Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
|
146029 | usd |
vrpx |
Christopher Chipman Separation Agreement Description
ChristopherChipmanSeparationAgreementDescription
|
(i) severance in the amount of $234,000, payable in four equal installments of $58,500, subject to all withholdings, on the Company’s first payrolls dates following July 1, 2023, August 1, 2023, September 1, 2023, and October 1, 2023, respectively; (ii) COBRA reimbursement in the amount of $13,385 which represents four months of COBRA payments; and (iii) accelerated vesting of 238,126 shares subject to Mr. Chipman’s outstanding stock options. Mr. Chipman’s separation from the Company was effective June 30, 2023. | ||
CY2023Q3 | us-gaap |
Loss Contingency Accrual Product Liability Gross
LossContingencyAccrualProductLiabilityGross
|
58500 | usd |
CY2023Q3 | us-gaap |
Loss Contingency Accrual Product Liability Gross
LossContingencyAccrualProductLiabilityGross
|
58500 | usd |
CY2023Q3 | us-gaap |
Loss Contingency Accrual Product Liability Gross
LossContingencyAccrualProductLiabilityGross
|
58500 | usd |
CY2023Q4 | us-gaap |
Loss Contingency Accrual Product Liability Gross
LossContingencyAccrualProductLiabilityGross
|
58500 | usd |
CY2023Q3 | us-gaap |
Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
|
58500 | usd |
CY2022Q4 | us-gaap |
Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
|
0 | usd |
CY2023Q3 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
CY2023Q3 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.00001 | |
CY2023Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
CY2023Q3 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.00001 | |
CY2023Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
11714284 | shares |
CY2022Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
11714284 | shares |
CY2023Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
11714284 | shares |
CY2022Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
11714284 | shares |
CY2023Q3 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
18436 | shares |
CY2023Q3 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
9.89 | |
us-gaap |
Stock Option Exercise Price Decrease
StockOptionExercisePriceDecrease
|
12.5 | ||
CY2022Q2 | vrpx |
Reserving Shares
ReservingShares
|
1500000 | shares |
CY2022Q2 | vrpx |
Annual Increase
AnnualIncrease
|
0.02 | pure |
us-gaap |
Common Stock Conversion Basis
CommonStockConversionBasis
|
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. | ||
vrpx |
Unvested Restricted Stock Awards
UnvestedRestrictedStockAwards
|
0 | shares | |
CY2022 | vrpx |
Unvested Restricted Stock Awards
UnvestedRestrictedStockAwards
|
237 | shares |
us-gaap |
Stock Issued1
StockIssued1
|
0 | usd | |
us-gaap |
Stock Issued During Period Shares Restricted Stock Award Forfeited
StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited
|
0 | shares | |
us-gaap |
Stock Issued During Period Shares Restricted Stock Award Forfeited
StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited
|
451 | shares | |
CY2023Q3 | us-gaap |
Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
|
0 | usd |
CY2022Q3 | us-gaap |
Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
|
4688 | usd |
us-gaap |
Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
|
2342 | usd | |
us-gaap |
Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
|
32831 | usd | |
CY2023Q3 | us-gaap |
Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
|
195564 | usd |
us-gaap |
Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
|
552060 | usd | |
us-gaap |
Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
|
573927 | usd | |
CY2023Q3 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
195564 | usd |
CY2022Q3 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
150717 | usd |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
554404 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
606758 | usd | |
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P5Y5M15D | ||
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P5Y7M24D | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0367 | pure | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0196 | pure | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
1.1312 | pure | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0.7712 | pure | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | pure | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | pure | |
CY2023Q3 | vrpx |
Options Outstanding Shares
OptionsOutstandingShares
|
1172281 | shares |
CY2023Q3 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
|
209980 | usd |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
1008500000 | shares | |
us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
0.78 | ||
CY2023Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
1008500000 | shares |
CY2023Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
0.78 | |
vrpx |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm1
|
P7Y10M9D | ||
CY2023Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
46432 | usd |
CY2023Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
212000000 | shares |
CY2023Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
0.76 | |
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P4Y6M29D | ||
CY2023Q3 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
|
8344 | usd |
CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Period Increase Decrease
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsPeriodIncreaseDecrease
|
100000 | shares |
CY2023Q2 | vrpx |
Exercise Price Per Share
ExercisePricePerShare
|
0.99 | |
us-gaap |
Defined Benefit Plan Pension Method To Determine Vested Benefit Obligation
DefinedBenefitPlanPensionMethodToDetermineVestedBenefitObligation
|
The options granted to the Chief Financial Officer vest as follows: (i) 25% shall vest upon the one-year anniversary from his hire date and (ii) the remaining 75% shall vest in thirty-six equal monthly installments. On August 15, 2023, the remaining 75% vesting term was amended from thirty-six months to twenty-four months. The options have a ten-year expiration date. | ||
CY2023Q3 | us-gaap |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
|
238126 | shares |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
0.63 | ||
us-gaap |
Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
|
P1Y6M29D | ||
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. Lipocure met the development milestone of $300,000 in the third quarter of 2023 for successfully completing a formulation for the Licensed Product. The Company paid $150,000 in the third quarter of 2023 and will pay the balance in the fourth quarter of 2023. 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. | ||
CY2021Q2 | vrpx |
Service Fees
ServiceFees
|
337500 | usd |
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), as well as reasonable pass-through expenses. 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. | ||
CY2022Q3 | us-gaap |
Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
|
usd | |
vrpx |
Increase Decreasein Estimated Litigation Liability
IncreaseDecreaseinEstimatedLitigationLiability
|
usd | ||
CY2022Q4 | vrpx |
Accrued Severance
AccruedSeverance
|
usd | |
CY2022Q4 | us-gaap |
Accrued Insurance Current
AccruedInsuranceCurrent
|
usd | |
CY2022Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
usd | |
CY2023Q3 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
CY2022Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
CY2023Q3 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
CY2022Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
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
|
||
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 | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
shares | ||
us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
|||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
|
shares | ||
vrpx |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercise Price Cancelled Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisePriceCancelledWeightedAverageExercisePrice
|
|||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
|
shares | ||
us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
|||
us-gaap |
Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
|
|||
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Vested
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested
|
usd | ||
dei |
Amendment Flag
AmendmentFlag
|
false | ||
dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q3 | ||
dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001708331 |