$VRPX
Virpax Pharmaceuticals, Inc.

2024 Q2 Form 10-Q Financial Statement

#000121390024042284 Filed on May 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 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 $1.502M $1.689M $415.5K
YoY Change -22.91% 306.59% -76.69%
% of Gross Profit
Research & Development $1.956M $1.613M $1.236M
YoY Change 51.54% 30.56% -63.02%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $3.458M $3.302M $1.651M
YoY Change 6.76% 100.02% -67.78%
Operating Profit -$3.458M -$3.302M -$1.651M
YoY Change 6.76% 100.02% -67.78%
Interest Expense -$11.00K
YoY Change
% of Operating Profit
Other Income/Expense, Net $8.126K $82.03K
YoY Change -93.59%
Pretax Income -$3.450M -$3.220M -$1.521M
YoY Change 10.84% 111.8% -70.4%
Income Tax
% Of Pretax Income
Net Earnings -$3.450M -$3.220M -$1.521M
YoY Change 10.84% 111.8% -70.4%
Net Earnings / Revenue
Basic Earnings Per Share -$1.75 -$2.75 -$0.13
Diluted Earnings Per Share -$1.75 -$2.75 -$0.13
COMMON SHARES
Basic Shares Outstanding 1.171M shares 1.171M shares 11.71M shares
Diluted Shares Outstanding 1.977M shares 1.171M shares 11.71M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.871M $1.866M $16.99M
YoY Change -87.36% -89.01% -44.84%
Cash & Equivalents $1.871M $1.866M $16.99M
Short-Term Investments
Other Short-Term Assets $719.9K $1.264M $1.506M
YoY Change -37.26% -16.07% -61.85%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $2.591M $3.130M $18.49M
YoY Change -83.76% -83.07% -46.78%
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 $2.591M $3.130M $18.49M
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $2.591M $3.130M $18.49M
YoY Change -83.76% -83.07% -46.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $473.9K $262.6K $164.1K
YoY Change -25.52% 60.03% 5.23%
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 $5.385M $4.344M $3.294M
YoY Change 47.67% 31.86% 50.64%
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 $5.385M $4.344M $3.294M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $5.385M $4.344M $3.294M
YoY Change 47.67% 31.86% 50.64%
SHAREHOLDERS EQUITY
Retained Earnings -$66.20M -$62.76M -$45.88M
YoY Change 35.14% 36.82%
Common Stock $28.00 $12.00 $117.00
YoY Change -76.07% -89.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.794M -$1.213M $15.20M
YoY Change
Total Liabilities & Shareholders Equity $2.591M $3.130M $18.49M
YoY Change -83.76% -83.07% -46.78%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$3.450M -$3.220M -$1.521M
YoY Change 10.84% 111.8% -70.4%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$1.644M -$7.729M -$2.008M
YoY Change -24.7% 284.86% -66.78%
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 1.648M $454.0K
YoY Change
NET CHANGE
Cash From Operating Activities -1.644M -$7.729M -$2.008M
Cash From Investing Activities
Cash From Financing Activities 1.648M $454.0K
Net Change In Cash 4.520K -$7.275M -$2.008M
YoY Change -100.21% 262.25%
FREE CASH FLOW
Cash From Operating Activities -$1.644M -$7.729M -$2.008M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2024Q1 dei Trading Symbol
TradingSymbol
VRPX
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1171233 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1171233 shares
CY2024Q1 dei Document Type
DocumentType
10-Q
CY2024Q1 dei Document Quarterly Report
DocumentQuarterlyReport
true
CY2024Q1 dei Document Period End Date
DocumentPeriodEndDate
2024-03-31
CY2024Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
CY2024Q1 dei Document Transition Report
DocumentTransitionReport
false
CY2024Q1 dei Entity File Number
EntityFileNumber
001-40064
CY2024Q1 dei Entity Registrant Name
EntityRegistrantName
VIRPAX PHARMACEUTICALS, INC.
CY2024Q1 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2024Q1 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
82-1510982
CY2024Q1 dei Entity Address Address Line1
EntityAddressAddressLine1
1055 Westlakes Drive
CY2024Q1 dei Entity Address Address Line2
EntityAddressAddressLine2
Suite 300
CY2024Q1 dei Entity Address City Or Town
EntityAddressCityOrTown
Berwyn
CY2024Q1 dei Entity Address State Or Province
EntityAddressStateOrProvince
PA
CY2024Q1 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
19312
CY2024Q1 dei City Area Code
CityAreaCode
(610)
CY2024Q1 dei Local Phone Number
LocalPhoneNumber
727-4597
CY2024Q1 dei Security12b Title
Security12bTitle
Common Stock, $0.00001 Par Value Per Share
CY2024Q1 dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2024Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2024Q1 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2024Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2024Q1 dei Entity Small Business
EntitySmallBusiness
true
CY2024Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2024Q1 dei Entity Ex Transition Period
EntityExTransitionPeriod
false
CY2024Q1 dei Entity Shell Company
EntityShellCompany
false
CY2024Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
1171233 shares
CY2024Q1 us-gaap Cash
Cash
1866131 usd
CY2023Q4 us-gaap Cash
Cash
9141512 usd
CY2024Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1264276 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
486833 usd
CY2024Q1 us-gaap Assets Current
AssetsCurrent
3130407 usd
CY2023Q4 us-gaap Assets Current
AssetsCurrent
9628345 usd
CY2024Q1 us-gaap Assets
Assets
3130407 usd
CY2023Q4 us-gaap Assets
Assets
9628345 usd
CY2024Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
1843791 usd
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
1694024 usd
CY2024Q1 us-gaap Litigation Reserve Current
LitigationReserveCurrent
2500000 usd
CY2023Q4 us-gaap Litigation Reserve Current
LitigationReserveCurrent
6000000 usd
CY2024Q1 us-gaap Liabilities Current
LiabilitiesCurrent
4343791 usd
CY2023Q4 us-gaap Liabilities Current
LiabilitiesCurrent
7694024 usd
CY2024Q1 us-gaap Liabilities
Liabilities
4343791 usd
CY2023Q4 us-gaap Liabilities
Liabilities
7694024 usd
CY2024Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2024Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1171233 shares
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1171233 shares
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1171233 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1171233 shares
CY2024Q1 us-gaap Common Stock Value
CommonStockValue
12 usd
CY2023Q4 us-gaap Common Stock Value
CommonStockValue
12 usd
CY2024Q1 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
61551163 usd
CY2023Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
61478444 usd
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-62764559 usd
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-59544135 usd
CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
-1213384 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
1934321 usd
CY2024Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
3130407 usd
CY2023Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
9628345 usd
CY2023Q1 us-gaap Insurance Recoveries
InsuranceRecoveries
1250000 usd
CY2024Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1689182 usd
CY2023Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
415451 usd
CY2024Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1613275 usd
CY2023Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1235614 usd
CY2024Q1 us-gaap Operating Expenses
OperatingExpenses
3302457 usd
CY2023Q1 us-gaap Operating Expenses
OperatingExpenses
1651065 usd
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-3302457 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1651065 usd
CY2024Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
82033 usd
CY2023Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
130531 usd
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3220424 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1520534 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-3220424 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-1520534 usd
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.75
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.3
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1171233 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1171233 shares
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
16579059 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
140583 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-1520534 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
15199108 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
1934321 usd
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
72719 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-3220424 usd
CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
-1213384 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-3220424 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-1520534 usd
CY2024Q1 us-gaap Share Based Compensation
ShareBasedCompensation
72719 usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
140583 usd
CY2024Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
777443 usd
CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
828065 usd
CY2024Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-304184 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
199649 usd
CY2024Q1 vrpx Increase Decreasein Estimated Litigation Liability
IncreaseDecreaseinEstimatedLitigationLiability
-3500000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7729332 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2008367 usd
CY2024Q1 vrpx Proceeds From Insurance Financing Agreement
ProceedsFromInsuranceFinancingAgreement
502798 usd
CY2024Q1 vrpx Payments To Insurance Financing Agreement
PaymentsToInsuranceFinancingAgreement
48847 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
453951 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-7275381 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-2008367 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9141512 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18995284 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1866131 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16986917 usd
CY2024Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 1. Business, and Liquidity and Going Concern</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Business</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Virpax Pharmaceuticals, Inc. (“Virpax” or the “Company”) was incorporated on May 12, 2017, in the state of Delaware. Virpax is a preclinical stage pharmaceutical company focused on developing novel and proprietary drug-delivery systems, and drug-releasing technologies focused on advancing non-opioid and non-addictive pain management treatments and treatments for central nervous system (“CNS”) disorders to enhance patients’ quality of life.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 26, 2023, the Company formed Novvae Pharmaceuticals, Inc., a wholly owned subsidiary of the Company, in the state of Delaware, for the purpose of developing over the counter products. No activities with respect to Novvae Pharmaceuticals, Inc. have occurred since formation through the three months ended March 31, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity and Going Concern</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company, since inception, has been engaged in organizational activities, including raising capital and research and development activities. The Company has not generated revenues and has not yet achieved profitable operations, nor has it ever generated positive cash flow from operations. There is no assurance that profitable operations, if achieved, could be sustained on a continuing basis. The Company is subject to those risks associated with any preclinical stage pharmaceutical company that has substantial expenditures for research and development. There can be no assurance that the Company’s research and development projects will be successful, that products developed will obtain necessary regulatory approval, or that any approved product will be commercially viable. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees and consultants. Further, the Company’s future operations are dependent on the success of the Company’s efforts to raise additional capital.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company incurred a net loss of $3.2 million and $1.5 million for the three months ended March 31, 2024 and 2023, respectively, and had an accumulated deficit of $62.8 million as of March 31, 2024. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant revenue from its product candidates currently in development. The Company’s primary source of capital has been the issuance of debt and equity securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As noted in Note 5. Commitments and Contingencies, the Company has paid $3.5 million to Sorrento Therapeutics, Inc. (“Sorrento”), and Scilex Pharmaceuticals Inc. (“Scilex” and together with Sorrento, the “Plaintiffs”) on March 18, 2024 pursuant to the terms of the settlement agreement that the Company entered into with the Plaintiffs on February 29, 2024 (the “Settlement Agreement”) and is obligated to pay an additional $2.5 million to the Plaintiffs on July 1, 2024. The Company will need to raise additional capital to fund operations, make the $2.5 million payment, and, in addition, fund other required payments, if any, to its former Chief Executive Officer. Due to the Company’s continuing losses and cash position, there exists substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Substantial additional financing will be needed by the Company to fund its operations, including litigation costs, and to complete clinical development of and to commercially develop all of its product candidates. There is no assurance that such financing will be available when needed or on acceptable terms. The Company also may be forced to curtail spending in research and development activities in order to conserve cash. If the Company does not obtain financing, the Company may have to liquidate assets, initiate bankruptcy proceedings, or cease operations.</p>
CY2024Q1 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, contingent liabilities, 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>
CY2024Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
1600000 usd
CY2023Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
8900000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.50 pure
CY2024Q1 us-gaap Prepaid Insurance
PrepaidInsurance
677073 usd
CY2023Q4 us-gaap Prepaid Insurance
PrepaidInsurance
136241 usd
CY2024Q1 vrpx Prepaid Research And Development
PrepaidResearchAndDevelopment
505897 usd
CY2023Q4 vrpx Prepaid Research And Development
PrepaidResearchAndDevelopment
283370 usd
CY2024Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
81306 usd
CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
67222 usd
CY2024Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1264276 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
486833 usd
CY2024Q1 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
262586 usd
CY2023Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
493780 usd
CY2024Q1 vrpx Estimated Separation Expense
EstimatedSeparationExpense
711000 usd
CY2023Q4 vrpx Estimated Separation Expense
EstimatedSeparationExpense
711000 usd
CY2024Q1 vrpx Insurance Financing Agreement
InsuranceFinancingAgreement
453951 usd
CY2024Q1 vrpx Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
109623 usd
CY2023Q4 vrpx Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
143071 usd
CY2024Q1 vrpx Accrued Legal Expenses
AccruedLegalExpenses
169749 usd
CY2023Q4 vrpx Accrued Legal Expenses
AccruedLegalExpenses
97089 usd
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
123607 usd
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
230627 usd
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
13275 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
18457 usd
CY2024Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
1843791 usd
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
1694024 usd
CY2023Q1 us-gaap Insurance Recoveries
InsuranceRecoveries
1250000 usd
CY2023Q4 vrpx Several Liability
SeveralLiability
14684833 usd
CY2023Q4 vrpx Net Sales Of Epoladerm
NetSalesOfEpoladerm
0.05 pure
CY2023Q4 vrpx Net Sales Of Envelta
NetSalesOfEnvelta
0.075 pure
CY2023Q4 us-gaap Accounts Payable Trade Current And Noncurrent
AccountsPayableTradeCurrentAndNoncurrent
13400000 usd
CY2023Q4 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
6700000 usd
CY2023Q4 vrpx Proffered Documents
ProfferedDocuments
1182 shares
CY2023Q4 us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
28382 usd
CY2024Q1 us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
2500000 usd
CY2024Q1 vrpx Royalties Annual Net Sales Percentage
RoyaltiesAnnualNetSalesPercentage
0.06 pure
CY2024Q1 us-gaap Payments For Repurchase Of Initial Public Offering
PaymentsForRepurchaseOfInitialPublicOffering
3500000 usd
CY2023Q4 us-gaap Litigation Reserve Current
LitigationReserveCurrent
6000000 usd
CY2024Q1 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
2500000 usd
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2024Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1171233 shares
CY2024Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1171233 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1171233 shares
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1171233 shares
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Stock Split
AdjustmentsToAdditionalPaidInCapitalStockSplit
105 usd
CY2024Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
505 shares
CY2024Q1 us-gaap Warrants And Rights Outstanding Maturity Date
WarrantsAndRightsOutstandingMaturityDate
2026-02-16
CY2024Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
23425 shares
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
72719 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
140583 usd
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y10M13D
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y5M4D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0399 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0366 pure
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.2483 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.10 pure
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
435742 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y3M18D
CY2018Q1 us-gaap Payments For Fees
PaymentsForFees
150000 usd
CY2018Q1 vrpx Milestone Payments
MilestonePayments
150000 usd
CY2018Q1 vrpx Notice Period For Terminating
NoticePeriodForTerminating
P90D
CY2022Q1 us-gaap Indefinite Lived License Agreements
IndefiniteLivedLicenseAgreements
1500000 usd
CY2023Q1 us-gaap Payments For Fees
PaymentsForFees
326000 usd
CY2024Q1 vrpx Service Fees
ServiceFees
343467 usd
CY2023Q1 us-gaap Payments For Fees
PaymentsForFees
1286000 usd
CY2024Q1 us-gaap Legal Fees
LegalFees
1845260 usd
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q1 vrpx Increase Decreasein Estimated Litigation Liability
IncreaseDecreaseinEstimatedLitigationLiability
usd
CY2023Q1 vrpx Proceeds From Insurance Financing Agreement
ProceedsFromInsuranceFinancingAgreement
usd
CY2023Q1 vrpx Payments To Insurance Financing Agreement
PaymentsToInsuranceFinancingAgreement
usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
usd
CY2023Q4 vrpx Insurance Financing Agreement
InsuranceFinancingAgreement
usd
CY2024Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2024Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2024Q1 dei Amendment Flag
AmendmentFlag
false
CY2024Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2024Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2024Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001708331

Files In Submission

Name View Source Status
0001213900-24-042284-index-headers.html Edgar Link pending
0001213900-24-042284-index.html Edgar Link pending
0001213900-24-042284.txt Edgar Link pending
0001213900-24-042284-xbrl.zip Edgar Link pending
ea0205749-10q_virpax.htm Edgar Link pending
ea020574901ex31-1_virpax.htm Edgar Link pending
ea020574901ex31-2_virpax.htm Edgar Link pending
ea020574901ex32-1_virpax.htm Edgar Link pending
ea020574901ex32-2_virpax.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
ea0205749-10q_virpax_htm.xml Edgar Link completed
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
vrpx-20240331.xsd Edgar Link pending
vrpx-20240331_cal.xml Edgar Link unprocessable
vrpx-20240331_def.xml Edgar Link unprocessable
vrpx-20240331_lab.xml Edgar Link unprocessable
vrpx-20240331_pre.xml Edgar Link unprocessable