2024 Q3 Form 10-Q Financial Statement

#000121390024067700 Filed on August 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $781.0K $1.502M
YoY Change -83.09% -22.91%
% of Gross Profit
Research & Development $1.143M $1.956M
YoY Change -23.55% 51.54%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.924M $3.458M
YoY Change -68.53% 6.76%
Operating Profit -$1.924M -$3.458M
YoY Change -68.53% 6.76%
Interest Expense -$92.75K -$11.00K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$82.10K $8.126K
YoY Change -168.06% -93.59%
Pretax Income -$2.006M -$3.450M
YoY Change -66.53% 10.84%
Income Tax
% Of Pretax Income
Net Earnings -$2.006M -$3.450M
YoY Change -66.53% 10.84%
Net Earnings / Revenue
Basic Earnings Per Share -$0.43 -$1.75
Diluted Earnings Per Share -$0.43 -$1.75
COMMON SHARES
Basic Shares Outstanding 4.888M shares 1.171M shares
Diluted Shares Outstanding 4.658M shares 1.977M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.23K $1.871M
YoY Change -99.86% -87.36%
Cash & Equivalents $17.23K $1.871M
Short-Term Investments
Other Short-Term Assets $286.9K $719.9K
YoY Change -67.59% -37.26%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $304.2K $2.591M
YoY Change -97.67% -83.76%
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
YoY Change
TOTAL ASSETS
Total Short-Term Assets $304.2K $2.591M
Total Long-Term Assets $0.00 $0.00
Total Assets $304.2K $2.591M
YoY Change -97.67% -83.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $176.4K $473.9K
YoY Change -70.38% -25.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.356M $5.385M
YoY Change -63.94% 47.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.356M $5.385M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $2.356M $5.385M
YoY Change -63.94% 47.67%
SHAREHOLDERS EQUITY
Retained Earnings -$68.22M -$66.20M
YoY Change 24.08% 35.14%
Common Stock $49.00 $28.00
YoY Change -58.12% -76.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.052M -$2.794M
YoY Change
Total Liabilities & Shareholders Equity $304.2K $2.591M
YoY Change -97.67% -83.76%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$2.006M -$3.450M
YoY Change -66.53% 10.84%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$4.469M -$1.644M
YoY Change 68.51% -24.7%
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 2.616M 1.648M
YoY Change
NET CHANGE
Cash From Operating Activities -4.469M -1.644M
Cash From Investing Activities
Cash From Financing Activities 2.616M 1.648M
Net Change In Cash -1.854M 4.520K
YoY Change -30.12% -100.21%
FREE CASH FLOW
Cash From Operating Activities -$4.469M -$1.644M
Capital Expenditures
Free Cash Flow
YoY Change

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<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 and six months ended June 30, 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 $6.7 million and $4.6 million for the six months ended June 30, 2024 and 2023, respectively, and had an accumulated deficit of $66.2 million as of June 30, 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 $6 million to Sorrento Therapeutics, Inc. (“Sorrento”), and Scilex Pharmaceuticals Inc. (“Scilex” and together with Sorrento, the “Plaintiffs”) pursuant to the terms of the settlement agreement that the Company entered into with the Plaintiffs on February 29, 2024 (the “Settlement Agreement”). The Company will need to raise additional capital to fund operations 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>
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<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>
CY2024Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
1600000 usd
CY2023Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
8900000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.50 pure
CY2024Q2 us-gaap Prepaid Insurance
PrepaidInsurance
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CY2023Q4 us-gaap Prepaid Insurance
PrepaidInsurance
136241 usd
CY2024Q2 vrpx Prepaid Research And Development
PrepaidResearchAndDevelopment
128117 usd
CY2023Q4 vrpx Prepaid Research And Development
PrepaidResearchAndDevelopment
283370 usd
CY2024Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
108139 usd
CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
67222 usd
CY2024Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
719880 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
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CY2024Q2 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
473942 usd
CY2023Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
493780 usd
CY2024Q2 vrpx Accrued Estimated Separation Expense Current
AccruedEstimatedSeparationExpenseCurrent
711000 usd
CY2023Q4 vrpx Accrued Estimated Separation Expense Current
AccruedEstimatedSeparationExpenseCurrent
711000 usd
CY2024Q2 vrpx Accrued Insurance Financing Agreement Current
AccruedInsuranceFinancingAgreementCurrent
305524 usd
CY2024Q2 vrpx Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
1026898 usd
CY2023Q4 vrpx Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
143071 usd
CY2024Q2 vrpx Accrued Legal Expenses Current
AccruedLegalExpensesCurrent
151185 usd
CY2023Q4 vrpx Accrued Legal Expenses Current
AccruedLegalExpensesCurrent
97089 usd
CY2024Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
141159 usd
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
230627 usd
CY2024Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
75399 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
18457 usd
CY2024Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
2885107 usd
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
1694024 usd
CY2023Q1 vrpx Insurance Reimbursement Net
InsuranceReimbursementNet
1250000 usd
CY2023Q4 us-gaap Obligation With Joint And Several Liability Arrangement Amount Outstanding
ObligationWithJointAndSeveralLiabilityArrangementAmountOutstanding
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 Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
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
us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
3500000 usd
vrpx Royalties Annual Net Sales Percentage
RoyaltiesAnnualNetSalesPercentage
0.06 pure
us-gaap Payments For Repurchase Of Initial Public Offering
PaymentsForRepurchaseOfInitialPublicOffering
3500000 usd
CY2023Q4 us-gaap Litigation Reserve Current
LitigationReserveCurrent
6000000 usd
CY2024Q2 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
2500000 usd
CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2024Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2024Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2837898 shares
CY2024Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2837898 shares
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1171233 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1171233 shares
CY2024Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-10
us-gaap Adjustments To Additional Paid In Capital Stock Split
AdjustmentsToAdditionalPaidInCapitalStockSplit
105 usd
CY2024Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
1.34999
us-gaap Legal Fees
LegalFees
453000 usd
us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
2 shares
us-gaap Adjustments To Additional Paid In Capital Mark To Market
AdjustmentsToAdditionalPaidInCapitalMarkToMarket
1100000 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
72510 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
218257 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
145229 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
358840 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y10M13D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y5M15D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0399 pure
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 Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.2483 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.1312 pure
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
363200 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y2M12D
CY2018Q1 vrpx Aggregate Milestone Payments
AggregateMilestonePayments
19800000 usd
CY2023Q3 vrpx Aggregate Milestone Payments
AggregateMilestonePayments
150000 usd
CY2023Q3 vrpx Notice Period For Terminating
NoticePeriodForTerminating
P90D
CY2022Q1 vrpx Nonrefundable Fees
NonrefundableFees
1500000 usd
CY2023Q1 us-gaap Payments For Fees
PaymentsForFees
81500 usd
CY2024Q1 us-gaap Payments For Fees
PaymentsForFees
343467 usd
CY2023Q1 us-gaap Payments For Fees
PaymentsForFees
321500 usd
CY2024Q1 us-gaap Payments For Fees
PaymentsForFees
1845260 usd
ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q2 us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
usd
us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
usd
vrpx Increase Decreasein Estimated Litigation Liability
IncreaseDecreaseinEstimatedLitigationLiability
usd
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
vrpx Proceeds From Insurance Financing Agreement
ProceedsFromInsuranceFinancingAgreement
usd
vrpx Payments To Insurance Financing Agreement
PaymentsToInsuranceFinancingAgreement
usd
CY2023Q4 vrpx Accrued Insurance Financing Agreement Current
AccruedInsuranceFinancingAgreementCurrent
usd
CY2023Q4 us-gaap Unrecorded Unconditional Purchase Obligation Term
UnrecordedUnconditionalPurchaseObligationTerm
P18M27D
CY2024Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2024Q2 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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
pure
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001708331

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