$VRPX
Virpax Pharmaceuticals, Inc.

2024 Q4 Form 10-Q Financial Statement

#000173112224001812 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $781.0K
YoY Change -83.09%
% of Gross Profit
Research & Development $1.143M
YoY Change -23.55%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.924M
YoY Change -68.53%
Operating Profit -$1.924M
YoY Change -68.53%
Interest Expense -$92.75K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$82.10K
YoY Change -168.06%
Pretax Income -$2.006M
YoY Change -66.53%
Income Tax
% Of Pretax Income
Net Earnings -$2.006M
YoY Change -66.53%
Net Earnings / Revenue
Basic Earnings Per Share -$0.43
Diluted Earnings Per Share -$0.43
COMMON SHARES
Basic Shares Outstanding 4.888M shares 4.888M shares
Diluted Shares Outstanding 4.658M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.23K
YoY Change -99.86%
Cash & Equivalents $17.23K
Short-Term Investments
Other Short-Term Assets $286.9K
YoY Change -67.59%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $304.2K
YoY Change -97.67%
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
YoY Change
TOTAL ASSETS
Total Short-Term Assets $304.2K
Total Long-Term Assets $0.00
Total Assets $304.2K
YoY Change -97.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $176.4K
YoY Change -70.38%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.356M
YoY Change -63.94%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.356M
Total Long-Term Liabilities $0.00
Total Liabilities $2.356M
YoY Change -63.94%
SHAREHOLDERS EQUITY
Retained Earnings -$68.22M
YoY Change 24.08%
Common Stock $49.00
YoY Change -58.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.052M
YoY Change
Total Liabilities & Shareholders Equity $304.2K
YoY Change -97.67%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$2.006M
YoY Change -66.53%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$4.469M
YoY Change 68.51%
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
YoY Change
NET CHANGE
Cash From Operating Activities -4.469M
Cash From Investing Activities
Cash From Financing Activities 2.616M
Net Change In Cash -1.854M
YoY Change -30.12%
FREE CASH FLOW
Cash From Operating Activities -$4.469M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p id="xdx_802_eus-gaap--NatureOfOperations_zNFfmffnazdg" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 1. <span id="xdx_824_zzG8Ovis3wB6">Business, and Liquidity and Going Concern</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Business</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 nine months ended September 30, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity and Going Concern</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company incurred a net loss of $<span id="xdx_90B_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pn5n6_c20240101__20240930_zLtaIRb7Vkh1" title="Net loss">8.7</span> million and $<span id="xdx_90E_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pn5n6_c20230101__20230930_zTaXrTFrODMk" title="Net loss">10.6</span> million for the nine months ended September 30, 2024 and 2023, respectively, and had an accumulated deficit of $<span id="xdx_90A_eus-gaap--RetainedEarningsAppropriated_iI_pn5n6_c20240930_zNPNN5wVOwf8" title="Accumulated deficit">68.2</span> million as of September 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: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As noted in Note 5. Commitments and Contingencies, the Company has paid $<span id="xdx_90C_eus-gaap--LitigationSettlementAmountAwardedToOtherParty_pn6n6_c20240101__20240930__dei--LegalEntityAxis__custom--SorrentoMember_z9lxagPn8GXa" title="Payment for litigation settlement">6</span> 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: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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. 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Files In Submission

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e6114_10q.htm Edgar Link pending
e6114_ex31-1.htm Edgar Link pending
e6114_ex31-2.htm Edgar Link pending
e6114_ex32-1.htm Edgar Link pending
e6114_ex32-2.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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e6114_10q_htm.xml Edgar Link completed
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report.css Edgar Link pending
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vrpx-20240930.xsd Edgar Link pending
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vrpx-20240930_def.xml Edgar Link unprocessable
vrpx-20240930_lab.xml Edgar Link unprocessable
vrpx-20240930_pre.xml Edgar Link unprocessable
0001731122-24-001812-index-headers.html Edgar Link pending
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0001731122-24-001812.txt Edgar Link pending
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