Thu, Oct 10, 9:09 PM (84 days ago)
Virpax Pharmaceuticals, Inc. (VRPX) filed an amendment to its 10-K for the fiscal year ending December 31, 2023, primarily to include the report from Bush & Associates CPA for the consolidated financial statements. The company reported a net loss of approximately $15.2 million for 2023, a decrease from $21.7 million in 2022, with total operating expenses of $15.7 million, down 28% year-over-year. Current assets decreased by 51% to approximately $9.6 million, while current liabilities surged 149% to $7.7 million, reflecting a significant cash outflow due to a $6 million settlement from litigation with Sorrento Therapeutics and Scilex Pharmaceuticals. The company is exploring additional capital sources to fund ongoing operations and meet settlement obligations. Virpax's product pipeline includes Epoladerm, Probudur, Envelta, AnQlar, and NobrXiol, all in various stages of development focusing on non-opioid pain management and CNS disorders. Future outlook remains uncertain due to ongoing litigation risks and the need for substantial capital to advance its drug candidates.