Summary by Moomoo AI
Virpax Pharmaceuticals, Inc., a Delaware-based company, reported its financial results for the fiscal year ended December 31, 2023, on March 26, 2024. The company, which specializes in non-addictive pain management and other treatments, announced a decrease in operating expenses and a reduction in net loss compared to the previous year. General and administrative expenses dropped to $10.6 million from $11.1 million, while research and development expenses decreased significantly from $10.8 million to $5.1 million, primarily due to a reduction in preclinical activities. The operating loss for the year was $15.2 million, a notable improvement from the $21.7 million loss in 2022. Virpax ended the year with $9.1 million in cash, down from $19.0 million the previous year. The company also highlighted recent developments, including regaining compliance with Nasdaq's minimum bid price requirement, settling litigation with Sorrento Therapeutics and Scilex Pharmaceuticals, and progressing with its product candidates, Probudur™ and Envelta™. Virpax's CEO, Gerald W. Bruce, expressed optimism about the company's trajectory and upcoming milestones for 2024.