Summary by Moomoo AI
Virpax Pharmaceuticals, Inc. (Virpax) reported financial results for the quarter ended March 31, 2024. The company experienced a net loss of $3.2 million, compared to a net loss of $1.5 million for the same period in 2023. The increase in net loss was primarily due to a $3.5 million payment made as part of a settlement agreement, with an additional $2.5 million payment due by July 1, 2024. General and administrative expenses rose to $1.7 million, up from $0.4 million in the previous year, largely due to the absence of a $1.25 million insurance reimbursement received in 2023. Research and development expenses also increased by 31% to $1.6 million, driven by preclinical activities for the company's lead asset, Probudur. Virpax's cash position as of March 31, 2024, was approximately $1.9 million, a decrease from $9.6 million at...Show More