GeoVax Labs, Inc. has reported its financial results for the fiscal year ending December 31, 2024, revealing a net loss of approximately $25 million, a slight improvement from the $25.97 million loss recorded in 2023. The company generated $3.95 million in revenue from government contracts, specifically related to its ATI-RRPV Contract for the development of its next-generation COVID-19 vaccine, GEO-CM04S1. This marks a significant increase from the previous year, where no revenue was reported. The increase in revenue is attributed to the recognition of costs incurred under the government contract, which is expected to provide up to $45 million for the clinical trial.
Research and development expenses rose to $23.71 million in 2024, up from $20.72 million in 2023, reflecting increased costs associated with the ongoing clinical trials for GEO-CM04S1 and other product candidates. General and administrative expenses decreased to $5.39 million from $6.02 million, primarily due to lower stock-based compensation and consulting costs. The company’s total operating expenses for the year were $29.1 million, compared to $26.74 million in the prior year.
GeoVax has made significant strides in its clinical development programs. The company is advancing GEO-CM04S1 through multiple Phase 2 trials, including a pivotal 10,000-participant Phase 2b trial set to begin in the second half of 2025. Additionally, the company is preparing for a Phase 2 trial of its Gedeptin therapy for head and neck cancers, with plans to initiate this study in mid-2025. The company is also developing a vaccine for Mpox and smallpox, with clinical evaluations expected to start in 2025.
As of December 31, 2024, GeoVax reported cash and cash equivalents of $5.51 million, a decrease from $6.45 million in 2023. The company has indicated that its existing cash resources are expected to fund operations into the third quarter of 2025. However, it acknowledges the need for additional funding to support ongoing research and development activities. The company plans to pursue various financing options, including public or private equity, government grants, and strategic partnerships, to secure the necessary capital for its operations.
Looking ahead, GeoVax faces challenges related to its ability to continue as a going concern, as highlighted by its auditors. The company is actively working to secure additional funding and is optimistic about its prospects, but it recognizes the inherent risks and uncertainties associated with biotechnology development. The successful advancement of its clinical programs and the potential for regulatory approvals will be critical for the company's future financial performance and sustainability.
About GeoVax Labs, Inc.
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