GeoVax Labs, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, which focuses on developing vaccines and therapies for infectious diseases and cancers, experienced a notable increase in cash and cash equivalents, rising to $8.6 million from $6.5 million at the end of 2023. Total current assets also increased to $10.9 million, up from $7.9 million, while total assets grew to $11.1 million compared to $9.3 million at the end of the previous fiscal year. Current liabilities decreased to $2.6 million from $3.5 million, contributing to an increase in total stockholders’ equity to $8.5 million, up from $5.8 million.
In terms of revenue, GeoVax recognized $2.8 million from a government contract in Q3 2024, a significant increase from $0 in Q3 2023. For the nine months ended September 30, 2024, total revenue reached $3.1 million, again up from $0 in the same period last year. Despite this revenue growth, the company reported a loss from operations of $5.9 million for Q3 2024, an improvement from a loss of $8.6 million in Q3 2023. The net loss for Q3 2024 was $5.8 million, compared to $8.4 million in the prior year. For the nine-month period, the net loss decreased to $16.7 million from $18.4 million in 2023.
Operating expenses for Q3 2024 totaled $8.6 million, slightly higher than $8.6 million in Q3 2023. Research and development expenses increased by 6.5% in Q3 2024 compared to the same period in 2023, reflecting the company's ongoing investment in its clinical programs, particularly the GEO-CM04S1 COVID-19 vaccine. General and administrative expenses decreased by 24.9% in Q3 2024, indicating cost management efforts.
GeoVax's strategic developments included the award of a BARDA-funded contract valued at approximately $26.2 million, potentially increasing to $45 million, to support a Phase 2b clinical trial for its COVID-19 vaccine. The company also engaged in several registered direct offerings, raising approximately $16.7 million in net proceeds during the nine months ended September 30, 2024. However, management expressed substantial doubt about the company's ability to continue as a going concern without securing additional capital, highlighting the need for further funding to support ongoing research and development activities.
About GeoVax Labs, Inc.
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