Theriva Biologics, Inc. reported a net loss of $25.7 million for the fiscal year ending December 31, 2024, compared to a net loss of $18.3 million in the previous year. The company's total operating costs increased to $26.3 million from $21.4 million, primarily due to a $5.6 million impairment charge related to goodwill and a $1.3 million impairment charge for in-process research and development (IPR&D). Research and development expenses decreased by 16% to $12.0 million, attributed to lower clinical trial costs for its lead product candidate, VCN-01, and other pipeline candidates. The company’s accumulated deficit reached approximately $335 million as of December 31, 2024.
In terms of financial position, Theriva's cash and cash equivalents totaled $11.6 million at year-end, a significant decrease from $23.2 million in 2023. The company utilized $16.9 million in operating activities during the year, primarily for research and development. Despite the decrease in cash reserves, management believes that the current cash will fund operations into the third quarter of 2025. However, the company anticipates needing additional capital to support ongoing and future clinical trials, particularly for VCN-01, which is currently in a Phase 2 clinical trial for pancreatic cancer.
Strategically, Theriva has undergone significant changes since acquiring VCN Biosciences in March 2022, shifting its focus to oncology and the development of oncolytic virus therapies. The company is actively pursuing collaborations and partnerships to advance its product candidates, including VCN-01, which has received both Orphan Drug and Fast Track designations from the FDA for the treatment of pancreatic cancer and retinoblastoma. The company is also exploring options for its previous gastrointestinal-focused assets, SYN-004 and SYN-020, which may be out-licensed or partnered.
Operationally, Theriva has made progress in its clinical trials, with the Phase 2b VIRAGE trial for VCN-01 achieving its target enrollment of 92 patients. The company has also received funding from the Spanish government to support its research initiatives. As of March 2025, Theriva employed 22 individuals, with plans to expand its workforce as clinical trials progress. The company’s future outlook remains contingent on securing additional funding and successfully navigating the regulatory landscape for its product candidates.
About Theriva Biologics, Inc.
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