Theriva Biologics, Inc. reported significant financial challenges in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a net loss attributable to common stockholders of $7.7 million, or $(6.81) per share, compared to a net loss of $3.3 million, or $(4.85) per share, for the same period in 2023. For the nine months ended September 30, 2024, the net loss was $21.2 million, up from $12.9 million in the prior year.

Total operating costs and expenses for the three months ended September 30, 2024, reached $7.9 million, a substantial increase from $4.2 million in the same quarter of 2023. This rise in expenses was reflected in both general and administrative costs, which surged by 986% to $2.3 million, and research and development expenses, which decreased by 32% to $2.7 million. The overall increase in operating costs contributed to the higher losses reported.

The company’s total assets decreased to $40.1 million as of September 30, 2024, down from $55.2 million at the end of 2023. Cash and cash equivalents also fell significantly, from $23.2 million to $16.4 million over the same period. Theriva's accumulated deficit now stands at approximately $330.5 million.

Strategically, Theriva has transitioned its focus to oncology therapeutics following the acquisition of Theriva Biologics S.L. in March 2022. The company is advancing its lead product candidate, VCN-01, an oncolytic adenovirus currently in a Phase 2 clinical study for pancreatic cancer. Recent developments include the completion of a public offering on September 27, 2024, which raised approximately $2.5 million in gross proceeds, aimed at funding ongoing clinical trials and operational costs.

The company also reported impairment charges totaling $6.8 million for the nine months ended September 30, 2024, including a $5.6 million charge related to goodwill and a $1.3 million charge for in-process research and development. These impairments were triggered by a sustained decline in the company's stock price.

In terms of financing, Theriva is actively pursuing additional equity or debt financing to support its clinical trials and operations, although it currently has no commitments from third parties. The company’s management believes that its existing cash reserves will be sufficient to fund operations into the third quarter of 2025, but acknowledges the need for further funding to continue its development plans.