Theriva Biologics, Inc.

Theriva Biologics, Inc. (TOVX), a clinical-stage oncology-focused biotech, reported a FY 2025 net loss of $23.7M, improved from $25.7M in FY 2024, driven by lower R&D expenses of $8.6M versus $12.0M prior year, offset by higher G&A costs of $15.4M from $7.4M. Total operating expenses declined to $24.1M from $26.3M, yielding a $24.1M operating loss. No revenue was generated as the company advances its lead asset VCN-01 through clinical stages without commercialization. Cash used in operations was $16.7M, funded by $18.2M in financing activities including $6.8M ATM offerings, $6.7M stock/warrant proceeds, and $3.9M warrant inducements, resulting in year-end cash of $13.1M and total assets of $38.2M. Stockholders' equity stood at $15.4M after impairments and financings. Balance sheet shows $22.9M liabilities, including $10.0M non-current contingent consideration. With cash runway into Q1 2027, focus remains on VCN-01 Phase 3 planning for PDAC and retinoblastoma amid going concern risks and need for further funding.

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