TOVX · Theriva Biologics, Inc.

Net Loss Improvement Driven by R&D Wind-Down

Revenue from SYN-020 Out-License Provides Non-Dilutive Capital

Revenue for Q1 2026 was $300,000, generated from the out-license of SYN-020 to Rasayana Therapeutics. This non-dilutive capital validates the value of Theriva's pipeline and provides funding without equity dilution. The company may seek additional access to public or private equity markets when conditions are favorable to support long-term capital requirements.

Cash Burn Improves, but Liquidity Risks Remain

VCN-01 Regulatory Progress and Upcoming Catalysts

Theriva has received FDA agreement on the Phase 3 design for VCN-01 in pancreatic ductal adenocarcinoma (PDAC), a key regulatory milestone. A Phase 2a feasibility study is planned for the second half of 2026. The company's focus on advancing VCN-01 is central to its business plan, but the amount of additional capital needed will depend on the costs of these clinical programs.

Going Concern and Strategic Uncertainty