TIVC · Valion Bio, Inc.

Valion Bio, formerly Tivic Health Systems, disclosed its first quarter 2026 financial results under its new identity, marking a pivotal transition following the 2025 divestiture of its legacy consumer bioelectronics business and acquisition of Velocity Bioworks CDMO in December 2025. Operating expenses rose to $5.6 million from $1.4 million year-over-year, primarily due to Velocity Bioworks integration, Entolimod program advancement, and one-time rebranding costs including the Nasdaq ticker change to VBIO. Research and development expenses increased to $1.9 million from $0.3 million, reflecting pipeline progress, while selling, general, and administrative costs climbed to $3.8 million from $1.0 million. The resulting net loss widened to $6.2 million or $2.23 per share from $1.5 million or $2.52 per share, impacted by higher weighted-average shares outstanding at 2.9 million versus 0.6 million. Cash position declined to $7.2 million from $12.6 million at year-end 2025 amid ongoing investments. CEO Michael K. Handley emphasized execution on three pillars: TLR5 platform led by Entolimod, in-house manufacturing via Velocity Bioworks, and federal agency engagements for ARS countermeasures. Entolimod advances under FDA Animal Rule with Fast Track and Orphan Drug status, supported by 200-fold scale-up and repeat-dose tolerability, positioning it for government procurement. Velocity Bioworks supports internal needs while pursuing third-party revenue in underserved Phase I/II biologics market. Entolasta extends the platform to oncology neutropenia and longevity. No forward guidance provided; company evaluating capital alternatives to fund milestones.