The company maintains a zero-revenue profile while reporting persistent operating losses, most recently evidenced by a $3.4 million deficit in 2024Q4.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | - |
| Operating Expenses | 12.08M | 15.69M | 21.85M | 12.03M | 4.2M | 3.18M | 2.63M |
| OpEx % of Revenue | - | - | - | - | - | - | - |
| Selling, General & Admin | 6.26M | 7.82M | 11.08M | 7.19M | 2.9M | 2.56M | 1.48M |
| SG&A % of Revenue | - | - | - | - | - | - | - |
| Research & Development | 5.82M | 5.12M | 10.76M | 4.84M | 1.29M | 622.74K | 1.14M |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 2.75M | 194.41K | 62.26K | 4K | 0 | 0 |
| Operating Income | -12.08M | -15.69M | -21.85M | -12.03M | -4.2M | -3.18M | -2.63M |
| Operating Margin % | - | - | - | - | - | - | - |
| Operating Income Growth % | 23.01% | 28.18% | -81.66% | -186.61% | -31.86% | -21.17% | - |
| EBITDA | -11.96M | -15.19M | -3.5M | 0 | 0 | 0 | 0 |
| EBITDA Margin % | - | - | - | - | - | - | - |
| EBITDA Growth % | 21.24% | -333.99% | - | - | - | - | - |
| D&A (Non-Cash Add-back) | 0 | 500.28K | 18.35M | 12.03M | 4.2M | 3.18M | 2.63M |
| EBIT | -11.96M | -15.19M | -21.65M | -11.96M | -4.19M | -3.18M | -2.63M |
| Net Interest Income | -103.75K | 0 | 0 | -92.73K | -147.79K | -124.52K | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 148 | 125 | 0 |
| Interest Expense | 103.75K | 0 | 0 | 92.82K | 147.93K | 124.64K | 14.98K |
| Other Income/Expense | 12.71K | 500.28K | 194.41K | -30.56K | -143.93K | -124.64K | -14.98K |
| Pretax Income | -12.07M | -15.19M | -21.65M | -12.06M | -4.34M | -3.31M | -2.64M |
| Pretax Margin % | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -12.07M | -15.19M | -21.46M | -12.15M | -4.49M | -3.43M | -2.64M |
| Net Margin % | - | - | - | - | - | - | - |
| Net Income Growth % | 20.56% | 29.21% | -76.61% | -170.72% | -30.79% | -29.92% | - |
| Net Income (Continuing) | -12.07M | -15.19M | -21.65M | -12.06M | -4.34M | -3.31M | -2.64M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -70.91 | -12.97 | -18.32 | -10.37 | -9.07 | -6.58 | -0.53 |
| EPS Growth % | -446.72% | 29.2% | -76.66% | -14.33% | -37.84% | -1141.51% | - |
| EPS (Basic) | -70.91 | -12.97 | -18.32 | -10.37 | -9.07 | -6.58 | -0.53 |
| Diluted Shares Outstanding | 4.25M | 1.17M | 1.17M | 1.17M | 494.51K | 521.51K | 4.95M |
| Basic Shares Outstanding | 4.25M | 1.17M | 1.17M | 1.17M | 494.51K | 521.51K | 4.95M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Imminent liquidity exhaustion risk
As indicated by historical financial filings, Virpax remains a pre-revenue entity with zero reported sales across the last ten quarters, confirming that the company is currently functioning as a capital-intensive research organization rather than a commercial enterprise with a predictable or growing top-line revenue trajectory.
The absence of revenue suggests that the company's value proposition is entirely tied to the successful progression of its preclinical pipeline toward regulatory milestones. Investors should monitor the timing of IND filings, as any delay in this transition will likely prolong the period of zero revenue generation.
Based on reported income statements, research and development remains the primary driver of the company's cost structure, with quarterly R&D expenditures fluctuating between $1.1 million and $2.8 million, reflecting the high fixed-cost nature of advancing proprietary delivery platforms like the Molecular Envelope Technology.
The volatility in R&D spending suggests that management adjusts development intensity based on available capital rather than a fixed long-term strategic roadmap. This reliance on discretionary spending may indicate that the company is forced to prioritize specific projects at the expense of others to manage its limited liquidity.
According to recent SEC filings, Virpax consistently reports deep operating losses, with the most recent quarter showing a $3.4 million deficit, which highlights the lack of operating leverage inherent in a business model that has yet to achieve any form of commercial scale or revenue.
The persistent negative operating income suggests that the company is currently unable to achieve economies of scale, as overhead costs continue to outpace the advancement of its clinical pipeline. Without a transition to a licensing or royalty-based model, the current cost structure appears unsustainable for long-term operations.
As reported in financial statements, the company's net losses have necessitated frequent capital market engagement, with EPS figures reflecting significant volatility and dilution, further complicated by the impact of stock-based compensation which continues to influence the net loss profile despite the lack of commercial revenue.
The inconsistency in EPS, ranging from -0.43 to -5.12 per share, suggests that shareholders are subject to significant earnings volatility that is disconnected from operational performance. Investors should scrutinize the impact of ongoing equity-based compensation on the company's already strained cash position.
Based on the reported cash balance of approximately $1.5 million, the company faces a critical liquidity inflection point, suggesting that the current burn rate may lead to a total exhaustion of capital before the next major clinical milestone can be achieved or validated by regulators.
The potential for a going concern risk appears high given the current cash-to-burn ratio, which may force management to seek dilutive financing at unfavorable terms. This environment warrants further investigation into the company's ability to maintain its intellectual property and research operations without immediate external capital infusion.
Quick answers to the most common questions about buying VRPX stock.
For fiscal year 2024, Virpax Pharmaceuticals, Inc. (VRPX) reported total revenue of $0.0M.
Virpax Pharmaceuticals, Inc. (VRPX) reported a net loss of $12.1M for the fiscal year ending 2024.