GeoVax Labs, Inc. GOVX
GeoVax Labs, Inc. ("GeoVax", "us", "we" or the "Company") is a clinical-stage biotechnology company developing human vaccines and immunotherapies against infectious diseases and solid tumor cancers using novel proprietary platforms.
GeoVax's primary near-term strategic development priority is the advancement of GEO-MVA, a Modified Vaccinia Ankara (MVA) vaccine candidate for mpox, smallpox, and other poxviruses. GEO-MVA is being advanced on an expedited regulatory pathway in Europe and is intended to address a significant global supply constraint for orthopoxvirus vaccines. The Company believes GEO-MVA is well-positioned to support both civilian public health needs and broader preparedness and biodefense objectives. The advancement of GEO-MVA represents the Company's most near-term opportunity to achieve regulatory approval and potential commercialization. The program is advancing under an expedited regulatory pathway, with plans to initiate a pivotal Phase 3 clinical trial in the second half of 2026.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.5M | $4.0M | $0 | $81.5K | $385.5K | $1.8M | $1.2M | $963.2K | $1.1M | $828.9K |
| R&D | $18.1M | $23.7M | $20.7M | $9.1M | $15.6M | $2.4M | $1.9M | $1.9M | $2.0M | $2.0M |
| SG&A | $6.0M | $5.4M | $6.0M | $5.0M | $3.6M | $2.2M | $1.6M | $1.6M | $1.2M | $2.1M |
| Total operating expenses | $24.1M | $29.1M | $26.7M | $14.1M | $19.1M | $4.6M | $3.5M | $3.5M | $3.2M | $4.1M |
| Operating income | -$21.6M | -$25.1M | -$26.7M | -$14.0M | -$18.7M | -$2.8M | -$2.4M | -$2.6M | -$2.2M | -$3.3M |
| Interest expense | $0 | $21.4K | $0 | $0 | $1.3K | $143.5K | $4.5K | $2.6K | — | — |
| Pre-tax income | — | — | — | — | -$18.6M | -$3.0M | -$2.4M | -$2.6M | -$2.2M | -$3.3M |
| Income tax | — | — | — | — | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$21.5M | -$25.0M | -$26.0M | -$14.0M | -$18.6M | -$3.0M | -$2.4M | -$2.6M | -$2.2M | -$3.3M |
| EPS, basic | -22.40 | -120.46 | -14.29 | -12.39 | -3.04 | — | — | — | — | — |
| EPS, diluted | — | — | — | — | -3.04 | -2.14 | -781.87 | -15,610.33 | -0.03 | -0.08 |
| Shares, diluted (wtd. avg.) | $958.4K | $207.5K | $1.8M | $1.1M | $6.1M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.1M | $5.5M | $6.5M | $27.6M | $11.4M | $9.9M | $283.3K | $259.7K | $312.7K | $454.0K |
| Receivables | $0 | $659.4K | $0 | — | — | — | — | — | — | — |
| Total current assets | $5.3M | $7.9M | $7.9M | $28.9M | $11.6M | $10.2M | $447.3K | $619.7K | $448.1K | $544.4K |
| Property, plant and equipment | $108.8K | $150.0K | $209.7K | $234.9K | $156.9K | $147.7K | $10.6K | $11.3K | $31.2K | $54.8K |
| Total assets | $6.3M | $8.2M | $9.3M | $31.3M | $11.8M | $10.4M | $468.9K | $642.1K | $490.2K | $610.2K |
| Accounts payable | $790.8K | $1.8M | $2.8M | $1.7M | $2.1M | $267.7K | $152.7K | $125.9K | $77.6K | $75.6K |
| Total current liabilities | $1.9M | $3.1M | $3.5M | $4.7M | $5.4M | $810.3K | $2.0M | $1.6M | $811.3K | $369.8K |
| Total liabilities | $2.5M | $3.1M | — | $4.7M | $7.4M | $825.0K | $2.0M | $1.7M | $811.3K | — |
| Retained earnings | -$150.8M | -$129.4M | -$104.4M | -$78.4M | -$64.4M | -$45.8M | -$42.8M | -$40.5M | -$37.9M | -$35.7M |
| Total equity | $3.8M | $5.0M | $5.8M | $26.6M | $4.4M | $9.6M | -$1.6M | -$1.0M | -$321.1K | $240.4K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$21.5M | -$24.7M | -$25.2M | -$19.0M | -$11.2M | -$2.8M | -$1.4M | -$1.5M | -$1.7M | -$1.9M |
| Depreciation and amortisation | $68.8K | $95.4K | $74.2K | $56.3K | $38.5K | $19.7K | $8.3K | $19.8K | $28.0K | $28.8K |
| Stock-based compensation | $1.1M | $528.6K | $1.1M | $902.1K | $370.0K | $64.5K | $327.5K | $469.7K | $57.2K | $967.7K |
| Capital expenditure | $27.6K | $20.7K | $48.9K | $134.3K | $47.7K | $156.8K | $7.6K | — | $4.3K | — |
| Investing cash flow | -$27.6K | -$20.7K | -$48.9K | -$134.3K | -$47.7K | -$156.8K | -$7.6K | — | -$4.3K | — |
| Financing cash flow | $19.1M | $23.8M | $4.1M | $35.4M | $12.8M | $12.5M | $1.4M | $1.5M | $1.6M | $1.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-017622.
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