Theriva Biologics, Inc. TOVX
We are a diversified clinical-stage company developing therapeutics designed to treat cancer and related diseases in areas of high unmet need. As a result of the Company's acquisition of Theriva Biologics, S.L. ("VCN", formerly named VCN Biosciences, S.L.), in March 2022, as described in more detail below (the "Acquisition"), we transitioned our strategic focus to oncology through the development of VCN's new oncolytic adenovirus platform designed for intravenous and intravitreal delivery to trigger tumor cell death, to improve access of co-administered cancer therapies to the tumor, and to promote a robust and sustained anti-tumor response by the patient's immune system. Our lead product candidate, VCN - 01 (zabilugene almadenorepvec), is a clinical stage oncolytic human adenovirus that is modified for tumor - selective replication and to express an enzyme, PH20 hyaluronidase. VCN - 01 has been evaluated in a Phase 2b clinical study for the treatment of pancreatic cancer ("VIRAGE"), and a Phase 1 clinical study for the treatment of retinoblastoma, as well as various other Phase 1 clinical studies for the treatment of other solid tumors including head and neck squamous cell carcinoma.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| R&D | $8.6M | $12.0M | $14.3M | $11.7M | $7.8M | $5.1M | $11.1M | $11.8M | $18.8M | $29.1M |
| SG&A | $15.4M | $7.4M | $7.1M | $9.9M | $6.5M | $5.0M | $4.6M | $5.7M | $7.5M | $10.1M |
| Total operating expenses | $24.1M | $26.3M | $21.4M | $21.6M | $14.3M | $10.2M | $15.7M | $17.6M | $26.3M | $39.3M |
| Operating income | -$24.1M | -$26.3M | -$21.4M | -$21.6M | -$14.3M | -$10.2M | -$15.7M | -$17.6M | -$26.3M | -$39.3M |
| Pre-tax income | -$23.7M | -$25.7M | -$20.0M | -$21.1M | -$14.3M | -$10.0M | -$15.3M | -$13.4M | -$15.2M | -$27.3M |
| Income tax | — | $0 | $1.6M | $1.4M | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$23.7M | -$25.7M | -$18.3M | -$19.7M | -$14.3M | -$10.0M | -$15.3M | -$13.4M | -$15.2M | -$27.3M |
| EPS, basic | -2.08 | -19.03 | -28.48 | -1.31 | -1.90 | -0.66 | — | — | — | — |
| EPS, diluted | -2.08 | -19.03 | -28.48 | -1.31 | -1.90 | -0.66 | -0.98 | -4.06 | -6.23 | -0.29 |
| Shares, diluted (wtd. avg.) | $12.1M | $1.3M | $644.3K | $15.3M | $12.2M | $19.0M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $13.1M | $11.6M | $23.3M | $41.9M | $67.3M | $6.2M | $15.0M | $28.9M | $17.1M | $19.1M |
| Total current assets | $17.5M | $16.3M | $27.4M | $45.5M | $68.9M | $7.9M | $16.4M | $29.5M | $17.9M | $21.6M |
| Property, plant and equipment | $222.0K | $270.0K | $422.0K | $345.0K | $101.0K | $174.0K | $367.0K | $607.0K | $872.0K | $905.0K |
| Goodwill | — | $0 | $5.7M | $5.5M | — | — | — | — | — | — |
| Other intangibles | $19.6M | $17.4M | $19.8M | $19.1M | — | — | — | — | — | — |
| Total assets | $38.2M | $35.4M | $55.2M | $71.9M | $70.4M | $8.4M | $17.2M | $30.1M | $18.8M | $22.5M |
| Accounts payable | $1.0M | $859.0K | $770.0K | $915.0K | $524.0K | $886.0K | $2.3M | $1.0M | $2.0M | $2.0M |
| Short-term debt | — | — | $63.0K | $57.0K | — | — | — | — | — | — |
| Total current liabilities | $10.0M | $7.6M | $6.7M | $7.1M | $3.6M | $3.0M | $5.3M | $3.4M | $9.8M | $19.8M |
| Long-term debt | $1.7M | $92.0K | $162.0K | $221.0K | — | — | — | — | — | — |
| Total liabilities | $22.9M | $16.3M | $15.5M | $17.3M | $5.0M | $3.2M | $5.7M | $3.7M | $10.2M | $20.2M |
| Retained earnings | -$358.7M | -$335.0M | -$309.3M | -$291.0M | -$271.3M | -$248.1M | -$235.5M | -$219.5M | -$194.2M | -$172.0M |
| Total equity | $15.4M | $19.1M | $37.0M | $51.8M | $65.4M | -$7.5M | -$1.1M | $14.2M | -$3.4M | $2.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$16.7M | -$16.9M | -$19.0M | -$19.1M | -$12.9M | -$12.2M | -$13.9M | -$17.3M | -$20.2M | -$27.9M |
| Depreciation and amortisation | $108.0K | $137.0K | $135.0K | $85.0K | $87.0K | $201.0K | $240.0K | $272.0K | $245.0K | $157.0K |
| Stock-based compensation | $654.0K | $671.0K | $552.0K | $475.0K | $416.0K | $350.0K | $340.0K | $2.1M | $3.4M | $4.0M |
| Capital expenditure | $35.0K | $1.0K | $202.0K | $116.0K | $14.0K | $9.0K | $0 | $7.0K | $212.0K | $569.0K |
| Investing cash flow | -$35.0K | -$1.0K | -$202.0K | -$4.4M | -$14.0K | -$9.0K | $0 | -$7.0K | -$212.0K | -$569.0K |
| Financing cash flow | $18.2M | $5.5M | $625.0K | -$1.9M | $74.0M | $3.4M | $0 | $29.1M | $18.5M | $26.7M |
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 0001104659-26-078859.
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