GeoVax Labs, Inc. Releases Q3 2024 10-Q Report

GeoVax Labs, Inc., a biotechnology company specializing in the development of human vaccines, has released its Form 10-Q report for the third quarter ending September 30, 2024. The report highlights significant financial and operational developments, reflecting the company's ongoing efforts in vaccine development and clinical trials.

Financial Highlights

• Revenue from government contract: $2.79 million. The company reported revenue from the BARDA Contract during the three-month period ending September 30, 2024.
• Loss from operations: $(5.85) million. The loss from operations improved by $2.75 million compared to the same period in 2023, primarily due to increased revenue and reduced general and administrative expenses.
• Net loss: $(5.82) million. The net loss decreased by $2.59 million compared to the same period in 2023, reflecting improved operational efficiency and cost management.
• Net loss per common share: $(0.91). The net loss per share improved significantly from $(4.75) in the same period of 2023, due to a higher number of shares outstanding.

Business Highlights

• Revenue Segments: GeoVax recognized revenue of $2,789,484 and $3,090,161 for the three-month and nine-month periods ending September 30, 2024, respectively, associated with the BARDA contract for the development of the GEO-CM04S1 COVID-19 vaccine.
• New Product Launches: GeoVax is advancing its GEO-CM04S1 COVID-19 vaccine through a Phase 2b clinical trial funded by a BARDA contract. This trial aims to evaluate the vaccine's efficacy compared to an FDA-approved mRNA COVID-19 vaccine.
• New Production Launches: The company is producing cGMP Master Seed Virus for GEO-MVA, a vaccine candidate for Mpox and Smallpox, with plans to complete cGMP production of a clinical batch by the end of 2024.
• Future Outlook: GeoVax plans to initiate a Phase 2 trial for Gedeptin in first-recurrence head and neck cancer, aiming to establish efficacy when combined with an immune checkpoint inhibitor. Trial activation is anticipated during the first half of 2025.
• Research and Development Focus: The company is focusing on advancing its GEO-CM04S1 and Gedeptin clinical programs, with increased expenditures expected as these programs progress through clinical trials.
• General Corporate Developments: GeoVax received an extension from Nasdaq to regain compliance with the Stockholders’ Equity Requirement until November 19, 2024, following several financing transactions.

SEC Filing: GeoVax Labs, Inc. Releases Q3 2024 [ NASDAQ:GOVX ] - 10-Q - Nov. 12, 2024