Virios Therapeutics Reports Q1 2024 Financials and Corporate Update

Virios Therapeutics, Inc., a biotechnology company specializing in antiviral therapies for chronic conditions like fibromyalgia (FM) and Long-COVID (LC), has released its financial results for the first quarter ending March 31, 2024, and provided key corporate updates.

Significant progress has been made in the Bateman Horne Center's (BHC) three-arm study, BHC-202, which investigates the efficacy of a valacyclovir/celecoxib combination over 12 weeks to alleviate Long-COVID symptoms. The study, funded by an unrestricted investigational grant from Virios, has surpassed 50% enrollment, with top-line results expected in the latter half of 2024. Preliminary safety analysis suggests that the IMC-2 combination has been well-tolerated, with no serious adverse events reported and only a few transient adverse events.

Moreover, Virios’ global patent for IMC-2, which covers antiviral treatment for LC and Alzheimer’s disease, has been published. This development streamlines the process of securing patent protection internationally, setting the stage for national phase patent examinations in various countries.

The company is actively seeking a partner to advance IMC-1, a fixed dosage combination of famciclovir and celecoxib, into Phase 3 development for fibromyalgia treatment. Additionally, Virios is exploring strategic partnerships and collaborations to enhance shareholder value.

Greg Duncan, Chairman and CEO of Virios Therapeutics, emphasized the urgency of addressing Long-COVID, a condition causing significant health issues across various demographics. Duncan expressed optimism about the potential of IMC-2 to provide an effective treatment option for Long-COVID symptoms and looks forward to sharing the study results with the research and investor communities later in the year.

In terms of financial performance, Virios reported research and development expenses of $0.3 million for the first quarter of 2024, a decrease from $0.5 million in the same period in 2023. This reduction is attributed to lower costs in toxicology studies and regulatory consulting. General and administrative expenses also saw a slight decrease, amounting to $1.0 million compared to $1.1 million in the first quarter of the previous year, primarily due to reduced insurance expenses.

The company's net loss for the first quarter was $1.3 million, or $0.07 per share, an improvement from the $1.5 million net loss, or $0.08 per share, reported for the same period in 2023. As of March 31, 2024, Virios held $2.4 million in cash, which is expected to sustain operations into the fourth quarter of 2024.

Virios Therapeutics remains focused on developing antiviral therapies to address viral-triggered abnormal immune responses, which are believed to contribute to conditions like FM, irritable bowel syndrome, LC, chronic fatigue syndrome, and other functional somatic syndromes. Their lead candidates, including IMC-1, aim to suppress herpesvirus replication to reduce disease symptoms. IMC-1 has already received fast track designation from the FDA.

The company's strategy emphasizes exploring complementary opportunities through partnerships and other strategic transactions to build shareholder value and advance their therapeutic candidates.

Overall, Virios Therapeutics is making notable strides in its development programs and continues to position itself as a key player in the treatment of chronic diseases linked to viral triggers.