Virios Therapeutics Reports Q2 2024 Financial Results

Virios Therapeutics, Inc., a biotechnology company listed on Nasdaq under the ticker VIRI, has announced its financial results for the second quarter ending June 30, 2024. The company, which is in the development stage, focuses on creating innovative antiviral therapies to address chronic diseases such as fibromyalgia (FM) and Long-COVID (LC).

A significant milestone for the company is the completion of enrollment in the Bateman Horne Center's (BHC) 202 study. This groundbreaking phase 2a study investigates the effects of a combination of valacyclovir and celecoxib (IMC-2) on Long-COVID symptoms. The BHC-202 study compares two different dose levels of the valacyclovir/celecoxib combination against a placebo over a 12-week period. This research is conducted under an unrestricted investigational grant provided by Virios Therapeutics. Preliminary results from this study are expected in October 2024.

As part of its ongoing research, the company reports that the BHC-202 study has shown promising safety results so far. The study drug, whether the combination of valacyclovir and celecoxib or a placebo, has been well-tolerated with no serious adverse events reported, and only a few minor, transient adverse effects have been observed.

Financially, Virios Therapeutics has taken steps to extend its operational runway by completing a public offering that raised gross proceeds of $1.7 million, which should sustain operations into the first quarter of 2025. The company continues to seek strategic partnerships and collaborations to enhance shareholder value.

From an epidemiological perspective, Chief Medical Officer Dr. R. Michael Gendreau highlighted that acute COVID-19 infections still surpass flu cases and lead to higher hospitalization and mortality rates. Moreover, he emphasized that Long-COVID remains a significant unmet medical need, particularly for unvaccinated individuals who are more than twice as likely to develop Long-COVID following an acute infection. The decreasing vaccination rates imply that this unmet need will persist for some time.

Turning to the financial specifics for the second quarter of 2024, research and development expenses were reported at $0.3 million, down from $0.6 million in the same period the previous year. This reduction is mainly due to decreased expenses related to drug development and manufacturing. General and administrative expenses also saw a decrease, coming in at $0.7 million compared to $0.9 million in the second quarter of 2023. This decline was attributed to lower insurance expenses and reduced accounting and legal fees.

The company's net loss for the second quarter of 2024 was $1.0 million, translating to a basic and diluted net loss per share of $0.05. This is an improvement from the net loss of $1.4 million, or $0.08 per share, reported for the second quarter of 2023. As of June 30, 2024, Virios Therapeutics had cash reserves totaling $3.0 million, which the company believes will be sufficient to fund its operations into the first quarter of 2025.

Virios Therapeutics remains committed to advancing its lead development candidates, which include proprietary combinations of antiviral compounds and celecoxib designed to suppress herpesvirus replication. Their leading candidate, IMC-1, a fixed dosage combination of famciclovir and celecoxib, has already received fast track designation from the FDA. The company’s focus is on treating diseases associated with viral-triggered abnormal immune responses, such as FM and LC, as well as other conditions characterized by chronic, fluctuating symptoms.

In conclusion, Virios Therapeutics continues to make significant strides in its research and development efforts while managing its financial resources effectively. The anticipated results from the BHC-202 study will be critical for the company's future plans, including the design of a planned Phase 2b study.