GeoVax Labs Inc. (NASDAQ: GVOX), a biotechnology company developing vaccines and immunotherapies against cancers and infectious disease, announced its first quarter 2022 financial results and corporate updates for the period ending March 31, 2022.
Net loss for Q1 was $2,427,515 compared to $1,562,778 for the same period in 2021.
Grant revenues for Q1 were $81,526 compared to $110,417 for the same period in 2021. The company attributes this change to expenditures for its COVID-19 and Lassa Fever programs.
Research and development (R&D) expenses for Q1 were $1,330,544 compared to $602,783 for the same period in 2021, which the company attributes to general higher activity in the company.
General and administrative (G&A) expenses for Q1 were $1,179,024 compared to $1,071,710 for the same period in 2021. The company attributes the increase to higher stock-based compensation expense.
Cash balances for Q1 were $16.3 million compared to $11.4 million for the period ending December 31, 2021. This increase is due to a $9.2 million private placement of common stock and warrants.
GeoVax’s GEO-CM04S1 vaccine is in its Phase 2 clinical trial (NCT04977024) to be used as a primary treatment for immunocompromised cancer patients. The vaccine is also being tested in a Phase 2 vaccine booster trial (NCT04639466) for its effectiveness in boosting pre-existing vaccine immunity to spike as well as creating an immune response to nucleocapsid, making it unique to the other FDA-approved vaccines which only target the spike protein.
Data from the Phase 1 trial of GEO-CM04S1 was published in The Lancet Microbe and reported that the vaccine effectively produced neutralizing antibodies and T cells against SARS-CoV-2 with no adverse effects.
GeoVax’s ongoing Phase 1/2 trial (NCT03754933) with Emory University is being expanded to a multi-site trial with a focus on accelerated patient enrollment. The trial is testing the safety and efficacy of multiple cycles of Gedeptin therapy, used to treat patients with recurrent head and neck squamous cell carcinoma (HNSCC) whose tumors have no curable treatment options.
GeoVax issued its Patent No. 11278607 for MVA-VLP-MUC1 for Solid Tumor Cancers, pursuant to the Company’s patent application No. 16/068,527 titled, “Compositions and Methods for Generating an Immune Response to a Tumor Associated Antigen.”
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