GeoVax Labs(GOVX) - 2020 Q2 - Quarterly Report

Financial Position - As of June 30, 2020, the company had cash and cash equivalents of $710,682, an increase from $283,341 at December 31, 2019[72] - The company has an accumulated deficit of $43.9 million as of June 30, 2020, and expects to continue operating at a loss[80] - The company has a working capital deficit of $1,847,550 as of June 30, 2020, compared to $1,568,929 at December 31, 2019[72] - The company expects to require additional funds to continue operations beyond the fourth quarter of 2020[80] Revenue and Loss - The company recorded a net loss of $455,204 for the three-month period ended June 30, 2020, compared to a net loss of $654,148 for the same period in 2019[82] - Grant and collaboration revenues for the six-month period ended June 30, 2020, were $1,156,579, up from $574,173 in the comparable period of 2019[83] - The company recorded $440,602 in grant revenues for the three-month period ended June 30, 2020, compared to $209,941 in the same period of 2019[83] Cash Flow - Net cash used in operating activities was $925,493 for the six-month period ended June 30, 2020, compared to $773,809 for the same period in 2019[73] - The company received $1,352,834 from financing activities for the six-month period ended June 30, 2020, compared to $734,791 in the same period of 2019[77] Expenses - Research and development expenses for the three-month and six-month periods ended June 30, 2020, were $461,421 and $1,270,357, respectively, compared to $451,227 and $1,006,945 for the same periods in 2019, reflecting a 26% increase from the six-month period of 2019 to 2020[86][87] - General and administrative expenses for the three-month and six-month periods ended June 30, 2020, were $427,292 and $929,637, respectively, compared to $412,650 and $922,714 in 2019, with a 33% increase in the six-month period attributed to higher legal and patent costs[90] - Stock-based compensation expense for the three-month and six-month periods ended June 30, 2020, was $12,000 and $18,000, respectively, down from $105,173 and $258,396 in the same periods of 2019[92][93] - Interest income for the three-month and six-month periods ended June 30, 2020, was $60 and $812, respectively, compared to $881 and $2,105 in 2019, primarily due to cash available for investment and interest rate fluctuations[94] - Interest expense for the three-month and six-month periods ended June 30, 2020, was $7,153 and $8,295, respectively, compared to $1,093 and $2,221 in 2019, related to Convertible Debentures and other financing costs[94] Research and Development - The company does not provide forward-looking estimates of costs and time to complete research programs due to uncertainties in vaccine development, indicating potential volatility in future expenditures[89] - Research and development expenses are influenced by the timing of expenditures related to government grants, with no costs incurred by the HIV Vaccine Trials Network included in the reported expenses[87][88] - General and administrative costs may increase in the future to support expanded research and development activities[90] - The company does not disclose research and development expenses by project, as costs are tracked based on employee time and direct costs associated with government grants[88] - The company recorded no stock-based compensation expense related to stock options for the three-month or six-month periods ended June 30, 2020, due to adjustments from reverse stock splits[92]