Financial Performance - Net loss for Q1 2024 was $1.3 million, or $0.07 per share, compared to a net loss of $1.5 million, or $0.08 per share, in Q1 2023[6] - Total operating expenses for Q1 2024 were $1.3 million, down from $1.6 million in Q1 2023[14] - General and administrative expenses for Q1 2024 were $1.0 million, down from $1.1 million in Q1 2023, primarily due to reduced insurance costs[6] - Research and development expenses for Q1 2024 were $0.3 million, a decrease of 40% from $0.5 million in Q1 2023[5] - Total stockholders' equity as of March 31, 2024, was $2.7 million, a decrease from $3.8 million at the end of 2023[14] Cash Position - As of March 31, 2024, cash totaled $2.4 million, with sufficient resources expected to fund operations into Q4 2024[7] Clinical Development - The ongoing BHC-202 study has surpassed 50% enrollment, with top-line results expected in the second half of 2024[3] - Preliminary safety analysis of the BHC-202 study shows no serious adverse events reported, indicating good tolerance for the IMC-2 combination[3] - Discussions are ongoing to find a partner for advancing IMC-1 into Phase 3 development for fibromyalgia treatment[3] - The global patent for IMC-2 has been published, facilitating the process for obtaining patent protection worldwide[3]
Virios Therapeutics(VIRI) - 2024 Q1 - Quarterly Results