Financial Performance - The company reported net losses of $1,291,335 for the three months ended March 31, 2024, compared to $1,516,864 for the same period in 2023, indicating a decrease in losses of approximately 15%[73]. - Total operating expenses for the three months ended March 31, 2024, were $1,314,101, down from $1,557,287 in the same period of 2023, reflecting a reduction of about 15.6%[79]. - For the three months ended March 31, 2024, net cash used in operations was $0.9 million, compared to $1.7 million for the same period in 2023, indicating a reduction of approximately 47%[89][90]. - The net loss for the three months ended March 31, 2024, was $1.3 million, slightly higher than the net loss of $1.5 million reported for the same period in 2023[89][90]. - The company has incurred an accumulated deficit of $62,760,557 as of March 31, 2024[73]. Operating Expenses - Research and development expenses decreased to $343,717 for the three months ended March 31, 2024, from $497,714 in the same period of 2023, a decline of approximately 30.9%[80]. - General and administrative expenses also decreased to $970,384 for the three months ended March 31, 2024, from $1,059,573 in the same period of 2023, a reduction of about 8.4%[81]. Cash Position and Funding Needs - As of March 31, 2024, the company's cash totaled $2.4 million, which is insufficient to fund operations for the next 12 months, necessitating additional capital raising within the next three to five months[82][86]. - As of March 31, 2024, there were no off-balance sheet arrangements or relationships with unconsolidated entities[91]. Revenue Generation - The company has not generated any revenue since inception and does not anticipate generating revenue in the foreseeable future[82]. Research and Development Initiatives - The company plans to submit an investigational new drug application for IMC-2 to treat symptoms associated with Long-COVID, with ongoing studies expected to yield results in the second half of 2024[66][69]. - The company received FDA feedback on advancing IMC-1 into Phase 3 development for the treatment of fibromyalgia (FM)[65]. Strategic Partnerships - The company is actively exploring strategic partnerships and collaborations to enhance shareholder value and advance its product candidates[72]. Accounting and Reporting - There were no significant changes to critical accounting policies during the three months ended March 31, 2024, compared to the previous year[92]. - The company is utilizing the extended transition period provided by the JOBS Act, which reduces certain reporting requirements for emerging growth companies[93][94].
Virios Therapeutics(VIRI) - 2024 Q1 - Quarterly Report