This is a routine quarterly update for a pre-revenue clinical-stage biotech with no material financial surprises. The VIRAGE2 dosing and retinoblastoma protocol design are incremental pipeline progress but do not change the fundamental risk/reward. Monitor for FDA feedback on the retinoblastoma protocol (expected Q3 2026) and VIRAGE2 data (Q3 2027). Cash runway into Q1 2027 suggests a financing event is likely within 12 months.
Price Chart
Executive Summary
Theriva Biologics reported Q2 2026 financial results with a net loss of $3.2M ($0.07/share), compared to a $13.1M loss ($1.93/share) in Q2 2025. The narrower loss was driven by a $9.2M prior-year contingent consideration adjustment that did not recur. Operationally, the company dosed first patients in the VIRAGE2 Phase 2a trial of VCN-01 in metastatic PDAC and completed the design of a Phase 2/3 retinoblastoma trial. Cash burn continues, with $11.3M in cash providing runway into Q1 2027, but no revenue was reported and the company remains a pre-revenue clinical-stage biotech with no near-term catalysts that would change the fundamental valuation story.
Key Financial Metrics
Key Facts
- First patients dosed in VIRAGE2 Phase 2a trial of VCN-01 in metastatic PDAC; enrollment expected to complete H2 2026 with data by Q3 2027.
- Cash and cash equivalents of $11.3M as of June 30, 2026, down from $13.1M at Dec 31, 2025; cash runway into Q1 2027.
- Net loss of $3.2M ($0.07/share) for Q2 2026 vs $13.1M ($1.93/share) in Q2 2025; prior year included $9.2M contingent consideration adjustment.
- No revenue reported for Q2 2026; $300K license revenue recognized in Q1 2026.
- Completed design of proposed Phase 2/3 clinical trial of VCN-01 in retinoblastoma; plan to discuss protocol with FDA in Q3 2026.
Financial Impact
Cash burn of $1.7M from Dec 31, 2025 to June 30, 2026; net loss of $5.3M for H1 2026
Risk Factors
- Cash runway only into Q1 2027; likely need for dilutive financing within 12 months.
- All pipeline candidates are pre-commercialization; no approved products or revenue stream.
- VIRAGE2 is a 6-patient single-arm trial; results may not support Phase 3 design as hoped.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-093782 |
| Document: tm2622636d1_8k.htm | 0001104659-26-093782 |
| Document: 0001104659-26-093782-index-headers.html | 0001104659-26-093782 |
| Document: 0001104659-26-093782-index.html | 0001104659-26-093782 |
| Document: 0001104659-26-093782.txt | 0001104659-26-093782 |
| 8-K Data (Synthetic) | 0001104659-26-093782 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 11, 2026 7w ago | 8-K | $0.2300 $0.2490 | ▲ +8.26% | ▲ +9.32% | $0.2306 (+0.26%) |
Aug 11, 2026 7w ago | Press Release | $0.2300 $0.2490 | ▲ +8.26% | ▲ +9.32% | $0.2306 (+0.26%) |
Aug 4, 2026 8w ago | 8-K | $0.2300 $0.2490 | ▼ −8.26% | ▼ −9.50% | $0.2306 (−0.26%) |
Jul 7, 2026 12w ago | 8-K | $0.2354 $0.2227 | ▼ −5.40% | ▼ −6.73% | $0.2306 (−2.04%) |
Jun 11, 2026 16w ago | Press Release | $0.3070 $0.2345 | ▼ −23.62% | ▼ −25.51% | $0.2306 (−24.89%) |
Apr 17, 2026 23w ago | 8-K | $0.4100 $0.3000 | ▼ −26.83% | ▼ −31.03% | $0.2306 (−43.76%) |
Mar 12, 2026 29w ago | 8-K | $0.1800 $0.2300 | ▲ +27.78% | ▲ +25.80% | $0.2306 (+28.11%) |
Mar 12, 2026 29w ago | Press Release | $0.1800 $0.2300 | ▲ +27.78% | ▲ +25.80% | $0.2306 (+28.11%) |
US Market Status
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