The VIRAGE2 enrollment completion (H2 2026) and initial data (Q3 2027) are the next key catalysts, but the $11.3M cash runway into Q1 2027 creates financing overhang. Monitor for partnership, grant, or equity offering announcements given the 88% analyst bullish consensus but $11M market cap.
Price Chart
Executive Summary
Theriva Biologics reported Q2 2026 financial results with a net loss of $3.2M ($0.07 per share) vs $13.1M ($1.93 per share) in Q2 2025, driven by a $9.2M decrease in contingent consideration fair value adjustment. The company dosed first patients in the VIRAGE2 Phase 2a trial evaluating more frequent VCN-01 dosing in metastatic PDAC, but cash runway extends only into Q1 2027 with $11.3M on hand, raising financing risk for a clinical-stage company with no revenue.
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; cash runway into Q1 2027
- Net loss of $3.2M for Q2 2026 vs $13.1M in Q2 2025, primarily due to a $9.2M decrease in contingent consideration fair value adjustment
- General and administrative expenses decreased 82% to $2.0M from $11.2M; R&D expenses decreased 35% to $1.3M from $2.0M
- EPS of -$0.07 vs -$1.93 in prior year period, but weighted average shares increased from 6.8M to 45.9M
- Proposed Phase 2/3 trial for VCN-01 in retinoblastoma; FDA discussion planned for Q3 2026
- Phase 1 HNSCC results published in Clinical Cancer Research showing prolonged OS with VCN-01 + durvalumab
Financial Impact
Net loss of $3.2M in Q2 2026 vs $13.1M in Q2 2025; cash burn of $1.7M in H1 2026; $11.3M cash runway into Q1 2027
Risk Factors
- Cash runway only into Q1 2027 with no revenue; likely need to raise capital within 6-9 months
- VIRAGE2 is a small 6-patient proof-of-concept trial; results may not support Phase 3 design
- SYN-004 enrollment paused pending grant/partnership funding
- Historical stock volatility: 4 of last 5 reports saw T+20 declines >20%
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3342623 |
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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