GeoVax Labs Inc (NASDAQ: GOVX) has announced its financial results for the quarter ending June 30, 2022, and has also provided corporate updates.
Net loss during the quarter was $0.21 per share
The company has a net loss of $2.242 million or $0.21 per share for the period ending June 30, 2022, relative to a net loss of $1.314 million or $0.18 per share a year before. For the six months ended June 30, 2022, the company reported a net loss of 44.67 million or $0.47 per share compared to $2.877 million or $0.49 per share a year ago. Collaboration and grant revenues during the quarter were $-0- and $81,526 for the quarter and six months ending June 30, 2022, respectively.
At the end of the quarter, the company had $30.9 million in cash balances relative to $11.4 million. The net proceeds of $18.5 million from follow-on and private placement in May plus $9.2 million from a common stock and warrants placement in January contributed to the increase in cash balances.
GeoVax is advancing various COVID-19 and immune-oncology studies
The company is studying GEO-CM04S1 in phase 2 clinical study as a vaccine in immunocompromised cancer patients that have challenges producing antibodies and mainly depend on T-cells to protect against the COVID-19 virus. Also, another phase 2 vaccine booster study is ongoing for GEO-CM04S1 to evaluate its potential in boosting pre-existing vaccine immunity to spike and inducing an immune response to nucleocapsid. In Q2, IND applications for the trials were transferred to GeoVac from City Hope, and the company now wants to accelerate subject enrolment.
Besides GEO-CM04S1, the company is assessing GEO-CM02 as a possible single-dose universal coronavirus vaccine. NIH’s Small Business Innovation Research grantported the program in 2021.
In immune-oncology, the company is conducting studies in Gedeptin therapy in individuals with recurrent head and neck squamous cell carcinoma having tumors accessible for injection without curable treatment alternatives in partnerships with Emory University. The FDA is funding the initial phase of the study under the Orphan Products Clinical Trials Grants Program.