Completed $60 million Private Financing
Announced a private financing providing up to $60.0M in potential gross proceeds (including $10M upfront). Structure includes milestone-based Series A ($10M), Series B ($10M) and a Series C common warrant ($30M, 3-year term) with an accelerated feature if stock trades at 2x the deal price for 30 consecutive days.
Tivoxavir Development Progress — Preclinical and Formulation Gains
Preclinical data show robust activity across influenza A and B and single-dose protection against lethal bird flu in three species with significant reductions in lung viral burden. A next-generation compressed tablet formulation demonstrated ~30% increased exposure in preclinical studies, supporting potential 28-day coverage for a once-monthly prophylactic regimen.
Planned Human Challenge Trial (U.K.) and Australian Bridging Study
Intend to initiate a Phase IIa seasonal influenza prophylaxis human challenge study at hVIVO in the U.K. starting in June, pending MHRA approval. A Phase I bridging study in Australia to confirm extended exposure is underway and has been approved without flagged concerns.
Improved Reported Financial Results (Year-ended Dec 31, 2025)
Reported net income of $9.2M ($0.83 basic / $0.82 diluted) in 2025 versus a net loss of $166.5M in 2024. Revenue increased to $2.8M in 2025 from $0.226M in 2024 (≈+1139%), driven primarily by the recognition of $2.7M deferred revenue related to a mutual termination of an oncology licensing agreement.
Expense Reductions
Research & development expense declined modestly to $12.1M in 2025 from $12.8M in 2024 (≈-5.5%). General & administrative expense decreased to $8.5M from $12.3M (≈-30.9%), primarily from lower professional and consulting fees.