Financial HealthVirpax did not consummate a ≥$5M financing with an institutional investor as previously agreed upon, increasing the risk that the financing cannot be completed.
Management StabilityVirpax's CEO and CFO both resigned, along with multiple board members, due to disagreements with execution of policies, practices, and procedures.
Stock Market ComplianceVirpax received a deficiency letter from Nasdaq since the stock was trading below <$1 for 30 consecutive business days and has until 4/2/25 to regain compliance.