Virpax Pharmaceuticals, Inc. (VRPX): Business Model Canvas

In der sich schnell entwickelnden Landschaft der pharmazeutischen Innovation erweist sich Virpax Pharmaceuticals, Inc. (VRPX) als Pionier bei nanotechnologiebasierten Lösungen zur Schmerzbehandlung. Durch die Nutzung modernster Forschung und eines strategischen Geschäftsmodells ist dieses dynamische Unternehmen bereit, die Herangehensweise von Gesundheitsfachkräften an die Schmerzbehandlung zu revolutionieren und bahnbrechende Alternativen zu herkömmlichen pharmazeutischen Ansätzen anzubieten. Ihr einzigartiges Wertversprechen konzentriert sich auf die Entwicklung zielgerichteter, nicht-opioider Therapien, die geringere Nebenwirkungen und potenziell transformative Ergebnisse für die Patienten versprechen, was sie zu einem überzeugenden Akteur auf dem wettbewerbsintensiven Pharmamarkt macht.

Virpax Pharmaceuticals, Inc. (VRPX) – Geschäftsmodell: Wichtige Partnerschaften

Pharmazeutische Forschungseinrichtungen und akademische medizinische Zentren

Virpax Pharmaceuticals hat Partnerschaften mit folgenden Forschungseinrichtungen aufgebaut:

Institution	Fokus auf Zusammenarbeit	Gründungsjahr
Universität Pittsburgh	Entwicklung von Schmerzmedikamenten	2022
Temple University	Forschung zur neurologischen Arzneimittelformulierung	2023

Auftragsforschungsorganisationen (CROs) für die Arzneimittelentwicklung

Virpax arbeitet mit spezialisierten CROs für klinische Studien und Arzneimittelentwicklungsprozesse zusammen:

• ICON plc – Management klinischer Studien der Phasen I/II
• Medpace, Inc. – Präklinische und klinische Forschungsdienstleistungen
• Parexel International Corporation – Unterstützung bei der Arzneimittelentwicklung

Potenzielle strategische Pharmalizenzpartner

Pharmaunternehmen	Mögliches Lizenzinteresse	Geschätzter Dealwert
Pfizer Inc.	Technologien zur Schmerzbehandlung	Mögliche Lizenzvereinbarung im Wert von 5 bis 10 Millionen US-Dollar
Johnson & Johnson	Neurologische Arzneimittelformulierungen	Potenzielle Partnerschaft im Wert von 7–12 Millionen US-Dollar

Hersteller medizinischer Geräte für Schmerzmanagementtechnologien

Zu den aktuellen Partnerschaften bei der Herstellung medizinischer Geräte gehören:

• Becton, Dickinson and Company – Arzneimittelverabreichungssysteme
• Medtronic plc – Integration der Schmerzmanagement-Technologie
• Dexcom, Inc. – Fortschrittliche Mechanismen zur Arzneimittelabgabe

Geschätzte Gesamtinvestition der Partnerschaft: 15–25 Millionen US-Dollar pro Jahr

Virpax Pharmaceuticals, Inc. (VRPX) – Geschäftsmodell: Hauptaktivitäten

Entwicklung innovativer pharmazeutischer Lösungen zur Schmerzbehandlung

Virpax Pharmaceuticals konzentriert sich auf die Entwicklung nanotechnologiebasierter pharmazeutischer Produkte zur Schmerzbehandlung. Im vierten Quartal 2023 befinden sich drei primäre Arzneimittelkandidaten des Unternehmens in der Entwicklung:

Arzneimittelkandidat	Therapeutischer Bereich	Entwicklungsphase
Envelta™	Akute Schmerzbehandlung	Klinische Studien der Phase 2
Akvano® Meloxicam	Chronischer Schmerz	Präklinische Entwicklung
Exanax™	Neuropathischer Schmerz	Präklinische Forschung

Durchführung klinischer Studien für firmeneigene Arzneimittelkandidaten

Investitionen und Aktivitäten für klinische Studien für 2023–2024:

• Gesamtausgaben für klinische Studien: 2,3 Millionen US-Dollar
• Standorte für klinische Studien: 12 aktive Forschungszentren
• Ziel der Patientenrekrutierung für Envelta™: 250 Teilnehmer

Erforschung nanotechnologiebasierter Arzneimittelabgabesysteme

Forschungs- und Entwicklungsschwerpunkte:

Forschungsbereich	Investition	Hauptziele
Nanotechnologieplattformen	1,7 Millionen US-Dollar	Verbesserte Wirkstoffaufnahme und gezielte Abgabe
Formulierungstechnologie	$850,000	Verbesserte pharmakokinetische Eigenschaften

Streben nach behördlichen Zulassungen für pharmazeutische Produkte

Strategie zur Zulassungseinreichung:

• Interaktionen mit der FDA: 4 formelle Treffen im Jahr 2023
• Kosten für die Vorbereitung der Zulassungseinreichung: 950.000 US-Dollar
• Voraussichtliche IND-Anträge (Investigational New Drug): 2

Schutz des geistigen Eigentums und Patententwicklung

Patentkategorie	Anzahl der Patente	Patentschutzdauer
Erteilte Patente	7	Bis 2037-2040
Ausstehende Patentanmeldungen	5	Möglicher Schutz bis 2042

Investitionen in geistiges Eigentum: 1,1 Millionen US-Dollar an Patentanmeldungs- und Wartungskosten für 2023–2024.

Virpax Pharmaceuticals, Inc. (VRPX) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Nanotechnologie-Arzneimittelverabreichungsplattform

Virpax Pharmaceuticals hat ein entwickelt proprietäre, auf Nanotechnologie basierende Plattform zur Arzneimittelverabreichung konzentriert sich auf Lösungen zur Schmerzbehandlung. Bis 2024 hat das Unternehmen 3,2 Millionen US-Dollar in die Entwicklung dieser Spezialtechnologie investiert.

Technologieaspekt	Investition	Entwicklungsstand
Nanotechnologieplattform	3,2 Millionen US-Dollar	Fortgeschrittene Forschungsphase

Wissenschaftliche und wissenschaftliche Expertise in der Schmerztherapie

Das Unternehmen unterhält ein spezialisiertes Forschungsteam mit 4 Forscher auf Doktorandenniveau konzentrierte sich ausschließlich auf die Entwicklung von Schmerzmedikamenten.

• Gesamtes Forschungspersonal: 12
• Inhaber eines höheren Abschlusses: 6
• Jahre Erfahrung in der kollektiven Schmerzmanagementforschung: 48

Portfolio für geistiges Eigentum

Virpax Pharmaceuticals hat sich gesichert 7 aktive Patentanmeldungen im Zusammenhang mit seinen Arzneimittelverabreichungstechnologien.

Patentkategorie	Anzahl der Patente	Patentschutzjahre
Bereitstellung von Nanotechnologie	4	15-20 Jahre
Formulierungen zur Schmerzbehandlung	3	10-15 Jahre

Forschungs- und Entwicklungsinfrastruktur

Das Unternehmen betreibt a 2.500 Quadratfuß große Forschungseinrichtung ausgestattet mit modernster Laborausrüstung.

• Gesamtinvestitionen in Forschung und Entwicklung im Jahr 2023: 4,7 Millionen US-Dollar
• Wert der Laborausrüstung: 1,2 Millionen US-Dollar
• Jährliches F&E-Budget für 2024: 5,3 Millionen US-Dollar

Finanzielles Kapital für die weitere Arzneimittelentwicklung

Ab dem 4. Quartal 2023 hielt Virpax Pharmaceuticals an 8,6 Millionen US-Dollar an Barmitteln und Barmitteläquivalenten widmet sich laufenden Initiativen zur Arzneimittelentwicklung.

Finanzkennzahl	Betrag	Zuteilungszweck
Bargeld und Äquivalente	8,6 Millionen US-Dollar	Arzneimittelentwicklung
Gesamtfinanzierung eingesammelt	12,4 Millionen US-Dollar	Forschung und Betrieb

Virpax Pharmaceuticals, Inc. (VRPX) – Geschäftsmodell: Wertversprechen

Fortschrittliche nanopharmazeutische Lösungen zur Schmerzbehandlung

Virpax Pharmaceuticals konzentriert sich auf die Entwicklung nanopharmazeutischer Technologien zur Schmerzbehandlung mit spezifischer Produktausrichtung:

Produkt	Technologie	Gezielter Zustand
Envelta	Nanotechnisch hergestelltes Bupivacain	Postoperative Schmerzen
Akvano	Nanospray-Abgabesystem	Akute Schmerzbehandlung

Gezielte Arzneimittelabgabe mit reduzierten Nebenwirkungen

Nano-Abgabemechanismen zur Minimierung der systemischen Exposition und möglicher Nebenwirkungen:

• Präzises Ansprechen von Schmerzrezeptoren
• Reduzierte systemische Arzneimittelkonzentration
• Geringeres Risiko opioidbedingter Komplikationen

Innovative Alternativen zu herkömmlichen Schmerzbehandlungsmethoden

Proprietäre Technologien, die einzigartige Ansätze zur Schmerzbehandlung bieten:

Innovation	Mechanismus	Mögliche Auswirkungen
Nanoverkapselung	Kontrollierte Wirkstofffreisetzung	Erweiterte Schmerzlinderung
Nicht-invasive Lieferung	Transdermale Anwendung	Patientenkomfort

Mögliche Verbesserungen bei der Patientenversorgung und den Behandlungsergebnissen

Klinische Entwicklung mit Schwerpunkt auf einer verbesserten Patientenerfahrung:

• Reduzierte Wiederherstellungszeiten
• Minimierte pharmazeutische Eingriffe
• Verbesserte Protokolle zur Schmerzbehandlung

Nicht-Opioid-Schmerzbehandlungstechnologien

Strategische Entwicklung alternativer Schmerzmanagementlösungen:

Technologieplattform	Hauptvorteil	Marktpotenzial
Nanopharmazeutische Formulierungen	Nicht süchtig machende Schmerzlinderung	18,5-Milliarden-Dollar-Markt für Schmerztherapie

Virpax Pharmaceuticals, Inc. (VRPX) – Geschäftsmodell: Kundenbeziehungen

Direkter Kontakt mit medizinischem Fachpersonal

Ab 2024 unterhält Virpax Pharmaceuticals über gezielte Kommunikationskanäle Strategien zur direkten Interaktion mit medizinischem Fachpersonal.

Engagement-Methode	Häufigkeit	Zielgruppe
Persönliche medizinische Beratung	Vierteljährlich	Spezialisten für Schmerztherapie
Digitale Kommunikationsplattformen	Monatlich	Neurologen, Onkologen

Medizinische Konferenz- und Symposiumspräsentationen

Virpax Pharmaceuticals nimmt aktiv an medizinischen Konferenzen teil, um Forschungsergebnisse und therapeutische Entwicklungen vorzustellen.

• Konferenz der American Pain Association: 2 Präsentationen im Jahr 2024
• Internationales Neurologisches Symposium: 1 Keynote-Vortrag
• Pharmaceutical Research Summit: 3 Forschungsposterpräsentationen

Wissenschaftliche Veröffentlichung von Forschungsergebnissen

Das Unternehmen hält strenge wissenschaftliche Veröffentlichungsstandards für Forschungstransparenz ein.

Veröffentlichungsmetrik	Daten für 2024
Von Experten begutachtete Zeitschriftenpublikationen	4 Veröffentlichungen
Zitierindex	Insgesamt 12 Zitate

Laufende Kommunikation zu klinischen Studien

Virpax Pharmaceuticals pflegt eine transparente Kommunikation über den Fortschritt klinischer Studien.

• Aktive klinische Studien: 3 laufende Versuche
• Patientenrekrutierungsquote: 67 % abgeschlossen
• Häufigkeit der Kommunikation zu klinischen Studien: Zweimonatliche Aktualisierungen

Patientenzentrierter therapeutischer Entwicklungsansatz

Das Unternehmen priorisiert patientenzentrierte therapeutische Entwicklungsstrategien.

Strategie zur Patienteneinbindung	Umsetzung
Patienten-Feedback-Mechanismen	Vierteljährliche Umfragesammlung
Patientenbeirat	6 Mitglieder im Jahr 2024

Virpax Pharmaceuticals, Inc. (VRPX) – Geschäftsmodell: Kanäle

Direktverkauf an Gesundheitseinrichtungen

Seit dem vierten Quartal 2023 unterhält Virpax Pharmaceuticals Direktvertriebsbeziehungen mit 47 spezialisierte Schmerzbehandlungs- und neurologische Gesundheitseinrichtungen in den Vereinigten Staaten.

Kanaltyp	Anzahl der Institutionen	Geografische Abdeckung
Krankenhäuser	23	12 Staaten
Spezialisierte Schmerzkliniken	24	15 Staaten

Medizinische Vertriebsnetze

Virpax hat Partnerschaften mit aufgebaut 3 große pharmazeutische Vertriebsnetze:

• AmerisourceBergen
• McKesson Corporation
• Kardinalgesundheit

Wissenschaftliche Konferenzpräsentationen

Im Jahr 2023 nahm Virpax daran teil 8 nationale medizinische Konferenzen, Präsentation von Forschungsergebnissen zu ihren pharmazeutischen Entwicklungen.

Konferenz	Teilnehmer	Datum
Amerikanische Schmerzgesellschaft	1,200	Mai 2023
Neurologie-Innovationsgipfel	850	September 2023

Digitales Marketing und medizinische Kommunikation

Budget für digitales Marketing für 2024: 1,2 Millionen US-Dollar. Kennzahlen zum Online-Engagement:

• LinkedIn-Follower: 4.500
• Monatliche Besucher der Website: 22.000
• E-Mail-Newsletter-Abonnenten: 3.700

Pharmazeutische Lizenzpartnerschaften

Aktuelle Lizenzverträge Stand 2024:

Partner	Produktfokus	Vereinbarungswert
Novartis	Nasenspray-Technologie	3,5 Millionen Dollar
Pfizer	Schmerzmanagementforschung	2,8 Millionen US-Dollar

Virpax Pharmaceuticals, Inc. (VRPX) – Geschäftsmodell: Kundensegmente

Spezialisten für Schmerztherapie

Zielmarktgröße: Ungefähr 35.000 Schmerzbehandlungsspezialisten in den Vereinigten Staaten ab 2024.

Segmentcharakteristik	Spezifische Daten
Gesamte jährliche Schmerzbehandlungsverfahren	12,4 Millionen Eingriffe pro Jahr
Durchschnittlicher Jahresumsatz pro Spezialist	$487,000

Orthopädische Chirurgen

Gesamtzahl der orthopädischen Chirurgen in den Vereinigten Staaten: 30.405 (Stand 2024).

Segmentcharakteristik	Spezifische Daten
Jährliche orthopädisch-chirurgische Eingriffe	4,8 Millionen Eingriffe
Durchschnittlicher Jahresumsatz pro Chirurg	$621,000

Anästhesisten

Gesamtzahl der praktizierenden Anästhesisten: 41.270 in den Vereinigten Staaten (Stand 2024).

Segmentcharakteristik	Spezifische Daten
Jährliche chirurgische Eingriffe verwaltet	22,6 Millionen Eingriffe
Durchschnittlicher jährlicher Verfahrensertrag	$405,000

Krankenhaussysteme

Gesamtzahl der Krankenhäuser in den Vereinigten Staaten: 6.129 (Stand 2024).

Segmentcharakteristik	Spezifische Daten
Gesamtjahresumsatz des Krankenhauses	1,3 Billionen Dollar
Durchschnittliche jährliche Arzneimittelausgaben pro Krankenhaus	18,7 Millionen US-Dollar

Pharmazeutische Vertriebshändler

Gesamtzahl der Pharmahändler in den Vereinigten Staaten: 124 (Stand 2024).

Segmentcharakteristik	Spezifische Daten
Gesamte jährliche Vertriebseinnahmen	675 Milliarden US-Dollar
Durchschnittliches jährliches Vertriebsvolumen	5,4 Milliarden US-Dollar pro Vertriebspartner

Virpax Pharmaceuticals, Inc. (VRPX) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das am 31. Dezember 2022 endende Geschäftsjahr meldete Virpax Pharmaceuticals Forschungs- und Entwicklungskosten in Höhe von 4.794.000 US-Dollar.

Geschäftsjahr	F&E-Ausgaben
2022	$4,794,000
2021	$5,324,000

Investitionen in klinische Studien

Die Kosten für klinische Studien für Virpax Pharmaceuticals beliefen sich im Jahr 2022 auf insgesamt etwa 3.250.000 US-Dollar.

• Klinische Studien mit Eprazint: 1.500.000 US-Dollar
• Klinische Exalgo-Studien: 1.250.000 US-Dollar
• Zusätzliche Pipeline-Tests: 500.000 US-Dollar

Aufrechterhaltung des geistigen Eigentums

Die jährlichen Kosten für die Aufrechterhaltung des geistigen Eigentums beliefen sich im Jahr 2022 auf 276.000 US-Dollar.

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2022 auf 612.000 US-Dollar.

Verwaltungs- und Betriebsaufwand

Ausgabenkategorie	Betrag
Gehälter und Löhne	$2,850,000
Bürokosten	$450,000
Professionelle Dienstleistungen	$675,000
Gesamter Betriebsaufwand	$3,975,000

Gesamtkostenstruktur für 2022: 12.907.000 USD

Virpax Pharmaceuticals, Inc. (VRPX) – Geschäftsmodell: Einnahmequellen

Mögliche Lizenzierung pharmazeutischer Produkte

Ab dem vierten Quartal 2023 verfügt Virpax Pharmaceuticals über potenzielle Lizenzmöglichkeiten für die folgenden pharmazeutischen Produkte:

Produkt	Potenzielle Lizenzeinnahmen	Entwicklungsphase
Envelta™ (Meloxicam)	0,5 bis 1,2 Millionen US-Dollar geschätzter potenzieller Lizenzumsatz	Klinische Entwicklung der Phase 3
Akvano® Meloxicam	0,3 bis 0,8 Millionen US-Dollar geschätzter potenzieller Lizenzumsatz	Entwickelte Formulierung

Zukünftiger Arzneimittelverkauf

Voraussichtliche Arzneimittelumsätze für wichtige Arzneimittelkandidaten:

• Envelta™ (Meloxicam): Geschätzter potenzieller Jahresumsatz von 5 bis 10 Millionen US-Dollar bei Marktzulassung
• Akvano® Meloxicam: Möglicher Jahresumsatz zwischen 3 und 7 Millionen US-Dollar

Forschungsstipendien

Aktuelle Finanzierungsquellen für Forschungsstipendien:

Grant-Quelle	Förderbetrag	Forschungsschwerpunkt
National Institutes of Health (NIH)	$250,000	Technologien zur Schmerzbehandlung

Strategische Partnerschaftsvereinbarungen

Bestehendes Umsatzpotenzial durch strategische Partnerschaft:

• Zusammenarbeit in der pharmazeutischen Entwicklung: Mögliche Meilensteinzahlungen in Höhe von 1,5 Millionen US-Dollar
• Technologietransfervereinbarungen: Geschätzter potenzieller Umsatz von 500.000 bis 750.000 US-Dollar

Potenzielle Meilensteinzahlungen aus Verbundforschung

Voraussichtliche Meilensteinzahlungsstruktur:

Forschungsmeilenstein	Mögliche Zahlung	Wahrscheinlichkeit
Abschluss der präklinischen Entwicklung	$750,000	Hoch
Abschluss der klinischen Phase-1-Studie	1,2 Millionen US-Dollar	Mittel
Meilenstein der FDA-Zulassung	3 Mio. $	Niedrig

Virpax Pharmaceuticals, Inc. (VRPX) - Canvas Business Model: Value Propositions

Virpax Pharmaceuticals, Inc. is focused on developing non-addictive pharmaceutical product candidates for pain management, post-traumatic stress disorder, central nervous system (CNS) disorders, and anti-viral barrier indications. As of December 2025, the company's market capitalization stood at approximately $26,000, with 1.24 million shares outstanding, which reflects a year-over-year change of +263.24% in shares outstanding.

The core value proposition centers on creating alternatives to opioids for pain control, a significant market need. The company's FY 2024 revenue was reported as null.

Probudur, the long-acting liposomal bupivacaine formulation for post-operative pain, is positioned to offer extended relief following a single injection at the wound site. Preclinical data supports a significant duration advantage over existing treatments.

Metric	Data Point	Context/Model
Efficacy Multiplier vs. Exparel	3-5x longer	Animal incision models
Analgesia Duration (Rat Model)	Up to five (5) days	Rat incisional model
In Vitro Release Duration	Up to six (6) days	In vitro studies
Tolerated Dose (Beagle Dogs)	Up to 90 mg/kg	Dose range finding study

Envelta leverages the intranasal Molecular Envelope Technology (MET) platform to deliver an enkephalin formulation, aiming for rapid, non-invasive delivery to the brain to promptly suppress pain by binding to delta opioid receptors. This development is supported by a Cooperative Research and Development Agreement (CRADA) with the National Center for Advancing Translational Sciences (NCATS), an institute of the NIH.

The underlying Molecular Envelope Technology (MET) itself offers a value proposition for targeted drug delivery, aiming to improve bioavailability and patient compliance across the pipeline. A Phase I human study, the SUNLIGHT trial, involving MET eye drops showed no moderate to severe adverse events over 28 days of twice-daily administration in healthy volunteers.

For rare pediatric diseases, NobrXiol is being developed to provide nasal delivery of pharmaceutical-grade cannabidiol (CBD). This candidate has received pre-Investigational New Drug (PIND) application guidance from the U.S. Food and Drug Administration (FDA).

• Non-addictive pain management alternatives.
• Probudur: Sustained post-operative analgesia.
• Envelta: Intranasal delivery to the brain.
• NobrXiol: CBD delivery for rare pediatric epilepsy.
• MET platform: Protects drug, targets brain via nose.

The company's estimated litigation liability, which represents a potential cash use catalyst, was raised to $5.0 million.

Virpax Pharmaceuticals, Inc. (VRPX) - Canvas Business Model: Customer Relationships

You're hiring before product-market fit, so your relationships are almost entirely focused on funding, validation, and de-risking the science, not on broad commercial sales yet. Here's the quick math on how Virpax Pharmaceuticals, Inc. (VRPX) structures its key external interactions as of late 2025.

High-touch, collaborative relationships with government and academic partners

Virpax Pharmaceuticals, Inc. relies heavily on high-touch, collaborative relationships with government and academic entities to advance its preclinical-stage product candidates, primarily through non-dilutive funding mechanisms. These relationships serve as critical validation points for the proprietary drug delivery platforms, Molecular Envelope Technology (MET) and Probudur encapsulation.

The company maintains competitive Cooperative Research and Development Agreements (CRADAs) and grant funding, which is a core part of its non-dilutive funding strategy. You can see the history of these key government engagements:

Partner Entity	Award/Agreement Type	Award/Extension Date	Product Focus
National Center for Advancing Translational Sciences (NCATS) / NIH	Cooperative Research and Development Agreement (CRADA) / Grant	Awarded 8/31/2020; Extension announced 11/21/2024	NES100 (Intranasal Enkephalin)
US Army Institute of Surgical Research (USAISR)	Award	Awarded 5/05/2022; Extended 10/09/2023	Probudur (Post-operative pain)
National Institute of Neurological Disorders and Stroke (NINDS)	Award	Awarded 4/19/2023	CNS Disorder Candidates
Department of Defense (DOD)	CRADA	Active (Implied)	Prescription Drug Candidates

These collaborations are essential because they provide funding and scientific input while the company works toward filing Investigational New Drug (IND) applications for candidates like NES100. Still, the focus remains on securing the next grant or partnership to keep the pipeline moving without excessive equity dilution.

Transactional, B2B focus on licensing and co-development partners

The B2B relationship structure is centered on transactional agreements aimed at maximizing the value of the technology platforms through external commercialization. Virpax Pharmaceuticals, Inc. works with banking advisors to actively pursue sub-licensing, joint ventures, and co-development opportunities with reputable global strategic partners.

This focus is a direct response to the company's preclinical stage and need for capital, as evidenced by the stated intent to use proceeds from a January 2025 offering to fund development and pursue these non-dilutive funding strategies. The relationship is transactional in nature, seeking defined milestones or upfront payments in exchange for rights to the technology in specific territories or indications.

• Pursue sub-licensing options.
• Evaluate joint venture structures.
• Seek co-development agreements globally.
• Focus on maximizing efficacy through platforms.

Investor relations (IR) via press releases and SEC filings to maintain public trust

Maintaining public trust is paramount, especially given the capital-raising activities necessary for a preclinical-stage company. Investor Relations (IR) communication is formal, relying on press releases and mandatory SEC filings to keep the financial community informed of progress and funding status. The company announced the closing of a $6.0 million public offering of common stock and pre-funded warrants in January 2025, priced at $0.20 per share/warrant.

Key financial metrics reported as of the end of fiscal year 2024 show the financial reality you are managing:

Metric (In Thousands, USD)	TTM (as of 12/31/2024)	FY 2024
Revenue	null	null
EBITDA	($11,963)	($11,963)
Net Income	($12,067)	($12,067)
Total Assets	1,556	1,556

As of November 28, 2025, the stock was trading at $0.02. The company also announced a reverse stock split in March 2025. These disclosures are the primary touchpoints for the investment community.

Future direct sales and marketing to healthcare providers (HCPs) post-approval

Direct engagement with Healthcare Providers (HCPs) via a dedicated sales and marketing force is a future state activity for Virpax Pharmaceuticals, Inc. The company is currently focused on development activities for commencing clinical trials for Probudur, which implies that a commercial sales infrastructure is not yet established.

The proceeds from the January 2025 offering were earmarked for development and 'marketing and advertising services to communicate information about the Company to the financial community', not for building out a physician-facing sales team. The strategy is to seek commercial approval, which would then trigger the need to build out this customer relationship channel.

• Sales force size: Not yet established.
• Target HCPs: Pending FDA approval for Probudur and other candidates.
• Marketing focus: Currently on financial community communication.

Finance: draft 13-week cash view by Friday.

Virpax Pharmaceuticals, Inc. (VRPX) - Canvas Business Model: Channels

You're looking at how Virpax Pharmaceuticals, Inc. gets its value propositions-like Probudur™ and Envelta™-out to the market or secures the necessary backing to advance them. For a preclinical-stage company, the channels are less about mass distribution and more about strategic partnerships and capital access. Here's the breakdown of how Virpax Pharmaceuticals, Inc. channels its efforts as of late 2025.

Direct licensing and co-development deals with pharmaceutical companies

Direct engagement with larger pharma partners is a key exit or funding channel for Virpax Pharmaceuticals, Inc. While specific, large-scale licensing deal payments announced in 2025 aren't public, the company's strategy relies on technology transfer and co-development. The foundation for this channel is the proprietary Molecular Envelope Technology (MET) delivery platform, which was initially licensed from Nanomerics, Ltd.. The company's pipeline candidates, like Probudur™ and Envelta™, are designed to be attractive for such deals.

The company maintains strategic research channels through government agreements, which serve as de facto co-development pathways:

• Cooperative Research and Development Agreement (CRADA) with the National Institutes of Health (NIH).
• CRADA with the Department of Defense (DOD).
• Prior CRADA with the National Center for Advancing Translational Sciences (NCATS) for Envelta™ IND-enabling studies.

Clinical research organizations (CROs) for managing human trials

Managing human trials is outsourced, making CROs a critical channel for advancing product candidates toward regulatory milestones. Although specific contract values or the names of CROs engaged in 2025 are not detailed in recent public filings, the progression of Probudur™ implies active management of clinical activities. The company's stated intent for capital raised in January 2025 included funding the development activities for commencing the clinical trial for Probudur. This execution relies heavily on external CRO expertise to manage the complex logistics of Phase I/pre-clinical trial execution.

Nasdaq Capital Market for public equity financing and capital raises

The Nasdaq Capital Market is the primary channel for raising the necessary capital to fund the preclinical and early clinical development pipeline. This channel is volatile, as evidenced by the need for corporate actions to maintain listing compliance. You see the direct financial impact of this channel in the early part of 2025.

Here's the quick math on the capital raised and the resulting market valuation as of late 2025:

Financial Metric	Value as of Late 2025/Early 2025 Data
Public Offering Gross Proceeds (Jan 2025)	$6.0 million
Public Offering Price Per Share (Jan 2025)	$0.20
Market Capitalization (Dec 2025 Estimate)	Approximately $26,000
Stock Price (Dec 2025)	$0.0210
Stock Price Decline YTD (vs. start of year $9.4975)	Down 99.8%
Current Ratio (Reported Jan 2025)	0.13

The company also underwent a 1-for-25 reverse stock split in March 2025, a direct action taken to manage the share price within Nasdaq listing rules. Furthermore, the SEC was involved in a review of action taken by NASDAQ in September 2025, indicating ongoing engagement with the exchange's listing requirements.

Regulatory submissions (INDs, NDAs) to the U.S. Food and Drug Administration (FDA)

The FDA is the ultimate gatekeeper channel for commercialization. Virpax Pharmaceuticals, Inc. channels its development efforts directly into formal submissions to gain approval for its product candidates. The focus in 2025 has been on advancing the Investigational New Drug (IND) application process.

Key regulatory channel activities observed:

• Positive results for Probudur™ in a dose range study in March 2025, moving the candidate towards next steps in the IND process.
• Proceeds from the January 2025 offering were earmarked to fund development activities for commencing the clinical trial for Probudur, which precedes an IND filing.

The company is initially seeking FDA approval for two prescription drug candidates using patented delivery platforms. That's the path to market, plain and simple.

Finance: draft 13-week cash view by Friday.

Virpax Pharmaceuticals, Inc. (VRPX) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Virpax Pharmaceuticals, Inc. (VRPX) as of late 2025. Given the company's clinical-stage status-with a market capitalization around $26,093 Thousand USD as of March 21, 2025 and a trailing twelve-month EBITDA of ($11,963) Thousand USD as of December 31, 2024-the focus is heavily weighted toward strategic partners and government entities rather than a broad, established commercial sales force targeting every physician.

The customer base is defined by the therapeutic area and the specific drug candidate being developed. For instance, Probudur™ targets the immediate post-surgical market, while Envelta™ aims at broader acute and chronic pain sufferers.

Here's a breakdown of the key customer segments Virpax Pharmaceuticals, Inc. is addressing:

• Global pharmaceutical and biotech companies seeking non-opioid pain assets.
• Surgeons and hospital systems (for Probudur, post-operative pain).
• Government and military agencies (DOD) for combat casualty care solutions.
• Patients suffering from acute/chronic pain and rare pediatric epilepsy.

The nature of their development work suggests that for now, the most immediate, high-value customer interaction is with government research bodies and potential future commercialization partners, rather than a large network of individual prescribing physicians.

The table below maps these segments against the product focus and any available supporting data points as of late 2025:

Customer Segment	Primary Product Focus	Relevant Statistical/Financial Data Point
Global pharmaceutical and biotech companies	Potential licensing/acquisition targets for Probudur™ and Envelta™	Trailing 12-month Revenue as of 31-Dec-2024: null
Surgeons and hospital systems	Probudur™ (Single injection liposomal bupivacaine for post-operative pain)	Pre-clinical analgesia duration observed up to six days in vitro
Government and military agencies (DOD)	Probudur™ for combat casualty care solutions	Completed pilot study with the U.S. Army Institute of Surgical Research (USAISR) under a CRADA
Patients suffering from acute/chronic pain	Envelta™ (Intranasal molecular envelope enkephalin formulation)	Doses of Probudur's active component (LBL100) up to 90 mg/kg well tolerated in beagle dogs (March 2025)

For the segment focused on military applications, the collaboration with the USAISR is a concrete step toward securing future government procurement, which often requires specific performance metrics like the long-duration pain control demonstrated by Probudur™.

The patient segment for Envelta™ is defined by the need for non-opioid options for acute and chronic pain, including pain associated with cancer. While the search results confirm the focus on these pain types, specific patient population statistics or market penetration numbers for late 2025 are not publicly detailed, which is typical for a company still advancing toward Investigational New Drug (IND) filings.

The company's internal structure, with only 2 total employees as of March 21, 2025, suggests that direct engagement with the surgeon/hospital system segment for commercial sales is not the current operational focus; that relationship is likely reserved for future partners.

Finance: review the cash runway based on the Q3 2025 filing relative to the planned IND milestones for Probudur.

Virpax Pharmaceuticals, Inc. (VRPX) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Virpax Pharmaceuticals, Inc. (VRPX) operations as they push their pipeline forward. The cost structure is heavily weighted toward research and development, which is typical for a pre-revenue biotech, but 2024 saw significant, non-recurring costs related to legal matters.

The core operating expenses for the third quarter of 2024 show the baseline burn rate before considering one-time items. Research and Development (R&D) expenses for Q3 2024 were reported at $1,143,396. This figure aligns with the required $1.14 million for the period. General and Administrative (G&A) expenses for that same quarter were $780,958, which is the source for the required $0.78 million figure.

The litigation settlement was a major driver of cash use throughout 2024. Virpax agreed to a total cash payment of $6.0 million to settle the litigation, with payments scheduled for March 1, 2024 ($3.5 million) and July 1, 2024 ($2.5 million). The company later secured financing to pay off the remaining balance of this settlement in July 2024. Cash used in operating activities for the nine months ended September 30, 2024, totaled $13,842,213, an increase from the prior year, which was primarily due to these settlement payments.

The costs associated with clinical trial execution and regulatory filing fees are embedded within the R&D spend. For instance, R&D spending in earlier periods showed a shift in focus toward the lead asset, Probudur™, with specific activities including preclinical work and progress toward an Investigational New Drug (IND) filing. The company's strategy relies on securing non-dilutive funding, such as government grants, to help offset these development costs.

For G&A, the composition of costs in prior periods gives you a good idea of what drives that line item when litigation costs are lower. You can expect ongoing costs here to include compensation for personnel and external support. Here's a look at the components that have previously influenced G&A:

• Higher salaries and wages.
• Board fees.
• Stock-based compensation.
• Professional fees.
• Directors and Officers (D&O) insurance expense.

To give you a clearer picture of the reported costs around the time of the required figures, here is a comparison of the operating expenses for the quarter ended September 30, 2024 (Q3 2024), versus the same period in the prior year, which shows the impact of the settlement:

Cost Component	Q3 2024 (Three Months Ended Sep 30, 2024)	Q3 2023 (Three Months Ended Sep 30, 2023)
Research and Development Expenses	$1,143,396	$1,495,619
General and Administrative Expenses	$780,958	$4,619,519
Total Operating Expenses	$1,924,354	$6,115,138

The significant drop in G&A from Q3 2023 to Q3 2024 is directly tied to the litigation settlement, as G&A in the prior year included higher litigation-related costs and accruals. Honestly, you have to look at the Q3 2023 G&A number to see the cost structure without the major legal overhang. Finance: draft 13-week cash view by Friday.

Virpax Pharmaceuticals, Inc. (VRPX) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Virpax Pharmaceuticals, Inc. (VRPX) as of late 2025. For a development-stage biopharma company like Virpax Pharmaceuticals, Inc., the revenue profile is entirely forward-looking, built on the successful progression of its pipeline assets.

Currently pre-revenue; reported revenue of $0.00 for FY 2024.

As per the latest available financials, Virpax Pharmaceuticals, Inc. has not yet generated sales from commercial products. The reported revenue for the Fiscal Year ending December 31, 2024, was $0.00. This is typical for a company focused on research and development, where operating losses are expected until a product gains regulatory approval and reaches the market. For instance, the Net Loss for the period ending December 31, 2024, was reported as -$12,067 thousand USD.

The current revenue streams are best understood by looking at the potential sources that could generate cash flow in the near to medium term. Here is a breakdown of the current state and anticipated revenue components:

Revenue Stream Type	Status as of Late 2025	Associated Asset/Deal	Known Financial Data
Product Sales	Future Potential	Probudur, Envelta, NobrXiol	No current sales data; valuation dependent on clinical success.
Upfront Payments (Licensing)	Future Potential	In-licensing or out-licensing of Rx candidates	No specific upfront payment amounts disclosed recently.
Milestone Payments	Future Potential	Achieving clinical or regulatory goals (e.g., IND submission, Phase completion)	Future payments contingent on achieving predefined development targets.
Royalties	Future Potential	Commercialization of licensed or partnered products	Structure exists in agreements, such as the one with Nanomerics Ltd., detailing royalty percentages on Net Sales.
Non-Dilutive Grant Funding	Active/Potential	CRADAs with NIH and DOD	Specific grant amounts not publicly detailed, but agreements are active.

Future revenue from upfront payments and milestone payments from licensing deals.

A significant driver of non-dilutive cash flow for Virpax Pharmaceuticals, Inc. will come from strategic partnerships. The business model anticipates securing deals for its prescription (Rx) candidates, such as Probudur or NobrXiol. These deals typically involve an initial, immediate cash infusion in the form of an upfront payment. Following that, revenue is recognized upon the achievement of specific, pre-agreed-upon development or regulatory achievements, known as milestone payments. For example, the company has a portfolio of assets that generated high interest at the BIO meeting in San Diego, suggesting external validation that could lead to favorable deal terms.

Future royalties and product sales upon successful commercialization of Rx candidates.

The ultimate goal is product sales, but before that, royalties from partners who commercialize the drugs represent a crucial long-term stream. The existing Amended and Restated Collaboration and License Agreement with Nanomerics Ltd. explicitly outlines the structure for milestone, profit share, and royalty payments payable by Virpax Pharmaceuticals, Inc. to Nanomerics, which suggests a reciprocal structure is expected in out-licensing deals. Successful commercialization of an asset like Probudur, which is being developed for acute and chronic non-cancer pain, would trigger these royalty streams, providing a percentage of the net sales of the product.

Non-dilutive grant funding from government agencies (NIH, DOD).

Virpax Pharmaceuticals, Inc. actively pursues funding that does not require issuing new equity, which is critical for preserving shareholder value. The company maintains competitive Cooperative Research and Development Agreements (CRADAs) with key government bodies. Specifically, these include agreements with the National Institutes of Health (NIH) and the Department of Defense (DOD) for two of its prescription drug candidates. One such collaboration, an extension with the National Center for Advancing Translational Sciences (NCATS), an NIH institute, is focused on the continued development of NES100 for pain management. This type of funding helps offset Research and Development expenses, which totaled $5,819 thousand USD for the year ending December 31, 2024.

Finance: draft 13-week cash view by Friday.