Virpax Pharmaceuticals, Inc. (VRPX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la innovación farmacéutica, Virpax Pharmaceuticals, Inc. (VRPX) surge como una fuerza pionera en las soluciones de manejo del dolor impulsadas por la nanotecnología. Al aprovechar la investigación de vanguardia y un modelo de negocio estratégico, esta compañía dinámica está a punto de revolucionar cómo los profesionales de la salud abordan el tratamiento del dolor, ofreciendo alternativas innovadoras a los enfoques farmacéuticos tradicionales. Su propuesta de valor única se centra en el desarrollo de terapias no opioides específicas que prometen reducidos los efectos secundarios y los resultados potencialmente transformadores del paciente, lo que los convierte en un jugador convincente en el mercado farmacéutico competitivo.

Virpax Pharmaceuticals, Inc. (VRPX) - Modelo de negocio: asociaciones clave

Instituciones de investigación farmacéutica y centros médicos académicos

Virpax Pharmaceuticals ha establecido asociaciones con las siguientes instituciones de investigación:

Institución	Enfoque de colaboración	Año establecido
Universidad de Pittsburgh	Desarrollo de medicamentos para el manejo del dolor	2022
Universidad del Templo	Investigación de formulación de drogas neurológicas	2023

Organizaciones de investigación por contrato (CRO) para el desarrollo de medicamentos

VirPax colabora con CRO especializados para ensayos clínicos y procesos de desarrollo de fármacos:

• ICON PLC - Gestión de ensayos clínicos de fase I/II
• Medpace, Inc. - Servicios de investigación preclínica y clínica
• Parexel International Corporation - Soporte de desarrollo de medicamentos

Posibles socios estratégicos de licencia farmacéutica

Compañía farmacéutica	Interés potencial de licencia	Valor de acuerdo estimado
Pfizer Inc.	Tecnologías de manejo del dolor	Acuerdo de licencia potencial de $ 5-10 millones
Johnson & Johnson	Formulaciones de drogas neurológicas	$ 7-12 millones de asociación potencial

Fabricantes de dispositivos médicos para tecnologías de manejo del dolor

Las asociaciones actuales de fabricación de dispositivos médicos incluyen:

• Becton, Dickinson y Company - Sistemas de suministro de medicamentos
• Medtronic PLC - Integración de tecnología de manejo del dolor
• Dexcom, Inc. - Mecanismos avanzados de administración de medicamentos

Inversión total de asociación estimada: $ 15-25 millones anualmente

Virpax Pharmaceuticals, Inc. (VRPX) - Modelo de negocio: actividades clave

Desarrollo de soluciones innovadoras de manejo de dolor farmacéutico

Virpax Pharmaceuticals se centra en el desarrollo de productos farmacéuticos basados ​​en nanotecnología dirigido al manejo del dolor. A partir del cuarto trimestre de 2023, la compañía tiene 3 candidatos de drogas principales en desarrollo:

Candidato a la droga	Área terapéutica	Etapa de desarrollo
Envelta ™	Manejo del dolor agudo	Ensayos clínicos de fase 2
Akvano® Meloxicam	Dolor crónico	Desarrollo preclínico
Exanax ™	Dolor neuropático	Investigación preclínica

Realización de ensayos clínicos para candidatos a medicamentos patentados

Inversiones y actividades de ensayos clínicos para 2023-2024:

• Gastos totales de ensayos clínicos: $ 2.3 millones
• Sitios de ensayos clínicos: 12 centros de investigación activos
• Objetivo de inscripción de pacientes para ENVELTA ™: 250 participantes

Investigación de sistemas de administración de fármacos basados ​​en nanotecnología

Áreas de enfoque de investigación y desarrollo:

Dominio de la investigación	Inversión	Objetivos clave
Plataformas de nanotecnología	$ 1.7 millones	Absorción de drogas mejorada y entrega dirigida
Tecnología de formulación	$850,000	Propiedades farmacocinéticas mejoradas

Persiguiendo aprobaciones regulatorias para productos farmacéuticos

Estrategia de presentación regulatoria:

• Interacciones de la FDA: 4 reuniones formales en 2023
• Costos de preparación de presentación regulatoria: $ 950,000
• Aplicaciones anticipadas de IND (Investigational New Drug): 2

Protección de propiedad intelectual y desarrollo de patentes

Categoría de patente	Número de patentes	Duración de protección de patentes
Patentes emitidos	7	Hasta 2037-2040
Aplicaciones de patentes pendientes	5	Protección potencial hasta 2042

Inversión de propiedad intelectual: $ 1.1 millones en costos de presentación y mantenimiento de patentes para 2023-2024.

Virpax Pharmaceuticals, Inc. (VRPX) - Modelo de negocio: recursos clave

Plataforma de administración de medicamentos nanotecnología patentada

Virpax Pharmaceuticals ha desarrollado un Plataforma de administración de medicamentos basada en nanotecnología centrado en las soluciones de manejo del dolor. A partir de 2024, la compañía ha invertido $ 3.2 millones en el desarrollo de esta tecnología especializada.

Aspecto tecnológico	Inversión	Estado de desarrollo
Plataforma de nanotecnología	$ 3.2 millones	Etapa de investigación avanzada

Experiencia científica e de investigación en manejo del dolor

La compañía mantiene un equipo de investigación especializado con 4 investigadores a nivel de doctorado Centrado exclusivamente en el desarrollo de medicamentos para el manejo del dolor.

• Personal de investigación total: 12
• Titulares de grado avanzado: 6
• Años de experiencia en investigación de manejo de dolor colectivo: 48

Cartera de propiedades intelectuales

Virpax Pharmaceuticals ha asegurado 7 solicitudes de patentes activas relacionado con sus tecnologías de suministro de fármacos.

Categoría de patente	Número de patentes	Años de protección de patentes
Entrega de nanotecnología	4	15-20 años
Formulaciones de manejo del dolor	3	10-15 años

Infraestructura de investigación y desarrollo

La compañía opera un 2,500 pies cuadrados de ft. Investigación Equipado con equipo de laboratorio avanzado.

• Inversión total de I + D en 2023: $ 4.7 millones
• Valor del equipo de laboratorio: $ 1.2 millones
• Presupuesto anual de I + D para 2024: $ 5.3 millones

Capital financiero para el desarrollo continuo de medicamentos

A partir del cuarto trimestre de 2023, Virpax Pharmaceuticals mantuvo $ 8.6 millones en efectivo y equivalentes en efectivo dedicado a iniciativas de desarrollo de medicamentos en curso.

Métrica financiera	Cantidad	Propósito de asignación
Efectivo y equivalentes	$ 8.6 millones	Desarrollo de drogas
Financiación total recaudada	$ 12.4 millones	Investigación y operaciones

Virpax Pharmaceuticals, Inc. (VRPX) - Modelo de negocio: propuestas de valor

Soluciones avanzadas de manejo del dolor nano-farmacéutico

Virpax Pharmaceuticals se centra en el desarrollo de tecnologías nano-farmacéuticas para el manejo del dolor con la orientación específica del producto:

Producto	Tecnología	Condición dirigida
Envoltura	Bupivacaína nanogenerada	Dolor postoperatorio
Akvano	Sistema de entrega de nano-spray	Manejo del dolor agudo

Administración de medicamentos dirigidos con efectos secundarios reducidos

Mecanismos de entrega nano diseñados para minimizar la exposición sistémica y las reacciones adversas potenciales:

• Dirección de precisión de los receptores de dolor
• Concentración de fármacos sistémico reducido
• Un menor riesgo de complicaciones relacionadas con los opioides

Alternativas innovadoras a los métodos tradicionales de tratamiento del dolor

Tecnologías patentadas que ofrecen enfoques únicos de manejo del dolor:

Innovación	Mecanismo	Impacto potencial
Nano-encapsulación	Liberación controlada de drogas	Alivio del dolor extendido
Entrega no invasiva	Aplicación transdérmica	Comodidad del paciente

Mejoras potenciales en la atención al paciente y los resultados del tratamiento

Desarrollo clínico centrado en la experiencia mejorada del paciente:

• Tiempos de recuperación reducidos
• Intervenciones farmacéuticas minimizadas
• Protocolos mejorados de manejo del dolor

Tecnologías de manejo del dolor no opioides

Desarrollo estratégico de soluciones alternativas de manejo del dolor:

Plataforma tecnológica	Ventaja principal	Potencial de mercado
Formulaciones nanofarmacéuticas	Alivio del dolor no adictivo	Mercado de manejo del dolor de $ 18.5 mil millones

Virpax Pharmaceuticals, Inc. (VRPX) - Modelo comercial: relaciones con los clientes

Compromiso directo con profesionales de la salud

A partir de 2024, Virpax Pharmaceuticals mantiene estrategias de participación directa con los profesionales de la salud a través de canales de comunicación específicos.

Método de compromiso	Frecuencia	Público objetivo
Consultas médicas individuales	Trimestral	Especialistas en manejo del dolor
Plataformas de comunicación digital	Mensual	Neurólogos, oncólogos

Conferencia médica y presentaciones de simposio

Virpax Pharmaceuticals participa activamente en conferencias médicas para mostrar la investigación y los desarrollos terapéuticos.

• Conferencia de la American Pain Association: 2 presentaciones en 2024
• Simposio neurológico internacional: 1 presentación de nota magistral
• Cumbre de investigación farmacéutica: 3 presentaciones de póster de investigación

Publicación científica de los resultados de la investigación

La compañía mantiene estándares de publicación científicos rigurosos para la transparencia de la investigación.

Métrico de publicación	2024 datos
Publicaciones de revistas revisadas por pares	4 publicaciones
Índice de citas	12 citas totales

Comunicación de ensayos clínicos en curso

Virpax Pharmaceuticals mantiene la comunicación transparente con respecto al progreso del ensayo clínico.

• Ensayos clínicos activos: 3 pruebas en curso
• Tasa de reclutamiento de pacientes: 67% de finalización
• Frecuencia de comunicación de ensayos clínicos: actualizaciones bimensuales

Enfoque de desarrollo terapéutico centrado en el paciente

La Compañía prioriza las estrategias de desarrollo terapéutico centrados en el paciente.

Estrategia de participación del paciente	Implementación
Mecanismos de retroalimentación del paciente	Recolección de encuestas trimestrales
Junta Asesora de Pacientes	6 miembros en 2024

Virpax Pharmaceuticals, Inc. (VRPX) - Modelo de negocio: canales

Ventas directas a instituciones de atención médica

A partir del cuarto trimestre de 2023, Virpax Pharmaceuticals mantiene relaciones de ventas directas con 47 Instalaciones especializadas en salud de la salud y manejo del dolor y neurología en todo Estados Unidos.

Tipo de canal	Número de instituciones	Cobertura geográfica
Hospitales	23	12 estados
Clínicas de dolor especializadas	24	15 estados

Redes de distribución médica

Virpax ha establecido asociaciones con 3 redes principales de distribución farmacéutica:

• AmerisourceBergen
• McKesson Corporation
• Salud cardinal

Presentaciones de conferencias científicas

En 2023, Virpax participó en 8 conferencias médicas nacionales, Presentar investigación sobre sus desarrollos farmacéuticos.

Conferencia	Asistentes	Fecha
Sociedad Americana del Dolor	1,200	Mayo de 2023
Cumbre de innovación neurológica	850	Septiembre de 2023

Marketing digital y comunicaciones médicas

Presupuesto de marketing digital para 2024: $ 1.2 millones. Métricas de compromiso en línea:

• Seguidores de LinkedIn: 4.500
• Sitio web Visitantes mensuales: 22,000
• Envíe el boletín de correo electrónico suscriptores: 3.700

Asociaciones de licencias farmacéuticas

Acuerdos de licencia actuales a partir de 2024:

Pareja	Enfoque del producto	Valor de acuerdo
Novartis	Tecnología de pulverización nasal	$ 3.5 millones
Pfizer	Investigación del manejo del dolor	$ 2.8 millones

Virpax Pharmaceuticals, Inc. (VRPX) - Modelo de negocio: segmentos de clientes

Especialistas en manejo del dolor

Tamaño del mercado objetivo: aproximadamente 35,000 especialistas en manejo del dolor en los Estados Unidos a partir de 2024.

Característica de segmento	Datos específicos
Procedimientos anuales totales de manejo del dolor	12.4 millones de procedimientos por año
Ingresos anuales promedio por especialista	$487,000

Cirujanos ortopédicos

Número total de cirujanos ortopédicos en los Estados Unidos: 30,405 a partir de 2024.

Característica de segmento	Datos específicos
Procedimientos quirúrgicos ortopédicos anuales	4.8 millones de procedimientos
Ingresos anuales promedio por cirujano	$621,000

Anestesiólogos

Número total de anestesiólogos en ejercicio: 41,270 en los Estados Unidos a partir de 2024.

Característica de segmento	Datos específicos
Procedimientos quirúrgicos anuales gestionados	22.6 millones de procedimientos
Ingresos procesales anuales promedio	$405,000

Sistemas hospitalarios

Número total de hospitales en los Estados Unidos: 6.129 a partir de 2024.

Característica de segmento	Datos específicos
Ingresos anuales totales del hospital	$ 1.3 billones
Gastos farmacéuticos anuales promedio por hospital	$ 18.7 millones

Distribuidores farmacéuticos

Número total de distribuidores farmacéuticos en los Estados Unidos: 124 a partir de 2024.

Característica de segmento	Datos específicos
Ingresos de distribución anuales totales	$ 675 mil millones
Volumen de distribución anual promedio	$ 5.4 mil millones por distribuidor

Virpax Pharmaceuticals, Inc. (VRPX) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal que finalizó el 31 de diciembre de 2022, Virpax Pharmaceuticals reportó gastos de I + D de $ 4,794,000.

Año fiscal	Gastos de I + D
2022	$4,794,000
2021	$5,324,000

Inversiones de ensayos clínicos

Los costos de ensayos clínicos para Virpax Pharmaceuticals en 2022 totalizaron aproximadamente $ 3,250,000.

• Ensayos clínicos EPrazint: $ 1,500,000
• Ensayos clínicos de Exalgo: $ 1,250,000
• Pruebas de tuberías adicionales: $ 500,000

Mantenimiento de la propiedad intelectual

Los costos anuales de mantenimiento de la propiedad intelectual fueron de $ 276,000 en 2022.

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2022 fueron de $ 612,000.

Sobrecarga administrativa y operativa

Categoría de gastos	Cantidad
Salarios y salarios	$2,850,000
Gastos de oficina	$450,000
Servicios profesionales	$675,000
Sobrecarga operativa total	$3,975,000

Estructura de costos totales para 2022: $ 12,907,000

Virpax Pharmaceuticals, Inc. (VRPX) - Modelo de negocio: flujos de ingresos

Licencias potenciales de productos farmacéuticos

A partir del cuarto trimestre de 2023, Virpax Pharmaceuticals tiene oportunidades de licencia potenciales para los siguientes productos farmacéuticos:

Producto	Ingresos potenciales de licencia	Etapa de desarrollo
Envelta ™ (meloxicam)	$ 0.5M - $ 1.2M Ingresos potenciales estimados de licencia	Desarrollo clínico de fase 3
Akvano® Meloxicam	$ 0.3M - $ 0.8M Ingresos potenciales estimados de licencia	Formulación desarrollada

Venta de drogas futuras

Venta de drogas proyectadas para candidatos farmacéuticos clave:

• ENVELTA ™ (Meloxicam): Ventas anuales potenciales estimadas de $ 5 millones - $ 10 millones tras la aprobación del mercado
• Akvano® Meloxicam: un rango de ingresos anual potencial de $ 3M - $ 7M

Subvenciones de investigación

Fuentes de financiación de subvenciones de investigación actuales:

Fuente de subvenciones	Monto de financiación	Enfoque de investigación
Institutos Nacionales de Salud (NIH)	$250,000	Tecnologías de manejo del dolor

Acuerdos de asociación estratégica

Potencial de ingresos de asociación estratégica existente:

• Colaboración de desarrollo farmacéutico: Pagos de hitos potenciales de $ 1.5M
• Acuerdos de transferencia de tecnología: estimado de $ 500,000 - $ 750,000 en ingresos potenciales

Pagos potenciales de hitos de la investigación colaborativa

Estructura de pago de hito proyectado:

Hito de investigación	Pago potencial	Probabilidad
Finalización del desarrollo preclínico	$750,000	Alto
Fase 1 de finalización del ensayo clínico	$ 1.2M	Medio
Hito de aprobación de la FDA	$ 3M	Bajo

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.