Virpax Pharmaceuticals, Inc. (VRPX): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de l'innovation pharmaceutique en évolution, Virpax Pharmaceuticals, Inc. (VRPX) apparaît comme une force pionnière dans les solutions de gestion de la douleur axées sur la nanotechnologie. En tirant parti de la recherche de pointe et d'un modèle commercial stratégique, cette entreprise dynamique est prête à révolutionner comment les professionnels de la santé abordent le traitement de la douleur, offrant des alternatives révolutionnaires aux approches pharmaceutiques traditionnelles. Leur proposition de valeur unique se concentre sur le développement de thérapies ciblées et non opioïdes qui promettent des effets secondaires réduits et des résultats potentiellement transformateurs pour les patients, ce qui en fait un acteur convaincant sur le marché pharmaceutique compétitif.

Virpax Pharmaceuticals, Inc. (VRPX) - Modèle d'entreprise: partenariats clés

Établissements de recherche pharmaceutique et centres médicaux universitaires

Virpax Pharmaceuticals a établi des partenariats avec les institutions de recherche suivantes:

Institution	Focus de la collaboration	Année établie
Université de Pittsburgh	Développement de médicaments de gestion de la douleur	2022
Université du temple	Recherche de formulation de médicaments neurologiques	2023

Organisations de recherche contractuelle (CRO) pour le développement de médicaments

Virpax collabore avec des CRO spécialisés pour les processus de développement des essais et des médicaments cliniques:

• Icône PLC - Gestion des essais cliniques de phase I / II
• Medpace, Inc. - Services de recherche préclinique et clinique
• Parexel International Corporation - Support de développement des médicaments

Partenaires de licence pharmaceutique stratégique potentiels

Entreprise pharmaceutique	Intérêt potentiel de licence	Valeur estimée de l'accord
Pfizer Inc.	Technologies de gestion de la douleur	Contrat potentiel de 5 à 10 millions de dollars
Johnson & Johnson	Formulations de médicaments neurologiques	7 à 12 millions de dollars de partenariat potentiel

Fabricants d'appareils médicaux pour les technologies de gestion de la douleur

Les partenariats actuels de fabrication des dispositifs médicaux comprennent:

• Becton, Dickinson et Company - Systèmes de livraison de médicaments
• Medtronic PLC - Intégration de la technologie de gestion de la douleur
• Dexcom, Inc. - Mécanismes avancés d'administration de médicaments

Investissement total des partenariats estimés: 15 à 25 millions de dollars par an

Virpax Pharmaceuticals, Inc. (VRPX) - Modèle d'entreprise: activités clés

Développer des solutions innovantes de gestion de la douleur pharmaceutique

Virpax Pharmaceuticals se concentre sur le développement de produits pharmaceutiques à base de nanotechnologie ciblant la gestion de la douleur. Au quatrième trimestre 2023, la société compte 3 principaux candidats en matière de drogue: le développement:

Drogue	Zone thérapeutique	Étape de développement
Envelta ™	Gestion de la douleur aiguë	Essais cliniques de phase 2
Akvano® Meloxicam	Douleur chronique	Développement préclinique
Exanax ™	Douleur neuropathique	Recherche préclinique

Effectuer des essais cliniques pour les candidats de médicament propriétaires

Investissements et activités d'essais cliniques pour 2023-2024:

• Dépenses totales d'essais cliniques: 2,3 millions de dollars
• Sites d'essai cliniques: 12 centres de recherche actifs
• Patient d'inscription cible pour Envelta ™: 250 participants

Recherche des systèmes d'administration de médicaments basés sur la nanotechnologie

Domaines d'intérêt de la recherche et du développement:

Domaine de recherche	Investissement	Objectifs clés
Plateformes de nanotechnologie	1,7 million de dollars	Absorption accrue de médicaments et accouchement ciblé
Technologie de formulation	$850,000	Propriétés pharmacocinétiques améliorées

Poursuivre les approbations réglementaires pour les produits pharmaceutiques

Stratégie de soumission réglementaire:

• Interactions de la FDA: 4 réunions officielles en 2023
• Coûts de préparation de soumission réglementaire: 950 000 $
• Applications anticipées IND (Nouveau médicament enquête): 2

Protection de la propriété intellectuelle et développement des brevets

Catégorie de brevet	Nombre de brevets	Durée de protection des brevets
Brevets délivrés	7	Jusqu'en 2037-2040
Demandes de brevet en instance	5	Protection potentielle jusqu'en 2042

Investissement en propriété intellectuelle: 1,1 million de dollars en frais de dépôt et de maintenance de brevets pour 2023-2024.

Virpax Pharmaceuticals, Inc. (VRPX) - Modèle d'entreprise: Ressources clés

Plateforme de livraison de médicaments propriétaires de la nanotechnologie

Virpax Pharmaceuticals a développé un Plateforme de livraison de médicaments basée sur la nanotechnologie propriétaire axé sur les solutions de gestion de la douleur. En 2024, la société a investi 3,2 millions de dollars dans le développement de cette technologie spécialisée.

Aspect technologique	Investissement	Statut de développement
Plateforme de nanotechnologie	3,2 millions de dollars	Étape de recherche avancée

Expertise scientifique et de recherche en gestion de la douleur

La société maintient une équipe de recherche spécialisée avec 4 chercheurs au niveau du doctorat axé exclusivement sur le développement de médicaments de gestion de la douleur.

• Personnel de recherche total: 12
• Détenteurs de diplômes avancés: 6
• Années d'expérience de recherche collective en gestion de la douleur: 48

Portefeuille de propriété intellectuelle

Virpax Pharmaceuticals a sécurisé 7 demandes de brevet actives liés à ses technologies d'administration de médicaments.

Catégorie de brevet	Nombre de brevets	Années de protection des brevets
Livraison de nanotechnologie	4	15-20 ans
Formulations de gestion de la douleur	3	10-15 ans

Infrastructure de recherche et de développement

L'entreprise exploite un 2 500 pieds carrés. équipé d'un équipement de laboratoire avancé.

• Investissement total de R&D en 2023: 4,7 millions de dollars
• Valeur de l'équipement de laboratoire: 1,2 million de dollars
• Budget de R&D annuel pour 2024: 5,3 millions de dollars

Capital financier pour le développement continu des médicaments

Au Q4 2023, Virpax Pharmaceuticals a maintenu 8,6 millions de dollars en espèces et équivalents en espèces dédié aux initiatives de développement de médicaments en cours.

Métrique financière	Montant	Objectif d'allocation
Espèce et équivalents	8,6 millions de dollars	Développement de médicaments
Financement total collecté	12,4 millions de dollars	Recherche et opérations

Virpax Pharmaceuticals, Inc. (VRPX) - Modèle d'entreprise: propositions de valeur

Solutions avancées de gestion de la douleur nano-pharmaceutique

Virpax Pharmaceuticals se concentre sur le développement de technologies nano-pharmaceutiques pour la gestion de la douleur avec un ciblage de produits spécifique:

Produit	Technologie	Condition ciblée
Enlacier	Bupivacaïne nano-ingénierie	Douleur postopératoire
Akvano	Système de livraison de nano-pulvérisation	Gestion de la douleur aiguë

Administration ciblée de médicaments avec des effets secondaires réduits

Mécanismes de nano-livraison conçus pour minimiser l'exposition systémique et les effets indésirables potentiels:

• Ciblage de précision des récepteurs de la douleur
• Concentration de médicament systémique réduite
• Risque plus faible de complications liées aux opioïdes

Alternatives innovantes aux méthodes traditionnelles de traitement de la douleur

Les technologies propriétaires offrant des approches de gestion de la douleur uniques:

Innovation	Mécanisme	Impact potentiel
Nano -capsulation	Libération de médicament contrôlé	Soulagement de la douleur prolongée
Livraison non invasive	Application transdermique	Réconfort du patient

Améliorations potentielles dans les soins des patients et les résultats du traitement

Développement clinique axé sur l'expérience accrue des patients:

• Temps de récupération réduit
• Interventions pharmaceutiques minimisées
• Amélioration des protocoles de gestion de la douleur

Technologies de gestion de la douleur non opioïdes

Développement stratégique de solutions alternatives de gestion de la douleur:

Plate-forme technologique	Avantage principal	Potentiel de marché
Formulations nano-pharmaceutiques	Soulagement de la douleur non addictive	Marché de la gestion de la douleur de 18,5 milliards de dollars

Virpax Pharmaceuticals, Inc. (VRPX) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé

En 2024, Virpax Pharmaceuticals entretient des stratégies d'engagement directes avec des professionnels de la santé par le biais de canaux de communication ciblés.

Méthode d'engagement	Fréquence	Public cible
Consultations médicales individuelles	Trimestriel	Spécialistes de la gestion de la douleur
Plateformes de communication numérique	Mensuel	Neurologues, oncologues

Présentations de conférence médicale et de symposium

Virpax Pharmaceuticals participe activement à des conférences médicales pour présenter la recherche et les développements thérapeutiques.

• Conférence de l'American Pain Association: 2 présentations en 2024
• Symposium neurologique international: 1 présentation d'ouverture
• Sommet de recherche pharmaceutique: 3 présentations d'affiches de recherche

Publication scientifique des résultats de la recherche

La société maintient des normes de publication scientifique rigoureuses pour la transparence de la recherche.

Métrique de publication	2024 données
Publications de journal évaluées par des pairs	4 publications
Indice de citation	12 citations totales

Communication en cours d'essai clinique

Virpax Pharmaceuticals maintient une communication transparente concernant les progrès des essais cliniques.

• Essais cliniques actifs: 3 essais en cours
• Taux de recrutement des patients: 67% d'achèvement
• Fréquence de communication des essais cliniques: mises à jour bimensuelles

Approche de développement thérapeutique axé sur les patients

L'entreprise priorise les stratégies de développement thérapeutique centrées sur le patient.

Stratégie d'engagement des patients	Mise en œuvre
Mécanismes de rétroaction des patients	Collection d'enquête trimestrielle
Conseil consultatif des patients	6 membres en 2024

Virpax Pharmaceuticals, Inc. (VRPX) - Modèle d'entreprise: canaux

Ventes directes vers les institutions de soins de santé

Depuis le quatrième trimestre 2023, Virpax Pharmaceuticals entretient des relations de vente directes avec 47 Installations spécialisées de la gestion de la douleur et de la neurologie aux États-Unis.

Type de canal	Nombre d'institutions	Couverture géographique
Hôpitaux	23	12 États
Cliniques de douleur spécialisées	24	15 États

Réseaux de distribution médicale

Virpax a établi des partenariats avec 3 principaux réseaux de distribution pharmaceutique:

• Amerisourcebergen
• McKesson Corporation
• Santé cardinale

Présentations de la conférence scientifique

En 2023, Virpax a participé à 8 conférences médicales nationales, présentant des recherches sur leurs développements pharmaceutiques.

Conférence	Participants	Date
American Pain Society	1,200	Mai 2023
Sommet de l'innovation en neurologie	850	Septembre 2023

Marketing numérique et communications médicales

Budget de marketing numérique pour 2024: 1,2 million de dollars. Métriques d'engagement en ligne:

• LinkedIn adepte: 4 500
• Visiteurs mensuels du site Web: 22 000
• Email Newsletter abonnés: 3 700

Partenariats de licence pharmaceutique

Accords de licence actuels à partir de 2024:

Partenaire	Focus du produit	Valeur de l'accord
Novartis	Technologie de pulvérisation nasale	3,5 millions de dollars
Pfizer	Recherche de gestion de la douleur	2,8 millions de dollars

Virpax Pharmaceuticals, Inc. (VRPX) - Modèle d'entreprise: segments de clientèle

Spécialistes de la gestion de la douleur

Taille du marché cible: environ 35 000 spécialistes de la gestion de la douleur aux États-Unis en 2024.

Caractéristique du segment	Données spécifiques
Procédures annuelles de gestion de la douleur annuelles	12,4 millions de procédures par an
Revenu annuel moyen par spécialiste	$487,000

Chirurgiens orthopédistes

Nombre total de chirurgiens orthopédiques aux États-Unis: 30 405 en 2024.

Caractéristique du segment	Données spécifiques
Procédures chirurgicales orthopédiques annuelles	4,8 millions de procédures
Revenu annuel moyen par chirurgien	$621,000

Anesthésiologistes

Nombre total d'anesthésiologistes praticiens: 41 270 aux États-Unis en 2024.

Caractéristique du segment	Données spécifiques
Procédures chirurgicales annuelles gérées	22,6 millions de procédures
Revenus procéduraux annuels moyens	$405,000

Systèmes hospitaliers

Nombre total d'hôpitaux aux États-Unis: 6 129 en 2024.

Caractéristique du segment	Données spécifiques
Revenus annuels totaux de l'hôpital	1,3 billion de dollars
Dépenses pharmaceutiques annuelles moyennes par hôpital	18,7 millions de dollars

Distributeurs pharmaceutiques

Nombre total de distributeurs pharmaceutiques aux États-Unis: 124 en 2024.

Caractéristique du segment	Données spécifiques
Revenus de distribution annuelle totale	675 milliards de dollars
Volume de distribution annuel moyen	5,4 milliards de dollars par distributeur

Virpax Pharmaceuticals, Inc. (VRPX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice clos le 31 décembre 2022, Virpax Pharmaceuticals a déclaré des dépenses de R&D de 4 794 000 $.

Exercice fiscal	Dépenses de R&D
2022	$4,794,000
2021	$5,324,000

Investissements d'essais cliniques

Les coûts des essais cliniques pour Virpax Pharmaceuticals en 2022 ont totalisé environ 3 250 000 $.

• Essais cliniques d'Eprazint: 1 500 000 $
• Essais cliniques Exalgo: 1 250 000 $
• Essais supplémentaires de pipeline: 500 000 $

Maintenance de la propriété intellectuelle

Les coûts annuels de maintenance de la propriété intellectuelle étaient de 276 000 $ en 2022.

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2022 étaient de 612 000 $.

Surfaçon administratives et opérationnelles

Catégorie de dépenses	Montant
Salaires et salaires	$2,850,000
Dépenses de bureau	$450,000
Services professionnels	$675,000
Offres opérationnels totaux	$3,975,000

Structure totale des coûts pour 2022: 12 907 000 $

Virpax Pharmaceuticals, Inc. (VRPX) - Modèle d'entreprise: Strots de revenus

Licence potentielle de produit pharmaceutique

Depuis le quatrième trimestre 2023, Virpax Pharmaceuticals a des possibilités de licence potentielles pour les produits pharmaceutiques suivants:

Produit	Revenus de licence potentielle	Étape de développement
Envelta ™ (Meloxicam)	0,5 M $ - 1,2 M $ Revenus de licence potentielle estimée	Phase 3 Développement clinique
Akvano® Meloxicam	0,3 M $ - 0,8 M $ Revenus de licence potentielle estimée	Formulation développée

Vente de drogues futures

Ventes de médicaments projetés pour les clés de candidats pharmaceutiques:

• ENVELTA ™ (MELOXICAM): Ventes annuelles potentielles estimées de 5 millions de dollars à 10 millions de dollars sur l'approbation du marché
• Akvano® Meloxicam: fourchette de revenus annuelle potentielle de 3 M $ - 7 M $

Subventions de recherche

Sources de financement de subvention de recherche actuelles:

Source d'octroi	Montant du financement	Focus de recherche
National Institutes of Health (NIH)	$250,000	Technologies de gestion de la douleur

Accords de partenariat stratégique

Potentiel de revenus de partenariat stratégique existant:

• Collaboration de développement pharmaceutique: Paiements de jalon potentiel de 1,5 million de dollars
• Accords de transfert de technologie: 500 000 $ - 750 000 $ de revenus potentiels

Paiements de jalons potentiels de la recherche collaborative

Structure de paiement des étapes projetée:

Jalon de recherche	Paiement potentiel	Probabilité
Achèvement du développement préclinique	$750,000	Haut
Essai clinique de phase 1	1,2 M $	Moyen
Jalon d'approbation de la FDA	3 M $	Faible

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.