GeoVax Labs, Inc. (GOVX): Business Model Canvas [Dec-2025 Updated]

You're trying to figure out the real engine behind a specialized vaccine play like GeoVax Labs, Inc., beyond the stock ticker noise. Honestly, for a company burning through $15.1 million in Research and Development over the first nine months of 2025 while pushing its MVA platform toward critical Phase 3 trials for Mpox, understanding the mechanics is everything. We've mapped out their entire operation-from their $5.01 million cash position as of September 30, 2025, to their key partnerships with government agencies and pharma giants-across the nine building blocks of the Business Model Canvas. Dive in below to see exactly how GeoVax Labs, Inc. plans to turn its proprietary viral vector technology into revenue and de-risk its path forward.

GeoVax Labs, Inc. (GOVX) - Canvas Business Model: Key Partnerships

You're looking at the network of external entities GeoVax Labs, Inc. relies on to move its pipeline forward, especially given the shift in government funding dynamics in 2025. These relationships are critical for manufacturing scale, trial execution, and future commercial reach.

Licensing partners for the advanced MVA manufacturing process

GeoVax Labs, Inc. partners with specialized entities to ensure its proprietary manufacturing technology is robust and scalable. The advanced Modified Vaccinia Ankara (MVA) Manufacturing process uses an avian cell line licensed from ProBioGen AG, based in Berlin. This licensing agreement supports a continuous avian suspension cell line process, which eliminates the need for pathogen-free eggs, a key feature for lowering costs and simplifying production.

Contract Research Organizations (CROs) for managing global clinical trials

Executing global clinical trials requires outsourcing to Contract Research Organizations (CROs). GeoVax Labs, Inc. enters into various contracts with CROs for clinical trial services, alongside Contract Manufacturing Organizations (CMOs) and other independent contractors for research activities. While specific CRO names aren't detailed in public filings, the financial commitment to these external services is reflected in the overall Research and Development (R&D) spend. R&D Expenses for the nine months ended September 30, 2025, totaled $15,127,090.

The R&D expenses for the three-month period ending September 30, 2025, were $5,043,504. This R&D spend for the nine-month period showed a decrease of 6.1% compared to the same period in 2024, primarily due to discontinued costs associated with the termination of the BARDA/RRPV Contract and lower costs for the GEO-CM04S1 clinical trials.

Pharmaceutical/Biotech companies for co-development and commercialization

Management has reported increased partnering and collaboration interest from established industry players regarding the development, commercialization, and distribution of GEO-MVA, GEO-CM04S1, and Gedeptin. As of late 2025, the company is actively engaged in discussions, but specific, finalized co-development or commercialization agreements with financial details have not been publicly disclosed for the year.

Government agencies for non-dilutive funding and biodefense procurement

Relationships with government agencies are central to GeoVax Labs, Inc.'s biodefense platform, though the landscape shifted significantly in 2025. The company is actively pursuing increased federal investment from the Biomedical Advanced Research and Development Authority (BARDA), the Department of Defense (DoD), and the National Institutes of Health (NIH).

A major event was the termination of the BARDA Project NextGen award for convenience in April 2025. The revenue recognized from this contract for the nine months ended September 30, 2025, was $2,489,145, down from $3,090,161 in the comparable 2024 period. Management indicated the net financial impact of this termination is expected to be less than $750,000 annually in lost revenue.

Despite the termination, GeoVax Labs, Inc.'s proposal, "Innovation in Clinical Manufacturing of MVA-Vectored COVID-19 Vaccines," was selected for funding (pending availability) through the BARDA-funded Rapid Response Partnership Vehicle (RRPV).

Here's a quick look at the financial status of key external relationships as of the end of Q3 2025:

Academic institutions for research and investigator-initiated trials

Research collaborations with academic centers are vital for expanding the application of GeoVax Labs, Inc.'s pipeline assets. The company has established specific research collaborations:

• A new research collaboration with the University of Queensland and UniQuest to evaluate needle-free delivery using Vaxxas' high-density microarray patch (HD-MAP) platform.
• Preclinical studies for Gedeptin are expanding into triple-negative breast and cutaneous cancers in collaboration with Emory University's Winship Cancer Institute.

The company also announced a plan to establish a strategic presence in the United Kingdom to advance European collaborations with service providers and academic partners.

Finance: draft 13-week cash view by Friday.

GeoVax Labs, Inc. (GOVX) - Canvas Business Model: Key Activities

You're looking at the core engine driving GeoVax Labs, Inc. right now-the essential things they must execute flawlessly to move their pipeline forward, especially given the recent financial headwinds from the BARDA contract termination.

Advancing GEO-MVA (Mpox/Smallpox) to Phase 3 clinical evaluation

The primary focus for GEO-MVA is leveraging the regulatory advantage secured in 2025. GeoVax Labs, Inc. received positive Scientific Advice from the European Medicines Agency (EMA) which allows for an expedited pathway, specifically confirming that Phase 1 and Phase 2 studies could be omitted. This guidance supports progression directly to a single, robustly designed Phase 3 immuno-bridging trial against the approved MVA vaccine, Imvanex. This acceleration is projected to cut several years from development time and save many millions of dollars in clinical expenses. GeoVax Labs, Inc. is preparing for this pivotal trial, with management indicating vaccine availability for clinical evaluation in early 2026 and the Phase 3 trial initiation expected in 2H 2026.

Executing Phase 2 trials for GEO-CM04S1 in immunocompromised patients

GeoVax Labs, Inc. is actively running three Phase 2 clinical trials for GEO-CM04S1, their next-generation COVID-19 vaccine, targeting populations underserved by first-generation products. The key activity here is generating compelling data to support its differentiation, particularly in safety and immune response quality.

Here's a quick look at the status of these ongoing Phase 2 activities as of late 2025:

The data presented in late 2025 confirmed that GEO-CM04S1 elicits robust, durable T-cell and cross-variant antibody responses in these vulnerable groups.

Developing the advanced, scalable MVA manufacturing process

A critical underlying activity is the transition to a modern, scalable manufacturing platform to support future commercialization and biodefense needs. GeoVax Labs, Inc. is developing an advanced MVA manufacturing process designed to address scalability and cost-effectiveness challenges associated with older methods.

This development effort centers on:

• Replacing supply chain-intensive egg-based production.
• Utilizing a continuous avian suspension cell line licensed from ProBioGen AG.
• Enabling rapid, high-volume MVA vaccine output within existing U.S. GMP-compliant infrastructure.
• Supporting localized MVA manufacturing at a lower production cost.

This advanced process is part of a proposal under BARDA's Rapid Response Partnership Vehicle (RRPV).

Securing regulatory approvals and fast-track designations (e.g., EMA)

The most significant regulatory activity was securing the positive Scientific Advice (SA) from the EMA for GEO-MVA. This guidance confirmed the suitability of the non-clinical immuno-bridging and toxicity studies to support progression to Phase 3 and a Marketing Authorization Application (MAA) via the centralized procedure. The EMA's Committee for Medicinal Products for Human Use (CHMP) also agreed with the proposed immunogenicity endpoints necessary to demonstrate non-inferiority. This regulatory alignment is a major milestone, positioning GeoVax Labs, Inc. for potential revenue acceleration in one of the world's largest vaccine markets.

Managing and expanding the intellectual property (IP) portfolio

GeoVax Labs, Inc. maintains control over its core technology, holding worldwide rights for its technologies and product candidates. The company is actively managing and expanding this portfolio to protect its multi-antigen platform. As of November 2025, the IP portfolio stands at more than 135 patents across 23 families. A specific expansion noted in 2025 includes a June 2025 U.S. patent covering a novel MVA-based malaria vaccine construct.

GeoVax Labs, Inc. (GOVX) - Canvas Business Model: Key Resources

The core of GeoVax Labs, Inc.'s (GOVX) business model rests on its proprietary technology and the clinical validation supporting it. This foundation is built upon the Proprietary Modified Vaccinia Ankara (MVA) viral vector platform, which serves as the delivery system for multiple vaccine candidates, including GEO-CM04S1.

Key tangible and intellectual assets underpinning GeoVax Labs, Inc.'s operations include:

• Robust intellectual property portfolio with over 135 granted or pending patent applications spread over 23 to 24 patent families, protecting the MVA platform and specific constructs like MVA-VLP-MUC1.
• Clinical data from ongoing Phase 2 trials for GEO-CM04S1, which is being evaluated in immunocompromised individuals, including those with Chronic Lymphocytic Leukemia (CLL). Interim results in CLL patients showed superior cellular immune responses compared to an authorized mRNA-based vaccine, leading to restriction of further enrollment to the GEO-CM04S1 arm only in that specific trial.

Here's a quick look at the financial and key asset snapshot as of late 2025:

The company relies heavily on its specialized scientific and clinical development personnel to advance these assets. For instance, the Q2 2025 update call included the Chairman and CEO, the Vice President and Chief Financial Officer, the Chief Scientific Officer, the Chief Medical Officer, and the Vice President of Business Development, showing the functional expertise in place to manage the pipeline. The R&D expenses for the nine-month period ending September 30, 2025, were $15,127,090.

GeoVax Labs, Inc. (GOVX) - Canvas Business Model: Value Propositions

You're looking at the core benefits GeoVax Labs, Inc. (GOVX) offers to its customers-governments, public health agencies, and potentially patients-as of late 2025. These aren't just product descriptions; they are the tangible advantages derived from their MVA platform and pipeline assets.

GEO-MVA: U.S.-based, scalable, next-generation Mpox/Smallpox vaccine

The value here is clear: a domestic, next-generation alternative to a constrained global supply. GeoVax Labs, Inc. is advancing GEO-MVA, a Mpox and smallpox vaccine candidate, positioning it as a U.S.-based option amid constrained global supply and the WHO's reaffirmed Public Health Emergency of International Concern (PHEIC) status for Mpox. Clinical vials for GEO-MVA are expected to be available in the Q4 of 2025, supporting the planned start of clinical trials in 2026.

The regulatory pathway itself is a value driver, as favorable Scientific Advice from the European Medicines Agency (EMA) supports moving directly into a single Phase 3 immuno-bridging trial, potentially omitting Phase 1 and Phase 2 steps. This streamlined path accelerates the timeline toward potential market authorization in Europe and positions the product to address a market with an estimated potential at $10B+ worldwide.

GEO-CM04S1: Multi-antigen COVID-19 vaccine for immunocompromised populations

GEO-CM04S1 targets the unmet need for durable protection in vulnerable groups, specifically addressing over 40 million immunocompromised Americans. The vaccine is currently in three Phase 2 clinical trials, evaluating its use as a primary vaccine or a booster. The value proposition is demonstrated by clinical signals showing GEO-CM04S1 elicits strong T-cell responses to both Spike (S) and Nucleocapsid (N) antigens, exceeding responses induced by mRNA boosters in some cohorts.

The safety profile is also a key value point; no vaccine-related serious adverse events have been observed to date. Furthermore, the Chronic Lymphocytic Leukemia (CLL) trial interim analysis achieved its primary immunogenicity endpoint, while the comparator mRNA arm was discontinued.

MVA Platform: Induces broad, durable T-cell and antibody immune responses

The underlying Modified Vaccinia Ankara (MVA) vector platform provides the foundation for the differentiated immune responses seen in the pipeline. The platform's ability to carry multiple antigens is key. For instance, GEO-CM04S1 co-expresses both the Spike (S) and Nucleocapsid (N) antigens. This design supports the demonstration of robust, durable T-cell and cross-variant antibody responses, including activity against Omicron subvariants in preclinical and early clinical data.

Gedeptin: Tumor-targeted immune priming for solid tumors (e.g., head and neck cancer)

For oncology, the value lies in Gedeptin's mechanism as a gene-directed enzyme prodrug therapy (GDEPT) that provides localized intratumoral cytotoxicity while priming systemic immune responses, positioning it as a potential force multiplier for checkpoint inhibitors. The lead indication is advanced head and neck cancer, where a Phase 2 clinical trial, AdPNP-203, is planned to evaluate the addition of intra-tumoral Gedeptin and intravenous fludarabine to neoadjuvant pembrolizumab. The trial initiation is targeted for the second half of 2026, with the primary endpoint set as major pathological response (MPR). Preclinical work is expanding this value proposition into other solid tumors, including triple-negative breast cancer and cutaneous malignancies.

Manufacturing: Advanced process for lower-cost, more flexible MVA production

GeoVax Labs, Inc. is de-risking future supply and enabling global access through manufacturing innovation. The company is advancing a next-generation continuous avian cell line (AGE1) manufacturing platform, designed to replace older egg-based production. This anticipated process offers the potential for more efficient, flexible, and lower-cost MVA-vaccine manufacturing, which specifically enables localized production in low- and middle-income regions. The cGMP drug substance manufacturing for GEO-MVA has been completed.

Here's a quick look at the progress supporting these value propositions as of late 2025:

The company's cash balance at September 30, 2025, stood at $5,008,997, with a nine-month net loss of $17,046,348. Still, the R&D expense reduction to $5 million in Q3 2025 from $7.4 million in Q3 2024 shows cost discipline alongside pipeline advancement.

The core technological advantages underpinning these value propositions include:

• GEO-MVA: U.S.-based development and manufacturing alignment.
• GEO-CM04S1: Co-expression of Spike (S) and Nucleocapsid (N) antigens.
• MVA Platform: Induces broad, durable T-cell and antibody responses.
• Gedeptin: Combination potential with immune checkpoint inhibitors.
• Manufacturing: Shift to continuous cell line production for scalability.

Finance: review cash burn rate against R&D cadence by end of week.

GeoVax Labs, Inc. (GOVX) - Canvas Business Model: Customer Relationships

You're looking at how GeoVax Labs, Inc. maintains its critical external relationships to drive its pipeline forward, especially given the recent shift in government funding. It's all about targeted, high-value interactions right now.

High-touch engagement with potential pharmaceutical partners for licensing

GeoVax Labs, Inc. is actively pursuing industry partnerships to support the worldwide development, commercialization, and distribution of its product candidates, including GEO-MVA, GEO-CM04S1, and Gedeptin®. Management specifically noted increased engagement with industry partners during the third quarter of 2025. For the Gedeptin oncology program, preclinical studies are expanding into triple-negative breast and cutaneous cancers in collaboration with Emory University's Winship Cancer Institute.

Direct communication with government agencies for biodefense contracts

Direct interaction with government agencies remains a key relationship, though the nature of the revenue stream has changed. The BARDA Project NextGen contract, which generated revenue in prior periods, was terminated for convenience by the government in April 2025. The revenue generated from government contracts in Q2 2025 was $852,282, representing 100% of that quarter's revenue. For the first nine months of 2025, GeoVax Labs, Inc. reported revenues of $2.5 million, a decrease from $3.1 million in the comparable 2024 period, directly reflecting the BARDA contract termination. There were no contract revenues reported during Q3 2025. Still, the company highlights significant governmental interest in a U.S.-based supply chain for its vaccines. The CEO mentioned White House/WHO engagements reinforcing efforts to address global health needs.

Here's a quick look at the contract revenue trend:

Investor relations consulting to maintain shareholder confidence

Maintaining shareholder confidence involves direct communication, which is reflected in General and Administrative (G&A) spending. G&A expenses for the nine-month period ending September 30, 2025, totaled $4,559,346, up from $3,784,559 in 2024. This increase is attributed in part to higher investor relations consulting costs. For the first quarter of 2025, G&A was $1.7 million, up from $1.5 million in Q1 2024, again citing higher investor relations consulting costs. The cash position at September 30, 2025, stood at $5,008,997, compared to $5,506,941 at December 31, 2024.

Close collaboration with clinical investigators and key opinion leaders

Collaboration with investigators is evident through data presentation at major medical meetings. GeoVax Labs, Inc. presented data confirming the differentiated performance of GEO-CM04S1 at:

• The 6th ESCMID Conference on Vaccines (Lisbon, Portugal)
• The iwCLL 2025 Workshop (Krakow, Poland)
• The World Vaccine Congress
• The Keystone Symposia
• The European Hematology Association

Upcoming presentations for the remainder of 2025 include the International Workshop on chronic lymphocytic leukemia and The European Society of Clinical Microbiology and Infectious Disease. The Phase 2 Gedeptin trial is advancing, with protocol modifications targeting first-line therapy.

Regulatory dialogue with bodies like the EMA for expedited pathways

Dialogue with regulatory bodies is crucial for accelerating time-to-market. GeoVax Labs, Inc. received guidance from the European Medicines Agency (EMA) in June 2025 regarding its GEO-MVA vaccine candidate. This guidance provides an expedited development path. This pathway allows GeoVax Labs, Inc. the potential to bypass Phase I and Phase II clinical trials and proceed directly to a Phase III immuno-bridging trial for GEO-MVA.

Finance: review Q3 2025 G&A spend breakdown by Friday.

GeoVax Labs, Inc. (GOVX) - Canvas Business Model: Channels

You're looking at how GeoVax Labs, Inc. (GOVX) gets its products-vaccines and immunotherapies-to the end-user or market as of late 2025. This involves regulatory navigation, clinical site engagement, and partnership building, all crucial for a clinical-stage biotech.

Out-licensing agreements with large pharmaceutical companies for global distribution

GeoVax Labs, Inc. is actively looking to establish business partnerships and collaborations to support the worldwide development, commercialization, and distribution of its product candidates. The company anticipates entering into favorable manufacturing and distribution agreements as part of its strategy to bring products to market. This remains a key area of focus for 2025 through 2026 milestones.

Direct sales/procurement contracts with national biodefense stockpiles

The company's Modified Vaccinia Ankara (MVA) platform, including GEO-MVA for Mpox and smallpox, is positioned to bolster U.S. biodefense capabilities, aligning with national security objectives. Revenue generation in the first half of 2025, totaling $2.5 million, was entirely driven by government contracts, specifically the now-terminated BARDA Project NextGen award. Revenue reported for Q2 2025 from these contracts was $852,282. GeoVax Labs, Inc. is also actively engaging with stakeholders, including the White House and WHO, regarding the GEO-MVA vaccine, suggesting ongoing governmental interest in procurement channels.

Clinical trial sites and academic medical centers for product evaluation

Product evaluation is channeled through active clinical sites. For the GEO-CM04S1 COVID-19 vaccine, Phase 2 trials continue in patient populations, including those with Chronic Lymphocytic Leukemia (CLL). Regarding GEO-MVA, the path forward involves a single, robustly designed Phase 3 immuno-bridging trial, which is expected to include some African sites to support data generation. The company is focused on advancing GEO-MVA to clinical evaluation readiness, with plans for clinical evaluation of the cGMP batch later in 2025.

Strategic partnerships for commercialization and distribution in specific regions

GeoVax Labs, Inc. plans to actively pursue strategic partnerships with governments, NGOs, and private-sector stakeholders to maximize the impact and reach of its GEO-MVA platform. This is a stated priority for 2025, aiming to secure collaborations for commercialization and distribution across various geographies.

Regulatory filings (e.g., MAA, BLA) to access commercial markets

Access to the European commercial market is being streamlined via the European Medicines Agency (EMA). GeoVax Labs, Inc. received positive Scientific Advice from the EMA in June 2025, supporting a pathway for GEO-MVA to proceed directly to a Phase 3 study and subsequently file for a Marketing Authorization Application (MAA) via the centralized procedure, potentially omitting Phase 1 and Phase 2 trials. The data from the Phase 3 trial, if successful, would be sufficient to support this MAA filing.

The following table summarizes the key product candidates and the channels/regulatory steps relevant to their market access as of late 2025:

The company's cash position at the end of Q3 2025 was $5.0 million, which supports the ongoing operational needs of these channel development activities. The nine-month revenue through September 30, 2025, was $2.5 million.

The path to market for GeoVax Labs, Inc. relies heavily on these external interactions:

• Securing favorable guidance from global regulators like the EMA.
• Engaging with U.S. biodefense agencies for potential procurement.
• Identifying partners for worldwide distribution.
• Completing clinical evaluation at sites, including those in Africa.

Finance: draft 13-week cash view by Friday.

GeoVax Labs, Inc. (GOVX) - Canvas Business Model: Customer Segments

You're looking at the specific groups GeoVax Labs, Inc. (GOVX) is targeting with its pipeline assets as of late 2025. This isn't just about who might buy the product; it's about which specific, high-need patient or governmental groups justify the current research and development spending.

The customer segments are clearly defined by the three main product candidates: GEO-MVA for biodefense, GEO-CM04S1 for vulnerable COVID-19 populations, and Gedeptin® for specific oncology indications. Here's a breakdown of the core groups and the context surrounding them.

GeoVax Labs, Inc. is actively pursuing strategic partnerships with governments, NGOs, and private-sector stakeholders in 2025 to maximize the reach of its GEO-MVA platform. Also, management reported increased partnering and collaboration interest from established industry players.

Here is a summary of the key customer segments and the scale of the opportunity they represent:

For the GEO-CM04S1 COVID-19 vaccine, the clinical data itself points to a segment differentiation. In the CLL trial interim analysis, GEO-CM04S1 met its primary endpoint, while the comparator mRNA vaccine did not. That's a clear signal to that specific patient group.

Regarding the GEO-MVA vaccine for Mpox and Smallpox, the company is focused on accelerating regulatory readiness, partly due to the WHO's reaffirmation of Mpox as a global public health emergency, which reinforces the need for additional MVA-based vaccine supply.

The company's financial structure in late 2025 reflects this focus. For the nine months ended September 30, 2025, Research and development expense was $15.1 million, with cash balances at $5.0 million as of September 30, 2025, showing that clinical advancement for these priority programs is the most significant use of cash.

You should track the progress of these specific patient cohorts:

• Immunocompromised patients receiving GEO-CM04S1 as a primary vaccine.
• Patients with Chronic Lymphocytic Leukemia (CLL) receiving GEO-CM04S1 as a booster.
• HNSCC patients targeted for the Gedeptin neoadjuvant combination trial (AdPNP-203).
• Governmental stakeholders interested in U.S.-based supply chains for MVA vaccines.

Finance: draft 13-week cash view by Friday.

GeoVax Labs, Inc. (GOVX) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving GeoVax Labs, Inc.'s operations as of late 2025. For a clinical-stage biotech, the cost structure is heavily weighted toward getting those pipeline assets through trials and ready for the next stage, so R&D dominates the picture.

Here's the quick math on the major operating costs for the first nine months of 2025:

High Research and Development (R&D) expenses, totaling $15.1 million for the first nine months of 2025, represent the largest cost driver. This figure was slightly lower than the $16.1 million reported for the same period in 2024. The decrease in R&D during 2025 is primarily related to discontinued costs associated with the termination of the BARDA contract, along with lower costs for the GEO-CM04S1 clinical trials and associated manufacturing costs for the GEO-CM04S1 and Gedeptin programs.

Clinical trial costs for GEO-CM04S1 and GEO-MVA programs are embedded within that R&D spend. While GEO-CM04S1 trial costs were lower, these savings were partially offset by higher personnel and consulting costs, plus increased manufacturing costs specifically associated with the GEO-MVA development program as the company prepared for initiating clinical trials in 2026. The company's focus remains on advancing these programs, which is the most significant use of cash for the foreseeable future.

General and Administrative (G&A) expenses were at $4.6 million for the first nine months of 2025, up from $3.8 million in 2024. The overall increase during 2025 is associated with higher personnel costs, investor relations consulting, other programmatic expenses, and stock-based compensation expense. For the third quarter alone, G&A was $1.3 million versus $1.2 million in Q3 2024.

Manufacturing scale-up and process development costs are a key component of the R&D outlay. Specifically, manufacturing costs associated with the GEO-CM04S1 and Gedeptin programs saw reductions, but this was counterbalanced by higher manufacturing costs tied to the GEO-MVA development program in preparation for 2026 clinical trials. The company is also advancing progress on its advanced MVA manufacturing process.

Regarding Intellectual property maintenance and legal fees, GeoVax Labs holds worldwide rights for its technologies and product candidates, indicating ongoing costs to maintain this strong IP portfolio. These costs fall under the G&A structure, contributing to the year-to-date increase in that category.

Other relevant cost-related factors include:

• The net loss for the nine-month period ending September 30, 2025, was $17 million.
• Financing transactions offset a significant portion of operating cash use, with $16 million in financing offsetting $16.5 million used in operating activities for the nine-month period.
• The company is actively seeking business partnerships and collaborations to support development and commercialization, which could shift future cost burdens.

GeoVax Labs, Inc. (GOVX) - Canvas Business Model: Revenue Streams

You're looking at how GeoVax Labs, Inc. funds its pipeline, which is heavily reliant on non-sales revenue right now, given its clinical-stage status. Honestly, the revenue picture is dominated by government grants and capital raises as of late 2025.

The most concrete revenue stream currently comes from government contracts. For the nine months ended September 30, 2025, GeoVax Labs, Inc. reported government contract revenues totaling $2,489,145 associated with the BARDA/RRPV Project NextGen award, which compares to $3,090,161 for the same period in 2024. You should note that the government terminated this contract for convenience in April 2025, so this figure reflects revenue recognized before that termination.

The company's financial stability between product sales relies on securing capital through equity markets, which is a key part of the current revenue model. GeoVax Labs, Inc. has been active in raising funds to support operations and development.

Here's a look at recent financing activities that bolster working capital:

• Registered Direct Offering closed on September 30, 2025, expected to yield gross proceeds of approximately $2.5 million.
• Public Offering in July 2025 generated expected gross proceeds of approximately $6 million.
• The company has an stated annual fundraising target of $30 million through equity sales, non-dilutive funding, and collaborations.

As of September 30, 2025, the cash balances stood at $5,008,997.

Future revenue potential is tied directly to clinical success and strategic deals, which is typical for a company at this stage. These potential streams include:

• Future milestone payments derived from strategic development and commercialization partnerships for its vaccine and oncology programs.
• Potential future product sales of GEO-MVA, which is being advanced as an Mpox vaccine with a global market opportunity estimated at over $11 billion.
• Potential future product sales of GEO-CM04S1, the multi-antigen COVID-19 vaccine, targeting specialized medical markets, specifically the over 40 million immunocompromised adults in the U.S. and over 400 million worldwide.

To map out the reliance on financing versus contract revenue, here is a comparison of the two most recent financing events against the nine-month contract revenue:

The company continues to explore various strategies to fund development programs through valuation inflection points. Finance: draft 13-week cash view by Friday.