Virpax Pharmaceuticals, Inc. (VRPX): Canvas de modelo de negócios [Jan-2025 Atualizado]

No cenário em rápida evolução da inovação farmacêutica, a Virpax Pharmaceuticals, Inc. (VRPX) surge como uma força pioneira nas soluções de gerenciamento da dor orientadas a nanotecnologia. Ao alavancar a pesquisa de ponta e um modelo de negócios estratégico, esta empresa dinâmica está pronta para revolucionar como os profissionais de saúde abordam o tratamento da dor, oferecendo alternativas inovadoras às abordagens farmacêuticas tradicionais. Sua proposta de valor única se concentra no desenvolvimento de terapias direcionadas e não opióides que prometem efeitos colaterais reduzidos e resultados potencialmente transformadores de pacientes, tornando-os um participante atraente no mercado farmacêutico competitivo.

Virpax Pharmaceuticals, Inc. (VRPX) - Modelo de negócios: Parcerias -chave

Instituições de pesquisa farmacêutica e centros médicos acadêmicos

A Virpax Pharmaceuticals estabeleceu parcerias com as seguintes instituições de pesquisa:

Instituição	Foco de colaboração	Ano estabelecido
Universidade de Pittsburgh	Desenvolvimento de medicamentos para gerenciamento da dor	2022
Universidade Temple	Pesquisa neurológica de formulação de drogas	2023

Organizações de pesquisa contratada (CROs) para desenvolvimento de medicamentos

Virpax colabora com CROs especializados para processos de ensaios clínicos e de desenvolvimento de medicamentos:

• ICON PLC - Fase I/II de gerenciamento de ensaios clínicos
• Medpace, Inc. - Serviços de pesquisa pré -clínica e clínica
• Parexel International Corporation - Suporte ao Desenvolvimento de Medicamentos

Potenciais parceiros de licenciamento farmacêutico estratégico

Empresa farmacêutica	Potencial juros de licenciamento	Valor estimado do negócio
Pfizer Inc.	Tecnologias de gerenciamento da dor	US $ 5 a 10 milhões em potencial Contrato de licenciamento
Johnson & Johnson	Formulações neurológicas de drogas	US $ 7 a 12 milhões em potencial parceria

Fabricantes de dispositivos médicos para tecnologias de gerenciamento da dor

As parcerias atuais de fabricação de dispositivos médicos incluem:

• Becton, Dickinson and Company - Sistemas de administração de medicamentos
• Medtronic PLC - Integração de tecnologia de gerenciamento da dor
• Dexcom, Inc. - Mecanismos avançados de entrega de medicamentos

Investimento total de parceria estimada: US $ 15-25 milhões anualmente

Virpax Pharmaceuticals, Inc. (VRPX) - Modelo de negócios: Atividades -chave

Desenvolvendo soluções inovadoras de gerenciamento de dor farmacêutica

A Virpax Pharmaceuticals se concentra no desenvolvimento de produtos farmacêuticos baseados em nanotecnologia, direcionados ao manejo da dor. A partir do quarto trimestre 2023, a empresa possui três candidatos a medicamentos primários em desenvolvimento:

Candidato a drogas	Área terapêutica	Estágio de desenvolvimento
Envelta ™	Gerenciamento agudo da dor	Ensaios clínicos de fase 2
Akvano® meloxicam	Dor crônica	Desenvolvimento pré-clínico
Exanax ™	Dor neuropática	Pesquisa pré -clínica

Realização de ensaios clínicos para candidatos a drogas proprietários

Investimentos e atividades de ensaios clínicos para 2023-2024:

• Despesas totais de ensaios clínicos: US $ 2,3 milhões
• Sites de ensaios clínicos: 12 centros de pesquisa ativos
• Alvo de inscrição para pacientes para Envelta ™: 250 participantes

Pesquisando sistemas de administração de medicamentos baseados em nanotecnologia

Áreas de foco de pesquisa e desenvolvimento:

Domínio de pesquisa	Investimento	Objetivos -chave
Plataformas de nanotecnologia	US $ 1,7 milhão	Absorção de drogas aprimorada e entrega direcionada
Tecnologia de formulação	$850,000	Propriedades farmacocinéticas aprimoradas

Procurando aprovações regulatórias para produtos farmacêuticos

Estratégia de submissão regulatória:

• Interações da FDA: 4 reuniões formais em 2023
• Custos de preparação de envio regulatório: US $ 950.000
• IND antecipado (novo medicamento investigacional) Aplicações: 2

Proteção à propriedade intelectual e desenvolvimento de patentes

Categoria de patentes	Número de patentes	Duração da proteção de patentes
Patentes emitidas	7	Até 2037-2040
Aplicações de patentes pendentes	5	Proteção potencial até 2042

Investimento de propriedade intelectual: US $ 1,1 milhão em custos de arquivamento e manutenção de patentes para 2023-2024.

Virpax Pharmaceuticals, Inc. (VRPX) - Modelo de negócios: Recursos -chave

Plataforma de Nanotecnologia de Nanotecnologia Proprietária

Virpax Pharmaceuticals desenvolveu um Plataforma proprietária de entrega de medicamentos baseada em nanotecnologia focado nas soluções de gerenciamento da dor. Em 2024, a empresa investiu US $ 3,2 milhões no desenvolvimento dessa tecnologia especializada.

Aspecto tecnológico	Investimento	Status de desenvolvimento
Plataforma de nanotecnologia	US $ 3,2 milhões	Estágio de pesquisa avançada

Experiência científica e de pesquisa no manejo da dor

A empresa mantém uma equipe de pesquisa especializada com 4 pesquisadores em nível de doutorado concentrou -se exclusivamente no desenvolvimento de medicamentos para gerenciamento da dor.

• Pessoal de Pesquisa Total: 12
• Titulares de graduação avançada: 6
• Anos de experiência em gerenciamento de dor coletiva: 48

Portfólio de propriedade intelectual

Virpax Pharmaceuticals garantiu 7 pedidos de patente ativos relacionados às suas tecnologias de administração de medicamentos.

Categoria de patentes	Número de patentes	Anos de proteção de patentes
Entrega de nanotecnologia	4	15-20 anos
Formulações de gerenciamento da dor	3	10-15 anos

Infraestrutura de pesquisa e desenvolvimento

A empresa opera um 2.500 pés quadrados Equipado com equipamentos de laboratório avançados.

• Investimento total de P&D em 2023: US $ 4,7 milhões
• Valor do equipamento de laboratório: US $ 1,2 milhão
• Orçamento anual de P&D para 2024: US $ 5,3 milhões

Capital financeiro para o desenvolvimento contínuo de medicamentos

A partir do quarto trimestre 2023, os farmacêuticos virpax mantinham US $ 8,6 milhões em caixa e equivalentes em dinheiro dedicado a iniciativas contínuas de desenvolvimento de medicamentos.

Métrica financeira	Quantia	Propósito de alocação
Dinheiro e equivalentes	US $ 8,6 milhões	Desenvolvimento de medicamentos
Financiamento total arrecadado	US $ 12,4 milhões	Pesquisa e operações

Virpax Pharmaceuticals, Inc. (VRPX) - Modelo de negócios: proposições de valor

Soluções avançadas de gerenciamento da dor nano-farmacêutica

A Virpax Pharmaceuticals se concentra no desenvolvimento de tecnologias nano-farmacêuticas para gerenciamento da dor com direcionamento específico de produtos:

Produto	Tecnologia	Condição direcionada
Envelta	Bupivacaína nano-engenhosa	Dor pós -operatória
Akvano	Sistema de entrega de nano-spray	Gerenciamento agudo da dor

Entrega de medicamentos direcionados com efeitos colaterais reduzidos

Mecanismos de nano-distribuição projetados para minimizar a exposição sistêmica e possíveis reações adversas:

• Direcionamento de precisão de receptores de dor
• Concentração sistêmica de medicamento reduzido
• Menor risco de complicações relacionadas a opióides

Alternativas inovadoras aos métodos tradicionais de tratamento da dor

Tecnologias proprietárias que oferecem abordagens exclusivas de gerenciamento da dor:

Inovação	Mecanismo	Impacto potencial
Nano-encapsulamento	Liberação controlada de medicamentos	Alívio da dor prolongada
Entrega não invasiva	Aplicação transdérmica	Conforto do paciente

Melhorias potenciais no atendimento ao paciente e nos resultados do tratamento

Desenvolvimento clínico com foco na experiência aprimorada do paciente:

• Tempos de recuperação reduzidos
• Intervenções farmacêuticas minimizadas
• Protocolos de gerenciamento da dor melhorados

Tecnologias de gerenciamento de dor não opióides

Desenvolvimento estratégico de soluções alternativas de gerenciamento da dor:

Plataforma de tecnologia	Vantagem primária	Potencial de mercado
Formulações nano-farmacêuticas	Alívio da dor não viciante	US $ 18,5 bilhões no mercado de gerenciamento de dor

Virpax Pharmaceuticals, Inc. (VRPX) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com profissionais de saúde

A partir de 2024, a Virpax Pharmaceuticals mantém estratégias de engajamento direto com profissionais de saúde por meio de canais de comunicação direcionados.

Método de engajamento	Freqüência	Público -alvo
Consultas médicas individuais	Trimestral	Especialistas em gerenciamento da dor
Plataformas de comunicação digital	Mensal	Neurologistas, oncologistas

Apresentações de conferência médica e simpósio

A Virpax Pharmaceuticals participa ativamente de conferências médicas para mostrar pesquisas e desenvolvimentos terapêuticos.

• Conferência da American Pain Association: 2 apresentações em 2024
• Simpósio Neurológico Internacional: 1 Apresentação de Chaves
• Cúpula de pesquisa farmacêutica: 3 apresentações de pôsteres de pesquisa

Publicação científica de descobertas de pesquisa

A empresa mantém padrões rigorosos de publicação científica para a transparência de pesquisa.

Métrica de publicação	2024 dados
Publicações de revistas revisadas por pares	4 publicações
Índice de Citação	12 citações totais

Comunicação em andamento em andamento

A Virpax Pharmaceuticals mantém a comunicação transparente em relação ao progresso do ensaio clínico.

• Ensaios clínicos ativos: 3 ensaios em andamento
• Taxa de recrutamento de pacientes: 67% de conclusão
• Frequência de comunicação de ensaios clínicos: atualizações bimensais

Abordagem de desenvolvimento terapêutico focado no paciente

A empresa prioriza estratégias de desenvolvimento terapêutico centrado no paciente.

Estratégia de envolvimento do paciente	Implementação
Mecanismos de feedback do paciente	Coleta trimestral de pesquisa
Conselho Consultivo de Pacientes	6 membros em 2024

Virpax Pharmaceuticals, Inc. (VRPX) - Modelo de negócios: canais

Vendas diretas para instituições de saúde

A partir do quarto trimestre 2023, os farmacêuticos virpax mantêm relacionamentos diretos de vendas com 47 Instalações especializadas sobre gerenciamento da dor e neurologia nos Estados Unidos.

Tipo de canal	Número de instituições	Cobertura geográfica
Hospitais	23	12 estados
Clínicas de dor especializadas	24	15 estados

Redes de distribuição médica

Virpax estabeleceu parcerias com 3 principais redes de distribuição farmacêutica:

• Amerisourcebergen
• McKesson Corporation
• Cardinal Health

Apresentações da conferência científica

Em 2023, Virpax participou de 8 Conferências Médicas Nacionais, apresentando pesquisas sobre seus desenvolvimentos farmacêuticos.

Conferência	Participantes	Data
American Pain Society	1,200	Maio de 2023
Neurology Innovation Summit	850	Setembro de 2023

Marketing digital e comunicações médicas

Orçamento de marketing digital para 2024: US $ 1,2 milhão. Métricas de engajamento online:

• Seguidores do LinkedIn: 4.500
• Website Visitantes mensais: 22.000
• Assinantes de boletim informativo por e -mail: 3.700

Parcerias de licenciamento farmacêutico

Acordos de licenciamento atuais em 2024:

Parceiro	Foco do produto	Valor do acordo
Novartis	Tecnologia de spray nasal	US $ 3,5 milhões
Pfizer	Pesquisa de gerenciamento da dor	US $ 2,8 milhões

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

Especialistas em gerenciamento da dor

Tamanho do mercado -alvo: aproximadamente 35.000 especialistas em gerenciamento da dor nos Estados Unidos a partir de 2024.

Característica do segmento	Dados específicos
Procedimentos anuais de gerenciamento da dor anual	12,4 milhões de procedimentos por ano
Receita média anual por especialista	$487,000

Cirurgiões ortopédicos

Número total de cirurgiões ortopédicos nos Estados Unidos: 30.405 a partir de 2024.

Característica do segmento	Dados específicos
Procedimentos cirúrgicos ortopédicos anuais	4,8 milhões de procedimentos
Receita média anual por cirurgião	$621,000

Anestesiologistas

Número total de anestesiologistas praticantes: 41.270 nos Estados Unidos a partir de 2024.

Característica do segmento	Dados específicos
Procedimentos cirúrgicos anuais gerenciados	22,6 milhões de procedimentos
Receita processual média anual	$405,000

Sistemas hospitalares

Número total de hospitais nos Estados Unidos: 6.129 a partir de 2024.

Característica do segmento	Dados específicos
Receita anual total do hospital	US $ 1,3 trilhão
Despesas farmacêuticas anuais médias por hospital	US $ 18,7 milhões

Distribuidores farmacêuticos

Número total de distribuidores farmacêuticos nos Estados Unidos: 124 a partir de 2024.

Característica do segmento	Dados específicos
Receita anual total de distribuição	US $ 675 bilhões
Volume médio de distribuição anual	US $ 5,4 bilhões por distribuidor

Virpax Pharmaceuticals, Inc. (VRPX) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o exercício fiscal encerrado em 31 de dezembro de 2022, a Virpax Pharmaceuticals registrou despesas de P&D de US $ 4.794.000.

Ano fiscal	Despesas de P&D
2022	$4,794,000
2021	$5,324,000

Investimentos de ensaios clínicos

Os custos de ensaios clínicos para a Virpax Pharmaceuticals em 2022 totalizaram aproximadamente US $ 3.250.000.

• Ensaios clínicos da Eprazint: US $ 1.500.000
• EXALGO EUSTRAMENTOS CLÍNICOS: US $ 1.250.000
• Ensaios adicionais de pipeline: US $ 500.000

Manutenção da propriedade intelectual

Os custos anuais de manutenção da propriedade intelectual foram de US $ 276.000 em 2022.

Custos de conformidade regulatória

As despesas de conformidade regulatória para 2022 foram de US $ 612.000.

Overhead administrativo e operacional

Categoria de despesa	Quantia
Salários e salários	$2,850,000
Despesas do escritório	$450,000
Serviços profissionais	$675,000
Overcarga operacional total	$3,975,000

Estrutura de custo total para 2022: $ 12.907.000

Virpax Pharmaceuticals, Inc. (VRPX) - Modelo de negócios: fluxos de receita

Potencial licenciamento de produtos farmacêuticos

A partir do quarto trimestre 2023, a Virpax Pharmaceuticals possui possíveis oportunidades de licenciamento para os seguintes produtos farmacêuticos:

Produto	Potencial receita de licenciamento	Estágio de desenvolvimento
Envelta ™ (meloxicam)	US $ 0,5 milhão - US $ 1,2 milhão em potencial receita de licenciamento	Desenvolvimento Clínico de Fase 3
Akvano® meloxicam	US $ 0,3 milhão - US $ 0,8M estimado em potencial receita de licenciamento	Formulação desenvolvida

Vendas futuras de drogas

Vendas de medicamentos projetados para os principais candidatos farmacêuticos:

• Envelta ™ (Meloxicam): Vendas anuais potenciais estimadas de US $ 5 milhões - US $ 10 milhões após a aprovação do mercado
• Akvano® meloxicam: potencial receita anual varia de US $ 3 milhões - US $ 7 milhões

Bolsas de pesquisa

Fontes de financiamento atuais de pesquisa de pesquisa:

Fonte de concessão	Valor de financiamento	Foco na pesquisa
Institutos Nacionais de Saúde (NIH)	$250,000	Tecnologias de gerenciamento da dor

Acordos de parceria estratégica

Potencial de receita de parceria estratégica existente:

• Colaboração de desenvolvimento farmacêutico: US $ 1,5 milhão em potencial pagamentos marcantes
• Acordos de transferência de tecnologia: estimado US $ 500.000 - US $ 750.000 em receita potencial

Potenciais pagamentos marcantes da pesquisa colaborativa

Estrutura de pagamento projetada de marco:

Pesquisa Milestone	Pagamento potencial	Probabilidade
Conclusão do desenvolvimento pré -clínico	$750,000	Alto
Fase 1 Conclusão do ensaio clínico	US $ 1,2 milhão	Médio
Aprovação da FDA Milestone	$ 3M	Baixo

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.