Virpax Pharmaceuticals Reports Net Loss of $4.6 Million for the Second Quarter of 2023
Company Generates $126,720 in Other Income, Maintaining Revenue Stability
Virpax Pharmaceuticals, Inc.(VRPX), a leading pharmaceutical company, ha s announced its financial results for the second quarter of 2023. The company's condensed balance sheets and statements of operations reveal a net loss of $4.6 million for the quarter, while also reporting other income of $126,720. These results demonstrate the company's ongoing efforts to navigate the competitive pharmaceutical landscape.
Net Loss and Operating Expenses
The company's operating expenses remained a significant factor in the second quarter, as Virpax reported a net loss of $3.1 million for the three months ending June 30, 2023. This represents a reduction from the net loss of $5.9 million reported during the same period in the previous year. The reduction in net loss indicates a concerted effort to manage expenses and streamline operations.
Virpax's operating expenses included $1.95 million in general and administrative costs, down from $2.65 million in the second quarter of 2022. Additionally, research and development costs were reported at $1.29 million, compared to $3.26 million during the same period in the prior year. These expense reductions highlight the company's commitment to optimizing its operations.
