Virios Therapeutics, Inc.

Virios did not generate revenue in the first quarter of 2024 or in the year-ago quarter. Research and development expense was $0.3 million, down from $0.5 million a year ago, and general and administrative expense was $1.0 million, down from $1.1 million. Net loss was $1.3 million versus $1.5 million in the prior-year quarter. Cash and cash equivalents were $2.4 million at March 31, 2024, versus $3.3 million at December 31, 2023, and the company expects current capital to fund operations into the fourth quarter of 2024.

Greg Duncan framed the quarter around progress in the Long-COVID program and the potential significance of the ongoing BHC-202 study. He emphasized that Long-COVID remains a major unmet need, cited CDC estimates of 11.2 million current U.S. adults with active symptoms, and said Virios believes IMC-2 could be a market-leading option if the data continue to support it. His tone was optimistic and focused on upcoming catalysts, especially second-half 2024 top-line results and the recently published global patent that could extend protection until about 2044 if granted.

Angela Walsh said the company had no revenue, lower operating expenses year over year, and a smaller net loss in the quarter. R&D declined to $0.3 million from $0.5 million, mainly due to lower toxicology and regulatory consulting costs, while G&A fell to $1.0 million from $1.1 million on lower public-company insurance expense. She also noted cash of $2.4 million at quarter-end, down from $3.3 million at year-end, and said that current capital is expected to fund operations into the fourth quarter of 2024.

In Q&A, an analyst asked what data will be released for BHC-202 and whether the company expects a press release or scientific meeting; Greg Duncan said the primary endpoint is fatigue, secondary endpoints include orthostatic intolerance, pain, anxiety and global health, and that top-line data will likely be announced directly with a possible scientific venue as well. When asked about the next step after positive results, he said the study is meant to inform effect size and the next trial will likely be a Phase IIb, with execution targeted to begin around the start of next year. On partnering, he said Virios could advance Long-COVID on its own but would consider a partnership if the economics are attractive and it speeds value creation.