Theriva Biologics (TOVX) investor relations material

Executive summary

• VCN-01 remains the lead program; VIRAGE2 enrollment and dosing are progressing, with enrollment expected to finish in Q4 2026.

• Strategic alternatives are under evaluation as development focuses on VCN-01 and legacy microbiome assets are monetized through the Biossil sale.

Financial highlights

• Q3 2026 operating costs were $1.535M, down from $4.440M YoY; net loss was $1.471M versus $4.361M.

• 9M 2026 operating costs were $7.259M and net loss was $6.732M, versus $21.988M and $21.743M in 9M 2025; 9M 2026 included $0.3M license revenue.

• Q3 G&A fell 51% YoY to $923K, mainly reflecting lower contingent-consideration fair value; Q3 R&D fell 76% to $612K, reflecting lower VIRAGE, manufacturing and legacy-program costs, partly offset by VIRAGE2 expenses.

• 9M cash used in operating activities was $8.4M versus $13.8M; cash and restricted cash ended at $8.5M, down $4.6M from year-end 2025.

Outlook and guidance

• Cash of $8.5M at September 30 and $7.5M in early November is expected to fund overhead, VIRAGE2 recruitment, VCN-01 manufacturing scale-up, regulatory work and limited preclinical studies into Q1 2027, but not trials beyond VIRAGE2.

• VIRAGE2 is designed for six evaluable patients; four had been dosed, enrollment was expected to finish in Q4 2026, and initial pharmacodynamic and safety/tolerability data are expected by Q3 2027.

• VIRAGE2 results, if successful, are expected to inform VCN-01 dosing in future combinations, including a potential pivotal Phase 3 metastatic pancreatic cancer trial.

• A proposed VCN-01 retinoblastoma Phase 2/3 trial is estimated to cost $14M, with first-patient enrollment anticipated in April 2027 subject to FDA discussions and financing.