TOVX Stock — Theriva Biologics Inc.: Cash, EV, Pipeline

What they do

We are a diversified clinical-stage company developing therapeutics designed to treat cancer and related diseases in areas of high unmet need. As a result of the Company’s acquisition of Theriva Biologics, S.L.

Source: 10-K FY2025 via SEC EDGAR

Share price

$0.16

Market cap

$7.5M

Cash

$11.3M

Enterprise value

-$2.1M

Balance sheet

Cash	$11.3M
Debt	$1.7M
Net cash	$9.6M
Enterprise value	-$2.1M
Basic shares	45.9M shares
Fully diluted shares	62.2M shares
Fully diluted market cap	$10.0M
Cash per share	$0.25
Quarterly burn	$3.1M
Cash runway	3.7 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

45.9M

Pre-funded warrants

—

Options

—

RSUs

—

Warrants

16.3M

Converts

—

Conv preferred

—

ESPP reserve

—

FDSO

62.2M

Cap table as of 2026-06-30.

Price history

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Next catalyst

VCN-01 (zabilugene almadenorepvec) · Est. Aug 15, 2027 · quarter midpoint · guided in 8 mo

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Aug 15, 2027 in 8 mo quarter midpoint	VCN-01 (zabilugene almadenorepvec) VIRAGE2 Phase 2a in first-line metastatic pancreatic ductal adenocarcinoma	Phase 2a	first-line metastatic pancreatic ductal adenocarcinoma	Q3 2027

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

VCN-01

Phase 2 · Active Modality: oncolytic adenovirus (genetically modified, intratumoral or IV)

Aliases zabilugene almadenorepvec

Target hyaluronan

Partnerships Catalan Institute of Oncology: investigator-sponsored Phase 1 study; University of Pennsylvania: clinical trial agreement for Phase 1 huCART-meso cell combination study

Indications

pancreatic ductal adenocarcinoma (VIRAGE Phase 2b, IV with gemcitabine/nab-paclitaxel) (Phase 2)
refractory retinoblastoma (investigator-sponsored Phase 1) (Phase 1)

Status note Lead product candidate; genetically modified oncolytic adenovirus based on HAd5. FDA Orphan Drug designation (June 2023) and Fast Track (May 2024) for pancreatic cancer; EMA COMP orphan recommendation (May 2011) for pancreatic cancer. VIRAGE Phase 2b randomized study ongoing; Phase 1 retinoblastoma data presented May 2025. Additional preclinical/clinical combination work (liposomal irinotecan, immunomodulators) not distinct assets.

Per-asset detail extracted from the 10-Q filed 2026-08-11. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	VCN-01 oncolytic adenovirus (zabilugene almadenorepvec)
Lead indication	Pancreas Cancer, Metastatic
Lead phase	Phase 2
Active trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT04692181	Phase 2	Active, not recruiting	Sponsor	TOVX	—	Acute Graft-Versus-Host Reaction Following Bone Marrow Transplant; Prevention of CDI in Adult Patients Being Treated With IV Beta-lactam	—

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 1 active trials for Theriva Biologics, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Ikarian Capital	112,076	no change	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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TOVX — Theriva Biologics Inc. ☆