Theriva Biologics FY2025 cash $13.1M; licensing deal, EMA guidance on VCN-01 Phase 3

Theriva Biologics, Inc.

G&A expense rose 109% to $15.4M on $9.0M contingent consideration from VCN-01 trial success.
R&D expense fell 28% to $8.6M as VIRAGE Phase 2b completed; lower trial costs offset by patent spending.
Cash $13.1M at Dec 31, 2025; $15.2M at Feb 26, 2026 providing runway into Q1 2027.
Licensed SYN-020 to Rasayana for up to $38M milestones plus royalties; received $300K upfront.
EMA agreed on Phase 3 trial design for VCN-01 in PDAC; End-of-Phase 2 FDA meeting planned 1H 2026.

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