{"schema_version":"secwatch.filing_event.v1","accession":"0001213900-24-059660","form_type":"8-K","ticker":null,"cik":"0001708331","company_name":"Virpax Pharmaceuticals, Inc.","filed_at":"2024-07-08T23:59:59+00:00","discovered_at":"2026-05-14T18:03:14.194495+00:00","generated_at":"2026-05-31T23:06:20.317630+00:00","sec_items":["1.01","2.03","5.01","5.02","7.01","9.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.9,"calibrated_materiality_score":0.9,"confidence":"high","headline":"Virpax secures $2.5M secured loan at 18% to settle litigation; board control transferred to investor","bullets":["Issued $2.5M senior secured note at 18% interest, due Dec 31, 2025, with security interest in all assets including IP.","Proceeds used to satisfy final payment of litigation settlement with Sorrento Therapeutics and Scilex Pharmaceuticals.","Five directors resigned (Ruskin, Sendrow, Gudin, Jambulingam, Dubin); four investor-nominated directors appointed (Su, Dhaliwal, Field, Herman).","Investor gains majority board control; exclusive right to negotiate a subsequent financing of at least $5M by Sep 30, 2024.","If subsequent financing not completed by Sep 30, investor-nominated directors must resign."],"urls":{"canonical":"https://secwatch.observer/filing/0001213900-24-059660","json":"https://secwatch.observer/filing/0001213900-24-059660.json","markdown":"https://secwatch.observer/filing/0001213900-24-059660.md","text":"https://secwatch.observer/filing/0001213900-24-059660.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1708331/000121390024059660/0001213900-24-059660-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1708331/000121390024059660/ea0208818-8k_virpax.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-31T23:06:20.317630+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"204707f342","claim":"Jeffrey Gudin resigned as Director at Virpax Pharmaceuticals, Inc..","evidence_excerpt":"each of Barbara Ruskin, Jerrold Sendrow, Jeffrey Gudin, Thani Jambulingam and Michael F. 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Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}