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Virios Therapeutics Announces Fourth Quarter and Full Year 2022 Financial Results
ATLANTA, March 14, 2023 (GLOBE NEWSWIRE) -- Virios Therapeutics, Inc. (Nasdaq: VIRI) (the “Company”), a development-stage biotechnology company focused on
About this update from Dogwood Therapeutics, Inc.
[{"type":"text","content":"ATLANTA, March 14, 2023 (GLOBE NEWSWIRE) -- Virios Therapeutics, Inc. (Nasdaq: VIRI) (the “Company”), a development-stage biotechnology company focused on advancing novel antiviral therapies to treat debilitating chronic diseases, including fibromyalgia (“FM”), today announced financial results for the fourth quarter and full year ended December 31, 2022. Key Highlights Based on extensive analysis of the data generated from the recently completed FORTRESS Phase 2b trial, the Company believes targeting community-based FM patients, who have not participated in prior FM trials, is the optimal approach to advancing IMC-1’s continued development.The Company has an End-of-Phase 2 Meeting scheduled with the U.S. Food & Drug Administration in March to discuss the progression of IMC-1 into Phase 3 development.Patient enrollment for the exploratory Long-COVID treatment study is complete, with top-line results from this exploratory trial expected in mid-2023. Fourth Quarter 2022 Financial Results Research and development expenses for the fourth quarter ended December 31, 2022 were $1.3 million, compared to $2.9 million for the fourth quarter ended December 31, 2021. The $1.6 million decrease was primarily due to a reduction in clinical trial expenses for the FORTRESS study of $1.8 million, offset by an increase in expenses related to the chronic toxicology program of $0.1 million and an increase in salaries and related personnel costs of $0.1 million. General and administrative expenses for the fourth quarter ended December 31, 2022 were $0.8 million, compared to $1.3 million for the fourth quarter ended December 31, 2021. The $0.5 million decrease was primarily due to a reduction in salaries and related personnel costs of $0.2 million, legal and accounting fees of $0.1 million and costs associated with being a public company of $0.2 million. Net loss for the fourth quarter ended December 31, 2022 was $2.0 million, or $0.11 basic and diluted net loss per share, compared to a net loss of $4.5 million, or $0.54 basic and diluted net loss per share, for the fourth quarter ended December 31, 2021. Full Year 2022 Financial Results Research and development expenses for the year ended December 31, 2022 were $8.1 million, compared to $10.8 million for the year ended December 31, 2021. The $2.7 million decrease was primarily attributable to a reduc...