GeoVax Labs, Inc. (Nasdaq: GOVX) remains committed to advancing its differentiated COVID-19 vaccine and expanding its oncology pipeline despite facing an unexpected setback with government funding, according to the company's first quarter 2025 financial results and business update.
The clinical-stage biotechnology company reported a net loss of $5.4 million for Q1 2025, compared to $5.9 million for the same period in 2024, while ending the quarter with cash balances of $7.4 million, up from $5.5 million at the end of 2024.
COVID-19 Vaccine Program Continues Despite Funding Challenges
Despite the recent termination of GeoVax's Project NextGen award by the Biomedical Advanced Research and Development Authority (BARDA), the company remains focused on advancing GEO-CM04S1, its next-generation COVID-19 vaccine candidate.
"Our commitment to advancing GEO-CM04S1 remains unwavering," stated David Dodd, GeoVax's Chairman and CEO. "This next-generation, multi-antigen COVID-19 vaccine is highly differentiated and continues to show promise, particularly for the over 40 million immunocompromised individuals in the U.S. who remain vulnerable to current variants."
GEO-CM04S1 utilizes a synthetic Modified Vaccinia Ankara (MVA) platform that expresses both spike (S) and nucleocapsid (N) antigens, potentially offering broader and more durable protection than current mRNA vaccines. The company estimates the market potential for this vaccine at over $30 billion globally.
Multiple Phase 2 clinical trials evaluating GEO-CM04S1 are currently underway:
- A healthy adult booster trial has completed enrollment, with data expected in Q2 2025
- A study in chronic lymphocytic leukemia (CLL) patients continues enrollment, with interim data already showing promising results
- A trial comparing GEO-CM04S1 to mRNA vaccines in stem cell transplant and CAR-T therapy recipients is ongoing
In April 2025, a peer-reviewed article published in Vaccines (MDPI) highlighted the potential benefits of GeoVax's multi-antigen approach, providing further validation for the company's COVID-19 vaccine strategy.
Oncology Program Advancing to Phase 2
GeoVax's oncology program centers on Gedeptin®, a gene-directed therapy that recently completed a Phase 1/2 clinical trial for advanced head and neck cancers. The company is now preparing to advance Gedeptin into a Phase 2 trial in combination with an immune checkpoint inhibitor for first recurrent head and neck cancer.
"Gedeptin has received Orphan Drug designation for use among advanced head and neck cancer patients," noted Dodd. The technology also shows potential for expansion into other solid tumors, including triple-negative breast cancer, melanoma, and soft tissue sarcoma, with an estimated market potential exceeding $15 billion for head and neck cancer applications alone.
Mpox/Smallpox Vaccine Development
GeoVax is also making progress with GEO-MVA, its vaccine candidate targeting Mpox and smallpox. The company has successfully produced cGMP clinical product and is completing vaccine vialing to support clinical evaluation in the second half of 2025.
"GEO-MVA positions GeoVax to offer a U.S.-developed alternative to foreign-sourced vaccines amid rising global biosecurity threats and constrained supply," the company stated. The estimated market potential for this vaccine exceeds $10 billion globally.
Manufacturing Innovation and Corporate Expansion
The company is advancing continuous cell line manufacturing for MVA-based vaccines, which could provide a path to scalable, cost-effective production, including localized manufacturing capabilities for low- and middle-income countries.
In a strategic move to expand its global presence, GeoVax announced plans to establish operations in the United Kingdom to advance manufacturing partnerships, European collaborations, technology licensing opportunities, and scientific expertise.
The company also strengthened its leadership team with the addition of Senthil Ranganathan, Ph.D., who joined as Vice President of Technical Development & CMC Operations on April 21, 2025, reflecting GeoVax's increasing focus on product authorization and commercialization activities.
Financial Performance
For Q1 2025, GeoVax reported:
- Revenue of $1.6 million from government contracts (compared to no revenue in Q1 2024)
- Research and development expenses of $5.4 million (up from $4.4 million in Q1 2024)
- General and administrative expenses of $1.7 million (up from $1.5 million in Q1 2024)
The increase in R&D expenses was primarily attributed to costs associated with the BARDA/RRPV Project NextGen award and the Gedeptin and GEO-MVA programs.
"These efforts underscore GeoVax's strategic focus on delivering innovative immunotherapies and vaccines that address critical unmet needs across oncology, infectious diseases, and biodefense," Dodd concluded.
About GeoVax
GeoVax Labs, Inc. is a clinical-stage biotechnology company developing novel vaccines against infectious diseases and therapies for solid tumor cancers. The company holds worldwide rights for its technologies and product candidates, with a strong intellectual property portfolio supporting its development programs.
