olivLaw · US equity research
Theriva Biologics, Inc. TOVX
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Theriva Biologics develops cancer therapies, chiefly the intravenously delivered oncolytic adenovirus VCN-01 aimed at metastatic pancreatic cancer. The company is resource-constrained: cash of $11.3 million at June 30, 2026, with a runway into Q1 2027, so raising capital or partnering is central to its future.
At the close of 30 Oct 2026, Theriva Biologics, Inc. (TOVX) stock was 0.17 USD (−10.53% on the day), with market capitalisation 7.8 m USD, beta 1.35, 52-week range 0.17–0.41 USD. Latest reported quarter (Q2 2026): revenue of 0 USD, net income of -3.2 m USD, diluted EPS -0.07 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 29.2
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.17 – 0.24
- below the lower band · %B -0.05 · band width 32.4%
- SMA 50 / 200
- 0.22 / 0.24
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −26.1% | −0.9% | −25.2 pp | — |
| 3 months | −19.0% | +1.2% | −20.3 pp | — |
| 6 months | −56.4% | +4.8% | −61.3 pp | — |
| Year to date | −19.0% | +10.7% | −29.8 pp | — |
| 1 year | −46.9% | +11.1% | −58.0 pp | +14.4% |
| 3 years | −98.5% | +80.7% | −179.2 pp | +21.4% |
| 5 years | −99.8% | +64.6% | −164.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | 300.0 k | 0 ≈ |
| Research & development | 2.7 m | 2.9 m | 3.0 m | 2.0 m | 2.6 m | 1.1 m | 355.0 k | 1.3 m |
| Operating income | -7.9 m | -4.6 m | -4.4 m | -13.1 m | -4.4 m | -2.1 m | -2.1 m | -3.3 m |
| Depreciation & amortisation | 33.0 k ≈ | 27.0 k | 26.0 k | 27.0 k ≈ | 28.0 k ≈ | 27.0 k | 24.0 k | 24.0 k ≈ |
| Interest expense | — | — | 12.0 k | 16.0 k | — | — | 16.0 k | 17.0 k |
| Pre-tax income | -7.7 m | -4.4 m | -4.3 m | -13.1 m | -4.4 m | -2.0 m | -2.0 m | -3.2 m |
| Net income | -7.7 m | -4.4 m | -4.3 m | -13.1 m | -4.4 m | -2.0 m | -2.0 m | -3.2 m |
| Diluted EPS | -6.81 | -1.60 ≈ | -1.55 | -1.93 | -0.45 | -0.07 ≈ | -0.05 | -0.07 |
| Operating cash flow | -3.9 m ≈ | -4.7 m | -4.8 m | -4.7 m ≈ | -4.3 m ≈ | -2.9 m | -2.5 m | -3.1 m ≈ |
| Capex | 0 ≈ | 0 | — | — | 19.0 k ≈ | 0 | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | -13.4 m | -15.3 m | -10.0 m | -14.3 m | -19.7 m | -18.3 m | -25.7 m | -23.7 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -0.66 | -1.90 | -1.31 | -28.48 | -19.03 | -2.08 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | -17.3 m | -13.9 m | -12.2 m | -12.9 m | -19.2 m | -19.2 m | -16.9 m | -16.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 13.1 m USD
- Financial debt
- 1.7 m USD
- Net debt
- -11.4 m USD
- Equity
- 15.4 m USD
- Total assets
- 38.2 m USD
- Debt / equity
- 0.11x
- Current ratio
- 1.74x
- ROE
- -137.8%
- ROA
- -64.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Research & development | 5.1 m | 7.8 m | 11.7 m | 14.3 m | 12.0 m | 8.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Operating income | -10.2 m | -14.3 m | -21.6 m | -21.4 m | -26.3 m | -24.1 m | SEC (XBRL)· 12 Mar 2026verified |
| Depreciation & amortisation | 201.0 k | 87.0 k | 85.0 k | 135.0 k | 137.0 k | 108.0 k | SEC (XBRL)· 12 Mar 2026verified |
| EBITDA | -10.0 m ≈ | -14.2 m ≈ | -21.5 m ≈ | -21.3 m ≈ | -26.2 m ≈ | -23.9 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Interest expense | — | — | — | — | 6.0 k | 61.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Pre-tax income | — | -14.3 m | -21.1 m | -20.0 m | -25.7 m | -23.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Income tax | 0 | 0 | -1.4 m | -1.6 m | 0 | — | SEC (XBRL)· 06 Mar 2025verified |
| Net income | -10.0 m | -14.3 m | -19.7 m | -18.3 m | -25.7 m | -23.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Diluted EPS | -0.66 | -1.90 | -1.31 | -28.48 | -19.03 | -2.08 | SEC (XBRL)· 12 Mar 2026verified |
| Weighted average diluted shares | 19.0 m | 12.2 m | 15.3 m | 644.3 k | 1.3 m | 12.1 m | SEC (XBRL)· 12 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 6.2 m | 67.3 m | 41.8 m | 23.2 m | 11.6 m | 13.1 m | SEC (XBRL)· 12 Mar 2026verified |
| Current assets | 7.9 m | 68.9 m | 45.5 m | 27.4 m | 16.3 m | 17.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Property, plant & equipment, net | 174.0 k | 101.0 k | 345.0 k | 422.0 k | 270.0 k | 222.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Goodwill | — | 0 | 5.5 m | 5.7 m | 0 | — | SEC (XBRL)· 06 Mar 2025verified |
| Intangibles (excl. goodwill) | — | — | 19.2 m | 19.8 m | 17.4 m | 19.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Total assets | 8.4 m | 70.4 m | 71.9 m | 55.2 m | 35.4 m | 38.2 m | SEC (XBRL)· 12 Mar 2026verified |
| Accounts payable | 886.0 k | 524.0 k | 915.0 k | 770.0 k | 859.0 k | 1.0 m | SEC (XBRL)· 12 Mar 2026verified |
| Short-term debt | — | — | 57.0 k | 63.0 k | — | — | SEC (XBRL)· 25 Mar 2024verified |
| Long-term debt | — | — | 221.0 k | 162.0 k | 92.0 k | 1.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Current liabilities | 3.0 m | 3.6 m | 7.1 m | 6.7 m | 7.6 m | 10.0 m | SEC (XBRL)· 12 Mar 2026verified |
| Total liabilities | 3.2 m | 5.0 m | 17.3 m | 15.5 m | 16.3 m | 22.9 m | SEC (XBRL)· 12 Mar 2026verified |
| Equity | -7.5 m | 65.4 m | 51.8 m | 37.0 m | 19.1 m | 15.4 m | SEC (XBRL)· 12 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -12.2 m | -12.9 m | -19.1 m | -19.0 m | -16.9 m | -16.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Capex | 9.0 k | 14.0 k | 116.0 k | 202.0 k | 1.0 k | 35.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Free cash flow | -12.2 m ≈ | -12.9 m ≈ | -19.2 m ≈ | -19.2 m ≈ | -16.9 m ≈ | -16.7 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Investing cash flow | -9.0 k | -14.0 k | -4.4 m | -202.0 k | -1.0 k | -35.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Financing cash flow | 3.4 m | 74.0 m | -1.9 m | 625.0 k | 5.5 m | 18.2 m | SEC (XBRL)· 12 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
30 Oct 2026Source: olivLaw, closing series
Market cap: 7.8 m USD
Key indicators
Coverage and freshness
Score by group
19% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -180.7x | 0 (on a fixed band) | 33% |
| Current ratio · Balance sheet | 1.1x | 27 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -163.6% | 0 (on a fixed band) | 44% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet11/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Theriva Biologics, Inc. (TOVX). Latest full fiscal year: 2011; data up to 2026-06-30.
Figures computed from the financial statements: YoY growth -100.0%; ROE -101.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Interest coverage: -180.7x
- Current ratio: 1.1x
- FCF yield: -163.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,333.5 bn | 46.0 | 86.1% | 31.9% | +44.7% | +64% / +156% |
| JNJJohnson & Johnson | 657.7 bn | 41.4 | 20.0% | 16.2% | +6.0% | +45% / +84% |
| ONCBeone Medicines Ltd. | 547.4 bn | 852.8 | 14.7% | 10.7% | +40.2% | +19% / +99% |
| ABBVAbbVie Inc. | 521.1 bn | 83.3 | — | 9.8% | +8.6% | +35% / +109% |
| MRKMerck & Co., Inc. | 368.9 bn | 119.4 | 7.0% | 4.8% | +1.3% | +74% / +46% |
| ABTAbbott Laboratories | 185.0 bn | 29.7 | 12.4% | 13.9% | +5.7% | −14% / +12% |
| PFEPfizer Inc | 174.0 bn | 40.1 | 5.0% | 6.8% | −1.6% | +24% / −0% |
| VRTXVertex Pharmaceuticals Inc | 141.7 bn | 32.5 | 23.5% | 35.0% | +8.9% | +31% / +54% |
| BMYBristol-Myers Squibb Company | 127.7 bn | 13.8 | 44.1% | 18.5% | −0.2% | +36% / +21% |
| TEVATeva Pharmaceutical Industries Limited | 49.0 bn | 70.2 | 9.7% | 5.0% | +4.3% | +106% / +391% |
| ZTSZoetis Inc. | 32.9 bn | 13.1 | 64.4% | 27.5% | +2.3% | −45% / −49% |
| ROIVRoivant Sciences Ltd. | 26.7 bn | — | -6.2% | -3,535.0% | −71.6% | +85% / +327% |
| RPRXRoyalty Pharma plc | 26.1 bn | 38.1 | 8.5% | 32.1% | +5.1% | +79% / +150% |
| UTHRUnited Therapeutics Corporation | 25.7 bn | 21.4 | 19.3% | 41.6% | +10.6% | +34% / +169% |
| INSMInsmed Inc | 24.7 bn | — | -72.5% | -39.9% | +66.7% | −41% / +349% |
| ALNYAlnylam Pharmaceuticals, Inc. | 22.1 bn | 8.3 | 126.6% | 52.8% | +65.2% | −64% / +9% |
| VTRSViatris Inc. | 21.9 bn | — | -23.6% | -23.9% | −3.0% | +84% / +114% |
| AXSMAxsome Therapeutics, Inc. | 7.6 bn | — | -245.1% | -24.7% | +65.5% | +7% / +132% |
| SNDXSyndax Pharmaceuticals, Inc. | 1.2 bn | — | -255.9% | -87.5% | +627.8% | −0% / −3% |
| JANXJanux Therapeutics, Inc. | 1.1 bn | — | -10.7% | -427.5% | −5.6% | −39% / +172% |
| KURAKura Oncology, Inc. | 912.7 m | — | -167.7% | -384.3% | +25.2% | −0% / +21% |
| DSGNDesign Therapeutics, Inc. | 668.4 m | — | -34.1% | — | unavailable | +59% / +424% |
| OVIDOvid Therapeutics Inc. | 496.1 m | — | -26.0% | -2,178.9% | +1,181.3% | +83% / −28% |
| ASMBAssembly Biosciences, Inc. | 409.9 m | — | -0.0% | -0.1% | +153.5% | −35% / +91% |
| AVIRAtea Pharmaceuticals, Inc. | 329.6 m | — | -58.1% | — | +622.5% | +26% / +26% |
1- and 3-year price returns: for TOVX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Theriva Biologics develops cancer therapies, chiefly the intravenously delivered oncolytic adenovirus VCN-01 aimed at metastatic pancreatic cancer. The company is resource-constrained: cash of $11.3 million at June 30, 2026, with a runway into Q1 2027 3, so raising capital or partnering is central to its future. 13
SWOT
Strengths
- An intravenously deliverable oncolytic platform and clinical studies with published data are the main strengths 12.
- The FDA agreed to the design of the Phase 3 study, which reduces regulatory uncertainty for the next step 2.
- Operating costs fell sharply from the prior year, showing tighter financial discipline 3.
Weaknesses
- The company has no approved products and no product revenue, so dependence on external funding is major 1.
- The cash runway is short, and a going-concern explanatory paragraph appears in the auditor's report 13.
- Accumulated losses are large relative to available resources, and conditional payment obligations could deplete cash 1.
Opportunities
- A partnership for programmes such as SYN-004, or successful financing, could extend the cash runway 13.
- Orphan Drug and Fast Track designations offer regulatory advantages, and a repeated-dosing regimen could improve outcomes 13.
- If VCN-01 proves effective in other tumours, the programme could expand to more indications 2.
Risks
- Going-concern uncertaintyhigh
The auditor flagged that the company may struggle to continue without additional capital, and cash could be insufficient for planned studies 1.
- Dependence on external fundinghigh
Equity and partnership financing is uncertain, and terms could be unfavourable to shareholders 13.
- Conditional payments to sellershigh
Conditional payment obligations, including a deferred amount owed to Grifols, could seriously strain liquidity if demanded 1.
- Clinical and regulatory riskmedium
Future study results could be unfavourable, and approval is not assured even with FDA agreement on design 12.
- Single-product dependencemedium
Focus on VCN-01 means a failure of the programme would affect nearly the whole company 1.
Investment thesis
What would need to be true (bull case)
- If the Phase 3 study confirms the survival benefit seen in VIRAGE, the company could have a clear regulatory path for a first-line treatment 2.
- The Rasayana licence and possible partnerships could fund activity without exhausting capital 1.
- Extending VCN-01 to retinoblastoma and head and neck cancer could diversify the pipeline if clinical data are favourable 23.
What would break the thesis
- With limited cash and conditional liabilities, the company could need financing on unfavourable terms with significant dilution 13.
- With no product revenue and large accumulated losses, the company could run losses for a long time before any profit 1.
- If future studies fail to confirm the Phase 2b findings, the value of the main programme could fall sharply 2.
What to watch
- Initial pharmacodynamic and safety data from VIRAGE2Q3 2027
- Completion of VIRAGE2 enrolmentH2 2026
- FDA discussions on the retinoblastoma trial protocolQ3 2026
- Cash runway and any new financing or partnershipQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Theriva Biologics is a diversified clinical-stage company developing therapies for cancer and related diseases, focused on its oncolytic adenovirus platform acquired with VCN in March 2022 1. Its lead product, VCN-01 (zabilugene almadenorepvec), has been evaluated in a Phase 2b study for pancreatic cancer (VIRAGE) and a Phase 1 study for retinoblastoma 1. By the second quarter of 2026 the company reported 144 patients treated with VCN-01 2. Its gastrointestinal assets, SYN-004 and SYN-020, were either set aside from internal development or out-licensed, part of a strategic refocus 12.
The proposed VCN-01 mechanism is that the virus infects and replicates selectively in tumour cells, while the enzyme PH20 hyaluronidase degrades the tumour stroma, helping therapies and immune cells penetrate the tumour 1. The company describes this as a possible combination with chemotherapy and immunotherapy for hard-to-treat tumours 1. For pancreatic cancer, the FDA granted Orphan Drug and Fast Track designations 1.
In February 2026 Theriva granted Rasayana Therapeutics an exclusive worldwide license for SYN-020, with Rasayana assuming responsibility and costs for development and commercialisation 1. The company continues to explore out-licensing or partnering for SYN-004 12.
Segments
VCN-01 in metastatic pancreatic cancer
This is the main programme. The VIRAGE Phase 2b study enrolled 112 patients 2, and after an End-of-Phase 2 meeting with the FDA the company plans a Phase 3 study with an adaptive design 2. The VIRAGE2 Phase 2a study, testing more frequent dosing, began dosing patients in mid-2026 23.
Market context
Pancreatic ductal adenocarcinoma (PDAC) is the third leading cause of cancer deaths in the United States, and the five-year overall survival rate remains below 10 percent, largely unchanged over 30 years 1. Prevalence has risen, particularly among younger people, adding pressure for new treatments 1. Standard regimens include gemcitabine with nab-paclitaxel and FOLFIRINOX 1.
The market for intravenous oncolytic therapies is still early, and the company argues that intravenous delivery can reach both primary tumours and metastases, unlike direct intratumoral injection 1. If later clinical data confirm benefit, the opportunity could become meaningful, but its size is unknown from these sources.
Trends
- Funding timing and uncertaintyheadwind
The company says current cash covers operations into Q1 2027 but not additional trials, and raising equity may dilute shareholders 13. If funding is delayed, programmes could be scaled back.
- Regulatory progress in pancreatic cancertailwind
The FDA agreed with the proposed Phase 3 design and indicated that a BLA could be supported by a single well-controlled study 2. This is a favourable development, though not a guarantee.
- Refocus on oncologymixed
The company restructured and cut staff, directing resources to VCN-01, which lowers costs but concentrates risk on one product 1.
- Licensing and partneringtailwind
The Rasayana agreement shifts costs of one asset to a partner, and potential payments could bring revenue if milestones are reached 1. This shows partners may take on funding burdens.
Competitive position
The supplied sources do not identify direct competitors to VCN-01 or provide a full market analysis. The company points to standard pancreatic cancer therapies such as gemcitabine with nab-paclitaxel and FOLFIRINOX as current alternatives 1.
The sources do not cover other intravenous oncolytic developers, so the competitive position cannot be fully assessed from the documents provided.
- Standard PDAC therapies (gemcitabine with nab-paclitaxel, FOLFIRINOX)
Reference treatments that VCN-01 would complement or replace, according to the 10-K 1.
- Liposomal irinotecan (ONIVYDE) in the NALIRIFOX regimen
Approved as first-line therapy for metastatic PDAC, noted in the 10-K 1.
- Other oncolytic viruses given by intratumoral injection
Many other oncolytic viruses are injected directly into the tumour, unlike the company's intravenous approach 1.
- Rasayana Therapeutics
Licensee holding exclusive rights to SYN-020 since February 2026 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Proxy statement20 Oct 2026
- Quarterly report11 Aug 2026
- Current report11 Aug 2026Results of operations · Financial statements and exhibits
- Current report06 Aug 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report04 Aug 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report07 Jul 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Proxy statement29 Jun 2026
- Current report11 Jun 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report05 Jun 2026Other events
- Quarterly report05 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Theriva Biologics, Inc. · 12 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Theriva Biologics, Inc. · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Theriva Biologics, Inc. · 11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.