Atlanta-bsed Virios Therapeutics, Inc. (NASDAQ: VIRI) shares dwindled as the company today announced financial results for the first quarter ended March 31, 2024 and provided a corporate update.
Research and development expenses for the first quarter of 2024 were $0.3 million, compared to $0.5 million for the first quarter of 2023. The quarter-over-quarter change was due to decreases in expenses for toxicology studies of $0.1 million and regulatory consulting costs of $0.1 million.
General and administrative expenses for the first quarter of 2024 were $1.0 million, compared to $1.1 million for the first quarter of 2023. The quarter-over-quarter change was primarily due to a decrease in insurance expenses associated with being a public company.
Net loss for the first quarter of 2024 was $1.3 million, or $0.07 basic and diluted net loss per share, compared to a net loss of $1.5 million, or $0.08 basic and diluted net loss per share, for the first quarter of 2023.
The Company continues to actively explore complementary opportunities that will build shareholder value through strategic partnerships, collaborations or other transactions.
Virios Therapeutics is a development-stage biotechnology company focused on advancing novel antiviral therapies to treat diseases associated with a viral triggered abnormal immune response such as fibromyalgia and Long-COVID.
VIRI shares dropped five cents, or 10.9%, to 38 cents.