A clinical-stage biotech firm leveraging an ADC platform to develop next-generation cancer therapies with a current cash runway of approximately $11.6 million and significant R&D investment.
Investors might consider TOVX for exposure to a differentiated ADC platform with potential for high-value oncology assets, noting that current cash balances of $11.6M provide some immediate runway while non-cash adjustments suggest balance sheet management strategies are in place.
The stock carries extreme risk due to zero revenue generation, a massive accumulated deficit of $335 million, and negative operating cash flow that suggests the company may struggle to sustain operations without successful external capital raises or partnering deals.
Theriva Biologics, Inc. (TOVX) is a clinical-stage biotechnology company focused on developing innovative therapeutic candidates, primarily targeting oncology indications through its proprietary antibody-drug conjugate platform.
Financial performance highlights a deepening net loss of $25.7 million in 2024 compared to previous years, driven by elevated research and development expenditures of $12.0 million and general administrative costs of $7.4 million as the company advances its clinical pipeline without commercial revenue.
The biotechnology industry is characterized by high barriers to entry and significant regulatory hurdles, where companies like Theriva Biologics must navigate expensive clinical trials to prove efficacy before achieving commercial viability in the lucrative oncology market.
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | $0 | $0 | $0 |
| Cost of Revenue | $0 | $0 | $0 |
| Gross Profit | $0 | $0 | $0 |
| Operating Expenses | $21.6M | $21.4M | $26.3M |
| Operating Income | $-21.6M | $-21.4M | $-26.3M |
| R&D | $11.7M | $14.3M | $12.0M |
| G&A | $9.9M | $7.1M | $7.4M |
| Stock-Based Comp | $475.0K | $552.0K | $671.0K |
| D&A | $85.0K | $135.0K | $137.0K |
| Other OpEx | $0 | $0 | $6.9M |
| Non-Operating Income | $471.0K | $1.4M | $693.0K |
| Interest Income | $512.0K | $1.4M | $697.0K |
| Pre-Tax Income | $-21.1M | $-20.0M | $-25.7M |
| Income Tax | $-1.4M | $-1.6M | $0 |
| Continuing Ops | $-19.7M | $-18.3M | $-25.7M |
| Discontinued Ops | $0 | $0 | $0 |
| Net Income | $-19.7M | $-18.3M | $-25.7M |
| Minority Interest | $0 | $0 | $0 |
| Net to Common | $-19.7M | $-18.3M | $-25.7M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Current Assets | $45.5M | $27.4M | $16.3M |
| Cash & Equivalents | $41.8M | $23.2M | $11.6M |
| Prepaid Expenses | $3.7M | $2.4M | $1.4M |
| Other Current Assets | $0 | $1.8M | $3.2M |
| Long-Term Assets | $26.3M | $27.8M | $19.1M |
| PP&E (Net) | $345.0K | $422.0K | $270.0K |
| Intangibles | $19.1M | $19.8M | $17.4M |
| Goodwill | $5.5M | $5.7M | $0 |
| Operating Leases | $1.2M | $1.8M | $1.3M |
| Other LT Assets | $122.0K | $180.0K | $171.0K |
| Total Assets | $71.9M | $55.2M | $35.4M |
| Current Liabilities | $7.1M | $6.7M | $7.6M |
| Accounts Payable | $915.0K | $770.0K | $859.0K |
| Current Leases | $216.0K | $487.0K | $539.0K |
| Deferred Revenue | — | $906.0K | — |
| Other Current Liab | $4.4M | $1.6M | $2.8M |
| Long-Term Liabilities | $10.2M | $8.8M | $8.7M |
| LT Operating Leases | $1.2M | $1.4M | $873.0K |
| Other LT Liab | $9.1M | $6.4M | $7.8M |
| Total Liabilities | $17.3M | $15.5M | $16.3M |
| Shareholders' Equity | $54.6M | $39.7M | $19.1M |
| Retained Earnings | $-291.0M | $-309.3M | $-335.0M |
| AOCI | $-679.0K | $32.0K | $-1.2M |
| Treasury Stock | $288.0K | $288.0K | $288.0K |
| Total L&E | $71.9M | $55.2M | $35.4M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income (CFO) | $-19.7M | $-18.3M | $-25.7M |
| Non-Cash Adjustments | $507.0K | $-328.0K | $9.8M |
| Working Capital Changes | $96.0K | $-319.0K | $-1.1M |
| Cash from Operations | $-19.1M | $-19.0M | $-16.9M |
| Capital Expenditures | $116.0K | $202.0K | $1.0K |
| Cash from Investing | $-4.4M | $-202.0K | $-1.0K |
| Debt Repayments | $1.4M | $75.0K | $67.0K |
| Cash from Financing | $-1.9M | $625.0K | $5.5M |
| FX Effect | $-32.0K | $-33.0K | $-132.0K |
| Net Change in Cash | $-25.4M | $-18.6M | $-11.6M |
| Beginning Cash | $67.3M | $41.9M | $23.3M |
| Ending Cash | $41.9M | $23.3M | $11.7M |
The company's operations are concentrated in its clinical development pipeline, specifically within the oncology sector, utilizing antibody-drug conjugate technology to deliver potent payloads directly to tumor cells while minimizing off-target effects.
The company faces substantial risks including a significant cash burn rate of $25.7 million with no revenue, reliance on successful clinical trial outcomes for future funding, potential dilution from equity financing needs, and the high attrition rates common in late-stage biotech development.
Theriva Biologics differentiates itself through its proprietary ADC platform designed to overcome resistance mechanisms and enhance drug delivery efficiency compared to traditional chemotherapy agents.
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.