Theriva Biologics, Inc.
TOVX evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for TOVX—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · TOVX
Theriva Biologics, Inc. (TOVX) is a clinical-stage biotechnology company focused on developing oncolytic virus therapies, primarily VCN-01, for cancer indications, with a current cash position of $11.4M as of June 30, 2026 [sec] and a going concern uncertainty requiring additional capital.
Key risk: Going concern uncertainty
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates · 3 clinical trials for Theriva Biologics, Inc..
Theriva Biologics, Inc. (TOVX) is a clinical-stage biotechnology company focused on developing oncolytic virus therapies, primarily VCN-01, for cancer indications, with a current cash position of $11.4M as of June 30, 2026 [sec] and a going concern uncertainty requiring additional capital.
- Cash and cash equivalents were $11.4M as of June 30, 2026 [sec].
- Total revenue was $0.0M as of June 30, 2026 [sec].
- Lead candidate VCN-01 is being evaluated in a Phase 2a study for more frequent dosing and a proposed pivotal trial in retinoblastoma [sec_mda · as of 2026-08-11].
- The company has a going concern uncertainty and expects current cash to fund operations into the first quarter of 2027 [sec_mda · as of 2026-03-12].
- Net loss was $23.7M for the year ended December 31, 2025, and $2.0M for the quarter ended March 31, 2026 [sec_mda · as of 2026-05-05].
What works
- VCN-01 is advancing into a Phase 2a study evaluating more frequent dosing and a proposed pivotal trial in retinoblastoma, indicating clinical progress [sec_mda · as of 2026-08-11].
- The company has a discovery program, VCN-X, with a first candidate VCN-12, expanding its pipeline beyond VCN-01 [sec_mda · as of 2026-08-11].
- Management has developed plans to mitigate going concern uncertainty, including pursuing strategic collaborations and additional financing [sec_mda · as of 2026-03-12].
What to weigh
- The company has a going concern uncertainty and requires additional capital to continue operations beyond the first quarter of 2027 [sec_mda · as of 2026-03-12].
- Cash of $11.4M as of June 30, 2026 is insufficient for future larger clinical trials, and no committed financing sources are in place [sec_mda · as of 2026-08-11].
- A $5.0M payment owed to Grifols Innovation and New Technologies Limited will significantly deplete cash and cash equivalents [sec_mda · as of 2026-05-05].
- The company has no revenue and expects to continue incurring losses until successful Phase 3 trials and regulatory approvals [sec_mda · as of 2026-05-05].
From the filings
Quoted directly from source documents.
Going concern uncertainty
“doubt about our ability to continue as a going concern beyond the next twelve months without additional capital or other strategic actions.”
SEC MD&A · March 12, 2026
Net loss for year ended December 31, 2025
“net loss of $23.7 million”
SEC MD&A · May 5, 2026
Cash runway into first quarter of 2027
“current cash of approximately $15.1 million as of early March 2026 will allow us to fund our operations into the first quarter of 2027”
SEC MD&A · March 12, 2026
Risks & what to watch (4)›
Key risks
- Going concern uncertainty — Substantial doubt about ability to continue beyond 12 months without additional capital [sec_mda · as of 2026-03-12]
- Insufficient cash for trials — Current cash not sufficient for additional VCN-01 or SYN-004 trials beyond planned Phase 2a [sec_mda · as of 2026-05-05]
- No committed financing — No committed sources of financing for future clinical trials; funding uncertain [sec_mda · as of 2026-08-11]
- Debt obligation to Grifols — $5.0M payment owed to Grifols will significantly deplete cash [sec_mda · as of 2026-05-05]
What to watch
- Progress of the Phase 2a study evaluating more frequent VCN-01 dosing [sec_mda · as of 2026-08-11]
- Regulatory interactions regarding a proposed pivotal clinical trial of VCN-01 in retinoblastoma [sec_mda · as of 2026-08-11]
- Ability to secure additional financing or strategic collaborations to address going concern [sec_mda · as of 2026-03-12]
- Cash runway updates, as current cash expected to fund operations into Q1 2027 [sec_mda · as of 2026-03-12]
Sources: Catalysts · SEC MD&A · Generated August 28, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
11.7 months
OCF -$3M
Lead: Phase 1/Phase 2
3 candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Runway
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
19
Total value held
$307K
| Holder | Shares | Value |
|---|---|---|
| geode capital management, llc | 450,263 | $88K |
| vanguard capital management llc | 384,808 | $75K |
| vanguard fiduciary trust co | 241,780 | $47K |
| jane street group, llc | 177,034 | $35K |
| two sigma securities, llc | 105,241 | $21K |
| xtx topco ltd | 94,620 | $19K |
| boothbay fund management, llc | 27,646 | $5K |
| morgan stanley | 23,602 | $5K |
| stonex group inc. | 22,280 | $4K |
| two sigma investments, lp | 15,441 | $3K |
Showing top 10 of 19 institutional holders of Theriva Biologics, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 22, 2026- % of float
- 18.6%
- Days to cover
- 0.2
- Shares short
- 8,509,923
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
TOVX short interestGovernance
Frequently asked questions
What is the AI investment thesis for Theriva Biologics, Inc.?
Theriva Biologics, Inc. (TOVX) is a clinical-stage biotechnology company focused on developing oncolytic virus therapies, primarily VCN-01, for cancer indications, with a current cash position of $11.4M as of June 30, 2026 [sec] and a going concern uncertainty requiring additional capital.
What is Theriva Biologics, Inc.'s lead drug candidate?
Theriva Biologics, Inc.'s most advanced tracked candidate is syn-004 (Phase 1/Phase 2) for Acute Graft-Versus-Host Reaction Following Bone Marrow Transplant.
Who is the CEO of Theriva Biologics, Inc.?
Mr. Steven A. Shallcross CPA is the chief executive officer of Theriva Biologics, Inc. (TOVX).
Where is Theriva Biologics, Inc. headquartered?
Theriva Biologics, Inc. (TOVX) is headquartered in Rockville, MD, United States.
What therapeutic areas does Theriva Biologics, Inc. focus on?
Theriva Biologics, Inc. develops therapies across Oncology, Immunology, Infectious Disease.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.