Theriva Biologics, Inc.
TOVX evidence brief
What we can confirm
- BioSniper Score:
- 6.4 / 10
- Market Cap:
- $11.4M
- Lead Asset:
- syn-020 (Phase 1/Phase 2)
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 VCN-01, an oncolytic virus, for metastatic pancreatic cancer and retinoblastoma, with a cash runway into Q1 2027.
Key risk: Financing uncertainty
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Market Cap
$11.4M
Cash Runway
—
Lead Asset
syn-020 (Phase 1/Phase 2)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate for Theriva Biologics, Inc..
Theriva Biologics, Inc. (TOVX) is a clinical-stage biotechnology company focused on developing VCN-01, an oncolytic virus, for metastatic pancreatic cancer and retinoblastoma, with a cash runway into Q1 2027.
- Cash and cash equivalents of $11.3 million as of June 30, 2026, with a cash runway into Q1 2027 [news].
- First patients dosed in the VIRAGE2 Phase 2a study evaluating more frequent repeated dosing of VCN-01 in metastatic pancreatic ductal adenocarcinoma (PDAC) [news].
- VCN-01 has received Rare Pediatric Drug Designation (RPDD) and orphan drug designations from the FDA and European Commission for retinoblastoma [sec_mda · as of 2026-05-05].
- The company is exploring value creation options for its SYN-004 asset and does not intend to continue clinical trial activities for SYN-004 without grant or partnership funding [sec_mda · as of 2026-08-11].
- Net loss of $23.7 million for the year ended December 31, 2025, and $2.0 million for the quarter ended March 31, 2026 [sec_mda · as of 2026-05-05].
What works
- VCN-01 has received Rare Pediatric Drug Designation and orphan drug designations from the FDA and European Commission for retinoblastoma, which may provide development incentives and market exclusivity [sec_mda · as of 2026-05-05].
- The company has dosed first patients in the VIRAGE2 Phase 2a study, indicating active clinical progress in metastatic pancreatic cancer [news].
- Cash runway into Q1 2027 provides near-term operational visibility for planned activities [news].
What to weigh
- The company has no committed sources of financing for future clinical trials, which are expected to be larger and require more cash [sec_mda · as of 2026-08-11].
- Theriva has incurred net losses and expects to continue incurring losses, with revenue contingent on successful Phase 3 trials and regulatory approvals [sec_mda · as of 2026-05-05].
- There is substantial doubt about the company's ability to continue as a going concern beyond twelve months without additional capital or strategic actions [sec_mda · as of 2026-03-12].
From the filings
Quoted directly from source documents.
Cash position and runway
“Cash and cash equivalents of $11.3 million as of June 30, 2026; cash runway into Q1 2027”
News · August 11, 2026
First patients dosed in VIRAGE2 Phase 2a study
“First patients dosed in the VIRAGE2 Phase 2a clinical study evaluating more frequent repeated dosing of VCN-01”
News · August 11, 2026
No committed financing for future trials
“We do not have any committed sources of financing for future clinical trials at this time”
SEC MD&A · August 11, 2026
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
Catalyst timeline
- 2026-08-03 · Phase2_Start: Phase2_Start: A Phase IIa, Single-arm, Single-center, Open Label, Proof-of-concept Trial Evaluating Increased Frequency Dosing of VCN-01 (Zabilugene Almadenorepvec) in Combination With Nab-Paclitaxel/Gemcitabine (GnP) in Patients With Newly-Diagnosed Metastatic Pancreatic Cancer — This is the VIRAGE2 study; first patients have been dosed, and results will inform future dosing strategies.
Risks & what to watch (3)›
Key risks
- Financing uncertainty — No committed sources of financing for future clinical trials, which are expected to be larger and require more cash [sec_mda · as of 2026-08-11]
- Going concern risk — Substantial doubt about ability to continue beyond twelve months without additional capital or strategic actions [sec_mda · as of 2026-03-12]
- Revenue dependency — Revenue contingent on successful Phase 3 trials and regulatory approvals, with ongoing net losses [sec_mda · as of 2026-05-05]
What to watch
- Progress and results from the VIRAGE2 Phase 2a study in metastatic pancreatic cancer [news]
- Outcomes from compassionate use of VCN-01 in retinoblastoma and potential Phase 2/3 trial initiation [sec_mda · as of 2026-08-11]
- Ability to secure additional financing or partnerships to extend cash runway beyond Q1 2027 [news]
- Value creation or out-licensing decisions for SYN-004 asset [sec_mda · as of 2026-08-11]
Sources: Catalysts · News · SEC MD&A · Generated October 12, 2026 · How we verify sources →
Run Theriva Biologics, Inc. through your own thesis
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Cash runway data unavailable
0% dilution
Lead: Phase 1/Phase 2
1 candidate
No upcoming catalysts tracked
No insider transactions in the last 180 days
Pipeline
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
22
Total value held
$335K
| Holder | Shares | Value |
|---|---|---|
| geode capital management, llc | 450,263 | $88K |
| vanguard fiduciary trust co | 241,780 | $47K |
| ubs group ag | 225,624 | $44K |
| vanguard capital management llc | 192,404 | $38K |
| jane street group, llc | 177,034 | $35K |
| ikarian capital, llc | 112,076 | $22K |
| 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 |
Showing top 10 of 22 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 VCN-01, an oncolytic virus, for metastatic pancreatic cancer and retinoblastoma, with a cash runway into Q1 2027.
What is Theriva Biologics, Inc.'s lead drug candidate?
Theriva Biologics, Inc.'s most advanced tracked candidate is syn-020 (Phase 1/Phase 2) for Local GI and systemic diseases.
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.