Analyst Summary:
Virios Therapeutics, a development-stage biotechnology company focused on advancing novel antiviral therapies to treat debilitating chronic diseases, has reported its financial results for the fourth quarter and full year ended December 31, 2022. Research and developmental expenses decreased by $1.6 million compared to the previous year's fourth quarter due to a decrease in clinical trial expenses for the FORTRESS study, while general and administrative expenses decreased by $0.5 million due to a reduction in salaries and related personnel costs as well as legal and accounting fees. For the full year, research and developmental expenses decreased by $2.7 million, while general and administrative expenses decreased by $0.6 million. The company's cash totaled $7.0 million in December 2022. CEO Greg Duncan stated: "We are encouraged by the progress we made during 2022 across all aspects of our business, which would not have been possible without the dedication of our team," and added, "We are confident that our current development pipeline and cash position will enable us to continue advancing our novel antiviral therapies and create value for our shareholders." The Company believes it will have sufficient resources to support the Long-COVID exploratory program and fund its current planned operations through mid-2024, provided that future IMC-1 FM research or clinical trials will require additional funding. However, investors should note that forward-looking statements in this press release contain substantial risks and uncertainties.