GeoVax Labs (GOVX) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 04, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-39563
Entity Registrant Name	GEOVAX LABS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-0455038
Entity Address, Address Line One	1900 Lake Park Drive, Suite 380
Entity Address, City or Town	Smyrna
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30080
City Area Code	678
Local Phone Number	384-7220
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		26,443,649
Entity Central Index Key	0000832489
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock $0.001 par value
Trading Symbol	GOVX
Security Exchange Name	NASDAQ
Warrants to Purchase Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants to Purchase Common Stock
Trading Symbol	GOVXW
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 23,849,860	$ 27,612,732
Prepaid expenses	2,138,971	1,325,998
Total current assets	25,988,831	28,938,730
Property and equipment, net	217,593	234,912
Other assets	1,197,788	2,174,286
Total assets	27,404,212	31,347,928
Current liabilities:
Accounts payable	1,287,995	1,747,682
Accrued expenses	3,251,060	3,000,212
Total current liabilities	4,539,055	4,747,894
Stockholders’ equity:
Authorized shares – 600,000,000 Issued and outstanding shares – 26,443,649 and 26,334,953 at March 31, 2023 and December 31, 2022, respectively	26,444	26,335
Additional paid-in capital	105,273,652	104,970,722
Accumulated deficit	(82,434,939)	(78,397,023)
Total stockholders’ equity	22,865,157	26,600,034
Total liabilities and stockholders’ equity	$ 27,404,212	$ 31,347,928

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	600,000,000	600,000,000
Common Stock, Shares, Outstanding (in shares)	26,443,649	26,334,953
Common stock, issued (in shares)	26,443,649	26,334,953

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Grant revenue	$ 0	$ 81,526
Operating expenses:
Research and development	2,819,189	1,330,544
General and administrative	1,451,425	1,179,024
Total operating expenses	4,270,614	2,509,568
Loss from operations	(4,270,614)	(2,428,042)
Other income:
Interest income	232,698	527
Net loss	$ (4,037,916)	$ (2,427,515)
Basic and diluted:
Net loss per common share (in dollars per share)	$ (0.15)	$ (0.34)
Weighted average shares outstanding (in shares)	26,338,576	7,109,473

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2021	6,381,541
Balance at Dec. 31, 2021	$ 6,382	$ 68,731,220	$ (64,375,898)	$ 4,361,704
Stock option expense	0	190,191	0	190,191
Net loss	$ 0	0	(2,427,515)	(2,427,515)
Sale of common stock and warrants for cash (in shares)	707,484
Sale of common stock and warrants for cash	$ 707	9,228,541	0	9,229,248
Issuance of common stock upon warrant exercise (in shares)	2,360,000
Issuance of common stock upon warrant exercise	$ 2,360	(2,336)	0	24
Balance (in shares) at Mar. 31, 2022	9,449,025
Balance at Mar. 31, 2022	$ 9,449	78,147,616	(66,803,413)	11,353,652
Balance (in shares) at Dec. 31, 2022	26,334,953
Balance at Dec. 31, 2022	$ 26,335	104,970,722	(78,397,023)	26,600,034
Issuance of common stock for services (in shares)	108,696
Issuance of common stock for services	$ 109	74,891	0	75,000
Stock option expense	0	228,039	0	228,039
Net loss	$ 0	0	(4,037,916)	(4,037,916)
Balance (in shares) at Mar. 31, 2023	26,443,649
Balance at Mar. 31, 2023	$ 26,444	$ 105,273,652	$ (82,434,939)	$ 22,865,157

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (4,037,916)	$ (2,427,515)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	17,319	12,269
Stock-based compensation expense	246,039	205,151
Changes in assets and liabilities:
Grant funds receivable	0	(50,520)
Prepaid expenses and other current assets	(755,973)	(138,368)
Other assets	976,498	0
Accounts payable, accrued expenses and other liabilities	(208,839)	(1,934,257)
Total adjustments	275,044	(1,905,725)
Net cash used in operating activities	(3,762,872)	(4,333,240)
Cash flows from investing activities:
Purchase of equipment	0	(62,186)
Net cash used in investing activities	0	(62,186)
Cash flows from financing activities:
Net proceeds from sale of common stock and warrants	0	9,229,248
Net proceeds from warrant exercise	0	24
Net cash provided by financing activities	0	9,229,272
Net increase (decrease) in cash and cash equivalents	(3,762,872)	4,833,846
Cash and cash equivalents at beginning of period	27,612,732	11,423,870
Cash and cash equivalents at end of period	$ 23,849,860	$ 16,257,716

Note 1 - Nature of Business

Note 1 - Nature of Business	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Nature of Operations [Text Block]	1. Nature of Business GeoVax Labs, Inc., headquartered in the Atlanta, Georgia metropolitan area, is a clinical-stage biotechnology company incorporated under the laws of the State of Delaware. GeoVax Labs, Inc. and its wholly owned subsidiary, GeoVax, Inc., a Georgia corporation, are collectively referred to herein as “GeoVax” or the “Company”. The Company is focused on developing immunotherapies and vaccines against cancers and infectious diseases using novel vector vaccine platforms. GeoVax’s product pipeline includes ongoing human clinical trials for a next-generation COVID-19 vaccine and a gene-directed therapy for advanced head and neck cancer. Additional preclinical research and development programs include preventive vaccines against Mpox (monkeypox), hemorrhagic fever viruses (Ebola Zaire, Ebola Sudan, Marburg, and Lassa Fever) Zika virus, and malaria, as well as immunotherapies for solid tumors.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies We disclosed in Note 2 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 those accounting policies that we consider significant in determining our results of operations and financial position. During the three months ended March 31, 2023, there have been no material changes to, or in the application of, the accounting policies previously identified and described in the Form 10-K. Basis of Presentation The accompanying financial statements include the accounts of GeoVax Labs, Inc. and GeoVax, Inc. All intercompany transactions have been eliminated in consolidation. The financial statements are unaudited, but include all adjustments, consisting of normal recurring entries, which we believe to be necessary for a fair presentation of interim periods presented. Interim results are not necessarily indicative of results for a full year. The financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022. We expect our operating results to fluctuate for the foreseeable future; therefore, period-to-period comparisons should not be relied upon as predictive of the results in future periods. We believe that our existing cash resources will be sufficient to continue our planned operations into the fourth quarter of 2023. We are devoting substantially all of our present efforts to research and development of our vaccine and immunotherapy candidates and expect to require additional funding to continue our research and development activities. We plan to pursue additional cash resources through public or private equity or debt financings, government grants, arrangements with strategic partners, or from other sources. There can be no assurance that additional funding will be available on favorable terms or at all. These factors collectively raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date these financial statements are issued. Management believes that we will be successful in securing the additional capital required to continue the Company’s planned operations, but that our plans do not fully alleviate the substantial doubt about the Company’s ability to operate as a going concern. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above. Recent Accounting Pronouncements During the three months ended March 31, 2023, there have been no new accounting pronouncements or changes in accounting pronouncements which we expect to have a material impact on our financial statements.

Note 3 - Balance Sheet Componen

Note 3 - Balance Sheet Components	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Supplemental Balance Sheet Disclosures [Text Block]	3. Balance Sheet Components Prepaid Expenses March 31, 2023 December 31, 2022 Prepaid clinical trial costs (current portion) $ 1,962,913 $ 1,171,077 Prepaid insurance premiums 72,013 107,876 Prepaid rent 13,045 13,045 Other prepaid expenses 91,000 34,000 Total prepaid expenses $ 2,138,971 $ 1,325,998 Property and Equipment March 31, 2023 December 31, 2022 Equipment and furnishings $ 725,812 $ 725,812 Leasehold improvements 115,605 115,605 Total property and equipment 841,417 841,417 Accumulated depreciation and amortization (623,824 ) (606,505 ) Total property and equipment, net $ 217,593 $ 234,912 Other Assets March 31, 2023 December 31, 2022 Prepaid clinical trial costs (noncurrent portion) $ 1,106,778 $ 2,083,276 Prepaid technology license fees 80,000 80,000 Deposits 11,010 11,010 Total other assets $ 1,197,788 $ 2,174,286 Accrued Expenses March 31, 2023 December 31, 2022 Accrued technology license fees $ 2,000,000 $ 2,000,000 Payroll-related liabilities 127,553 550,810 Other accrued expenses 1,123,507 449,402 Total accrued expenses $ 3,251,060 $ 3,000,212

Note 4 - Commitments

Note 4 - Commitments	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Commitments Disclosure [Text Block]	4. Commitments Operating Lease We lease approximately 8,400 square feet of office and laboratory space pursuant to an operating lease which expires on December 31, 2025. Rent expense for the three-month periods ended March 31, 2023 and 2022 was $45,414 and $44,089, respectively. Future minimum lease payments total $136,242 in 2023, $187,056 in 2024, and $192,708 in 2025 although the lease may be terminated at any time by either party with one hundred eighty days written notice. License Agreements We have entered into license agreements for various technologies and patent rights associated with our product development activities. These agreements may contain provisions for upfront payments, milestone fees due upon the achievement of selected development and regulatory events, minimum annual royalties or other fees, and royalties based on future net sales. Due to the uncertainty of the achievement and timing of the contingent events requiring payment under these agreements, the amounts to be paid by us in the future are not determinable. Other Commitments In the normal course of business, we enter into various contracts and purchase commitments including those with contract research organizations (“CROs”) for clinical trials services, contract manufacturing organizations (“CMOs”) for production of materials for use in our clinical trials, and other independent contractors for preclinical research activities and other services and products. Most contracts are generally cancellable, with notice, at the Company’s option. Payments due upon cancellation may consist of payments for services provided or expenses incurred to date, or cancellation penalties depending on the time of cancellation.

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Preferred Stock [Text Block]	5. Stockholders Equity Common Stock Transactions During March 2023, we issued 108,696 shares of our common stock pursuant to a professional relations and consulting agreement. Stock Options We have a stock-based incentive plan (the “2020 Plan”) pursuant to which our Board of Directors may grant stock options and other stock-based awards to our employees, directors and consultants. A total of 2,250,000 shares of our common stock are reserved for issuance pursuant to the 2020 Plan. During the three months ended March 31, 2023, there were no transactions related to the 2020 Plan. As of March 31, 2023, there are 2,058,800 stock options outstanding, with a weighted-average exercise price of $1.89 per share and a weighted-average remaining contractual term of 8.9 years. Stock Purchase Warrants We have issued stock purchase warrants in connection with past financing and licensing transactions. During the three months ended March 31, 2023, there were no transactions related to our stock purchase warrants. As of March 31, 2023, there are 13,384,115 stock purchase warrants outstanding with a weighted-average exercise price of $2.77 per share and a weighted-average remaining term of 4.3 years.

Note 6 - Stock-based Compensati

Note 6 - Stock-based Compensation Expense	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	6. Stock-Based Compensation Expense Stock-based compensation expense related to stock options is recognized on a straight-line basis over the requisite service period for the award and is allocated to research and development expense or general and administrative expense based upon the classification of the individual to whom the award is granted. Stock-based compensation expense related to stock option grants was $228,039 and $190,191 during the three-month periods ended March 31, 2023 and 2022, respectively, and as of March 31, 2023, there is $1,221,367 of unrecognized compensation expense that we expect to recognize over a weighted-average period of 1.8 years. We have also issued shares of our restricted common stock to consultants and recognize the related expense over the terms of the related agreements. During the three-month periods ended March 31, 2023 and 2022 we recorded stock-based compensation expense of $18,000 and $14,960, respectively, associated with common stock issued for consulting services. As of March 31, 2023, there is $81,000 recorded as a prepaid expense for these arrangements, which will be recognized as expense over the terms of the related agreements.

Note 7 - Net Loss per Share

Note 7 - Net Loss per Share	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	7. Net Loss Per Share Basic and diluted loss per common share are computed based on the weighted average number of common shares outstanding. The Company’s potentially dilutive securities, which include stock options and stock purchase warrants, have been excluded from the computation of diluted net loss per share as the effect would be antidilutive. The securities that could potentially dilute basic earnings per share in the future and that have been excluded from the computation of diluted net loss per share totaled 15,442,915 and 6,846,415 shares at March 31, 2023 and 2022, respectively.

Note 8 - Income Taxes

Note 8 - Income Taxes	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8. Income Taxes No provision for income taxes was recorded in either of the three-month periods ended March 31, 2023 and 2022. The Company remains in a cumulative loss position with a full valuation allowance recorded against its net deferred income tax assets as of March 31, 2023.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements

Note 3 - Balance Sheet Compon_2

Note 3 - Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	March 31, 2023 December 31, 2022 Prepaid clinical trial costs (current portion) $ 1,962,913 $ 1,171,077 Prepaid insurance premiums 72,013 107,876 Prepaid rent 13,045 13,045 Other prepaid expenses 91,000 34,000 Total prepaid expenses $ 2,138,971 $ 1,325,998
Property, Plant and Equipment [Table Text Block]	March 31, 2023 December 31, 2022 Equipment and furnishings $ 725,812 $ 725,812 Leasehold improvements 115,605 115,605 Total property and equipment 841,417 841,417 Accumulated depreciation and amortization (623,824 ) (606,505 ) Total property and equipment, net $ 217,593 $ 234,912
Schedule of Other Assets [Table Text Block]	March 31, 2023 December 31, 2022 Prepaid clinical trial costs (noncurrent portion) $ 1,106,778 $ 2,083,276 Prepaid technology license fees 80,000 80,000 Deposits 11,010 11,010 Total other assets $ 1,197,788 $ 2,174,286
Schedule of Accrued Liabilities [Table Text Block]	March 31, 2023 December 31, 2022 Accrued technology license fees $ 2,000,000 $ 2,000,000 Payroll-related liabilities 127,553 550,810 Other accrued expenses 1,123,507 449,402 Total accrued expenses $ 3,251,060 $ 3,000,212

Note 3 - Balance Sheet Compon_3

Note 3 - Balance Sheet Components - Prepaid Expenses (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Prepaid clinical trial costs (current portion)	$ 1,962,913	$ 1,171,077
Prepaid insurance premiums	72,013	107,876
Prepaid rent	13,045	13,045
Other prepaid expenses	91,000	34,000
Total prepaid expenses	$ 2,138,971	$ 1,325,998

Note 3 - Balance Sheet Compon_4

Note 3 - Balance Sheet Components - Schedule of Property and Equipment (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Total property and equipment	$ 841,417	$ 841,417
Accumulated depreciation and amortization	(623,824)	(606,505)
Total property and equipment, net	217,593	234,912
Equipment and Furnishings [Member]
Total property and equipment	725,812	725,812
Leasehold Improvements [Member]
Total property and equipment	$ 115,605	$ 115,605

Note 3 - Balance Sheet Compon_5

Note 3 - Balance Sheet Components - Schedule Of Other Assets (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Prepaid clinical trial costs (noncurrent portion)	$ 1,106,778	$ 2,083,276
Prepaid technology license fees	80,000	80,000
Deposits	11,010	11,010
Total other assets	$ 1,197,788	$ 2,174,286

Note 3 - Balance Sheet Compon_6

Note 3 - Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Accrued technology license fees	$ 2,000,000	$ 2,000,000
Payroll-related liabilities	127,553	550,810
Other accrued expenses	1,123,507	449,402
Total accrued expenses	$ 3,251,060	$ 3,000,212

Note 4 - Commitments (Details T

Note 4 - Commitments (Details Textual) - Office and Laboratory Lease Agreement [Member]	3 Months Ended
	Mar. 31, 2023 USD ($) ft²	Mar. 31, 2022 USD ($)
Area of Real Estate Property | ft²	8,400
Operating Lease, Expense	$ 45,414	$ 44,089
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year	136,242
Lessee, Operating Lease, Liability, to be Paid, Year One	187,056
Lessee, Operating Lease, Liability, to be Paid, Year Two	$ 192,708

Note 5 - Stockholders' Equity (

Note 5 - Stockholders' Equity (Details Textual)	1 Months Ended	3 Months Ended
	Mar. 31, 2023 $ / shares shares	Mar. 31, 2023 $ / shares shares
Stock Issued During Period, Shares, Issued for Services	108,696
Class of Warrant or Right, Outstanding	13,384,115	13,384,115
Class Of Warrant Or Right Outstanding Weighted Average Exercise Price | $ / shares	$ 2.77	$ 2.77
Warrants and Rights Outstanding, Term	4 years 3 months 18 days	4 years 3 months 18 days
Stock Incentive Plan 2020 [Member]
Common Stock, Capital Shares Reserved for Future Issuance	2,250,000	2,250,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number	2,058,800	2,058,800
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares	$ 1.89	$ 1.89
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term		8 years 10 months 24 days

Note 6 - Stock-based Compensa_2

Note 6 - Stock-based Compensation Expense (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 1,221,367
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year 9 months 18 days
Prepaid Expense, Value of Stock Issued for Services During Period	$ 81,000
Expense Related To Consulting And Investment Banking Agreements [Member]
Share-Based Payment Arrangement, Expense	18,000	$ 14,960
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Expense	$ 228,039	$ 190,191

Note 7 - Net Loss per Share (De

Note 7 - Net Loss per Share (Details Textual) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	15,442,915	6,846,415