Theriva offloads ribaxamase programme to Biossil for $350,000 as cash runway narrows
The small upfront payment sits against up to $91 million in milestones, while Theriva's balance sheet covers only a few more months of operations.
Theriva Biologics has sold ribaxamase (SYN-004) and its related antibiotic-degrading enzyme assets to Biossil Labs, disclosing the transaction on 12 November 2026 alongside its third-quarter results. The company will receive $350,000 at signing.
Most of the headline value is contingent. Theriva is eligible for up to $91 million in milestone payments and for royalties, so the deal's worth depends on Biossil advancing the assets and on any later commercial success. The facts on file give no detail on which events trigger payments or what royalty rates apply.
The sale leaves Theriva focused on oncology. It expects to complete enrolment in VIRAGE2, a Phase 2a trial of VCN-01 in metastatic pancreatic cancer, in the fourth quarter of 2026, with initial data due by the third quarter of 2027. The company also expects more discussions with the US Food and Drug Administration in the first quarter of 2027 about a retinoblastoma trial; it gave no further information on those talks.
Theriva reported $8.5 million in cash at 30 September 2026, which it said funds operations into the first quarter of 2027. That horizon falls well before the expected VIRAGE2 readout, so the timing of any financing or partnering remains a central question for the company. The filing summary does not say how Theriva plans to address it.
Why it matters
- Ribaxamase and related enzyme assets, relevant to antibiotic-resistance and microbiome-protection work, now belong to Biossil Labs rather than Theriva.
- At $350,000 upfront versus up to $91 million in milestones, the deal's value rests almost entirely on future development and commercial events.
- Theriva's near-term catalysts are VIRAGE2 enrolment completion (Q4 2026), FDA retinoblastoma talks (Q1 2027) and initial VIRAGE2 data (by Q3 2027).
- With cash covering operations only into Q1 2027, financing and partnering decisions sit close to those clinical milestones.
Company's press release (SEC filing): Theriva Biologics, Inc. ↗
Written by CompePharma's editorial system from the company's filing; claims are the company's. AI-assisted; check the source before acting. Not investment advice.
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