VBIO on Nasdaq
Valion Bio, Inc.
American pharmaceutical preparations company based in Fremont. Summary from the record
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Last updated Oct 19, 2026.
Overview
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- TickerVBIO on Nasdaq1
- IndustryPharmaceutical Preparations1
- HeadquartersSan Antonio, Texas1
- Incorporated inDE2
- Business address1305 E. Houston Street, Building 1, Suite 311, San Antonio, Tx 782052
- Filer category, Emerging growth company2
- Legal formCorporation
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Tivic™ Health Systems, Inc. is a late-stage biopharmaceutical company whose lead program is Entolimod™. Entolimod is a recombinant TLR5 agonist with an extensive preclinical and clinical data package supporting development as a medical countermeasure (MCM) for Acute Radiation Syndrome (ARS) and it subsyndromes, as well as for adjunct therapy for oncology indications, such as neutropenia.3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2024
0.3%Gross margin4
-573.8%Operating margin5
-725.0%Net margin5
-33.7%Revenue growth, 20244
-223.1%Return on equity5
-$5.7MFree cash flow5
Where the money goes
Where each dollar of revenue went, fiscal 2024
- Cost of revenue15¢$778.0K
- Research and development25¢$1.3M
- Selling, general and admin60¢$3.2M
Out of $780.0K in revenue.45 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Research and development | $3.1M | $1.3M |
| Selling, general and administrative | $4.8M | $3.2M |
| Total operating expenses | $7.9M | $4.5M |
| Loss from operations | -$7.9M | -$4.5M |
| Change in fair value of derivative liability | $28.0K | $0 |
| Interest income | $23.0K | $6.0K |
| Interest expense | -$146.0K | $0 |
| Net other (expense) income | -$95.0K | $6.0K |
| Net loss from operations before discontinued operations | -$8.0M | -$4.5M |
| Loss from discontinued operations | -$885.0K | -$1.2M |
| Net loss | -$8.9M | -$5.7M |
| Net loss per share attributed to common stockholders - basic and diluted (in dollars per share) | -$7.84 | -$19.68 |
| Weighted-average number of shares - basic and diluted (in shares) | 1.2M shares | 287.4K shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 7 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2025-11-30 | 2025-09-30 | 2025-06-30 | 2025-02-28 |
|---|---|---|---|---|---|
| Cash and cash equivalents | $12.6M | ||||
| Prepaid expenses and other current assets | $346.0K | ||||
| Current assets of discontinued operations | $15.0K | ||||
| Total current assets | $13.0M | ||||
| Property and equipment, net | $12.6M | ||||
| Deferred offering costs | $136.0K | ||||
| Licensed technology, net | $2.2M | ||||
| Goodwill | $3.5M | ||||
| Other assets | $124.0K | ||||
| Non-current assets of discontinued operations | $0 | ||||
| TOTAL ASSETS | $31.6M | ||||
| Accounts payable | $264.0K | ||||
| Other accrued expenses | $376.0K | ||||
| Current liabilities of discontinued operations | $6.0K | ||||
| Total current liabilities | $646.0K | ||||
| Convertible note payable, net | $6.5M | ||||
| Derivative liability | $292.0K | ||||
| Other non-current liabilities | $48.0K | ||||
| Non-current liabilities of discontinued operations | $0 | ||||
| Total liabilities | $7.4M | ||||
| Preferred stock, $0.0001 par value, 10,000,000 shares authorized; 403 shares issued and outstanding as of December 31, 2025, and no shares issued and outstanding as of December 31, 2024 | $0 | ||||
| Common stock, $0.0001 par value, 200,000,000 shares authorized; 2,525,778 and 556,902 shares issued and outstanding as of December 31, 2025, and December 31, 2024, respectively | $2.0K | ||||
| Additional paid in capital | $69.4M | $53.0M | $50.3M | ||
| Accumulated deficit | -$52.6M | ||||
| Total Stockholders equity | $16.8M | $3.4M | $3.3M | ||
| TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | $31.6M | ||||
| Preferred stock, par value (in dollars per share) | $0.00 | ||||
| Preferred stock, authorized (in shares) | 10.0M shares | ||||
| Preferred stock, issued (in shares) | 403 shares | ||||
| Preferred stock, outstanding (in shares) | 403 shares | ||||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 | ||
| Common stock, authorized (in shares) | 200.0M shares | ||||
| Common stock, issued (in shares) | 2.5M shares | ||||
| Common stock, outstanding (in shares) | 2.5M shares |
| Period ending | 2025-12-31 | 2025-11-30 | 2025-09-30 | 2025-06-30 | 2025-02-28 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | $12.6M | $2.0M | |||||
| Prepaid expenses and other current assets | $346.0K | $240.0K | |||||
| Current assets of discontinued operations | $15.0K | $397.0K | |||||
| Total current assets | $13.0M | $2.6M | |||||
| Property and equipment, net | $12.6M | $2.0K | |||||
| Deferred offering costs | $136.0K | $49.0K | |||||
| Licensed technology, net | $2.2M | $0 | |||||
| Goodwill | $3.5M | $0 | |||||
| Other assets | $124.0K | $0 | |||||
| Non-current assets of discontinued operations | $0 | $117.0K | |||||
| TOTAL ASSETS | $31.6M | $2.8M | |||||
| Accounts payable | $264.0K | $125.0K | |||||
| Other accrued expenses | $376.0K | $132.0K | |||||
| Current liabilities of discontinued operations | $6.0K | $15.0K | |||||
| Total current liabilities | $646.0K | $272.0K | |||||
| Convertible note payable, net | $6.5M | $0 | |||||
| Derivative liability | $292.0K | $0 | |||||
| Other non-current liabilities | $48.0K | $0 | |||||
| Non-current liabilities of discontinued operations | $0 | $0 | |||||
| Total liabilities | $7.4M | $272.0K | |||||
| Preferred stock, $0.0001 par value, 10,000,000 shares authorized; 403 shares issued and outstanding as of December 31, 2025, and no shares issued and outstanding as of December 31, 2024 | $0 | $0 | |||||
| Common stock, $0.0001 par value, 200,000,000 shares authorized; 2,525,778 and 556,902 shares issued and outstanding as of December 31, 2025, and December 31, 2024, respectively | $2.0K | $1.0K | |||||
| Additional paid in capital | $69.4M | $53.0M | $50.3M | $46.1M | |||
| Accumulated deficit | -$52.6M | -$43.5M | |||||
| Total Stockholders equity | $16.8M | $3.4M | $3.3M | $2.5M | $3.6M | ||
| TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | $31.6M | $2.8M | |||||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |||||
| Preferred stock, authorized (in shares) | 10.0M shares | 10.0M shares | |||||
| Preferred stock, issued (in shares) | 403 shares | 0 shares | |||||
| Preferred stock, outstanding (in shares) | 403 shares | 0 shares | |||||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 | $0.00 | |||
| Common stock, authorized (in shares) | 200.0M shares | 200.0M shares | |||||
| Common stock, issued (in shares) | 2.5M shares | 556.9K shares | |||||
| Common stock, outstanding (in shares) | 2.5M shares | 556.9K shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$8.9M | -$5.7M |
| Less: net loss from discontinued operations | -$885.0K | -$1.2M |
| Net loss from continuing operations | -$8.0M | -$4.5M |
| Stock based compensation | $564.0K | $229.0K |
| Depreciation | $5.0K | $3.0K |
| Amortization of debt discount and debt issuance costs | $97.0K | $0 |
| Non-cash interest expense | $48.0K | |
| Change in fair value of derivative liability | -$28.0K | $0 |
| Issuance of warrants for services | $93.0K | $0 |
| Amortization of right-of-use asset | $0 | $349.0K |
| Write-off offering costs related to unclosed financing arrangements | $143.0K | $0 |
| Prepaid expenses and other current assets | $78.0K | $78.0K |
| Other assets | $0 | $34.0K |
| Accounts payable | $139.0K | -$588.0K |
| Accrued expenses | $235.0K | -$348.0K |
| Lease liabilities | $0 | -$369.0K |
| Net cash used in operating activities - continuing operations | -$6.6M | -$5.1M |
| Net cash used in operating activities - discontinued operations | -$380.0K | -$643.0K |
| Net cash used in operating activities | -$7.0M | -$5.7M |
| Issuance of note receivable | -$124.0K | $0 |
| Acquisition of property and equipment | -$38.0K | $0 |
| Acquisition of licensed technology | -$543.0K | $0 |
| Net cash used in investing activities | -$705.0K | $0 |
| Issuance costs in connection with senior convertible note | -$172.0K | $0 |
| Proceeds from issuance of common stock, net of issuance costs | $2.3M | $0 |
| Proceeds from issuance of common stock and warrants, net of issuance costs | $0 | $4.4M |
| Proceeds from issuance of preferred stock and warrants, net of issuance costs | $16.2M | $0 |
| Proceeds from warrant exercises | $109.0K | $0 |
| Offering costs in advance of sale of common stock | -$136.0K | -$49.0K |
| Net cash provided by financing activities | $18.3M | $4.3M |
| Net increase (decrease) in cash and cash equivalents | $10.6M | -$1.4M |
| Convertible note issued in exchange for purchase of Scorpius assets and goodwill | $16.3M | $0 |
| Warrants issued to placement agents as non-cash offering fees | $221.0K | $70.0K |
| Non-cash recognition of embedded derivative liability on issuance of convertible notes | $320.0K | $0 |
| Dividends declared | $168.0K | $0 |
| Deemed dividends | $10.0K | $0 |
| Write-off of ROU asset and lease liability | $0 | $290.0K |
No quarter-by-quarter statement was filed.
Leadership
Who has led Valion Bio, Inc., and when. Pick a name to see everywhere that person has worked.
Chief financial officer
Chief operating officer
2025
- Chief executive officerMichael K. Handley May 20, 2026 to Sep 24, 202610
- Chief executive officerDean Zikria Sep 24, 2026 to now11
- Chief executive officerJennifer Ernst Nov 10, 2021 to May 20, 202612
- Chief financial officerLisa G. Wolf Oct 3, 2024 to now13
- Chief financial officerKimberly Ann Bambach May 10, 2023 to Oct 3, 202414
- Chief financial officerVeronica Cai Apr 5, 2022 to Apr 5, 202215
- Chief financial officerBriana Benz Nov 10, 2021 to Nov 10, 202116
- Chief operating officerLisa G. Wolf Sep 24, 2026 to now17
- Chief operating officerMichael K. Handley Feb 24, 2025 to Sep 24, 202618
- Chief operating officerRyan Sabia Feb 8, 2022 to May 10, 202319
Board members and other officers (10)
- Chief Scientific OfficerBlake Gurfein Nov 10, 2021 to Dec 20, 202420
- VP of Sales and OperationsRyan Sabia Nov 10, 2021 to Dec 16, 202121
- Board memberMichael K. Handley May 20, 2026 to now10
- Board memberJared David Malbin Sep 17, 2026 to now22
- Board memberChristina Rizopoulos Valauri Jul 9, 2024 to now23
- Board memberDean Zikria Nov 10, 2021 to now24
- Board memberJennifer Ernst Nov 10, 2021 to now12
- Board memberKaren Drexler Nov 10, 2021 to Oct 3, 202425
- Board memberSheryle Bolton Nov 17, 2021 to now26
- General counselMelinda Lackey May 4, 2026 to now27
Former names
- Tivic Health Systems, Inc.Sep 10, 2019 to Apr 23, 20262
Timeline
Filings
373 filings to the SEC since October 2021: 5 annual reports, 14 quarterly reports, 107 major events, 76 insider forms, 20 large holders, 2 private raises, 149 other. The latest 20:
- Oct 15, 20268-K CURRENT REPORT EDGAR
- Oct 14, 20268-K CURRENT REPORT EDGAR
- Oct 8, 20268-K CURRENT REPORT EDGAR
- Oct 8, 2026S-3 REGISTRATION STATEMENT EDGAR
- Oct 6, 20268-K EDGAR
- Oct 2, 2026PRE 14A PRELIMINARY PROXY STATEMENT EDGAR
- Oct 1, 20268-K CURRENT REPORT EDGAR
- Sep 24, 20264 EDGAR
- Sep 24, 20264 EDGAR
- Sep 23, 20268-K EDGAR
- Sep 17, 20263 EDGAR
- Sep 17, 20263 EDGAR
- Sep 4, 2026SCHEDULE 13G/A EDGAR
- Sep 3, 2026SCHEDULE 13D/A EDGAR
- Sep 2, 2026SCHEDULE 13D/A EDGAR
- Sep 1, 20268-K EDGAR
- Aug 27, 2026SCHEDULE 13D/A EDGAR
- Aug 27, 20268-K CURRENT REPORT EDGAR
- Aug 24, 2026SCHEDULE 13D/A EDGAR
- Aug 24, 2026RW REGISTRATION WITHDRAWAL REQUEST EDGAR
The 373 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
2 open-market trades by officers, directors and large owners since October 2021: 2 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Apr 15, 2026 | Bolton SheryleDirector | Buy | 10,000 | $1.04 | $10.4K | Form 4 |
| Apr 1, 2026 | Valauri Christina RizopoulosDirector | Buy | 19,000 | $0.95 | $18.1K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- 3i, LPSCHEDULE 13G/A, 11 filings Feb 27, 2026 to Sep 4, 202628
- Murchinson Ltd.SCHEDULE 13G, 1 filing Jul 17, 202629
- INTRACOASTAL CAPITAL, LLCSC 13G, 1 filing May 15, 202430
- L1 Capital Global Opportunities Master Fund, Ltd.SC 13G/A, 3 filings Jul 17, 2023 to Feb 9, 202431
- Bigger Capital, LLCSC 13G/A, 1 filing Feb 1, 202432
- BIGGER CAPITAL FUND L PSC 13G, 1 filing Feb 21, 202333
- Jennifer ErnstSC 13G, 1 filing Feb 14, 202234
- John ClaudeSC 13G, 1 filing Feb 14, 202235
Money raised
Private offerings the company reported to the SEC on Form D.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 6
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- 11SEC EDGARDean Zikria, Chief executive officer
- 12
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- 16SEC EDGARBriana Benz, Chief financial officer
- 17
- 18
- 19SEC EDGARRyan Sabia, Chief operating officer
- 20
- 21
- 22SEC EDGARJared David Malbin, Board member
- 23
- 24SEC EDGARDean Zikria, Board member
- 25SEC EDGARKaren Drexler, Board member
- 26SEC EDGARSheryle Bolton, Board member
- 27SEC EDGARMelinda Lackey, General counsel
- 28
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