PROVECTUS BIOPHARMACEUTICALS, INC.
For the period ended Jun 30, 2025. Filed Aug 14, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 14, 2025
PVCT$0.07+3.6%Stored close · as of Jun 30, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-14.
0001641172-25-010273
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001641172-25-023864
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 71 previous paragraphs and 88 current paragraphs.
62 unchanged; 3 reworded; 21 added; 6 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 8 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (21)
Current report
Recent Developments
Current report
Annual Stockholder Meeting Proposals
Current report
The Company held its annual meeting of stockholders on June 18, 2025. Stockholders authorized the Company’s board of directors (the “Board”) to amend the Company’s Certificate of Incorporation, as amended by the Certificate of Designation of Series D Convertible Preferred Stock and Certificate of Designation of Series D-1 Convertible Preferred Stock (the “Certificates of Designation”), to effect a reverse stock split of the Company’s common stock, Series D Convertible Preferred Stock, and Series D-1 Convertible Preferred Stock at a ratio of between 1-for-10 and 1-for-50, where the ratio would be determined by the Board at its discretion, and to make corresponding amendments to the Certificates of Designation to provide for the proportional adjustment of certain terms upon a reverse stock split, consistent with the Board’s recommendation. The Company’s stockholders also authorized the Board to amend the Company’s Certificate of Incorporation, as amended by the Certificates of Designation, to decrease the number of authorized shares of the Company’s common stock and preferred stock by the same reverse stock split ratio determined by the Board, consistent with the Board’s recommendation. The Board has not acted on these stockholder authorizations as of the filing date.
Current report
The Company’s net loss increased by $1,005,233 for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily as the result of a decrease in grant revenue and an increase in operating expenses, described below.
Current report
Grant revenue recognized during the three months ended June 30, 2025, was $57,480, compared to $254,991 for the same period in 2024, representing a decrease of $197,511, or 77.5%. The decrease was primarily due to lower qualifying research and development expenses eligible for reimbursement under the grant.
Current report
Operating Expenses:
Current report
Research and development expenses were $867,345 for the three months ended June 30, 2025, an increase of $394,418, or 83.4%, compared to $472,927 for the same period in 2024. The increase was primarily driven by higher clinical trial and research expenses related to the manufacturing of a new drug.
Current report
General and Administrative Expense
Current report
General and administrative expenses were $990,863 for the three months ended June 30, 2025, compared to $576,918 for the three months ended June 30, 2024, reflecting an increase of $413,945 or 71.8%. The increase was primarily due to (i) higher payroll expenses and associated taxes resulting primarily from the addition of two officers hired in April 2024, (ii) increased professional fees related to the annual shareholders meeting, and (iii) higher stock-based compensation from stock options granted in December 2024.
Current report
Interest expense decreased by $9,942 or 16.2% from $61,295 for the three months ended June 30, 2024 to $51,353 for the three months ended June 30, 2025, primarily as the result of lower convertible debt and notes payable balances outstanding during the period.
Current report
Research and development tax credit in Australia decreased by $9,301 or 100.0% from $9,301 for the three months ended June 30, 2024 to $0 for the three months ended June 30, 2025. The decrease was due to the absence of active clinical trials in Australia during the 2025 period.
Current report
Comparison of the Six Months Ended June 30, 2025 and June 30, 2024
Current report
Overview
Current report
The Company’s net loss increased by $1,662,793 or 123.1% for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to a decline in grant revenue and higher operating expenses, as described below.
Current report
Grant revenue was $336,108 for the six months ended June 30, 2025, compared to $493,063 for the six months ended June 30, 2024, representing a decrease of $156,955 or 31.8%. The decrease was primarily due to lower qualifying research and development expenses eligible for reimbursement under the grant.
Current report
Operating Expenses
Current report
Research and Development Expenses
Current report
Research and development expenses were $1,256,155 for the six months ended June 30, 2025, representing an increase of $227,693, or 22.1%, compared to $1,028,462 for the same period in 2024. The increase was primarily driven by higher clinical trial and research costs related to the manufacturing of a new drug.
Current report
Other Expense, Net
Current report
Interest expense decreased by $3,058 or 2.6% from $118,072 for the six months ended June 30, 2024 to $115,014 for the six months ended June 30, 2025, primarily as the result of lower convertible debt and notes payable balances outstanding during the period.
Current report
Research and development tax credit in Australia decreased by $9,301 or 100.0% from $9,301 for the six months ended June 30, 2024 to $0 for the six months ended June 30, 2025. The decrease was due to the absence of active clinical trials in Australia during the 2025 period.
Removed paragraphs (6)
Previous report
Grant Revenue
Previous report
Grant revenue was $278,628 for the three months ended March 31, 2025, an increase of $40,556 or 17.0% compared to the three months ended March 31, 2024. Total operating expenses were $1,376,569 for the three months ended March 31, 2025, an increase of $691,232 or 100.9% compared to the three months ended March 31, 2024, primarily as the result of increases in general and administrative expenses, as described below.
Previous report
Grant Revenue
Previous report
For the three months ended March 31, 2025 and 2024, there was $278,628 and $238,072, respectively, of grant revenue recognized related to qualifying expenses that were incurred and included within research and development expenses on the condensed consolidated statements of operations.
Previous report
Research and development expenses were $388,810 for the three months ended March 31, 2025, a decrease of $166,725 or 30.0% compared to $555,535 for the three months ended March 31, 2024. The decrease was primarily due to (i) lower clinical trial costs associated with study closure, (ii) lower insurance costs reflected by change in insurance carrier, and (iii) decrease in depreciation expense as a result of certain assets reaching the end of their useful lives and becoming fully depreciated, partially offset by (iv) increase in payroll and related taxes related to reclassification of employee from general and administrative.
Previous report
Interest expense increased by $6,884 or 12.1% from $56,777 for the three months ended March 31, 2024 to $63,661 for the three months ended March 31, 2025. The increase was mainly due to the interest expense costs incurred in connection with notes payable balances.
Reworded paragraphs (3)
Previous wording
General and administrative expenses were $987,759 for the three months ended March 31, 2025, an increase of $857,957 or 661.0% compared to $129,802 for the three months ended March 31, 2024. The increase was primarily due to (i) increase in directors’ fees as the result of the reversal of previously accrued director fees for Mr. Horowitz, our former COO, following his resignation on March 25, 2024, (ii) increase in payroll expenses and associated taxes primarily due to the addition of two officers hired in April 2024, (iii) increase in donations as the result of a contribution made to the University of Miami through the majority owned subsidiary, VisiRose and (iv) increase in stock based compensation, partially offset by (v) lower insurance costs reflected by change in insurance carrier, (vi) reduced legal cost related to patents, and (vii) decrease in professional fees resulting from the resignation of Mr. Horowitz, our former Chief Operating Officer, effective March 25, 2024.
Current wording
General and administrative expenses were $1,978,622 for the six months ended June 30, 2025, compared to $706,720 for the six months ended June 30, 2024, representing an increase of $1,271,902, or 180.0%. The increase was primarily attributable to (i) higher directors’ fees in 2025, driven by the reversal of $469,000 previously accrued director fees for Mr. Bruce Horowitz, our former COO, following his resignation on March 25, 2024, (ii) increased professional fees related to audit and accounting fees, (iii) higher payroll and payroll taxes resulting from the addition of two new officers in April 2024, (iv) increased donations due to a contribution made to the University of Miami by the Company’s majority-owned subsidiary, VisiRose, and (v) higher stock-based compensation from stock options granted in December 2024. These increases were partially offset by (vi) lower insurance costs following a change in insurance carrier and (vii) reduced legal costs associated with patents.
Previous wording
The Company’s cash and restricted cash were $469,454 at March 31, 2025, which includes $79,019 of restricted cash resulting from a grant received from the State of Tennessee, compared to $489,726 at December 31, 2024, which included $182,284 of restricted cash. The Company’s working capital deficit was $5,085,769 and $5,998,712 as of March 31, 2025 and December 31, 2024, respectively. We have continuing net losses and negative cash flows from operating activities. In addition, we have an accumulated deficit of $258,563,069 as of March 31, 2025. These conditions raise substantial doubt about our ability to continue as a going concern for a period within one year from the date that the financial statements included elsewhere in this Quarterly Report on Form 10-Q are issued. The condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q have been prepared on a basis that contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. Our financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should we be unable to continue as a going concern. Our ability to continue as a going concern depends on our ability to obtain additional financing as may be required to fund current operations.
Current wording
The Company’s cash and restricted cash were $416,471 at June 30, 2025, which includes $30,542 of restricted cash resulting from a grant received from the State of Tennessee, compared to $489,726 at December 31, 2024, which included $182,284 of restricted cash. The Company’s working capital deficit was $5,924,919 and $5,998,712 as of June 30, 2025 and December 31, 2024, respectively. We have continuing net losses and negative cash flows from operating activities. In addition, we have an accumulated deficit of $260,377,489 as of June 30, 2025. These conditions raise substantial doubt about our ability to continue as a going concern for a period within one year from the date that the financial statements included elsewhere in this Quarterly Report on Form 10-Q are issued. The condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q have been prepared on a basis that contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. Our financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should we be unable to continue as a going concern. Our ability to continue as a going concern depends on our ability to obtain additional financing as may be required to fund current operations.
Previous wording
As of March 31, 2025, cash requirements for our current liabilities include approximately $2,961,035 for accounts payable and other accrued expenses (including lease liabilities) and $124,578 note payable related to our short-term financing of our commercial insurance policies. Also, if not converted prior to maturity, convertible debt in the amount of $2,440,000 plus $152,145 of accrued interest will mature one year from the date of the notes. The 2021, 2022, and 2024 Notes are only subject to repayment in the event of a change of control or event of default. The Company intends to meet these cash requirements from its current cash balance and from future financing.
Current wording
As of June 30, 2025, cash requirements for our current liabilities include approximately $3,980,690 for accounts payable and other accrued expenses (including lease liabilities) and $54,337 for a note payable related to our short-term financing of our commercial insurance policies. Also, if not converted prior to maturity, convertible debt in the amount of $2,310,000 plus $148,212 of accrued interest will mature one year from the date of the notes. The 2021, 2024, and 2025 Notes are only subject to repayment in the event of a change of control or event of default. The Company intends to meet these cash requirements from its current cash balance and from future financing.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
The following table summarizes research and development expenses for the six months ended June 30, 2025 and 2024.
Current report — wording carried from elsewhere
The following table summarizes general and administrative expenses for the six months ended June 30, 2025 and 2024.