GeoVax Highlights the Critical Role of MVA-Based Vaccines in U.S. Biodefense Strategy
ATLANTA, GA - March 3, 2025 ( NEWMEDIAWIRE) - GeoVax Labs, Inc. (Nasdaq: GOVX), a leader in developing vaccines and immunotherapies for infectious diseases and cancer, underscores the strategic importance of its Modified Vaccinia Ankara (MVA) vaccine platform in helping to bolster U.S. biodefense capabilities. Efforts in MVA vaccine design and manufacturing improvements align with key recommendations from the recent " Bolstering U.S. Biodefense: Recommendations For The New Administration' report, published by the Janne E. Nolan Center on Strategic Weapons at the Council on Strategic Risks, a respected think tank specializing in national security and biodefense policy. The report emphasizes the need for robust, diversified medical countermeasures to protect national and global security.
Addressing Biodefense Gaps with MVA-Based Solutions
The 'Bolstering U.S. Biodefense' report highlights the urgency of strengthening U.S. preparedness against biological threats, including deliberate attacks, emerging infectious diseases, and supply chain vulnerabilities. GeoVax's efforts towards the development of MVA-based vaccines, including GEO-MVA for vaccination against Mpox and smallpox, and efforts to transition to a next-generation manufacturing platform utilizing a continuous avian cell line, directly align with these national security objectives:
Vaccine Supply Chain Resilience: Current reliance on a single non-U.S. manufacturer for critical vaccines, such as MVA, poses a national security risk. GeoVax's efforts to transition to a next generation manufacturing platform should allow for the use of existing domestic manufacturing facilities, leading to a reduced dependence on foreign suppliers and enhancing supply chain security.
Advanced Biomanufacturing for Scalability: The biodefense report calls for investment in next-generation biomanufacturing. GeoVax is developing a continuous cell line-based MVA manufacturing platform that it expects will result in rapid, high-volume vaccine production, which is currently not feasible utilizing existing MVA directed manufacturing platforms
Diverse Medical Countermeasures for Threat Readiness: The Department of Defense's Biodefense Posture Review and National Biodefense Strategy emphasize the need for multiple vaccine approaches. GeoVax's MVA platform complements mRNA and protein-based vaccines, ensuring a broader and more resilient national preparedness framework.
Strategic National Stockpile Shortfalls: The 2022 Mpox epidemic revealed significant vaccine shortages in the National Strategic Stockpile, leaving public health officials unable to meet urgent demand. The reliance on a single foreign supplier for any vaccine can further exacerbate these challenges, reinforcing the need for a diversified, U.S.-based vaccine supply.
Relevance to the New HHS Administration
The transition of leadership at the U.S. Department of Health and Human Services (HHS) presents a pivotal moment for vaccine policy and national preparedness. The Administration has emphasized transparency, safety, and domestic vaccine manufacturing, aligning closely with GeoVax's mission.
Alignment with National Health Security Goals: GeoVax's focus on U.S.-based vaccine production supports HHS's priority of reducing dependency on foreign pharmaceutical supply chains, ensuring America's self-sufficiency in pandemic preparedness.
Advancing a Diversified Vaccine Portfolio: With a growing consensus that a single vaccine platform is unable to address the breadth of infectious disease concerns, there is a clear recognition of the benefits of having multiple alternative vaccine platforms available. GeoVax's MVA-based approach provides a proven, durable, and safe alternative, reinforcing a well-rounded immunization strategy.
Public Trust and Transparency: Given the call for increased scrutiny of vaccine development, GeoVax is committed to transparency, publishing full clinical trial results and working collaboratively with HHS to foster public confidence.
Policy Action to Strengthen U.S. Biodefense
GeoVax urges policymakers to act swiftly in supporting domestic vaccine production and biodefense innovation. Key recommendations include:
Expanding Federal Investment in MVA-Based Vaccines: Increased funding from BARDA, the Department of Defense, and the NIH to accelerate the development, next-generation manufacturing scale up and deployment of GEO-MVA.
Accelerating Regulatory Approvals: Streamlined pathways for emergency use authorization and priority review of MVA-based vaccines to strengthen national preparedness.
Public-Private Partnerships: Enhanced collaboration between government agencies, biotechnology firms, and global health organizations to integrate MVA-based solutions into pandemic and biodefense planning.
A Call for Action
'The 'Bolstering U.S. Biodefense' report clearly articulates the vulnerabilities in our national health security framework. GeoVax is committed to helping address these gaps with our MVA-based vaccines and next-generation manufacturing capabilities,' said David Dodd, Chairman & CEO of GeoVax. 'With a new HHS administration, there is a timely opportunity to strengthen domestic vaccine infrastructure and ensure greater national resilience against emerging threats.'
GeoVax remains dedicated to advancing innovative, scalable, and accessible vaccine solutions to safeguard public health and national security.
References:
Council on Strategic Risks. (2025). Bolstering U.S. Biodefense: Strengthening the Nation's Response to Biological Threats. Janne E. Nolan Center on Strategic Weapons. Retrieved from https://www.councilonstrategicrisks.org.
About GeoVax
GeoVax Labs, Inc. is a clinical-stage biotechnology company developing novel vaccines for many of the world's most threatening infectious diseases and therapies for solid tumor cancers. The company's lead clinical program is GEO-CM04S1, a next-generation COVID-19 vaccine for which GeoVax was recently awarded a BARDA-funded contract to sponsor a 10,000-participant Phase 2b clinical trial to evaluate the efficacy of GEO-CM04S1 versus an approved COVID-19 vaccine. In addition, GEO-CM04S1 is currently in three Phase 2 clinical trials, being evaluated as (1) a primary vaccine for immunocompromised patients such as those suffering from hematologic cancers and other patient populations for whom the current authorized COVID-19 vaccines are insufficient, (2) a booster vaccine in patients with chronic lymphocytic leukemia (CLL) and (3) a more robust, durable COVID-19 booster among healthy patients who previously received the mRNA vaccines. In oncology the lead clinical program is evaluating a novel oncolytic solid tumor gene-directed therapy, Gedeptin(R), having recently completed a multicenter Phase 1/2 clinical trial for advanced head and neck cancers. A Phase 2 clinical trial in first recurrent head and neck cancer, evaluating Gedeptin(R) combined with an immune checkpoint inhibitor is planned. GeoVax has a strong IP portfolio in support of its technologies and product candidates, holding worldwide rights for its technologies and products. The Company has a leadership team who have driven significant value creation across multiple life science companies over the past several decades. For more information about the current status of our clinical trials and other updates, visit our website: www.geovax.com.
Forward-Looking Statements
This release contains forward-looking statements regarding GeoVax's business plans. The words 'believe,' 'look forward to,' 'may,' 'estimate,' 'continue,' 'anticipate,' 'intend,' 'should,' 'plan,' 'could,' 'target,' 'potential,' 'is likely,' 'will,' 'expect' and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Actual results may differ materially from those included in these statements due to a variety of factors, including whether: GeoVax is able to obtain acceptable results from ongoing or future clinical trials of its investigational products, GeoVax's immuno-oncology products and preventative vaccines can provoke the desired responses, and those products or vaccines can be used effectively, GeoVax's viral vector technology adequately amplifies immune responses to cancer antigens, GeoVax can develop and manufacture its immuno-oncology products and preventative vaccines with the desired characteristics in a timely manner, GeoVax's immuno-oncology products and preventative vaccines will be safe for human use, GeoVax's vaccines will effectively prevent targeted infections in humans, GeoVax's immuno-oncology products and preventative vaccines will receive regulatory approvals necessary to be licensed and marketed, GeoVax raises required capital to complete development, there is development of competitive products that may be more effective or easier to use than GeoVax's products, GeoVax will be able to enter into favorable manufacturing and distribution agreements, and other factors, over which GeoVax has no control.
Further information on our risk factors is contained in our periodic reports on Form 10-Q and Form 10-K that we have filed and will file with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
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"BXP's Share" is based on annualized rental obligations for our consolidated portfolio, plus our share of annualized rental obligations from the unconsolidated joint ventures properties (calculated based on our ownership percentage), minus our partners' share of annualized rental obligations from our consolidated joint venture properties (calculated based on our partners' percentage ownership interests). Our definitions of the foregoing operating metrics may be different than those used by other companies. This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words "anticipates," "believes," "budgeted," "could," "estimates," "expects," "guidance," "intends," "may," "might," "plans," "projects," "should," "will," and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond BXP's control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, the risks and uncertainties related to adverse changes in general economic and capital market conditions, including continued inflation, elevated interest rates, supply chain disruptions, dislocation and volatility in capital markets, potential longer-term changes in consumer and client behavior resulting from the severity and duration of any downturn in the U.S. or global economy, general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, sustained changes in client preferences and space utilization, dependence on clients' financial condition, and competition from other developers, owners and operators of real estate), the impact of adverse political conditions, including policy changes by the presidential administration, such as the direct and indirect negative impacts that new and increased tariffs may have on (1) our current and prospective clients and their demand for office space and (2) the costs and availability of construction materials and the economic returns on our construction and development activities, the impact of geopolitical conflicts, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on BXP's accounting policies and on period-to-period comparisons of financial results, the uncertainties of costs to comply with regulatory changes and other risks and uncertainties detailed from time to time in BXP's filings with the Securities and Exchange Commission. 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CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, 2025 December 31, 2024 (in thousands, except for share and par value amounts) ASSETS Real estate, at cost $ 26,632,189 $ 26,391,933 Construction in progress 1,047,687 764,640 Land held for future development 748,198 714,050 Right of use assets - finance leases 372,839 372,922 Right of use assets - operating leases 325,670 334,767 Less: accumulated depreciation (7,863,743 ) (7,528,057 ) Total real estate 21,262,840 21,050,255 Cash and cash equivalents 446,953 1,254,882 Cash held in escrows 80,888 80,314 Investments in securities 41,062 39,706 Tenant and other receivables, net 109,683 107,453 Note receivable, net 6,711 4,947 Related party note receivables, net 88,825 88,779 Sales-type lease receivable, net 15,188 14,657 Accrued rental income, net 1,509,347 1,466,220 Deferred charges, net 809,033 813,345 Prepaid expenses and other assets 89,624 70,839 Investments in unconsolidated joint ventures 1,161,036 1,093,583 Total assets $ 25,621,190 $ 26,084,980 LIABILITIES AND EQUITY Liabilities: Mortgage notes payable, net $ 4,278,788 $ 4,276,609 Unsecured senior notes, net 9,800,577 10,645,077 Unsecured line of credit 185,000 — Unsecured term loans, net 796,640 798,813 Unsecured commercial paper 750,000 500,000 Lease liabilities - finance leases 365,897 370,885 Lease liabilities - operating leases 399,174 392,686 Accounts payable and accrued expenses 480,158 401,874 Dividends and distributions payable 172,732 172,486 Accrued interest payable 120,975 128,098 Other liabilities 416,838 450,796 Total liabilities 17,766,779 18,137,324 Commitments and contingencies — — Redeemable deferred stock units 6,981 9,535 Equity: Stockholders' equity attributable to BXP, Inc.: Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding — — Preferred stock, $0.01 par value, 50,000,000 shares authorized; none issued or outstanding — — Common stock, $0.01 par value, 250,000,000 shares authorized, 158,445,177 and 158,253,895 issued and 158,366,277 and 158,174,995 outstanding at June 30, 2025 and December 31, 2024, respectively 1,584 1,582 Additional paid-in capital 6,854,753 6,836,093 Dividends in excess of earnings (1,579,770 ) (1,419,575 ) Treasury common stock at cost, 78,900 shares at June 30, 2025 and December 31, 2024 (2,722 ) (2,722 ) Accumulated other comprehensive loss (15,059 ) (2,072 ) Total stockholders' equity attributable to BXP, Inc. 5,258,786 5,413,306 Noncontrolling interests: Common units of the Operating Partnership 584,651 591,270 Property partnerships 2,003,993 1,933,545 Total equity 7,847,430 7,938,121 Total liabilities and equity $ 25,621,190 $ 26,084,980 BXP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 (in thousands, except for per share amounts) Revenue Lease $ 805,935 $ 790,555 $ 1,617,037 $ 1,579,145 Parking and other 34,799 34,615 65,041 66,831 Hotel 14,773 14,812 24,370 22,998 Development and management services 8,846 6,352 18,621 12,506 Direct reimbursements of payroll and related costs from management services contracts 4,104 4,148 8,603 8,441 Total revenue 868,457 850,482 1,733,672 1,689,921 Expenses Operating Rental 332,062 321,426 663,640 635,583 Hotel 9,365 9,839 16,930 15,854 General and administrative 42,516 44,109 94,800 94,127 Payroll and related costs from management services contracts 4,104 4,148 8,603 8,441 Transaction costs 357 189 1,125 702 Depreciation and amortization 223,819 219,542 443,926 438,258 Total expenses 612,223 599,253 1,229,024 1,192,965 Other income (expense) Income (loss) from unconsolidated joint ventures (3,324 ) (5,799 ) (5,463 ) 13,387 Gain on sale of real estate 18,390 — 18,390 — Loss on sales-type lease — — (2,490 ) — Interest and other income (loss) 8,063 10,788 15,813 25,317 Gains (losses) from investments in securities 2,600 315 2,235 2,587 Unrealized gain (loss) on non-real estate investment (39 ) 58 (522 ) 454 Impairment loss — — — (13,615 ) Loss from early extinguishment of debt — — (338 ) — Interest expense (162,783 ) (149,642 ) (326,227 ) (311,533 ) Net income 119,141 106,949 206,046 213,553 Net income attributable to noncontrolling interests Noncontrolling interests in property partnerships (20,100 ) (17,825 ) (38,849 ) (35,046 ) Noncontrolling interest—common units of the Operating Partnership (10,064 ) (9,509 ) (17,036 ) (19,009 ) Net income attributable to BXP, Inc. $ 88,977 $ 79,615 $ 150,161 $ 159,498 Basic earnings per common share attributable to BXP, Inc. Net income $ 0.56 $ 0.51 $ 0.95 $ 1.02 Weighted average number of common shares outstanding 158,312 157,039 158,257 157,011 Diluted earnings per common share attributable to BXP, Inc. Net income $ 0.56 $ 0.51 $ 0.95 $ 1.01 Weighted average number of common and common equivalent shares outstanding 158,795 157,291 158,713 157,210 BXP, INC. FUNDS FROM OPERATIONS (1) (Unaudited) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 (in thousands, except for per share amounts) Net income attributable to BXP, Inc. $ 88,977 $ 79,615 $ 150,161 $ 159,498 Add: Noncontrolling interest - common units of the Operating Partnership 10,064 9,509 17,036 19,009 Noncontrolling interests in property partnerships 20,100 17,825 38,849 35,046 Net income 119,141 106,949 206,046 213,553 Add: Depreciation and amortization expense 223,819 219,542 443,926 438,258 Noncontrolling interests in property partnerships' share of depreciation and amortization (20,945 ) (19,203 ) (41,409 ) (37,898 ) Company's share of depreciation and amortization from unconsolidated joint ventures 16,674 19,827 34,001 40,050 Corporate-related depreciation and amortization (600 ) (406 ) (1,316 ) (825 ) Non-real estate related amortization 2,131 2,130 4,261 4,260 Loss on sales-type lease — — 2,490 — Impairment loss — — — 13,615 Less: Gain on sale of real estate 18,390 — 18,390 — Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures — — — 21,696 Unrealized gain (loss) on non-real estate investment (39 ) 58 (522 ) 454 Noncontrolling interests in property partnerships 20,100 17,825 38,849 35,046 Funds from operations (FFO) attributable to the Operating Partnership (including BXP, Inc.) 301,769 310,956 591,282 613,817 Less: Noncontrolling interest - common units of the Operating Partnership's share of funds from operations 30,117 32,557 59,010 64,144 Funds from operations attributable to BXP, Inc. $ 271,652 $ 278,399 $ 532,272 $ 549,673 BXP, Inc.'s percentage share of funds from operations - basic 90.02 % 89.53 % 90.02 % 89.55 % Weighted average shares outstanding - basic 158,312 157,039 158,257 157,011 FFO per share basic $ 1.72 $ 1.77 $ 3.36 $ 3.50 Weighted average shares outstanding - diluted 158,795 157,291 158,713 157,210 FFO per share diluted $ 1.71 $ 1.77 $ 3.35 $ 3.50 (1) Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ("Nareit"), we calculate Funds from Operations, or "FFO," by adjusting net income (loss) attributable to BXP, Inc. (computed in accordance with GAAP) for gains (or losses) from sales of properties, including a change in control, impairment losses on depreciable real estate consolidated on our balance sheet, impairment losses on our investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization. FFO is a non-GAAP financial measure, but we believe the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing our operating results because, by excluding gains and losses related to sales or a change in control of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company's real estate across reporting periods and to the operating performance of other companies. Our calculation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently. In order to facilitate a clear understanding of the Company's operating results, FFO should be examined in conjunction with net income attributable to BXP, Inc. as presented in the Company's consolidated financial statements. FFO should not be considered as a substitute for net income attributable to BXP, Inc. (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company's financial information prepared in accordance with GAAP. BXP, INC. PORTFOLIO LEASING PERCENTAGES CBD Portfolio % Occupied by Location (1) % Leased by Location (2) June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024 Boston 97.0 % 95.9 % 98.5 % 97.5 % Los Angeles 86.3 % 84.9 % 86.9 % 87.4 % New York 87.2 % 90.8 % 93.0 % 93.6 % San Francisco 81.8 % 84.3 % 83.8 % 85.2 % Seattle 84.6 % 81.6 % 85.9 % 83.5 % Washington, DC 91.1 % 91.9 % 92.7 % 93.6 % CBD Portfolio 89.9 % 90.9 % 92.5 % 92.8 % Total Portfolio % Occupied by Location (1) % Leased by Location (2) June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024 Boston 89.7 % 89.7 % 91.2 % 91.5 % Los Angeles 86.3 % 84.9 % 86.9 % 87.4 % New York 84.4 % 87.1 % 90.2 % 90.0 % San Francisco 78.7 % 80.8 % 80.7 % 81.7 % Seattle 84.6 % 81.6 % 85.9 % 83.5 % Washington, DC 90.5 % 91.4 % 92.3 % 93.0 % Total Portfolio 86.4 % 87.5 % 89.1 % 89.4 % (1) Represents signed leases for which revenue recognition has commenced in accordance with GAAP. (2) Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates. View source version on Contacts AT BXP Michael LaBelleExecutive Vice President,Chief Financial Officer and Treasurermlabelle@ Helen HanVice President, Investor Relationshhan@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
28 minutes ago
- Business Wire
MaxLinear, Inc. Announces Third Quarter 2025 Financial Conference Participation
CARLSBAD, Calif.--(BUSINESS WIRE)--MaxLinear, Inc. (Nasdaq: MXL), a leading provider of RF, analog, digital and mixed-signal integrated circuits, today announced that it will participate in the following financial conferences in the third quarter 2025: Oppenheimer 28 th Annual Technology, Internet & Communications Virtual Conference on Aug. 12 th. MaxLinear's presentation is scheduled for 11:55 a.m. PT. A webcast of the session will be available at Needham Virtual Semiconductor & SemiCap Conference on Aug. 21 st Stifel Tech Executive Summit in Deer Valley, UT on Aug. 25 th Jefferies Semiconductor IT Hardware & Communications Technology Conference in Chicago on Aug. 26 th Deutsche Bank 2025 Technology Conference in Dana Point on Aug. 28 th Benchmark 2025 TMT Conference in New York on Sept. 3 rd About MaxLinear, Inc. MaxLinear, Inc. (Nasdaq:MXL) is a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits for access and connectivity, wired and wireless infrastructure, and industrial and multi-market applications. MaxLinear is headquartered in Carlsbad, California. For more information, please visit MXL is MaxLinear's registered trademark. Other trademarks appearing herein are the property of their respective owners.
