Theriva Biologics is a clinical-stage oncology company focused on developing VCN-01 (zabilugene almadenorepvec), an oncolytic adenovirus engineered to treat solid tumors. VCN-01 is a genetically modified adenovirus that replicates selectively inside tumor cells, killing them and spreading to neighboring tumor cells. It also expresses an enzyme that degrades the dense connective tissue surrounding tumors, improving penetration of the virus and co-administered therapies like chemotherapy. A key differentiator is VCN-01's intravenous delivery, enabling it to reach both primary tumors and distant metastases — most competing oncolytic viruses require direct injection into the tumor. Theriva's lead indication is metastatic pancreatic ductal adenocarcinoma, a disease with few effective treatments and a five-year survival rate below 10%. The Phase 2b VIRAGE trial showed improvements in progression-free and overall survival versus standard of care, and both the FDA and EMA have indicated a single Phase 3 trial could support a marketing application. Theriva also has a Phase 1 program in pediatric retinoblastoma, where VCN-01 showed tumor responses and eye preservation in a small trial. The company holds FDA Orphan Drug and Fast Track designations for pancreatic cancer, and Orphan Drug and Rare Pediatric Drug designations for retinoblastoma. Theriva has no approved products or product revenue, and is funded through equity raises, with a cash runway extending into early 2027.