Theriva Biologics Secures $38M SYN-020 License, Boosts Cash to $15.2M, Plans Phase 3 PDAC Trial
Theriva Biologics secured a $300,000 up-front payment and rights to $38 million in milestones plus royalties by licensing SYN-020 to Rasayana Therapeutics, boosting cash to $15.2 million as of Feb 26 2026 and extending runway into Q1 2027. EMA endorsed Phase 3 trial design for VCN-01 in metastatic PDAC, with FDA End-of-Phase 2 meeting planned H1 2026.
1. SYN-020 Licensing Deal
Theriva granted Rasayana an exclusive worldwide license for SYN-020, collecting a $300,000 up-front payment and securing eligibility for up to $16 million in development and regulatory milestones, $22 million in sales-based milestones and tiered single-digit royalties on net product sales.
2. Cash Position and Runway
Theriva reported $13.1 million in cash and equivalents as of December 31 2025 and increased the balance to $15.2 million by February 26 2026 through recent capital raises, providing funding into the first quarter of 2027.
3. VCN-01 PDAC Phase 3 Design
The EMA endorsed the Phase 3 trial design for VCN-01 in combination with gemcitabine/nab-paclitaxel as a first-line metastatic PDAC therapy, agreeing on endpoints and adaptive design elements, while an End-of-Phase 2 meeting with the FDA is scheduled for H1 2026 to finalize the pivotal protocol.
4. Retinoblastoma Development Plans
VCN-01 has received Orphan Drug and Rare Pediatric Disease designations for retinoblastoma, and Theriva plans FDA and EMA interactions in 2026 to align on target populations, endpoints and protocol design for a pivotal Phase 2/3 trial.