Clinical Trial Failure Risk: The success of Geovax's product candidates depends heavily on favorable results from preclinical studies and clinical trials, which are inherently expensive, time-consuming, and subject to high rates of failure.

Regulatory Approval Uncertainty: Even if clinical trials are successful, there is no guarantee that regulatory bodies will grant marketing approval for any of Geovax's product candidates, which could prevent commercialization.

Significant Capital Requirements: Geovax has a history of losses and will require substantial additional capital to fund its research, development, and potential commercialization efforts, which may not be available on favorable terms or at all.