NanoViricides, Inc. (NYSE American: NNVC) is a clinical-stage biopharmaceutical company that develops nanomedicine-based antiviral drug candidates. The company generates no product revenue as of its 10-K filed September 29, 2025, operating entirely in the drug development stage and funding operations through debt, equity issuances, and a limited licensing arrangement. Its lead candidate, NV-387, is a broad-spectrum antiviral that completed a Phase Ia/Ib human safety and tolerability trial, with Phase II trials planned for MPox and viral acute respiratory illness indications. NanoViricides operates from approximately 18,000 square feet of owned office, laboratory, and cGMP-capable manufacturing space at 1 Controls Drive, Shelton, Connecticut, and subcontracts laboratory research and development to TheraCour Pharma under a license agreement. The company competes in the biotechnology and biopharmaceutical industries against larger, better-resourced organizations. It has granted a limited exclusive license for two COVID-19 drug candidates in India to KMPL, which will pay a 70% royalty on net commercial sales if those drugs reach market.

Revenue model

No product revenue as of the 10-K filed September 29, 2025. Operations are funded through equity and debt financing. A license agreement with KMPL covers NV-CoV-2 and NV-CoV-2-R in India, structured so KMPL reimburses NanoViricides for clinical trial costs plus a 30% fee, with a 70% royalty on net commercial sales owed to NanoViricides upon any future approved drug sales. The company is also pursuing non-dilutive grants and government contracts.

Products and services

NV-387: broad-spectrum antiviral drug candidate, completed Phase Ia/Ib human clinical trial as of the filing date, advancing toward Phase II trials for MPox and viral-ARI/SARI indications. Orphan drug designation filings planned with the US FDA for MPox, Smallpox, and Measles indications. NV-CoV-2 and NV-CoV-2-R: COVID-19 drug candidates licensed to KMPL for development and commercialization in India, with Phase I-equivalent trials commenced in India on June 19, 2023.

Customers and end markets

No commercial customers as of the filing date. Target end markets include treatment of viral infectious diseases: MPox, Smallpox, Orthopoxviruses, Measles, Influenza, RSV, Coronavirus, and other respiratory viral infections. The company is pursuing potential US government funding for biodefense drug candidates, though no US government funding had been received as of the filing.

Value-chain role

Drug development stage company. Conducts preclinical studies, IND-enabling safety and toxicology work, and sponsors human clinical trials. Subcontracts laboratory research and development to TheraCour Pharma under a license agreement. Owns cGMP-capable drug manufacturing space in Shelton, Connecticut. Relies on third-party collaborators for testing of drug candidates to minimize capital expenditure.

Geographic exposure

Principal operations in Shelton, Connecticut. India exposure through the KMPL license agreement covering NV-CoV-2 and NV-CoV-2-R. Pursuing US government funding for biodefense candidates.

Source: SEC 10-K, filed 2025-09-29

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