$NNVC
NANOVIRICIDES, INC.

2019 Q2 Form 10-Q Financial Statement

#000114420419026612 Filed on May 15, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $581.9K $770.0K $710.0K
YoY Change -43.51% -44.6% -29.7%
% of Gross Profit
Research & Development $1.587M $1.310M $1.658M
YoY Change 25.92% 1.47% 1.11%
% of Gross Profit
Depreciation & Amortization $174.4K $172.2K $171.8K
YoY Change 2.6% 2.19% 3.05%
% of Gross Profit
Operating Expenses $2.169M $2.083M $2.369M
YoY Change -4.89% -13.87% -1.03%
Operating Profit -$2.083M -$2.369M
YoY Change -13.87% -1.03%
Interest Expense -$43.66K -$60.00K $140.0K
YoY Change -106.93% -119.35% -86.79%
% of Operating Profit
Other Income/Expense, Net $0.00 -$56.94K $138.2K
YoY Change -118.47% -134.28%
Pretax Income -$2.212M -$2.140M -$2.231M
YoY Change 34.07% 1.42% -20.23%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.212M -$2.140M -$2.231M
YoY Change 34.07% 1.42% -20.23%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$576.7K -$594.4K -$642.7K
COMMON SHARES
Basic Shares Outstanding 76.74M 69.50M 69.38M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.555M $4.237M $3.904M
YoY Change -63.91% -60.1% -67.6%
Cash & Equivalents $2.555M $4.237M $3.904M
Short-Term Investments
Other Short-Term Assets $270.2K $393.2K $169.0K
YoY Change 12.59% 19.16% -29.6%
Inventory
Prepaid Expenses $393.2K $168.9K
Receivables
Other Receivables
Total Short-Term Assets $2.825M $4.630M $4.073M
YoY Change -61.41% -57.72% -66.86%
LONG-TERM ASSETS
Property, Plant & Equipment $10.23M $10.39M $10.56M
YoY Change -5.66% -5.46% -4.3%
Goodwill
YoY Change
Intangibles $368.7K $370.8K
YoY Change
Long-Term Investments
YoY Change
Other Assets $29.19K $6.020K $5.310K
YoY Change 191.9% -69.9% -82.3%
Total Long-Term Assets $10.62M $10.76M $10.93M
YoY Change -5.36% -5.49% -4.44%
TOTAL ASSETS
Total Short-Term Assets $2.825M $4.630M $4.073M
Total Long-Term Assets $10.62M $10.76M $10.93M
Total Assets $13.45M $15.39M $15.00M
YoY Change -27.49% -31.09% -36.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.134M $976.8K $1.025M
YoY Change 243.54% -48.04% -33.9%
Accrued Expenses $68.87K $107.5K $139.0K
YoY Change -72.78% -73.79% 363.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.848M $1.084M $1.164M
YoY Change 222.94% -66.01% -82.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $1.593M $0.00
YoY Change -100.0%
Total Long-Term Liabilities $0.00 $1.593M $0.00
YoY Change -66.32% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.848M $1.084M $1.164M
Total Long-Term Liabilities $0.00 $1.593M $0.00
Total Liabilities $2.848M $2.677M $1.164M
YoY Change 222.94% -16.07% -85.1%
SHAREHOLDERS EQUITY
Retained Earnings -$89.90M -$87.76M
YoY Change
Common Stock $76.74K $69.50K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.60M $12.72M $13.84M
YoY Change
Total Liabilities & Shareholders Equity $13.45M $15.39M $15.00M
YoY Change -27.49% -31.09% -36.77%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income -$2.212M -$2.140M -$2.231M
YoY Change 34.07% 1.42% -20.23%
Depreciation, Depletion And Amortization $174.4K $172.2K $171.8K
YoY Change 2.6% 2.19% 3.05%
Cash From Operating Activities -$1.672M -$2.010M -$2.161M
YoY Change -52.5% 54.63% 54.33%
INVESTING ACTIVITIES
Capital Expenditures -$9.650K -$6.600K -$17.54K
YoY Change -3.5% -95.29% -70.77%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$9.650K -$6.600K -$17.54K
YoY Change -3.5% -95.29% -70.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$822.7K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 2.350M 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -1.672M -2.010M -2.161M
Cash From Investing Activities -9.650K -6.600K -17.54K
Cash From Financing Activities 0.000 2.350M 0.000
Net Change In Cash -1.682M 333.2K -2.178M
YoY Change -52.36% -123.14% 49.18%
FREE CASH FLOW
Cash From Operating Activities -$1.672M -$2.010M -$2.161M
Capital Expenditures -$9.650K -$6.600K -$17.54K
Free Cash Flow -$1.662M -$2.004M -$2.143M
YoY Change -52.64% 72.73% 59.93%

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CY2018Q1 nnvc Stock Issued During Period Value Issued For Series C Debentures
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nnvc Preferred Stock Issued For Debentures
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us-gaap Related Party Transaction Description Of Transaction
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nnvc Percentage Of Net Sales Allocated For Royalty Payments
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CY2017Q4 us-gaap Debt Conversion Description
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for an aggregate of 5,500,000 shares of the Company&#8217;s $0.001 par value Common Stock (&#8220;Purchase Price&#8221;) comprising 5,000,000 shares for the principal of the Debenture and 500,000 shares for unpaid coupon interest from October 1, 2017 through June 30, 2018.
nnvc Fair Value Measurement Significant Assumptions
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CY2018Q1 nnvc Series Preferred Shares Issued For Debenture Interest
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
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CY2019Q1 nnvc Stock Repurchase Agreement Agent Fees Terms
StockRepurchaseAgreementAgentFeesTerms
a cash placement fee equal to 5% of the aggregate purchase price for the common stock sold in the offering, plus $25,000 in legal fees.
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CY2019Q1 nnvc Warrants Assumptions Used In Fair Value Disclosure
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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nnvc Non Cash Sharebasedcompensation
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CY2019Q1 nnvc Allocated To Derivative Liability Of Warrants Issued
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us-gaap Nature Of Operations
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<div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Note 1 - Organization and Nature of Business</div></div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.5in; margin-right: 0px; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NanoViricides, Inc. (the Company&#8221;) is a nano-biopharmaceutical research and development company specializing in the discovery, development, and&#160;commercialization of drugs to combat viral infections using its unique and novel nanomedicines technology. NanoViricides is also unique in the bio-pharma field in that it possesses its own state of the art facilities for the design, synthesis, analysis and characterization of the nanomedicines that we develop, as well as for production scale-up, and c-GMP-like production in quantities needed for human clinical trials, where our design, development, and production work is performed. The biological studies such as the effectiveness, safety, bio-distribution and Pharmacokinetics/Pharmacodynamics on our drug candidates are performed by external collaborators and contract organizations.</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; margin-bottom: 0px; margin-top: 0px; text-indent: 0.5in; margin-right: 0px; background: none; font-size: 10pt;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></div></div><div style="font-family: &quot;times new roman&quot;, times, serif; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">We are a company with several drugs in various stages of early development. In our lead antiviral program against herpes viruses, i.e. the HerpeCide&#8482; program alone, we have drug candidates against at least five indications at different stages of development. Of these, the Company is advancing the shingles drug candidate towards human clinical trials. The IND-enabling Safety/Toxicology studies required for doing so have begun as of the end of December&#160;2018 at the contract research organization (&#8220;CRO&#8221;) BASi, Indiana. Typically these studies may last six to nine months. If successful, the Company intends to file an IND after receiving a formal report on these studies from BASi. In addition, our drug candidates against HSV-1 &#8220;cold sores&#8221; and HSV-2 &#8220;genital herpes&#8221; are in advanced studies and are expected to follow the shingles drug candidate into human clinical trials. Shingles in adults and chicken pox in children is caused by the same virus, namely VZV (Varicella-zoster virus, aka HHV-3 or human herpesvirus-3). There are estimated to be approximately 120,000-150,000 annual chickenpox cases in the USA in the post-vaccination-era, i.e. since childhood vaccination with the live attenuated varicella virus Oka strain has become standard. In addition, we have drugs in development against all influenzas in our FluCide&#8482; program, as well as drug candidates against HIV/AIDS, Dengue, Ebola/Marburg, and other viruses.</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none; font-size: 10pt;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></div></div><div style="color: rgb(0, 0, 0); font: 10pt &quot;times new roman&quot;, times, serif; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-align: justify;">Our drugs are based on several patents, patent applications, provisional patent applications, and other proprietary intellectual property held by TheraCour Pharma, Inc. (&#8220;TheraCour&#8221;), to which we have broad, exclusive licenses in perpetuity. The first license agreement we executed with TheraCour on September 1, 2005, gave us an exclusive, worldwide license for the treatment of the following human viral diseases: Human Immunodeficiency Virus (HIV/AIDS), Hepatitis B Virus (HBV), Hepatitis C Virus (HCV), Herpes Simplex Virus (HSV), Influenza and Asian Bird Flu Virus. On February 15, 2010, the Company executed an Additional License Agreement with TheraCour.&#160;&#160;Pursuant to the Additional License Agreement, the Company was granted exclusive licenses, in perpetuity, for technologies, developed by TheraCour, for the development of drug candidates for the treatment of Dengue viruses, Ebola/Marburg viruses, Japanese Encephalitis, viruses causing viral Conjunctivitis (a disease of the eye) and Ocular Herpes.&#160; In addition, the Company&#160;and TheraCour have signed a Memorandum of Understanding of the terms of a license for VZV (shingles, chicken pox virus), and the remaining human herpesviruses from TheraCour. For this purpose, the Company has conducted a valuation for the shingles and PHN indications. A draft of the license agreement is currently in review. We are working to exchange drafts of the proposed license agreement with Theracour. To date, TheraCour has not withheld any licenses for antiviral nanomedicines that NanoViricides has asked for, and we anticipate that the licenses to the remaining herpes viruses including VZV will be executed once the due diligence process is completed.</div><div style="color: rgb(0, 0, 0); font: 10pt &quot;times new roman&quot;, times, serif; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-align: justify; background: none;"></div><div style="color: rgb(0, 0, 0); font: 10pt &quot;times new roman&quot;, times, serif; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-align: justify; background: none;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
nnvc Warrants Issued For Severance Agreement
WarrantsIssuedForSeveranceAgreement
0
CY2019Q1 nnvc Non Cash Sharebasedcompensation
NonCashSharebasedcompensation
28572
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0248
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
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dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2019-03-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Registrant Name
EntityRegistrantName
NANOVIRICIDES, INC.
dei Entity Central Index Key
EntityCentralIndexKey
0001379006
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Trading Symbol
TradingSymbol
NNVC
CY2019Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
76735000
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Entity Small Business
EntitySmallBusiness
false

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