2022 Q2 Form 10-Q Financial Statement
#000141057822001688 Filed on May 16, 2022
Income Statement
Concept | 2022 Q2 | 2022 Q1 | 2021 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 | $621.2K | $532.8K | $659.3K |
YoY Change | 26.74% | -17.18% | -17.46% |
% of Gross Profit | |||
Research & Development | $1.172M | $1.255M | $1.261M |
YoY Change | -26.04% | -14.28% | -15.53% |
% of Gross Profit | |||
Depreciation & Amortization | $188.0K | $179.5K | $175.3K |
YoY Change | 6.69% | 3.11% | 1.38% |
% of Gross Profit | |||
Operating Expenses | $1.793M | $1.788M | $1.921M |
YoY Change | -13.57% | -15.17% | -16.2% |
Operating Profit | -$1.788M | -$1.921M | |
YoY Change | -15.17% | -16.2% | |
Interest Expense | $12.79K | $4.789K | $2.631K |
YoY Change | 820.14% | 867.47% | -92.95% |
% of Operating Profit | |||
Other Income/Expense, Net | -$4.789K | -$558.00 | |
YoY Change | 867.47% | -98.54% | |
Pretax Income | -$1.780M | -$1.793M | -$1.921M |
YoY Change | -14.13% | -14.96% | -17.55% |
Income Tax | $0.00 | $0.00 | |
% Of Pretax Income | |||
Net Earnings | -$1.780M | -$1.793M | -$1.921M |
YoY Change | -14.13% | -14.96% | -17.55% |
Net Earnings / Revenue | |||
Basic Earnings Per Share | -$0.16 | -$0.17 | |
Diluted Earnings Per Share | -$154.0K | -$0.16 | -$0.17 |
COMMON SHARES | |||
Basic Shares Outstanding | 11.55M | 11.54M | 11.53M |
Diluted Shares Outstanding | 11.54M | 11.53M |
Balance Sheet
Concept | 2022 Q2 | 2022 Q1 | 2021 Q4 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $14.07M | $15.57M | $17.34M |
YoY Change | -31.44% | -32.0% | -5.75% |
Cash & Equivalents | $14.10M | $15.60M | $17.30M |
Short-Term Investments | |||
Other Short-Term Assets | $350.0K | $374.6K | $179.3K |
YoY Change | 13.98% | 12.98% | 90.15% |
Inventory | |||
Prepaid Expenses | $350.0K | $337.2K | $141.9K |
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $14.42M | $15.95M | $17.52M |
YoY Change | -30.77% | -31.36% | -5.26% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $8.694M | $8.805M | $8.945M |
YoY Change | -4.3% | -4.03% | -3.17% |
Goodwill | |||
YoY Change | |||
Intangibles | $341.8K | $343.9K | $346.0K |
YoY Change | -2.36% | ||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $42.44K | $49.22K | $3.520K |
YoY Change | 1105.68% | 1298.3% | -39.83% |
Total Long-Term Assets | $9.078M | $9.198M | $9.294M |
YoY Change | -3.81% | -3.49% | -3.16% |
TOTAL ASSETS | |||
Total Short-Term Assets | $14.42M | $15.95M | $17.52M |
Total Long-Term Assets | $9.078M | $9.198M | $9.294M |
Total Assets | $23.49M | $25.14M | $26.81M |
YoY Change | -22.36% | -23.25% | -4.54% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $272.4K | $196.6K | $320.1K |
YoY Change | 17.62% | -71.15% | 1.94% |
Accrued Expenses | $45.69K | $25.25K | $24.16K |
YoY Change | 88.15% | 4.22% | -4.37% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $94.79K | $164.9K | $0.00 |
YoY Change | -0.55% | -0.54% | |
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $412.8K | $386.7K | $344.3K |
YoY Change | 17.57% | -55.62% | 1.47% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $412.8K | $386.7K | $344.3K |
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
Total Liabilities | $412.8K | $386.7K | $344.3K |
YoY Change | 17.57% | -55.62% | 1.47% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$122.5M | -$121.0M | -$119.0M |
YoY Change | 7.09% | ||
Common Stock | $11.59K | $11.55K | $11.53K |
YoY Change | 0.67% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $23.08M | $24.76M | $26.47M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $23.49M | $25.14M | $26.81M |
YoY Change | -22.36% | -23.25% | -4.54% |
Cashflow Statement
Concept | 2022 Q2 | 2022 Q1 | 2021 Q4 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$1.780M | -$1.793M | -$1.921M |
YoY Change | -14.13% | -14.96% | -17.55% |
Depreciation, Depletion And Amortization | $188.0K | $179.5K | $175.3K |
YoY Change | 6.69% | 3.11% | 1.38% |
Cash From Operating Activities | -$1.398M | -$1.655M | -$2.114M |
YoY Change | -37.26% | 15.36% | -8.69% |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$75.36K | -$39.33K | -$185.4K |
YoY Change | -10.96% | -64.42% | 2060.26% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | -$75.36K | -$39.33K | -$185.4K |
YoY Change | -10.96% | -64.42% | 2060.26% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | -32.71K | -69.30K | -61.37K |
YoY Change | -53.6% | -101.15% | -94.29% |
NET CHANGE | |||
Cash From Operating Activities | -1.398M | -1.655M | -2.114M |
Cash From Investing Activities | -75.36K | -39.33K | -185.4K |
Cash From Financing Activities | -32.71K | -69.30K | -61.37K |
Net Change In Cash | -1.506M | -1.764M | -2.361M |
YoY Change | -36.81% | -139.14% | -30.54% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$1.398M | -$1.655M | -$2.114M |
Capital Expenditures | -$75.36K | -$39.33K | -$185.4K |
Free Cash Flow | -$1.322M | -$1.616M | -$1.929M |
YoY Change | -38.3% | 22.02% | -16.39% |
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StockIssuedDuringSharesIssuedForShareBasedCompensationConsultingAndLegalServices
|
1644 | |
CY2021Q4 | nnvc |
Stock Issued For Payment Of Director Fees Value
StockIssuedForPaymentOfDirectorFeesValue
|
15000 | |
CY2021Q4 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1921134 | |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
26465306 | |
CY2022Q1 | nnvc |
Series Preferred Shares Issued During Period Employee Stock Compensation Value Issued
SeriesPreferredSharesIssuedDuringPeriodEmployeeStockCompensationValueIssued
|
39401 | |
CY2022Q1 | nnvc |
Stock Issued During July Value Issued For Share Based Compensation Consulting And Legal Service One
StockIssuedDuringJulyValueIssuedForShareBasedCompensationConsultingAndLegalServiceOne
|
27000 | |
CY2022Q1 | us-gaap |
Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
|
6768 | |
CY2022Q1 | nnvc |
Stock Issued During Shares Issued For Share Based Compensation Consulting And Legal Services
StockIssuedDuringSharesIssuedForShareBasedCompensationConsultingAndLegalServices
|
785 | |
CY2022Q1 | nnvc |
Stock Issued For Payment Of Director Fees Value
StockIssuedForPaymentOfDirectorFeesValue
|
11250 | |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1792664 | |
CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
24757846 | |
CY2020Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
21757962 | |
CY2020Q3 | nnvc |
Series Preferred Shares Issued During Period Employee Stock Compensation Value Issued
SeriesPreferredSharesIssuedDuringPeriodEmployeeStockCompensationValueIssued
|
53098 | |
CY2020Q3 | nnvc |
Stock Issued During July Value Issued For Share Based Compensation Consulting And Legal Service One
StockIssuedDuringJulyValueIssuedForShareBasedCompensationConsultingAndLegalServiceOne
|
27000 | |
CY2020Q3 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
10442216 | |
CY2020Q3 | nnvc |
Stock Issued During Shares Issued For Share Based Compensation Consulting And Legal Services
StockIssuedDuringSharesIssuedForShareBasedCompensationConsultingAndLegalServices
|
1986 | |
CY2020Q3 | nnvc |
Stock Issued For Payment Of Director Fees Value
StockIssuedForPaymentOfDirectorFeesValue
|
11250 | |
CY2020Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2311233 | |
CY2020Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
29982279 | |
CY2020Q4 | nnvc |
Series Preferred Shares Issued During Period Employee Stock Compensation Value Issued
SeriesPreferredSharesIssuedDuringPeriodEmployeeStockCompensationValueIssued
|
50602 | |
CY2020Q4 | nnvc |
Stock Issued During July Value Issued For Share Based Compensation Consulting And Legal Service One
StockIssuedDuringJulyValueIssuedForShareBasedCompensationConsultingAndLegalServiceOne
|
27000 | |
CY2020Q4 | nnvc |
Stock Issued During Shares Issued For Share Based Compensation Consulting And Legal Services
StockIssuedDuringSharesIssuedForShareBasedCompensationConsultingAndLegalServices
|
1215 | |
CY2020Q4 | nnvc |
Stock Issued For Payment Of Director Fees Value
StockIssuedForPaymentOfDirectorFeesValue
|
15000 | |
CY2020Q4 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2330054 | |
CY2020Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
27746042 | |
CY2021Q1 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
6121481 | |
CY2021Q1 | nnvc |
Series Preferred Shares Issued During Period Employee Stock Compensation Value Issued
SeriesPreferredSharesIssuedDuringPeriodEmployeeStockCompensationValueIssued
|
71500 | |
CY2021Q1 | nnvc |
Stock Issued During July Value Issued For Share Based Compensation Consulting And Legal Service One
StockIssuedDuringJulyValueIssuedForShareBasedCompensationConsultingAndLegalServiceOne
|
27000 | |
CY2021Q1 | us-gaap |
Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
|
15038 | |
CY2021Q1 | nnvc |
Stock Issued During Shares Issued For Share Based Compensation Consulting And Legal Services
StockIssuedDuringSharesIssuedForShareBasedCompensationConsultingAndLegalServices
|
1750 | |
CY2021Q1 | nnvc |
Stock Issued For Payment Of Director Fees Value
StockIssuedForPaymentOfDirectorFeesValue
|
15000 | |
CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2108030 | |
CY2021Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
31889781 | |
us-gaap |
Profit Loss
ProfitLoss
|
-6326866 | ||
us-gaap |
Profit Loss
ProfitLoss
|
-6749317 | ||
nnvc |
Preferred Shares Issued As Compensation
PreferredSharesIssuedAsCompensation
|
105658 | ||
nnvc |
Preferred Shares Issued As Compensation
PreferredSharesIssuedAsCompensation
|
175200 | ||
nnvc |
Preferred Shares Issued For License Agreement
PreferredSharesIssuedForLicenseAgreement
|
935088 | ||
nnvc |
Preferred Shares Issued For License Agreement
PreferredSharesIssuedForLicenseAgreement
|
0 | ||
us-gaap |
Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
|
129018 | ||
us-gaap |
Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
|
137288 | ||
us-gaap |
Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
|
3781 | ||
us-gaap |
Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
|
4951 | ||
us-gaap |
Depreciation
Depreciation
|
529167 | ||
us-gaap |
Depreciation
Depreciation
|
522172 | ||
nnvc |
Amortization Of Loan Origination Fees
AmortizationOfLoanOriginationFees
|
0 | ||
nnvc |
Amortization Of Loan Origination Fees
AmortizationOfLoanOriginationFees
|
18013 | ||
us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
6202 | ||
us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
6202 | ||
us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
0 | ||
us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
-2026 | ||
nnvc |
Written Off Financing Costs Classified As Operating Activities
WrittenOffFinancingCostsClassifiedAsOperatingActivities
|
0 | ||
nnvc |
Written Off Financing Costs Classified As Operating Activities
WrittenOffFinancingCostsClassifiedAsOperatingActivities
|
12190 | ||
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-204118 | ||
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-180988 | ||
us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
45702 | ||
us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
-10158 | ||
us-gaap |
Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
|
-77029 | ||
us-gaap |
Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
|
-282492 | ||
us-gaap |
Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
|
42048 | ||
us-gaap |
Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
|
21495 | ||
us-gaap |
Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
967 | ||
us-gaap |
Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
-45012 | ||
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-4493550 | ||
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-5986138 | ||
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
248986 | ||
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
154122 | ||
nnvc |
Proceeds From Issuance Of Common Stock And Warrants
ProceedsFromIssuanceOfCommonStockAndWarrants
|
0 | ||
nnvc |
Proceeds From Issuance Of Common Stock And Warrants
ProceedsFromIssuanceOfCommonStockAndWarrants
|
16563697 | ||
nnvc |
Payment Of Note Payable Related Party
PaymentOfNotePayableRelatedParty
|
0 | ||
nnvc |
Payment Of Note Payable Related Party
PaymentOfNotePayableRelatedParty
|
1100000 | ||
us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
37408 | ||
us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
0 | ||
nnvc |
Payment Of Loans Payable
PaymentOfLoansPayable
|
164599 | ||
nnvc |
Payment Of Loans Payable
PaymentOfLoansPayable
|
132513 | ||
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-202007 | ||
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
15331184 | ||
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-4944543 | ||
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
9190924 | ||
CY2021Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
20516677 | |
CY2020Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
13708594 | |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
15572134 | |
CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
22899518 | |
us-gaap |
Interest Paid Net
InterestPaidNet
|
3488 | ||
us-gaap |
Interest Paid Net
InterestPaidNet
|
3171 | ||
nnvc |
Directors And Officers Insurance Financed Through Loan
DirectorsAndOfficersInsuranceFinancedThroughLoan
|
234198 | ||
nnvc |
Directors And Officers Insurance Financed Through Loan
DirectorsAndOfficersInsuranceFinancedThroughLoan
|
235476 | ||
us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Note 1 – Organization and Nature of Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">NanoViricides, Inc. (the “Company”) is a nano-biopharmaceutical research and development company specializing in the discovery, development, and 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 the Company develops, as well as for production scale-up, and c-GMP-like production in quantities needed for human clinical trials, where the Company’s design, development, and production work is performed. The biological studies such as the effectiveness, safety, bio-distribution and Pharmacokinetics/Pharmacodynamics on the Company’s drug candidates are performed by external collaborators and contract organizations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company has several drugs in various stages of early development. COVID-19 has become the Company’s lead drug program due to the necessity of responding to the pandemic. The Company began development of a drug to treat COVID-19 patients just as the cases of the novel disease were being reported from China. The Company’s drug candidates for COVID-19 successfully entered core safety pharmacology studies required prior to any human clinical trials around October/November, 2020. The studies were completed in January and February 2021, and the Company had received, at that time, draft reports from the external Contract Research Organization (CRO). The final quality audited reports on these studies have been signed and released to the Company. These cGLP core safety pharmacology reports are required for an Investigational New Drug (IND) Application. The Company is currently working on a pre-IND application to the US Food and Drug Administration (FDA) to seek guidance for an IND. The Company is also involved with tasks needed for setting up and executing human clinical trials for the Company’s COVID-19 drug candidates, including selection of a Clinical Trial Contract Research Organization. In addition to the FDA, the Company is also seeking to obtain regulatory approvals from other international bodies in order to perform the clinical trials in countries other than the USA. The Company cannot provide a timeline at this point because of external dependencies in the filing of regulatory applications, their approval(s) and beginning of clinical trials. There are 15 COVID-19 drugs that have received Emergency Use Authorization (EUA) and one drug that has received full approval (remdesivir) from the FDA (https://www.fda.gov/drugs/coronavirus-covid-19-drugs/coronavirus-treatment-acceleration-program-ctap#dashboard). In addition, there are at least three vaccines licensed in the USA and several more are in use internationally. Apart from remdesivir and antibodies, there are very few drugs with direct antiviral effect that have EUA or are in clinical trials. Internationally, virus variants have continued to emerge with resistance to drugs and vaccines. Scientists believe it is only a matter of time before resistant variants against existing vaccines and therapeutics become commonplace. Thus the need for therapeutics that the virus would not escape by mutations, such as the broad-spectrum, pan-coronavirus nanoviricides drug candidates, remains unmet. Additionally, specific populations such as immune-compromised persons, HIV-positive persons, and others would require therapeutics even if they are fully vaccinated, as the weak immune system in these populations limits the ability of vaccines to protect from COVID-19 infection and disease.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company plans on re-engaging its other lead antiviral program against herpes viruses, i.e. the HerpeCide™ program, as soon as it becomes feasible to conduct the corresponding antiviral human clinical studies. In the HerpeCide program alone, the Company has 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 been completed and the Company was in the process of preparing an IND application for this drug candidate when the SRAS-CoV-2 virus struck, whereupon management pivoted its efforts to respond to the threat of what has now become the COVID-19 pandemic. In addition, the Company’s drug candidates against HSV-1 “cold sores” and HSV-2 “genital herpes” 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, the Company has drugs in development against all influenzas in our FluCide™ program, as well as drug candidates against HIV/AIDS, Dengue, Ebola/Marburg, and other viruses.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company’s drugs are based on several patents, patent applications, provisional patent applications, and other proprietary intellectual property held by TheraCour Pharma, Inc. (“TheraCour”), to which the Company has broad, exclusive licenses. The first license agreement the Company executed with TheraCour on September 1, 2005 (“Exclusive License Agreement”), gave the Company 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. Pursuant to the Additional License Agreement, the Company was granted exclusive licenses 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. In addition, on November 1, 2019, the Company entered into a world-wide, exclusive, sub-licensable, license (“VZV License Agreement”) to use, promote, offer for sale, import, export, sell and distribute drugs that treat VZV infections, using TheraCour’s proprietary as well as patented technology and intellectual property. The discovery of ligands and polymer materials as well as formulations, the chemistry and chemical characterization, as well as process development and related work will be performed by TheraCour under the same compensation terms as prior agreements between the parties, with no duplication of costs allowed. Upon commercialization, NanoViricides will pay 15% of net sales to TheraCour, as defined in the agreement. The Company was not required to make any upfront payments to TheraCour and agreed to the following milestone payments to TheraCour; the issuance of 75,000 shares of the Company’s Series A preferred stock upon the grant of an IND Application; $1,500,000 in cash upon completion of Phase I Clinical Trials; $2,500,000 in cash upon completion of Phase II clinical trials; and $5,000,000 in cash upon completion of Phase III clinical trials. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On September 9, 2021, the Company entered into a world-wide, exclusive, sub-licensable, license (“Covid-19 License Agreement”) to use, promote, offer for sale, import, export, sell and distribute drugs that treat Covid-19 infections, using TheraCour’s proprietary as well as patented technology and intellectual property. The discovery of ligands and polymer materials as well as formulations, the chemistry and chemical characterization, as well as process development and related work will be performed by TheraCour under the same compensation terms as prior agreements between the parties, with no duplication of costs allowed. Upon commercialization, NanoViricides will pay 15% of net sales to TheraCour, as defined in the agreement. The Company was not required to make any upfront cash payments to TheraCour and agreed to the following milestone payments to TheraCour: (i) the issuance of 100,000 shares of the Company’s Series A preferred stock within 30 days upon execution of this agreement; (ii) the issuance of 50,000 shares of the Company’s Series A preferred stock upon the approval of the Company's IND Application or its equivalent by a competent regulatory authority; (iii) $1,500,000 upon initiation of Phase I clinical trials, or its equivalent, for at least one licensed product within-the field on, or before, three (3) months from the date of the authority’s acceptance of the IND, or its equivalent; (iv) $2,000,000 in cash upon completion of Phase 1 clinical trials; (v) $2,500,000 in cash upon completion of Phase IIA clinical trials, or, its equivalent; (vi) the issuance of 100,000 shares of the Company’s Series A preferred stock upon the initiation of Phase 3 clinical trials, or, its equivalent, for at least one licensed product within the field; and (vii) $5,000,000 in cash, or 500,000 shares of the Company’s Series A preferred stock upon completion of Phase III clinical trials, or its equivalent. Upon commercialization, NanoViricides will pay 15% of net sales to TheraCour, as defined in the agreement.</p> | ||
CY2019Q4 | nnvc |
Stock Issued During Period Value New Issues Cash Upon Completion Of Phase1 Clinical Trials
StockIssuedDuringPeriodValueNewIssuesCashUponCompletionOfPhase1ClinicalTrials
|
1500000 | |
CY2019Q4 | nnvc |
Stock Issued During Period Value New Issues Cash Upon Completion Of Phase2 Clinical Trials
StockIssuedDuringPeriodValueNewIssuesCashUponCompletionOfPhase2ClinicalTrials
|
2500000 | |
CY2019Q4 | nnvc |
Stock Issued During Period Value New Issues Cash Upon Completion Of Phase3 Clinical Trials
StockIssuedDuringPeriodValueNewIssuesCashUponCompletionOfPhase3ClinicalTrials
|
5000000 | |
CY2022Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-121000000 | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-6300000 | ||
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-4500000 | ||
CY2022Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
15600000 | |
CY2022Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
14582652 | |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
9146 | ||
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
14146 | ||
nnvc |
Percentage Of Direct Costs
PercentageOfDirectCosts
|
0.30 | ||
us-gaap |
Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
|
2000 | ||
CY2022Q1 | nnvc |
Debt Instrument Interest Payable Escrowed
DebtInstrumentInterestPayableEscrowed
|
132000 | |
CY2021Q1 | nnvc |
Interest Expense Which Reduced Interest Escrow Deposit Retained By Lender Amount
InterestExpenseWhichReducedInterestEscrowDepositRetainedByLenderAmount
|
0 | |
nnvc |
Interest Expense Which Reduced Interest Escrow Deposit Retained By Lender Amount
InterestExpenseWhichReducedInterestEscrowDepositRetainedByLenderAmount
|
62773 | ||
CY2022Q1 | us-gaap |
Leasehold Improvements Gross
LeaseholdImprovementsGross
|
8149416 | |
CY2021Q2 | us-gaap |
Leasehold Improvements Gross
LeaseholdImprovementsGross
|
8020471 | |
CY2022Q1 | us-gaap |
Land
Land
|
260000 | |
CY2021Q2 | us-gaap |
Land
Land
|
260000 | |
CY2022Q1 | nnvc |
Office Equipment Gross
OfficeEquipmentGross
|
57781 | |
CY2021Q2 | nnvc |
Office Equipment Gross
OfficeEquipmentGross
|
57781 | |
CY2022Q1 | us-gaap |
Furniture And Fixtures Gross
FurnitureAndFixturesGross
|
5607 | |
CY2021Q2 | us-gaap |
Furniture And Fixtures Gross
FurnitureAndFixturesGross
|
5607 | |
CY2022Q1 | us-gaap |
Fixtures And Equipment Gross
FixturesAndEquipmentGross
|
6109848 | |
CY2021Q2 | us-gaap |
Fixtures And Equipment Gross
FixturesAndEquipmentGross
|
5989807 | |
CY2021Q2 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
14333666 | |
CY2022Q1 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
5777932 | |
us-gaap |
Depreciation
Depreciation
|
522172 | ||
CY2021Q2 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
5248765 | |
CY2022Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
8804720 | |
CY2021Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
9084901 | |
CY2022Q1 | us-gaap |
Depreciation
Depreciation
|
179492 | |
CY2021Q1 | us-gaap |
Depreciation
Depreciation
|
174076 | |
us-gaap |
Depreciation
Depreciation
|
529167 | ||
CY2022Q1 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
458954 | |
CY2021Q2 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
458954 | |
CY2022Q1 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
115038 | |
CY2021Q2 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
108836 | |
CY2022Q1 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
343916 | |
CY2021Q2 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
350118 | |
CY2022Q1 | us-gaap |
Adjustment For Amortization
AdjustmentForAmortization
|
2067 | |
CY2021Q1 | us-gaap |
Adjustment For Amortization
AdjustmentForAmortization
|
2067 | |
us-gaap |
Adjustment For Amortization
AdjustmentForAmortization
|
6202 | ||
us-gaap |
Adjustment For Amortization
AdjustmentForAmortization
|
6202 | ||
CY2022Q1 | us-gaap |
Debt Instrument Face Amount
DebtInstrumentFaceAmount
|
234198 | |
CY2021Q1 | us-gaap |
Debt Instrument Face Amount
DebtInstrumentFaceAmount
|
235476 | |
CY2022Q1 | us-gaap |
Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
|
23932 | |
CY2021Q1 | us-gaap |
Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
|
24062 | |
CY2022Q1 | us-gaap |
Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
|
0.0474 | |
CY2021Q1 | us-gaap |
Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
|
0.05 | |
CY2022Q1 | us-gaap |
Loans Payable
LoansPayable
|
164905 | |
CY2021Q2 | us-gaap |
Loans Payable
LoansPayable
|
95306 | |
CY2022Q1 | us-gaap |
Interest Expense Debt
InterestExpenseDebt
|
2502 | |
us-gaap |
Interest Expense Debt
InterestExpenseDebt
|
3282 | ||
us-gaap |
Interest Expense Debt
InterestExpenseDebt
|
3445 | ||
CY2021Q1 | us-gaap |
Interest Expense Debt
InterestExpenseDebt
|
2516 | |
nnvc |
Ratio Of Converted Value To Common
RatioOfConvertedValueToCommon
|
0.035 | ||
nnvc |
Employment Agreement Term
EmploymentAgreementTerm
|
P3Y |