$NNVC
NANOVIRICIDES, INC.

2023 Q1 Form 10-Q Financial Statement

#000141057823000129 Filed on February 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $610.0K $660.0K
YoY Change 14.49% 0.11%
% of Gross Profit
Research & Development $1.196M $1.171M
YoY Change -4.7% -7.18%
% of Gross Profit
Depreciation & Amortization $186.3K $184.9K
YoY Change 3.77% 5.44%
% of Gross Profit
Operating Expenses $1.811M $1.834M
YoY Change 1.28% -4.51%
Operating Profit -$1.811M -$1.834M
YoY Change 1.28% -4.51%
Interest Expense $110.0K $94.00
YoY Change 2196.93% -96.43%
% of Operating Profit
Other Income/Expense, Net $107.9K $88.86K
YoY Change -2353.85% -16024.73%
Pretax Income -$1.703M -$1.745M
YoY Change -5.01% -9.16%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.703M -$1.745M
YoY Change -5.01% -9.16%
Net Earnings / Revenue
Basic Earnings Per Share -$0.15 -$0.15
Diluted Earnings Per Share -$0.15 -$0.15
COMMON SHARES
Basic Shares Outstanding 11.64M 11.59M
Diluted Shares Outstanding 11.64M 11.61M

Balance Sheet

Concept 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.651M $11.45M
YoY Change -38.02% -33.96%
Cash & Equivalents $9.700M $11.45M
Short-Term Investments
Other Short-Term Assets $280.1K $104.6K
YoY Change -25.22% -41.69%
Inventory
Prepaid Expenses $280.1K $104.5K
Receivables
Other Receivables
Total Short-Term Assets $9.931M $11.55M
YoY Change -37.72% -34.04%
LONG-TERM ASSETS
Property, Plant & Equipment $8.291M $8.418M
YoY Change -5.84% -5.89%
Goodwill
YoY Change
Intangibles $335.6K $337.7K
YoY Change -2.4% -2.39%
Long-Term Investments
YoY Change
Other Assets $19.18K $26.51K
YoY Change -61.03% 653.13%
Total Long-Term Assets $8.646M $8.782M
YoY Change -6.0% -5.51%
TOTAL ASSETS
Total Short-Term Assets $9.931M $11.55M
Total Long-Term Assets $8.646M $8.782M
Total Assets $18.58M $20.33M
YoY Change -26.12% -24.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $306.6K $412.7K
YoY Change 55.96% 28.92%
Accrued Expenses $42.17K $51.88K
YoY Change 66.99% 114.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $348.7K $464.6K
YoY Change -9.82% 34.94%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $348.7K $464.6K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $348.7K $464.6K
YoY Change -9.82% 34.94%
SHAREHOLDERS EQUITY
Retained Earnings -$127.5M -$125.8M
YoY Change 5.37% 5.72%
Common Stock $11.67K $11.63K
YoY Change 0.97% 0.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.23M $19.87M
YoY Change
Total Liabilities & Shareholders Equity $18.58M $20.33M
YoY Change -26.12% -24.15%

Cashflow Statement

Concept 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$1.703M -$1.745M
YoY Change -5.01% -9.16%
Depreciation, Depletion And Amortization $186.3K $184.9K
YoY Change 3.77% 5.44%
Cash From Operating Activities -$1.738M -$1.401M
YoY Change 5.01% -33.76%
INVESTING ACTIVITIES
Capital Expenditures $59.30K $45.34K
YoY Change -250.78% -124.46%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$59.30K -$45.34K
YoY Change 50.78% -75.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -23.84K
YoY Change -100.0% -61.15%
NET CHANGE
Cash From Operating Activities -1.738M -1.401M
Cash From Investing Activities -59.30K -45.34K
Cash From Financing Activities 0.000 -23.84K
Net Change In Cash -1.797M -1.470M
YoY Change 1.91% -37.75%
FREE CASH FLOW
Cash From Operating Activities -$1.738M -$1.401M
Capital Expenditures $59.30K $45.34K
Free Cash Flow -$1.797M -$1.446M
YoY Change 11.24% -25.04%

Facts In Submission

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<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 possesses its own state of the art facility that supports research and development and drug discovery, drug candidate optimization, cGMP-compliant drug substance manufacturing, cGMP-compliant manufacturing and packaging of drug products for human clinical trials, and early commercialization.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company has several drugs in various stages of development. The Company has a lead clinical candidate NV-CoV-2 for the treatment of SARS-CoV-2 infection (COVID-19) that has shown effectiveness and safety in pre-clinical studies. NV-CoV-2 mechanism of action is orthogonal and complementary to that of the existing therapeutics, enabling combination therapy with the existing drugs in the market.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company has also initiated additional drug programs for the treatment of Monkeypox (MPOX) virus infection and for the treatment of Enterovirus D68 (EV-D68) pediatric infection, that leverage the development of the clinical stage NV-387 active pharmaceutical ingredient contained in the drug product NV-CoV-2.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company has also previously developed a clinical drug candidate, NV-HHV-1 formulated as skin cream, for the treatment of Shingles. The Company plans on taking NV-HHV-1 into human clinical trials, and further develop the HerpeCide™ program after clinical trials of NV-CoV-2. In the HerpeCide program alone, the Company has drug candidates against at least five indications at different stages of development. The Company’s drug candidates against HSV-1 “cold sores” and HSV-2 “genital herpes” are in advanced pre-clinical studies and are expected to follow the shingles drug candidate into human clinical trials. 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 0pt 12pt 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 licenses are to entire fields and not to specific compounds. In all, the Company has exclusive, worldwide licenses 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-1 and HSV-2), Influenza and Asian Bird Flu Virus, Dengue viruses, Ebola/Marburg viruses, Japanese Encephalitis virus, viruses causing viral Conjunctivitis (a disease of the eye) and Ocular Herpes (restated), VZV infections, and SARS-CoV-2 infections. In all cases, 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, a related party substantially owned by Dr. Anil Diwan, 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. Milestone payments were made or are specified in certain of the license agreements, details of which have been disclosed at the time the agreements were entered into.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company’s business plan is based on developing the drug candidates into regulatory approvals, and partnering and sub-licensing for commercialization of the drugs whenever possible.</p>
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CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
337713
CY2022Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
341848
CY2022Q4 nnvc Service Agreements
ServiceAgreements
26510
CY2022Q2 nnvc Service Agreements
ServiceAgreements
38925
CY2022Q2 us-gaap Security Deposit
SecurityDeposit
3515
CY2022Q4 us-gaap Other Assets
OtherAssets
26510
CY2022Q2 us-gaap Other Assets
OtherAssets
42440
CY2022Q4 us-gaap Assets
Assets
20334963
CY2022Q2 us-gaap Assets
Assets
23494862
CY2022Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
39291
CY2022Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
57960
CY2022Q4 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
373424
CY2022Q2 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
214397
CY2022Q2 us-gaap Loans Payable
LoansPayable
94788
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
51877
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
45692
CY2022Q4 us-gaap Liabilities Current
LiabilitiesCurrent
464592
CY2022Q2 us-gaap Liabilities Current
LiabilitiesCurrent
412837
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
11634576
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
11592173
CY2022Q4 us-gaap Common Stock Value
CommonStockValue
11634
CY2022Q2 us-gaap Common Stock Value
CommonStockValue
11592
CY2022Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
145666194
CY2022Q2 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
145562124
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-125807952
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-122492176
CY2021Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1921134
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3315776
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-4534202
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
-1745134
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
-1921134
us-gaap Net Income Loss
NetIncomeLoss
-3315776
us-gaap Net Income Loss
NetIncomeLoss
-4534202
CY2022Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
CY2021Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.17
CY2022Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
8168045
CY2022Q2 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
8149416
CY2022Q4 us-gaap Land
Land
260000
CY2022Q2 us-gaap Land
Land
260000
CY2022Q4 nnvc Office Equipment Gross
OfficeEquipmentGross
57781
CY2022Q2 nnvc Office Equipment Gross
OfficeEquipmentGross
57781
CY2022Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
5607
CY2022Q2 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
5607
CY2022Q4 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
6256426
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
458954
CY2022Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
458954
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
121241
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
117106
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
337713
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
341848
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
0.0474
CY2022Q4 us-gaap Loans Payable
LoansPayable
0
CY2022Q2 us-gaap Loans Payable
LoansPayable
94788
CY2022Q4 us-gaap Interest Expense Debt
InterestExpenseDebt
94
us-gaap Interest Expense Debt
InterestExpenseDebt
938
CY2021Q4 us-gaap Interest Expense Debt
InterestExpenseDebt
95
us-gaap Interest Expense Debt
InterestExpenseDebt
943
nnvc Share Based Compensation Arrangement By Share Based Payment Award Employee Agreement Term Of Extension
ShareBasedCompensationArrangementByShareBasedPaymentAwardEmployeeAgreementTermOfExtension
P1Y
nnvc Share Based Compensation Arrangement By Share Based Payment Award Employee Agreement Term Of Extension
ShareBasedCompensationArrangementByShareBasedPaymentAwardEmployeeAgreementTermOfExtension
P1Y

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nnvc-20221231_cal.xml Edgar Link unprocessable
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