$NNVC
NANOVIRICIDES, INC.

2023 Q2 Form 10-Q Financial Statement

#000141057823001235 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $760.0K $610.0K
YoY Change 22.34% 14.49%
% of Gross Profit
Research & Development $2.910M $1.196M
YoY Change 148.39% -4.7%
% of Gross Profit
Depreciation & Amortization $190.0K $186.3K
YoY Change 1.09% 3.77%
% of Gross Profit
Operating Expenses $3.680M $1.811M
YoY Change 105.27% 1.28%
Operating Profit -$1.811M
YoY Change 1.28%
Interest Expense $110.0K $110.0K
YoY Change 760.05% 2196.93%
% of Operating Profit
Other Income/Expense, Net $107.9K
YoY Change -2353.85%
Pretax Income -$3.570M -$1.703M
YoY Change 100.56% -5.01%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$3.570M -$1.703M
YoY Change 100.56% -5.01%
Net Earnings / Revenue
Basic Earnings Per Share -$0.15
Diluted Earnings Per Share -$0.31 -$0.15
COMMON SHARES
Basic Shares Outstanding 11.67M 11.64M
Diluted Shares Outstanding 11.64M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.150M $9.651M
YoY Change -42.06% -38.02%
Cash & Equivalents $8.100M $9.700M
Short-Term Investments
Other Short-Term Assets $300.0K $280.1K
YoY Change -14.29% -25.22%
Inventory
Prepaid Expenses $295.5K $280.1K
Receivables
Other Receivables
Total Short-Term Assets $8.445M $9.931M
YoY Change -41.42% -37.72%
LONG-TERM ASSETS
Property, Plant & Equipment $8.107M $8.291M
YoY Change -6.76% -5.84%
Goodwill
YoY Change
Intangibles $333.6K $335.6K
YoY Change -2.42% -2.4%
Long-Term Investments
YoY Change
Other Assets $10.00K $19.18K
YoY Change -76.44% -61.03%
Total Long-Term Assets $8.455M $8.646M
YoY Change -6.87% -6.0%
TOTAL ASSETS
Total Short-Term Assets $8.445M $9.931M
Total Long-Term Assets $8.455M $8.646M
Total Assets $16.90M $18.58M
YoY Change -28.07% -26.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $390.0K $306.6K
YoY Change 43.19% 55.96%
Accrued Expenses $143.8K $42.17K
YoY Change 214.63% 66.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $534.3K $348.7K
YoY Change 29.41% -9.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.500M
YoY Change
Total Long-Term Liabilities $1.500M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $534.3K $348.7K
Total Long-Term Liabilities $1.500M $0.00
Total Liabilities $2.034M $348.7K
YoY Change 392.75% -9.82%
SHAREHOLDERS EQUITY
Retained Earnings -$131.0M -$127.5M
YoY Change 6.94% 5.37%
Common Stock $116.00 $11.67K
YoY Change -99.0% 0.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.87M $18.23M
YoY Change
Total Liabilities & Shareholders Equity $16.90M $18.58M
YoY Change -28.07% -26.12%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$3.570M -$1.703M
YoY Change 100.56% -5.01%
Depreciation, Depletion And Amortization $190.0K $186.3K
YoY Change 1.09% 3.77%
Cash From Operating Activities -$1.500M -$1.738M
YoY Change 7.32% 5.01%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $59.30K
YoY Change -100.0% -250.78%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$59.30K
YoY Change -100.0% 50.78%
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 0.000
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -1.500M -1.738M
Cash From Investing Activities 0.000 -59.30K
Cash From Financing Activities 0.000 0.000
Net Change In Cash -1.500M -1.797M
YoY Change -0.38% 1.91%
FREE CASH FLOW
Cash From Operating Activities -$1.500M -$1.738M
Capital Expenditures $0.00 $59.30K
Free Cash Flow -$1.500M -$1.797M
YoY Change 13.44% 11.24%

Facts In Submission

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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 clinical stage nano-biopharmaceutical 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’s lead drug candidate for the treatment of COVID, NV-CoV-2, is about to enter into Phase1a/1b human clinical trials sponsored by our licensee and collaborator in India, Karveer Meditech, Pvt. Ltd (see below). It has shown strong 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 to expand the repertoire of drugs based on NV-387, the active pharmaceutical ingredient contained in the COVID drug product NV-CoV-2. These programs include drug development for the treatment of MPOX virus infection (mpox and smallpox family of viruses) and for the treatment of Respiratory Syncytial Virus (RSV) infection. The Company anticipates that by leveraging NV-387 developments, the regulatory process for resulting drug candidates, if any, would be substantially faster than for de novo development.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Additionally, the Company has 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 its 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. The Company negotiates and licenses specific verticals of therapeutic applications from TheraCour if promising drug candidates are found in early research and development against a virus target. TheraCour has not denied any such licenses when requested.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 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><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company has licensed NV-CoV-2 and NV-CoV-2-R for further clinical drug development and commercialization in the territory of India to Karveer Meditech, Private. Limited. (“Karveer”), a company of which Dr. Anil R. Diwan is a passive investor, and Board Member without possessing operating control. Karveer has sponsored NV-CoV-2 for human clinical trials and has obtained regulatory approvals in India. Karveer has retained a local Clinical Research Organization (CRO) to conduct the clinical trials. NV-CoV-2, is about to enter into Phase1a/1b human clinical trials in India, sponsored by Karveer. We are awaiting notification of start of the clinical trial from Karveer. The drug products, NV-CoV-2 Oral Syrup, and NV-CoV-2 Oral Gummies, were manufactured at the Company’s Shelton campus, and have already been shipped to and received by Karveer. Under the agreement with Karveer, the Company will pay for the expenses of the clinical trials, and in return will benefit from having the data and reports made available for regulatory filings in other territories of the world. Upon commercialization, the Company will receive royalties from Karveer equal to 70% of sales to unaffiliated third parties.</p>
nnvc Percentage Of Royalties On Sales
PercentageOfRoyaltiesOnSales
0.70
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-127500000
us-gaap Net Income Loss
NetIncomeLoss
-5000000.0
us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
0
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
9700000
CY2023Q1 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
6315727
CY2022Q2 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
6185210
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
14807160
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
14658014
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6516265
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5963820
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8290895
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8694194
CY2023Q1 us-gaap Depreciation
Depreciation
186255
CY2022Q1 us-gaap Depreciation
Depreciation
179492
CY2023Q1 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
8168045
CY2022Q2 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
8149416
CY2023Q1 us-gaap Land
Land
260000
CY2022Q2 us-gaap Land
Land
260000
CY2023Q1 nnvc Office Equipment Gross
OfficeEquipmentGross
57781
CY2022Q2 nnvc Office Equipment Gross
OfficeEquipmentGross
57781
CY2023Q1 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
5607
CY2022Q2 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
5607
us-gaap Depreciation
Depreciation
552445
us-gaap Depreciation
Depreciation
529167
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
458954
CY2022Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
458954
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
123308
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
117106
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
335646
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
CY2023Q1 us-gaap Loans Payable
LoansPayable
0
CY2022Q2 us-gaap Loans Payable
LoansPayable
94788
CY2023Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
0
us-gaap Interest Expense Debt
InterestExpenseDebt
938
CY2022Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
2502
us-gaap Interest Expense Debt
InterestExpenseDebt
3445
CY2023Q1 nnvc Directors And Officers Liability Insurance
DirectorsAndOfficersLiabilityInsurance
0
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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