$NNVC
NANOVIRICIDES, INC.

2023 Q4 Form 10-K Financial Statement

#000141057823002146 Filed on October 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q2 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $610.9K $760.0K $2.550M
YoY Change -7.44% 22.34% 9.5%
% of Gross Profit
Research & Development $1.574M $2.910M $6.392M
YoY Change 34.44% 148.39% 10.5%
% of Gross Profit
Depreciation & Amortization $187.3K $190.0K $739.3K
YoY Change 1.3% 1.09% 3.38%
% of Gross Profit
Operating Expenses $2.185M $3.680M $8.943M
YoY Change 19.13% 105.27% 10.23%
Operating Profit -$2.185M -$8.943M
YoY Change 19.13% 10.23%
Interest Expense $13.32K $110.0K $938.00
YoY Change 14064.89% 760.05% -81.69%
% of Operating Profit
Other Income/Expense, Net $69.82K $354.9K
YoY Change -21.43% 5168.63%
Pretax Income -$2.115M -$3.570M -$8.590M
YoY Change 21.19% 100.56% 5.96%
Income Tax
% Of Pretax Income
Net Earnings -$2.115M -$3.570M -$8.600M
YoY Change 21.19% 100.56% 6.17%
Net Earnings / Revenue
Basic Earnings Per Share -$0.18 -$0.74
Diluted Earnings Per Share -$0.18 -$0.31 -$0.74
COMMON SHARES
Basic Shares Outstanding 11.75M 11.67M 11.63M
Diluted Shares Outstanding 11.75M 11.63M

Balance Sheet

Concept 2023 Q4 2023 Q2 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.245M $8.150M $8.150M
YoY Change -54.18% -42.06% -42.06%
Cash & Equivalents $5.200M $8.100M $8.150M
Short-Term Investments
Other Short-Term Assets $72.44K $300.0K $300.0K
YoY Change -30.71% -14.29% -14.29%
Inventory
Prepaid Expenses $72.44K $295.5K
Receivables
Other Receivables
Total Short-Term Assets $5.318M $8.445M $8.450M
YoY Change -53.97% -41.42% -41.39%
LONG-TERM ASSETS
Property, Plant & Equipment $7.746M $8.107M $8.110M
YoY Change -7.98% -6.76% -6.72%
Goodwill
YoY Change
Intangibles $329.4K $333.6K
YoY Change -2.45% -2.42%
Long-Term Investments
YoY Change
Other Assets $8.860K $10.00K $10.00K
YoY Change -66.58% -76.44% -76.44%
Total Long-Term Assets $8.084M $8.455M $8.450M
YoY Change -7.94% -6.87% -6.92%
TOTAL ASSETS
Total Short-Term Assets $5.318M $8.445M $8.450M
Total Long-Term Assets $8.084M $8.455M $8.450M
Total Assets $13.40M $16.90M $16.90M
YoY Change -34.09% -28.07% -28.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $770.7K $390.0K $390.0K
YoY Change 86.74% 43.19% 43.19%
Accrued Expenses $180.4K $143.8K $140.0K
YoY Change 247.69% 214.63% 206.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $951.1K $534.3K $530.0K
YoY Change 104.71% 29.41% 28.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.500M $1.500M
YoY Change
Total Long-Term Liabilities $0.00 $1.500M $1.500M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $951.1K $534.3K $530.0K
Total Long-Term Liabilities $0.00 $1.500M $1.500M
Total Liabilities $951.1K $2.034M $2.030M
YoY Change 104.71% 392.75% 391.72%
SHAREHOLDERS EQUITY
Retained Earnings -$135.2M -$131.0M
YoY Change 7.44% 6.94%
Common Stock $117.00 $116.00
YoY Change -98.99% -99.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.45M $14.87M $14.87M
YoY Change
Total Liabilities & Shareholders Equity $13.40M $16.90M $16.90M
YoY Change -34.09% -28.07% -28.07%

Cashflow Statement

Concept 2023 Q4 2023 Q2 2023
OPERATING ACTIVITIES
Net Income -$2.115M -$3.570M -$8.600M
YoY Change 21.19% 100.56% 6.17%
Depreciation, Depletion And Amortization $187.3K $190.0K $739.3K
YoY Change 1.3% 1.09% 3.38%
Cash From Operating Activities -$1.721M -$1.500M -$5.700M
YoY Change 22.86% 7.32% -3.39%
INVESTING ACTIVITIES
Capital Expenditures $3.770K $0.00 $151.7K
YoY Change -91.69% -100.0% -53.23%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.770K $0.00 -$151.7K
YoY Change -91.69% -100.0% -53.23%
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 -94.79K
YoY Change -100.0% -100.0% -59.62%
NET CHANGE
Cash From Operating Activities -1.721M -1.500M -5.700M
Cash From Investing Activities -3.770K 0.000 -151.7K
Cash From Financing Activities 0.000 0.000 -94.79K
Net Change In Cash -1.724M -1.500M -5.947M
YoY Change 17.33% -0.38% -3.07%
FREE CASH FLOW
Cash From Operating Activities -$1.721M -$1.500M -$5.700M
Capital Expenditures $3.770K $0.00 $151.7K
Free Cash Flow -$1.724M -$1.500M -$5.852M
YoY Change 19.27% 13.44% -5.99%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;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;text-indent:0pt;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. 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 in Phase1a/1b human clinical trials sponsored by our licensee and collaborator in India, Karveer Meditech Private Limited (Karveer) It 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;text-indent:0pt;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 (NV-387) that are expected to move rapidly from current Phase 1a/1b to Phase 2 and possibly for multiple indications. 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;text-indent:0pt;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), Varicella Zoster Virus (“VZV”) infections (i.e. Shingles and Chickenpox), 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;text-indent:0pt;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;text-indent:0pt;margin:0pt;">The Company has out-licensed NV-CoV-2 and NV-CoV-2-R for further clinical drug development and commercialization in the territory of India to Karveer, a company of which Dr. Anil Diwan is a passive investor and advisor. 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, Phase1a/1b human clinical trials in India, sponsored by Karveer began on June 17, 2023. The clinical trial drug products, NV-CoV-2 Oral Syrup, and NV-CoV-2 Oral Gummies, were manufactured at the Company’s Shelton campus, and then 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>
CY2021Q3 nnvc Percentage Of Royalties On Sales
PercentageOfRoyaltiesOnSales
0.70
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-131000000
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NetIncomeLoss
-8600000
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NetCashProvidedByUsedInOperatingActivities
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RevenueFromContractWithCustomerIncludingAssessedTax
0
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CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><i style="text-decoration-line:underline;text-decoration-style:solid;">Use of Estimates</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances. The amounts of assets and liabilities reported in the Company’s balance sheet and the amounts of expenses reported for each of the periods presented are affected by estimates and assumptions, which are used for but not limited to, accounting for share-based compensation and accounting for income taxes. Actual results could differ from those estimates.</p>
CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
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CY2022 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
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CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><i style="text-decoration-line:underline;text-decoration-style:solid;">Concentrations of Risk</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in FDIC or SIPC insured institutions in excess of federally insured limits under the FDIC. Although the Company currently believes that the financial institutions with whom it does business will be able to fulfill their commitments to the Company, there is no assurance that those institutions will be able to continue to do so. The Company has not experienced any credit losses associated with its balances in such accounts for the fiscal years ended June 30, 2023 and 2022.</p>
CY2023Q2 us-gaap Leasehold Improvements Gross
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8168045
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LeaseholdImprovementsGross
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CY2023Q2 us-gaap Land
Land
260000
CY2022Q2 us-gaap Land
Land
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5607
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CY2022 us-gaap Depreciation
Depreciation
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458954
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FiniteLivedIntangibleAssetsGross
458954
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CY2023Q2 us-gaap Finite Lived Intangible Assets Net
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38676
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4700
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CY2022Q2 nnvc Accrued Clinical Trial Costs Current
AccruedClinicalTrialCostsCurrent
0
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143760
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CY2022Q1 us-gaap Debt Instrument Periodic Payment
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CY2022 us-gaap Interest Expense Debt
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CY2022Q2 nnvc Adjustments To Additional Paid In Capital For Redomiciliation
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CY2023 us-gaap Allocated Share Based Compensation Expense
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CY2023 us-gaap Current Income Tax Expense Benefit
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CY2023 nnvc Percentage Of Us Federal Income Tax Rate
PercentageOfUsFederalIncomeTaxRate
0.21
CY2022 nnvc Percentage Of Us Federal Income Tax Rate
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0.21
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2023 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2023Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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27960157
CY2022Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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27127620
CY2023Q2 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
7868816
CY2022Q2 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
7774567
CY2023Q2 nnvc Deferred Tax Assets Tax Credit Carryforwards Research Expenses Capitalized
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CY2022Q2 nnvc Deferred Tax Assets Tax Credit Carryforwards Research Expenses Capitalized
DeferredTaxAssetsTaxCreditCarryforwardsResearchExpensesCapitalized
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CY2023Q2 us-gaap Deferred Tax Assets Other
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CY2022Q2 us-gaap Deferred Tax Assets Other
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1604592
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CY2022Q2 us-gaap Deferred Tax Assets Gross
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CY2023Q2 us-gaap Deferred Tax Assets Valuation Allowance
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37390846
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
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36506779
CY2023Q2 us-gaap Deferred Tax Assets Net
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CY2022Q2 us-gaap Deferred Tax Assets Net
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CY2023Q2 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
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36506779
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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884067
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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1240080
CY2023Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
104000000
CY2023Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
104000000
CY2018 nnvc Operating Loss That Can Be Carried Forward Indefinitely
OperatingLossThatCanBeCarriedForwardIndefinitely
35000000
CY2018Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
69000000
CY2018 nnvc Net Operating Losses Incurred In Income Tax Payable Net
NetOperatingLossesIncurredInIncomeTaxPayableNet
0.80

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