$NNVC
NANOVIRICIDES, INC.

2024 Q1 Form 10-Q Financial Statement

#000141057824000048 Filed on February 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $693.7K $610.9K
YoY Change 13.73% -7.44%
% of Gross Profit
Research & Development $1.215M $1.574M
YoY Change 1.55% 34.44%
% of Gross Profit
Depreciation & Amortization $187.9K $187.3K
YoY Change 0.88% 1.3%
% of Gross Profit
Operating Expenses $1.908M $2.185M
YoY Change 5.39% 19.13%
Operating Profit -$1.908M -$2.185M
YoY Change 5.39% 19.13%
Interest Expense $53.93K $13.32K
YoY Change -50.97% 14064.89%
% of Operating Profit
Other Income/Expense, Net $53.93K $69.82K
YoY Change -50.04% -21.43%
Pretax Income -$1.854M -$2.115M
YoY Change 8.91% 21.19%
Income Tax
% Of Pretax Income
Net Earnings -$1.854M -$2.115M
YoY Change 8.91% 21.19%
Net Earnings / Revenue
Basic Earnings Per Share -$0.16 -$0.18
Diluted Earnings Per Share -$0.16 -$0.18
COMMON SHARES
Basic Shares Outstanding 11.78M 11.75M
Diluted Shares Outstanding 11.78M 11.75M

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.257M $5.245M
YoY Change -66.25% -54.18%
Cash & Equivalents $3.300M $5.200M
Short-Term Investments
Other Short-Term Assets $258.6K $72.44K
YoY Change -7.7% -30.71%
Inventory
Prepaid Expenses $258.5K $72.44K
Receivables
Other Receivables
Total Short-Term Assets $3.516M $5.318M
YoY Change -64.6% -53.97%
LONG-TERM ASSETS
Property, Plant & Equipment $7.603M $7.746M
YoY Change -8.3% -7.98%
Goodwill
YoY Change
Intangibles $327.4K $329.4K
YoY Change -2.46% -2.45%
Long-Term Investments
YoY Change
Other Assets $18.91K $8.860K
YoY Change -1.41% -66.58%
Total Long-Term Assets $7.949M $8.084M
YoY Change -8.06% -7.94%
TOTAL ASSETS
Total Short-Term Assets $3.516M $5.318M
Total Long-Term Assets $7.949M $8.084M
Total Assets $11.46M $13.40M
YoY Change -38.28% -34.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $554.5K $770.7K
YoY Change 80.88% 86.74%
Accrued Expenses $258.8K $180.4K
YoY Change 513.72% 247.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $813.3K $951.1K
YoY Change 133.22% 104.71%
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 $813.3K $951.1K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $813.3K $951.1K
YoY Change 133.22% 104.71%
SHAREHOLDERS EQUITY
Retained Earnings -$137.0M -$135.2M
YoY Change 7.45% 7.44%
Common Stock $118.00 $117.00
YoY Change -98.99% -98.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.65M $12.45M
YoY Change
Total Liabilities & Shareholders Equity $11.46M $13.40M
YoY Change -38.28% -34.09%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$1.854M -$2.115M
YoY Change 8.91% 21.19%
Depreciation, Depletion And Amortization $187.9K $187.3K
YoY Change 0.88% 1.3%
Cash From Operating Activities -$1.944M -$1.721M
YoY Change 11.82% 22.86%
INVESTING ACTIVITIES
Capital Expenditures $44.63K $3.770K
YoY Change -24.74% -91.69%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$44.63K -$3.770K
YoY Change -24.74% -91.69%
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%
NET CHANGE
Cash From Operating Activities -1.944M -1.721M
Cash From Investing Activities -44.63K -3.770K
Cash From Financing Activities 0.000 0.000
Net Change In Cash -1.988M -1.724M
YoY Change 10.61% 17.33%
FREE CASH FLOW
Cash From Operating Activities -$1.944M -$1.721M
Capital Expenditures $44.63K $3.770K
Free Cash Flow -$1.988M -$1.724M
YoY Change 10.61% 19.27%

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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 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 (KMPL). This candidate has shown effectiveness and safety in pre-clinical studies. The healthy subjects part of the Phase 1a/1b clinical trial was successfully completed recently with no adverse events in both single dose escalation studies and multiple dose escalation 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. Further, the active pharmaceutical ingredient (API) of NV-CoV-2, namely NV-387, was found to be active against Respiratory Syncytial Virus (RSV) in a lethal pre-clinical lung infection study. Therefore NV-387, a broad-spectrum antiviral, may be eligible for a Phase II clinical trial for RSV as well as Coronavirus infections after completing the current Phase 1 study. In addition, the Company reported on November 14, 2023 that NV-387 was found to be effective in a lethal animal model emulating smallpox disease, namely lethal intradigital footpad infection by ectromelia virus in mice. Smallpox therapeutics are important for biodefense purposes. </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 (NV-387) that are expected to move rapidly from current Phase 1a/1b to Phase 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., a related party owned by Dr. Anil Diwan, (“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;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 out-licensed NV-CoV-2 and NV-CoV-2-R for further clinical drug development and commercialization in the territory of India to KMPL, a company of which Dr. Anil Diwan is a passive investor and advisor. KMPL sponsored NV-CoV-2 for human clinical trials and obtained regulatory approvals in India. KMPL has retained a local clinical research organization (CRO) to conduct the clinical trials. The Phase1a/1b human clinical trial of NV-CoV-2 began in India, sponsored by KMPL, 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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">campus, and then shipped to and received by KMPL. Under the agreement with KMPL, 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 KMPL equal to 70% of sales to unaffiliated third parties.</p>
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PercentageOfRoyaltiesOnSales
0.70
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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LinesOfCreditCurrent
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InterestExpenseDebt
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us-gaap Interest Expense Debt
InterestExpenseDebt
50000
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LeaseholdImprovementsGross
8168045
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LeaseholdImprovementsGross
8168045
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Land
260000
CY2023Q2 us-gaap Land
Land
260000
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OfficeEquipmentGross
63056
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OfficeEquipmentGross
60347
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FurnitureAndFixturesGross
5607
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FurnitureAndFixturesGross
5607
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6326783
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FixturesAndEquipmentGross
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PropertyPlantAndEquipmentGross
14823491
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
14809726
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7077399
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6703079
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7746092
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8106647
CY2023Q4 us-gaap Depreciation
Depreciation
187262
CY2022Q4 us-gaap Depreciation
Depreciation
184855
us-gaap Depreciation
Depreciation
374320
us-gaap Depreciation
Depreciation
366190
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FiniteLivedIntangibleAssetsGross
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FiniteLivedIntangibleAssetsGross
458954
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
129511
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
125376
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
329443
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
333578
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
23872
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
39060
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
6500
CY2023Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4700
CY2023Q4 nnvc Accrued Clinical Trial Costs Current
AccruedClinicalTrialCostsCurrent
150000
CY2023Q2 nnvc Accrued Clinical Trial Costs Current
AccruedClinicalTrialCostsCurrent
100000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
180372
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
143760
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
16250
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
5102
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CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
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false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
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false

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