$NNVC
NANOVIRICIDES, INC.

2024 Q2 Form 10-Q Financial Statement

#000141057824000843 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.209M $693.7K
YoY Change 59.11% 13.73%
% of Gross Profit
Research & Development $1.182M $1.215M
YoY Change -59.38% 1.55%
% of Gross Profit
Depreciation & Amortization $190.6K $187.9K
YoY Change 0.32% 0.88%
% of Gross Profit
Operating Expenses $2.391M $1.908M
YoY Change -35.02% 5.39%
Operating Profit -$1.908M
YoY Change 5.39%
Interest Expense $35.37K $53.93K
YoY Change -67.85% -50.97%
% of Operating Profit
Other Income/Expense, Net $53.93K
YoY Change -50.04%
Pretax Income -$2.356M -$1.854M
YoY Change -34.01% 8.91%
Income Tax
% Of Pretax Income
Net Earnings -$2.356M -$1.854M
YoY Change -34.01% 8.91%
Net Earnings / Revenue
Basic Earnings Per Share -$0.16
Diluted Earnings Per Share -$0.19 -$0.16
COMMON SHARES
Basic Shares Outstanding 11.81M 11.78M
Diluted Shares Outstanding 11.78M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.798M $3.257M
YoY Change -41.13% -66.25%
Cash & Equivalents $4.800M $3.300M
Short-Term Investments
Other Short-Term Assets $172.7K $258.6K
YoY Change -42.42% -7.7%
Inventory
Prepaid Expenses $172.7K $258.5K
Receivables
Other Receivables
Total Short-Term Assets $4.971M $3.516M
YoY Change -41.14% -64.6%
LONG-TERM ASSETS
Property, Plant & Equipment $7.512M $7.603M
YoY Change -7.33% -8.3%
Goodwill
YoY Change
Intangibles $325.3K $327.4K
YoY Change -2.48% -2.46%
Long-Term Investments
YoY Change
Other Assets $14.56K $18.91K
YoY Change 45.6% -1.41%
Total Long-Term Assets $7.852M $7.949M
YoY Change -7.12% -8.06%
TOTAL ASSETS
Total Short-Term Assets $4.971M $3.516M
Total Long-Term Assets $7.852M $7.949M
Total Assets $12.82M $11.46M
YoY Change -24.12% -38.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.096M $554.5K
YoY Change 181.11% 80.88%
Accrued Expenses $262.5K $258.8K
YoY Change 82.57% 513.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.359M $813.3K
YoY Change 154.33% 133.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.359M $813.3K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $1.359M $813.3K
YoY Change -33.19% 133.22%
SHAREHOLDERS EQUITY
Retained Earnings -$139.4M -$137.0M
YoY Change 6.41% 7.45%
Common Stock $131.00 $118.00
YoY Change 12.93% -98.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.46M $10.65M
YoY Change
Total Liabilities & Shareholders Equity $12.82M $11.46M
YoY Change -24.12% -38.28%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$2.356M -$1.854M
YoY Change -34.01% 8.91%
Depreciation, Depletion And Amortization $190.6K $187.9K
YoY Change 0.32% 0.88%
Cash From Operating Activities -$1.481M -$1.944M
YoY Change -1.24% 11.82%
INVESTING ACTIVITIES
Capital Expenditures $98.16K $44.63K
YoY Change -24.74%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$98.16K -$44.63K
YoY Change -24.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.120M 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -1.481M -1.944M
Cash From Investing Activities -98.16K -44.63K
Cash From Financing Activities 3.120M 0.000
Net Change In Cash 1.541M -1.988M
YoY Change -202.7% 10.61%
FREE CASH FLOW
Cash From Operating Activities -$1.481M -$1.944M
Capital Expenditures $98.16K $44.63K
Free Cash Flow -$1.579M -$1.988M
YoY Change 5.3% 10.61%

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 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 NV-387, formulated as the drug product NV-CoV-2, has recently completed Phase 1a/1b clinical trial for the assessment of human safety and tolerability upon increasing single and multiple dosings. This Phase 1a/1b clinical trial is sponsored by our licensee and collaborator in India, Karveer Meditech Private Limited (KMPL). NV-CoV-2 contains the nanoviricide active pharmaceutical ingredient (API) called NV-387. </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-387. 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 including Bird Flu H5N1 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 substantially 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, and 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. 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 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 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 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 less costs to unaffiliated third parties.</p>
nnvc Percentage Of Royalties On Sales
PercentageOfRoyaltiesOnSales
0.70
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-137000000.0
us-gaap Net Income Loss
NetIncomeLoss
-5900000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4800000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
0
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3300000
CY2024Q1 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
2000000
CY2024Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
0
us-gaap Interest Expense Debt
InterestExpenseDebt
49808
CY2024Q1 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
8168045
CY2023Q2 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
8168045
CY2024Q1 us-gaap Land
Land
260000
CY2023Q2 us-gaap Land
Land
260000
CY2024Q1 nnvc Office Equipment Gross
OfficeEquipmentGross
63056
CY2023Q2 nnvc Office Equipment Gross
OfficeEquipmentGross
60347
CY2024Q1 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
5607
CY2023Q2 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
5607
CY2024Q1 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
6371415
CY2023Q2 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
6315727
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
14868123
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
14809726
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7265288
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6703079
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7602835
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8106647
CY2024Q1 us-gaap Depreciation
Depreciation
187889
CY2023Q1 us-gaap Depreciation
Depreciation
186255
us-gaap Depreciation
Depreciation
562209
us-gaap Depreciation
Depreciation
552445
CY2024Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
458954
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
458954
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
131578
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
125376
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
327376
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
333578
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
22360
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
39060
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
9000
CY2023Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4700
CY2024Q1 nnvc Accrued Clinical Trial Costs Current
AccruedClinicalTrialCostsCurrent
227435
CY2023Q2 nnvc Accrued Clinical Trial Costs Current
AccruedClinicalTrialCostsCurrent
100000
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
258795
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
143760
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
8125
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
2551
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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