Nanoviricides, Inc 10-Q for FY2024 Q1

Nanoviricides, Inc. (NNVC)

10-Q 2023-11-14 For: 2023-09-30

Added on April 10, 2026

About this 10-Q

Nanoviricides, Inc filed this 10-Q on November 14, 2023, covering the quarter ended September 30, 2023 (FY2024 Q1).

Headline figures

Quarter ended September 30, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $0
Net loss: $1.97M; compared with a net loss of $1.57M a year earlier
Diluted EPS: -$0.17; compared with -$0.14 a year earlier

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Delaware		76-0674577
(State or other jurisdiction)		(IRS Employer Identification No.)
of incorporation or organization)



Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐


Title of each class:	Trading Symbol(s)	Name of each exchange on which registered:
Common Stock	NNVC	NYSE-American


PART I FINANCIAL INFORMATION	3

Item 1. Financial Statements	3

Condensed Balance Sheets at September 30, 2023 (Unaudited) and June 30, 2023	3

Condensed Statements of Operations for the Three Months Ended September 30, 2023 and 2022 (Unaudited)	4

Condensed Statements of Changes in Stockholders’ Equity for the Three Months Ended September 30, 2023 and 2022 (Unaudited)	5

Condensed Statements of Cash Flows for the Three Months Ended September 30, 2023 and 2022 (Unaudited)	7

Notes to the Condensed Financial Statements (Unaudited)	8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	18

Item 3. Quantitative and Qualitative Disclosures About Market Risk	34

Item 4. Controls and Procedures	34

PART II OTHER INFORMATION	34

Item 1. Legal Proceedings	34

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	35

Item 3. Defaults Upon Senior Securities	36

Item 4. Mine Safety Disclosures	36

Item 5. Other Information	36

Item 6. Exhibits and Reports on Form 8-K	37

Signatures	38

Certifications


	September 30,		June 30,
	2023		2023
	(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	6,969,823	$	8,149,808
Prepaid expenses		173,282		295,486
Total current assets		7,143,105		8,445,294

Property and equipment, net		7,927,881		8,106,647

Intangible assets, net		331,511		333,578

OTHER ASSETS
Service agreements		14,324		14,361
Total assets	$	15,416,821	$	16,899,880

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	229,203	$	157,056
Accounts payable – related party		379,485		233,434
Accrued expenses		339,623		143,760
Total current liabilities		948,311		534,250

Convertible promissory note – related party		1,500,000		—
Other non-current liability – related party		—		1,500,000
Total liabilities		2,448,311		2,034,250

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY:
Series A convertible preferred stock, $0.00001 par value, 10,000,000 shares designated, 558,265 and 547,674 shares issued and outstanding, at September 30, 2023 and June 30, 2023, respectively		5		5
Common stock, $0.00001 par value; 150,000,000 shares authorized, 11,745,547 and 11,698,497 shares issued and outstanding, at September 30, 2023 and June 30, 2023, respectively		117		116
Additional paid-in capital		146,017,883		145,946,258
Accumulated deficit		(133,049,495)		(131,080,749)

Total stockholders’ equity		12,968,510		14,865,630

Total liabilities and stockholders’ equity	$	15,416,821	$	16,899,880


	For the Three Months Ended
	September 30,
	2023		2022
OPERATING EXPENSES
Research and development	$	1,466,665	$	1,112,659
General and administrative		564,926		509,701

Total operating expenses		2,031,591		1,622,360

LOSS FROM OPERATIONS		(2,031,591)		(1,622,360)

OTHER INCOME (EXPENSE):
Interest income		99,338		52,562
Interest expense		(36,493)		(844)

Other expense, net		62,845		51,718

LOSS BEFORE INCOME TAX PROVISION		(1,968,746)		(1,570,642)

INCOME TAX PROVISION		—		—

NET LOSS	$	(1,968,746)	$	(1,570,642)

Net loss per common share- basic and diluted	$	(0.17)	$	(0.14)

Weighted average common shares outstanding- basic and diluted		11,718,791		11,592,367


	Series A Preferred			Common Stock:
	Stock: Par $0.00001			Par $0.00001
	Number			Number			Additional				Total
	of			of			Paid-in		Accumulated		Stockholders’
	Shares	Amount		Shares	Amount		Capital		Deficit		Equity
Balance, June 30, 2023	547,674	$	5	11,698,497	$	117	$	145,946,257	$	(131,080,749)	$	14,865,630

Series A preferred stock issued for employee stock compensation	10,591		—	—		—		9,617		—		9,617

Common stock issued for consulting and legal services rendered	—		—	39,103		—		50,600		—		50,600

Warrants issued to Scientific Advisory Board	—		—	—		—		159		—		159

Common shares issued for Directors fees	—		—	7,947		—		11,250		—		11,250

Net loss	—		—	—		—		—		(1,968,746)		(1,968,746)

Balance, September 30, 2023	558,265	$	5	11,745,547	$	117	$	146,017,883	$	(133,049,495)	$	12,968,510


	Potentially Outstanding Dilutive Common Shares
	For the	For the
	Three Months	Three Months
	Ended	Ended
	September 30, 2023	September 30, 2022
Warrants	7,719	8,860


Related Parties		Relationship
Dr. Anil Diwan		Chairman, President, CEO, significant stockholder through his ownership of TheraCour, and Director

TheraCour Pharma, Inc. (“TheraCour”)		An entity owned and controlled by Dr. Anil Diwan

Karveer Meditech Private Limited (“Karveer”)		An entity where Dr. Anil Diwan is a passive investor and advisor without operating control


	As of
	September 30,		June 30,
	2023		2023
Account Payable – Related Party

Pursuant to an Exclusive License Agreement with TheraCour, the Company was granted exclusive licenses for technologies developed by TheraCour for the virus types: HIV, HCV, Herpes, Asian (bird) flu, Influenza and rabies. On November 1, 2019, the Company entered into the VZV Licensing Agreement with TheraCour. On September 9, 2021, the Company entered into a world-wide, exclusive, sub-licensable, COVID-19 License Agreement. In consideration for obtaining these exclusive licenses, the Company agreed: (1) that TheraCour can charge its costs (direct and indirect) plus no more than 30% of certain direct costs as a development fee and such development fees shall be due and payable in periodic installments as billed, (2) the Company will pay $2,000 or actual costs each month, whichever is higher for other general and administrative expenses incurred by TheraCour on the Company’s behalf, (3) to make royalty payments of 15% (calculated as a percentage of net sales of the licensed drugs) to TheraCour and; (4) to pay an advance payment equal to twice the amount of the previous months invoice to be applied as a prepayment towards expenses. Accounts payable due TheraCour at September 30, 2023 and June 30, 2023 were $879,485 and $733,434, respectively, which were each offset by a two month advance of $500,000.	$	379,485	$	233,434


Expected life (year)	4

Expected volatility	54.02	%

Expected annual rate of quarterly dividends	0.00	%

Risk-free rate(s)	4.500	%


		Weighted
		Average		Weighted
		Exercise		Average
		Price		Remaining	Aggregate
	Number of	per share		Contractual Term	Intrinsic Value
Common Stock Warrants	Shares	($)		(years)	($)
Outstanding and exercisable at June 30, 2023	8,004	$	4.96	1.79	$	—

Granted	286		1.63	3.88		—

Expired	(571)		5.88	—		—
Outstanding and exercisable at September 30, 2023	7,719	$	4.77	1.75	$	—


PCT/US21/39050 - SELF-ASSEMBLING AMPHIPHILIC POLYMERS AS ANTI-COVID-19 AGENTS	Applied: June 25, 2021	Ca. 2043 (estimated)	PCT Application filed.	TheraCour Pharma, Inc. [Exclusive License].
PCT/US22/35210 – SELF-ASSEMBLING AMPHIPHILIC POLYMERS AS ANTI-COVID-19 AGENTS (**)	Applied: June 28, 2022	Ca. 2043 (estimated)	PCT Application filed,	TheraCour Pharma, Inc. [Exclusive License].

**: The PCT application PCT/US22/35210 was filed with request for priority of PCT/US21/39050.


Exhibit No.		Description

31.1		Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Executive Officer

31.2		Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Financial Officer

32.1		Section 1350 Certification of Chief Executive Officer

32.2		Section 1350 Certification of Chief Financial Officer

101.INS		Inline XBRL Instance Document

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit)


	NANOVIRICIDES, INC.

	/s/ Anil R. Diwan
Dated: November 14, 2023	Name:	Anil R. Diwan
	Title:	President, Chairman of the Board
	(Principal Executive Officer)

	/s/ Meeta Vyas
Dated: November 14, 2023	Name:	Meeta Vyas
	Title:	Chief Financial Officer
	(Principal Financial Officer)


	September 30,		June 30,
	2023		2023
GMP Facility	$	8,168,045	$	8,168,045

Land		260,000		260,000

Office Equipment		63,056		60,347

Furniture and Fixtures		5,607		5,607

Lab Equipment		6,321,309		6,315,727

Total Property and Equipment		14,818,017		14,809,726

Less Accumulated Depreciation		(6,890,136)		(6,703,079)
Property and Equipment, Net	$	7,927,881	$	8,106,647


	September 30, 2023		September 30, 2023		Total		June 30, 2023		June 30, 2023		Total
	Finite Lived		Indefinite Lived		September 30,		Finite Lived		Indefinite Lived		June 30,
	Intangible Assets		Intangible Assets		2023		Intangible Assets		Intangible Assets		2023
Intangible Assets	$	153,393	$	305,561	$	458,954	$	153,393	$	305,561	$	458,954
Less Accumulated Amortization		(127,443)		—		(127,443)		(125,376)		—		(125,376)
Intangible Assets, Net	$	25,950	$	305,561	$	331,511	$	28,017	$	305,561	$	333,578

4
November 14, 2023	By:	/s/ Anil Diwan
	Name:	Anil Diwan
	Title:	President, Chairman
		(Principal Executive Officer)

May 15
November 14, 2023	By:	/s/ Meeta Vyas
	Name:	Meeta Vyas
	Title:	Chief Financial Officer
		(Principal Financial and Accounting Officer)


November 14, 2023	By:	/s/ Anil Diwan
	Name:	Anil Diwan
	Title:	President, Chairman
		(Principal Executive Officer)