NanoViricides Inc (NNVC) Quarterly 10-Q Report

The report was filed on November 14, 2024

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NanoViricides, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.

The filing includes financial statements for the quarter, showing a net loss of $3,126,811, or $0.23 per share, compared to a net loss of $1,968,746, or $0.17 per share, in the same quarter the previous year. The increase in net loss is attributed to higher research and development expenses and increased general and administrative costs.

Research and development expenses increased to $1,933,091 from $1,466,665 in the previous year, due to an increase in laboratory fees. General and administrative expenses rose to $1,234,743 from $534,926, primarily due to increased professional fees associated with investor outreach.

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Interest income for the quarter was $41,023, down from $99,338 in the previous year, due to a decrease in cash balances. There was no interest expense for the quarter, compared to $36,493 in the previous year, as a result of the conversion of a promissory note to Series A preferred shares.

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As of September 30, 2024, NanoViricides reported cash and cash equivalents of $3,866,289, with total liabilities of approximately $1.6 million, including accounts payable of $713,000 to third parties and $637,000 to TheraCour Pharma, Inc.

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The company raised approximately $631,000 through ATM sales of common stock from October 1, 2024, to November 7, 2024. Management believes that existing resources, including a $3 million line of credit, will not be sufficient to fund planned operations for at least 12 months, raising substantial doubt about the company's ability to continue as a going concern.

NanoViricides is focused on developing NV-387, an ultra-broad-spectrum antiviral drug, for multiple indications including RSV, MPox, and Influenza. The company plans to initiate Phase II clinical trials for these indications, with an emphasis on pediatric RSV treatment.

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NV-387 has completed a Phase I clinical trial with no adverse events reported, indicating safety and tolerability. The company is preparing for Phase II trials and is in discussions with experts in India regarding the best indication for the next phase.

NanoViricides continues to explore additional funding options, including non-dilutive grants, contracts, and potential partnerships, to support its drug development programs.

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This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NanoViricides Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.