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NanoViricides Inc. (NNVC+4.38%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, indicating that the company had cash and cash equivalents of $3,958,052 as of December 31, 2024. Total assets were $11,570,643, and total liabilities were $1,184,064.
Research and development expenses for the three months ended December 31, 2024, were $1,156,351, a decrease from $1,573,879 in the same quarter of the previous year. For the six months ended December 31, 2024, research and development expenses increased to $3,089,442 from $3,040,544 in the previous year.
General and administrative expenses for the three months ended December 31, 2024, increased to $902,700 from $610,877 in the same quarter of the previous year. For the six months ended December 31, 2024, these expenses increased to $2,137,443 from $1,175,803 in the previous year.
Net loss for the three months ended December 31, 2024, was $2,027,491, or $0.14 per share, compared to a net loss of $2,114,937, or $0.18 per share, in the same quarter of the previous year. For the six months ended December 31, 2024, the net loss was $5,154,302, or $0.36 per share, compared to $4,083,683, or $0.35 per share, in the previous year.
The company is advancing its lead drug candidate, NV-387, a broad-spectrum antiviral, into Phase II clinical trials for the treatment of MPox and RSV. NV-387 has completed a Phase I human clinical trial for safety and tolerability with no reported adverse events.
NanoViricides has engaged a CRO for conducting the MPox clinical trial in the Central African region and is preparing a clinical trial application for regulatory submission.
The company acknowledges its dependence on additional financing to fund planned operations and expenditures for at least 12 months from the filing date. Management is exploring options for additional funding through grants, contracts, and equity financing.
NanoViricides has a working capital of $4.0 million as of December 31, 2024, and has raised additional capital of approximately $469,000 through ATM sales of common stock from January 1, 2025, to January 6, 2025.
The company continues to focus on developing its pipeline of antiviral drugs, including NV-387 for various viral infections, and plans to seek non-dilutive funding for further development.
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 February 14, 2025. To report an error, please email earnings@qz.com.