NanoViricides Reports FY24 Results, R&D Investment Continues

TL;DR

NNVC's FY24 10-K shows continued R&D spend, but expenses are down YoY. Keep an eye on pipeline progress.

AI Summary

NanoViricides, Inc. filed its 10-K for the fiscal year ending June 30, 2024, reporting significant research and development expenses. The company's financial statements show substantial increases in research costs, indicating ongoing investment in its drug development pipeline. Specific figures for research expenses were $547,674 for the fiscal year 2024, compared to $892,625 in 2023.

Why It Matters

This filing details NanoViricides' financial health and strategic focus on research and development, which is crucial for investors assessing the company's future growth potential in the pharmaceutical sector.

Risk Assessment

Risk Level: medium — The company operates in the highly speculative pharmaceutical industry, with significant R&D expenses and a history of net losses, indicating inherent financial risks.

Key Numbers

• $547,674 — Research Expenses (FY2024) (Represents investment in drug development for the fiscal year ending June 30, 2024.)
• $892,625 — Research Expenses (FY2023) (Represents investment in drug development for the prior fiscal year.)
• $1,169,8497 — Total Assets (approx.) (Indicates the company's overall asset base as of June 30, 2024.)
• $13,144,055 — Total Liabilities (approx.) (Indicates the company's total debt and obligations as of June 30, 2024.)

Key Players & Entities

• NanoViricides, Inc. (company) — Filer of the 10-K report.
• 2024-06-30 (date) — Fiscal year end for the reported period.
• $547,674 (dollar_amount) — Research expenses for fiscal year 2024.
• $892,625 (dollar_amount) — Research expenses for fiscal year 2023.
• Shelton, CT (location) — Company's business and mailing address.

FAQ

Key Financial Figures

• $0.00001 — g) OF THE ACT: COMMON STOCK, PAR VALUE $0.00001 PER SHARE NYSE AMERICAN (Title of C
• $1.02 — 1,354,000 based on the closing price of $1.02 per share, as reported on the NYSE Amer

Filing Documents

• nnvc-20240630x10k.htm (10-K) — 2302KB
• nnvc-20240630xex10d34.htm (EX-10.34) — 42KB
• nnvc-20240630xex19d1.htm (EX-19.1) — 47KB
• nnvc-20240630xex23.htm (EX-23) — 4KB
• nnvc-20240630xex31d1.htm (EX-31.1) — 12KB
• nnvc-20240630xex31d2.htm (EX-31.2) — 12KB
• nnvc-20240630xex32d1.htm (EX-32.1) — 6KB
• nnvc-20240630xex32d2.htm (EX-32.2) — 6KB
• 0001410578-24-001650.txt ( ) — 7633KB
• nnvc-20240630.xsd (EX-101.SCH) — 52KB
• nnvc-20240630_cal.xml (EX-101.CAL) — 37KB
• nnvc-20240630_def.xml (EX-101.DEF) — 254KB
• nnvc-20240630_lab.xml (EX-101.LAB) — 418KB
• nnvc-20240630_pre.xml (EX-101.PRE) — 343KB
• nnvc-20240630x10k_htm.xml (XML) — 909KB

Business

Business 3 Item 1A .

Risk Factors

Risk Factors 59 Item 1B . Unresolved Staff Comments 80 Item 1C. Cybersecurity 81 Item 2.

Properties

Properties 81 Item 3.

Legal Proceedings

Legal Proceedings 81 Item 4. Mine Safety Disclosures 81 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 81 Item 6.

Selected Financial Data

Selected Financial Data 82 Item 7.

Management's Discussion and Analysis of Plan of Operation and Results of Operations

Management's Discussion and Analysis of Plan of Operation and Results of Operations 83 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 89 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 89 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 89 Item 9A.

Controls and Procedures

Controls and Procedures 89 Item 9B. Other Information 90 PART III Item 10. Directors, Executive Officers, Promoters and Corporate Governance. 91 Item 11.

Executive Compensation

Executive Compensation 95 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 96 Item 13. Certain Relationships and Related Transactions and Director Independence 98 Item 14. Principal Accountant Fees and Services 102 PART IV Item 15. Exhibits, Financial Statement Schedules 103 Item 16. Form 10-K Summary 105

SIGNATURES

SIGNATURES 106 Page 1 of 106 Table of Contents PART I SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Report contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact made in this report are forward looking. In particular, the statements herein regarding industry prospects and future results of operations or financial position are forward-looking statements. These include statements about our expectations, beliefs, intentions or strategies for the future, which we indicate by words or phrases such as "anticipate," "expect," "intend," "plan," "will," "we believe," "Company believes," "management believes" and similar language. These forward-looking statements can be identified by the use of words such as "believes," "estimates," "could," "possibly," "probably," "anticipates," "projects," "expects," "may," "will," or "should," or other variations or similar words. No assurances can be given that the future results anticipated by the forward-looking statements will be achieved. Forward-looking statements reflect management's current expectations and are inherently uncertain. The forward-looking statements are based on the current expectations of NanoViricides, Inc. and are inherently subject to certain risks, uncertainties and assumptions, including those set forth in the discussion under "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this report. Our actual results may differ materially from results anticipated in these forward-looking statements. Investors are also advised to refer to the information in our previous filings with the Securities and Exchange Commission (SEC), especially on Forms 10-K, 10-Q and 8-K, in which we discuss in more detail various important factors that could cause actual results to differ from expected or historic results. It is not possible to foresee or identify all such factors. As such, invest

: BUSINESS

ITEM 1: BUSINESS Organization and Nature of Business NanoViricides, Inc. (the "Company", "NanoViricides", "we," or "us") was incorporated in Nevada on April 1, 2005, and redomiciled to Delaware effective May 30, 2023. Our corporate offices are located at 1 Controls Drive, Shelton, Connecticut 06484 and our telephone number is (203) 937-6137. Our Website is located at http://www.Nanoviricides.com . We do not incorporate by reference into this Annual Report the information on or accessible through our website, and you should not consider it part of this Annual Report. On September 25, 2013, the Company's common stock began trading on the New York Stock Exchange American under the symbol, "NNVC". We are a clinical stage company with our first drug in Phase Ia/Ib clinical trial and several additional drug candidates in various stages of pre-clinical development, including IND-filing stage and late stage IND-enabling non-clinical studies. We have no customers, products or revenues to date, and may never achieve revenues or profitable operations. We are engaged in the application of nanomedicine technologies to the complex issues of viral diseases. We are developing a class of drugs, that we call nanoviricides, using a platform technology. This approach enables rapid development of effective new drugs against a number of different viruses. Page 3 of 106 Table of Contents NanoViricides Technology Platform in Brief We are a clinical stage company developing (a) host-mimetic, and (b) direct-acting, nanomachines capable of dismantling a targeted virus, (c) without assistance from the human immune system. a. As a host-mimetic, viruses cannot escape a nanoviricide drug by generating mutants and variants in the field, because all variants still require the same signature host features that our drugs mimic. In contrast, vaccines, antibodies and small chemical drugs are readily escaped by viruses as mutations occur, rendering these medical countermeasures ineffective

View Full Filing

View this 10-K filing on SEC EDGAR