UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended September 30, 2022

Commission File Number: 001-36081

NANOVIRICIDES, INC.

(Exact name of Company as specified in its charter)


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

1 Controls Drive

Shelton, Connecticut 06484

(Address of principal executive offices and zip code)

(203) 937-6137

(Company’s telephone number, including area code)

Indicate by check mark whether the Company (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Company was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check mark whether the Company is a larger accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the Company is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ◻ No ⌧

Securities registered pursuant to Section 12(b) of the Act:


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

As of November 14, 2022, there were approximately 11,610,000 shares of common stock of the registrant issued and outstanding.

Table of Contents

NanoViricides, Inc.

FORM 10-Q

INDEX


PART I FINANCIAL INFORMATION	3

Item 1. Financial Statements	3

Balance Sheets at September 30, 2022 (Unaudited) and June 30, 2022	3

Statements of Operations for the Three Months Ended September 30, 2022 and 2021 (Unaudited)	4

Statements of Changes in Stockholders' Equity for the Three Months Ended September 30, 2022 and 2021 (Unaudited)	5

Statements of Cash Flows for the Three Months Ended September 30, 2022 and 2021 (Unaudited)	7

Notes to the 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	40

Item 4. Controls and Procedures	41

PART II OTHER INFORMATION	42

Item 1. Legal Proceedings	42

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	42

Item 3. Defaults Upon Senior Securities	42

Item 4. Mine Safety Disclosures	42

Item 5. Other Information	42

Item 6. Exhibits and Reports on Form 8-K	43

Signatures	44

Certifications

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

NanoViricides, Inc.

Balance Sheets


	September 30,		June 30,
	2022		2022
		(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	12,918,044	$	14,066,359
Prepaid expenses		231,557		350,021
Total current assets		13,149,601		14,416,380

PROPERTY AND EQUIPMENT
Property and equipment		14,702,520		14,658,014
Accumulated depreciation		(6,145,155)		(5,963,820)
Property and equipment, net		8,557,365		8,694,194

TRADEMARK AND PATENTS
Trademark and patents		458,954		458,954
Accumulated amortization		(119,173)		(117,106)
Trademark and patents, net		339,781		341,848

OTHER ASSETS
Security deposits		3,515		3,515
Service agreements		32,073		38,925
Other assets		35,588		42,440
Total assets	$	22,082,335	$	23,494,862

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Loan payable	$	23,837	$	94,788
Accounts payable		37,690		57,960
Accounts payable – related party		433,119		214,397
Accrued expenses		23,712		45,692
Total current liabilities		518,358		412,837

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY:
Series A convertible preferred stock, $0.001 par value, 10,000,000 shares designated, 495,173 and 484,582 shares issued and outstanding, at September 30, 2022 and June 30, 2022, respectively		495		485
Common stock, $0.001 par value; 150,000,000 shares authorized, 11,610,037 and 11,592,173 shares issued and outstanding, at September 30, 2022 and June 30, 2022, respectively		11,610		11,592
Additional paid-in capital		145,614,690		145,562,124
Accumulated deficit		(124,062,818)		(122,492,176)

Total stockholders' equity		21,563,977		23,082,025

Total liabilities and stockholders' equity	$	22,082,335	$	23,494,862

See accompanying notes to the financial statements

Table of Contents

Nanoviricides, Inc.

Statements of Operations

(Unaudited)


	For the Three Months Ended
	September 30,
	2022		2021
OPERATING EXPENSES
Research and development	$	1,112,659	$	2,096,920
General and administrative		509,701		515,445

Total operating expenses		1,622,360		2,612,365

LOSS FROM OPERATIONS		(1,622,360)		(2,612,365)

OTHER INCOME (EXPENSE):
Interest income		52,562		188
Interest expense		(844)		(891)

Other expense, net		51,718		(703)

LOSS BEFORE INCOME TAX PROVISION		(1,570,642)		(2,613,068)

INCOME TAX PROVISION		—		—

NET LOSS	$	(1,570,642)	$	(2,613,068)

Net loss per common share- basic and diluted	$	(0.14)	$	(0.23)

Weighted average common shares outstanding- basic and diluted		11,592,367		11,515,279

See accompanying notes to the financial statements

Table of Contents

NanoViricides, Inc.

Statement of Changes in Stockholders’ Equity

For the three months ended September 30, 2022

(Unaudited)


	Series A Preferred			Common Stock:
	Stock: Par $0.001			Par $0.001
	Number			Number			Additional				Total
	of			of			Paid-in		Accumulated		Stockholders’
	Shares	Amount		Shares	Amount		Capital		Deficit		Equity
Balance, June 30, 2022	484,582	$	485	11,592,173	$	11,592	$	145,562,124	$	(122,492,176)	$	23,082,025

Series A preferred stock issued for employee stock compensation	10,591		10	—		—		13,854		—		13,864

Common stock issued for consulting and legal services rendered	—		—	12,710		13		26,987		—		27,000

Warrants issued to Scientific Advisory Board	—		—	—		—		480		—		480

Common shares issued for Directors fees	—		—	5,154		5		11,245		—		11,250

Net loss	—		—	—		—		—		(1,570,642)		(1,570,642)

Balance, September 30, 2022	495,173	$	495	11,610,037	$	11,610	$	145,614,690	$	(124,062,818)	$	21,563,977

See accompanying notes to the financial statements

Table of Contents

NanoViricides, Inc.

Statement of Changes in Stockholders’ Equity

For the three months ended September 30, 2021

(Unaudited)


	Series A Preferred			Common Stock:
	Stock: Par $0.001			Par $0.001
	Number			Number			Additional				Total
	of			of			Paid-in		Accumulated		Stockholders’
	Shares	Amount		Shares	Amount		Capital		Deficit		Equity
Balance, June 30, 2021	371,490	$	372	11,515,170	$	11,515	$	144,284,593	$	(114,385,313)	$	29,911,167

Series A preferred stock issued for employee stock compensation	10,591		10	—		—		32,880		—		32,890

Series A preferred stock issued for license agreement	100,000		100	—		—		934,988		—		935,088

Common stock issued for consulting and legal services rendered	—

SEC Form 10-Q filed by NanoViricides Inc.