UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT UNDER SECTION 1320 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended December 31, 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 February 14, 2023, there were approximately 11,635,000 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

Condensed Balance Sheets at December 31, 2022 (Unaudited) and June 30, 2022	3

Condensed Statements of Operations for the Three and Six Months Ended December 31, 2022 and 2021 (Unaudited)	4

Condensed Statements of Changes in Stockholders’ Equity for the Six Months Ended December 31, 2022 and 2021 (Unaudited)	5

Condensed Statements of Cash Flows for the Six Months Ended December 31, 2022 and 2021 (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	29

Item 4. Controls and Procedures	29

PART II OTHER INFORMATION	31

Item 1. Legal Proceedings	31

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	31

Item 3. Defaults Upon Senior Securities	31

Item 4. Mine Safety Disclosures	32

Item 5. Other Information	32

Item 6. Exhibits and Reports on Form 8-K	33

Signatures	34

Certifications

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

NanoViricides, Inc.

Condensed Balance Sheets


	December 31,		June 30,
	2022		2022
		(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	11,448,346	$	14,066,359
Prepaid expenses		104,545		350,021
Total current assets		11,552,891		14,416,380

Property and equipment, net		8,417,849		8,694,194

Trademark and patents, net		337,713		341,848

OTHER ASSETS
Service agreements		26,510		38,925
Security deposits		—		3,515
Other assets		26,510		42,440
Total assets	$	20,334,963	$	23,494,862

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	39,291	$	57,960
Accounts payable – related party		373,424		214,397
Loan payable		—		94,788
Accrued expenses		51,877		45,692
Total current liabilities		464,592		412,837

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY:
Series A convertible preferred stock, $0.001 par value, 10,000,000 shares designated, 495,560 and 484,582 shares issued and outstanding, at December 31, 2022 and June 30, 2022, respectively		495		485
Common stock, $0.001 par value; 150,000,000 shares authorized, 11,634,576 and 11,592,173 shares issued and outstanding, at December 31, 2022 and June 30, 2022, respectively		11,634		11,592
Additional paid-in capital		145,666,194		145,562,124
Accumulated deficit		(125,807,952)		(122,492,176)

Total stockholders’ equity		19,870,371		23,082,025

Total liabilities and stockholders’ equity	$	20,334,963	$	23,494,862

See accompanying notes to the condensed financial statements

Table of Contents

Nanoviricides, Inc.

Condensed Statements of Operations

(Unaudited)


	For the Three Months Ended				For the Six Months Ended
	December 31,				December 31,
	2022		2021		2022		2021
OPERATING EXPENSES
Research and development	$	1,170,710	$	1,261,308	$	2,283,369	$	3,358,228
General and administrative		663,284		659,268		1,172,985		1,174,713

Total operating expenses		1,833,994		1,920,576		3,456,354		4,532,941

LOSS FROM OPERATIONS		(1,833,994)		(1,920,576)		(3,456,354)		(4,532,941)

OTHER INCOME (EXPENSE)
Interest income		88,954		2,073		141,516		3,127
Interest expense		(94)		(2,631)		(938)		(4,388)

Other (expense) income, net		88,860		(558)		140,578		(1,261)

LOSS BEFORE INCOME TAX PROVISION		(1,745,134)		(1,921,134)		(3,315,776)		(4,534,202)

INCOME TAX PROVISION		—		—		—		—

NET LOSS	$	(1,745,134)	$	(1,921,134)	$	(3,315,776)	$	(4,534,202)

Net loss per common share- basic and diluted	$	(0.15)	$	(0.17)	$	(0.29)	$	(0.39)

Weighted average common shares outstanding- basic and diluted		11,610,303		11,525,304		11,601,335		11,520,291

See accompanying notes to the condensed financial statements

Table of Contents

NanoViricides, Inc.

Condensed Statement of Changes in Stockholders’ Equity

For the six months ended December 31, 2022

(Unaudited)

Series A Preferred

SEC Form 10-Q filed by NanoViricides Inc.