NanoViricides(NNVC) - 2023 Q4 - Annual Report

Financial Performance - For the year ended June 30, 2023, the company reported a net loss of approximately $8,589,000, compared to a net loss of approximately $8,107,000 for the year ended June 30, 2022, reflecting an increase of $482,000 attributed to higher license milestone expenses [507]. - The company has an accumulated deficit of approximately $131,081,000 as of June 30, 2023, with no revenues generated and no revenues anticipated in the foreseeable future [515]. - The company has not generated any revenues since its inception in May 2005 and does not expect to generate revenues in the near future [500]. - Interest income increased to approximately $356,000 for the year ended June 30, 2023, compared to approximately $12,000 for the year ended June 30, 2022, due to higher interest rates [504]. - The company has approximately $2,034,000 in liabilities as of June 30, 2023, compared to approximately $413,000 as of June 30, 2022 [514]. Cash and Funding - As of June 30, 2023, the company had approximately $8,150,000 in cash and cash equivalents, down from approximately $14,066,000 as of June 30, 2022 [514]. - The Company has approximately $8,150,000 in cash and cash equivalents, expected to fund operations through October 2024 [516]. - The Company has filed a registration statement allowing for the sale of up to $150 million in various securities, with the entire amount still available for sale [518]. - The Company anticipates needing additional funding for later stages of human clinical trials unless a partnership with a larger pharmaceutical company is formed [521]. - The Company intends to seek non-dilutive financing, grants, and pharmaceutical partnerships as its drug candidates progress [532]. Research and Development - Research and development expenses increased to approximately $6,392,000 for the year ended June 30, 2023, up from approximately $5,785,000 for the year ended June 30, 2022, primarily due to increased license fees [503]. - The Company plans to file an IND for its Shingles Skin Cream after advancing its pan-coronavirus and RSV program drugs into clinical trials [511]. - The Company plans to file an IND for the Shingles Skin Cream after advancing its pan-coronavirus and RSV programs into clinical trials [517]. - The estimated costs for Phase I clinical trials are approximately $1.5 million, $5 million for Phase II, and $10 million for Phase III, assuming successful prior phases [522]. - The planned recruitment for Phase 1a/1b clinical trials includes 36 healthy volunteers and 36 COVID patients [524]. - The Company has limited experience in pharmaceutical drug development, leading to potential inaccuracies in budget estimates [526]. - The Company is classified as a clinical drug development stage company and will continue until regulatory approvals are obtained [533]. Strategic Partnerships - The company has signed several cooperative research and development agreements with TheraCour and expects to enter into additional agreements with other entities [509]. - The company plans to actively pursue co-development and licensing agreements with other pharmaceutical companies to enhance revenue opportunities [497]. - The Company believes its market capitalization will improve as its coronavirus program matures through human clinical trials [523].