NanoViricides files annual report on Form 10-K

The company said, “We reported that, as of June 30, 2024, we had cash and cash equivalent current assets balance of approximately $4.97 Million. In addition, we reported approximately $7.5 Million in Net Property and Equipment assets. The strong P&E assets comprise our cGMP-capable manufacturing and R&D facility in Shelton, CT. The total current liabilities were approximately $1.36 Million. In comparison, as of June 30, 2023, we had cash and cash equivalent balance of approximately $8.15 Million, P&E assets of approximately $8.1 Million, and total current liabilities of approximately $0.53 Million. The net cash utilized in the reported period for operating activities was approximately $6.31 million that included certain expenditures for Phase Ia/Ib clinical trial of NV-387 and drug manufacturing costs for this clinical trial. We raised approximately $3.12 million net of commission and certain expenses in an At-the-Market offering in the reported period at an average share price of $2.47. With an additional raise of approximately $1.53 million subsequent to the period under the ATM, and an available line of credit that was increased to $3 million from $2 million provided by our founder and President Dr. Anil Diwan, we have approximately $9.5 million available for cash operational expenses going forward. As such, we reported that we do not have sufficient funding in hand to continue operations through September 30, 2025, for our planned objectives that include a Phase II clinical trial of NV-387 for RSV indication in the USA. As a result substantial doubt exists about the Company’s ability to continue as a going concern, as evaluated based on applicable guidelines. We are actively exploring additional required funding through non-dilutive grants and contracts, partnering, debt or equity financing pursuant to our plan. We believe that the Company has on-going access to the capital markets including the “At-The-Market” agreement that became active around April 5, 2024. We have perviously adjusted our objectives and development plans on the basis of available resources and we will continue to do so.”