NanoViricides Has Filed its Quarterly Report

NV-387 Advancing to Phase II Clinical Trial for the Treatment of RSV Infection

SHELTON, CT / ACCESSWIRE / May 15, 2024 / NanoViricides, Inc. (NYSE American:NNVC) (the "Company"), a global leader in broad-spectrum antiviral nanomedicines, reports that it has filed its Quarterly Report on Form 10-Q for the fiscal second quarter ending March 31, 2024 with the Securities and Exchange Commission (SEC) on Tuesday, May 14, 2024. The report can be accessed at the SEC website by searching for the Company's filings.

Financial Status

We reported that, as of March 31, 2024, we had cash and cash equivalent current assets balance of approximately $3.51 Million. Additional agreements have resulted in a further approximately $2.5 Million available cash, that would be equivalent to a total of approximately $6 Million cash available to the Company with no further costs.

In addition, we reported approximately $7.92 Million in Property and Equipment (P&E) and Intangible assets, net of depreciation and amortization from $14.7 Million in P&E assets before depreciation. The strong P&E assets are comprised of our cGMP-capable manufacturing and R&D facility in Shelton, CT. The total current liabilities were approximately $0.81 Million. In comparison, as of June 30, 2023, we had cash and cash equivalent current assets balance of approximately $8.15 Million, and additional approximately $8.1 Million in Property and Equipment (P&E) assets, net of depreciation and amortization, while the total current liabilities were approximately $0.41 Million. The net cash utilized in the nine months from July 1, 2023 was approximately $4.84 Million.

We anticipate certain additional costs from the Phase 1 clinical trial in India, which was completed recently, from the continuing work on statistical evaluations, and generation and submission of the Phase 1 final report.

Management believes that the Company's existing resources, including availability under its $2 million line of credit will not be sufficient to fund the Company's planned operations and expenditures for at least 12 months from the date of the filing of this Form 10-Q. As a result substantial doubt exists about the Company's ability to continue as a going concern.

Management plans to continue controlling its overall expenses and identifying and securing additional financing, as it has done in the past.

We are seeking to mortgage our headquarters facility, estimated to be worth over $12-15 million, with a replacement cost exceeding $25 Million, in order to free up liquidity. There is currently no mortgage on this facility and it is fully owned by NanoViricides, Inc. To date, we have raised funds in the equity markets for the development of our assets.