NanoViricides, Inc. — FY2026 Form 10-K
Reporting period: Year ended June 30, 2026. The company is a clinical-stage antiviral drug developer, listed on NYSE American as NNVC. It has no approved products, customers, or revenue. The financial statements received an unmodified audit opinion; the auditor highlighted substantial doubt about the company’s ability to continue as a going concern.
Financial performance and liquidity
| Metric | FY2026 | FY2025 |
|---|---|---|
| Revenue | $0 | $0 |
| Research and development expense | $4.71 million | $5.55 million |
| General and administrative expense | $3.60 million | $4.04 million |
| Net loss | $8.22 million | $9.47 million |
| Basic and diluted loss per share | $0.41 | $0.63 |
| Cash used in operating activities | $7.70 million | $8.48 million |
| Interest income | $88,000 | $125,000 |
Operating expenses fell about $1.29 million year over year, primarily due to lower outside-laboratory and investor-outreach costs. No operating margins are meaningful because the company has no revenue. Cash and cash equivalents were $2.79 million at year-end, versus $1.56 million a year earlier. Current assets were $3.16 million and current liabilities were $1.19 million. Total assets were $9.87 million, including $6.40 million of net property and equipment; stockholders’ equity was $8.68 million. The company reported an accumulated deficit of $157.1 million.
No debt was drawn under the $3 million standby line of credit from CEO and Executive Chairman Anil Diwan as of June 30, 2026. Draws bear 12% interest and are secured by a mortgage on company property and a lien on equipment. The line is a related-party facility.
Financing and changes from the prior year
- FY2026 financing included approximately $1.91 million net proceeds from ATM share sales and $7.11 million net proceeds from registered direct offerings. Operating cash use declined, but remained substantially greater than year-end cash.
- Common shares outstanding increased from 16.61 million to 23.01 million. The company also had 8.48 million warrants outstanding at June 30, 2026, creating potential dilution. Series A preferred shares carry nine votes per share and convert into common stock only upon a change of control.
- After year-end, the July 2026 registered direct offering raised approximately $3.8 million gross; management reported about $3.4 million net proceeds. The company also established an ATM program, but agreed to defer ATM sales until September 26, 2026.
- Management says year-end cash, post-year-end proceeds, and the undrawn credit line will not fund planned operations for at least 12 months from the filing date. It estimates approximately $12.3 million of spending for July 2026 through October 2027, including $8.2 million for R&D and $4.1 million for general and administrative costs.
Pipeline, outlook, and key risks
- NV-387: The lead candidate completed a Phase Ia/Ib safety and tolerability trial in healthy adults. The company reports no dropouts or adverse events, but the final clinical study report remained pending. These results do not establish effectiveness.
- Phase II trials for Mpox and Ebola are planned or being initiated in the Democratic Republic of the Congo. The Mpox trial had local approval and faced site-preparation delays; Ebola received local regulatory approval in August 2026, after year-end. The filing reports no human efficacy results for either trial. Management estimates the Ebola trial could cost $2.5–$3.0 million.
- Management is also planning Phase II studies for measles and a basket trial of acute and severe acute respiratory infections, potentially including RSV, influenza, and coronaviruses. Timelines depend on funding, regulatory approvals, enrollment, and third-party collaborators.
- Company claims of broad antiviral potential and favorable animal-model results remain investigational. A Priority Review Voucher, government funding, emergency use, partnerships, and eventual commercialization are possibilities, not assured outcomes.
- Principal risks include the going-concern uncertainty, continuing losses and need for additional capital, clinical and regulatory failure or delay, limited staffing, reliance on external CROs and collaborators, and competition. The company also depends on TheraCour for licensed technology and development; TheraCour is substantially owned by Mr. Diwan. The company incurred approximately $2.0 million in TheraCour development costs in FY2026 and owed it approximately $829,000 at year-end. The auditor identified related-party transactions as a critical audit matter.
- There were no material pending legal proceedings reported. Management stated that disclosure controls and internal control over financial reporting were effective; the external auditor did not express an opinion on internal-control effectiveness.
Important facts for investors to verify
- Current cash runway, subsequent-period cash burn, and whether additional financing has been secured on acceptable terms.
- Actual enrollment, dosing, safety updates, and efficacy readouts for the Mpox and Ebola trials, plus the final Phase I study report.
- Post-year-end share and warrant issuances, ATM sales, dilution, and the precise net proceeds available to the company.
- Terms and governance of related-party arrangements with TheraCour, KMPL, and Mr. Diwan, including amounts payable, deferred milestones, and potential conflicts.
- The filing gives differing deferred-tax-asset figures in its narrative and footnote; the footnote reports $43.52 million gross, fully offset by a valuation allowance. Confirm the applicable figure and any tax-credit or net-operating-loss limitations.