NanoViricides, Inc. (NNVC) FY2026 Earnings Analysis
NNVC — FY2026 Financial Report Analysis
Full Year · Fiscal year 2026 · Published by Pham Hop
NanoViricides narrowed its FY2026 net loss to $8.2M on lower lab and investor-outreach spending, but with $6.2M of cash after a July raise and a going-concern warning, its runway now hinges on Phase II mpox and Ebola trials that have yet to dose a patient.
Net income
-$8.2M
+13.2% YoY
Diluted EPS
$-0.41
+34.9% YoY
NanoViricides, a drug developer that has never sold a product, cut its net loss for the year to June 30, 2026 to $8.2 million from $9.5 million. That was mostly because it spent less, not because anything new started: research spending fell on lower outside lab fees after last year's trial-application work, and overhead fell on lower investor-outreach spending. The bigger story sits on the balance sheet. The company ended the year with $2.8 million in cash, raised another $3.4 million in July, and says in its own words that this, plus a $3 million credit line from its founder, "will not be sufficient" to fund the next 12 months. Its auditor repeats that warning (a "going concern" doubt). Meanwhile its only clinical-stage drug, NV-387, is about to start its first two mid-stage (Phase II) patient trials, for mpox and Ebola in the Democratic Republic of the Congo (DRC).
At a glance
$7.7 million of cash used by operations in the year (about $1.9 million a quarter). That is the "burn rate": what it costs to keep the lab and trials running with no sales coming in.
$6.2 million of cash on hand after the July raise ($2.8 million at June 30 plus $3.4 million net from the July 2026 share sale). At last year's burn that lasts about 9–10 months, and the company itself says its resources don't cover 12 months.
Loss per share improved to -$0.41 from -$0.63, but about 60% of that improvement came from having a third more shares outstanding, not from a smaller loss.
The numbers
NanoViricides reports no revenue in either year ("The Company is a non-revenue producing entity"), so there is no sales figure or profit margin to show. For a company at this stage the figures that matter are what it spends, how fast cash goes out, and how many new shares it has to sell to keep going.
Metric
FY2026 (year to Jun 30, 2026)
FY2025
YoY Change
Revenue
None
None
n/a
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Research & development expense
$4.71M
$5.55M
-15.2%
General & administrative expense
$3.60M
$4.04M
-11.0%
Total operating expenses
$8.31M
$9.59M
-13.4%
Net loss
-$8.22M
-$9.47M
+13.2% (loss narrowed)
Diluted loss per share
-$0.41
-$0.63
+34.9% (loss per share narrowed)
Cash used in operations
$7.70M
$8.48M
-9.2%
Cash & equivalents (year-end)
$2.79M
$1.56M
+79.3%
Cash raised from share sales
$9.02M
$5.30M
+70.2%
Weighted average shares
20.19M
15.12M
+33.5%
Research and development (R&D) fell by about $841,000. The 10-K attributes this to "a decrease in outside lab fees incurred in preparation of the Company's Phase II clinical trial applications in the prior year": in other words, FY2025 carried a one-time bill for preparing the trial paperwork that did not repeat. General and administrative (G&A) costs, the company's overhead, fell about $444,000, which the filing puts down to "a decrease in investor outreach expenditures." Interest income fell to $88,000 from $125,000 because the company held less cash on average.
Where the research money went
The company doesn't track costs by project. It splits R&D across programs at year-end based on staff hours, and says the table "represents estimated cost allocations." Even so, the shift is clear: spending has concentrated on the smallpox/mpox program and away from everything else.
Program (company's estimated allocation)
FY2026
FY2025
General R&D, manufacturing incl. clinical trial batches, Phase I
$2.45M
$4.45M
Smallpox / mpox
$1.90M
$0.40M
Measles
$0.36M
$0.30M
RSV
—
$0.15M
Influenza
—
$0.15M
HerpeCide (herpes / shingles)
—
$0.10M
Total
$4.71M
$5.55M
A large share of this work is done by TheraCour Pharma, which holds the patents NanoViricides licenses and is the sole developer of its drugs. TheraCour is about 90% owned by Dr. Anil Diwan, NanoViricides' founder, President and Executive Chairman. TheraCour charged about $2.0 million in development fees and other costs this year (down from $2.5 million), and NanoViricides owed it about $829,000 at year-end.
What the headline numbers hide
The smaller loss per share is mostly dilution. The net loss fell 13%, but the average share count rose 33.5% (to 20.2 million from 15.1 million) because the company kept selling stock to fund itself. Spread over last year's share count, this year's loss would have been about $0.54 a share. So of the $0.22 improvement in loss per share, roughly $0.09 came from spending less and $0.13 from having more shares to divide the loss across. Shareholders' slice of the company shrank.
The cost cut looks like timing, not a new, leaner company. Last year's R&D included one-off fees for preparing trial applications. This year, two patient trials are about to start, and the company lists Phase II trial costs for mpox, Ebola, measles and respiratory infections, plus extra safety studies for use in children, among its planned spending. R&D is more likely to rise than keep falling.
Cash went up only because of new share sales. Year-end cash rose $1.24 million, but that came from $9.0 million raised: $7.1 million from two registered direct offerings (share-and-warrant sales to single investors in November 2025 and May 2026) and $1.9 million from "at-the-market" sales (selling shares gradually through a broker). Without them, cash would have run down by about $7.8 million.
Cash burn is close to the reported loss, and that's not a warning sign here. Cash used in operations ($7.7 million) was a bit below the net loss ($8.2 million), mainly because $517,000 of the loss was depreciation on the company's Connecticut lab and manufacturing facility, and about $368,000 was paid in stock rather than cash. Partly offsetting that, prepaid expenses rose $256,000. Nothing unusual.
More dilution is already queued up. At June 30 there were about 8.48 million warrants outstanding (rights to buy new shares, mostly at $1.75 or $2.00), against 23.0 million shares. The July 2026 offering added 2.4 million shares plus warrants over another 2.5 million. In July the company also signed a new at-the-market sales agreement.
The backstop credit line comes from an insider. The $3 million line of credit is provided by Dr. Diwan, charges 12% interest on anything drawn, is secured by a mortgage on the company's lab, needs board approval for each draw, and now matures December 31, 2027. It was undrawn at June 30.
How long the money lasts
At June 30 the company had $2.8 million in cash against $1.2 million of bills due (current liabilities). It raised about $3.4 million net on July 27, 2026. Our own arithmetic, not a company forecast: $6.2 million divided by last year's $7.7 million operating burn is about 9–10 months from July 1, which points to roughly spring 2027, before any rise in trial spending. Management's statement is blunter: cash, the July raise and the undrawn $3 million credit line together "will not be sufficient to fund the Company's planned operations and expenditures for at least 12 months" from the filing date. The company says it is looking for grants, government contracts, a partner, debt or more equity. The accumulated deficit, meaning all losses since the company began, is now $157.1 million.
Takeaway: NanoViricides trimmed its loss this year, but that says little about its prospects. The story is a race between cash and data: roughly 9–10 months of money at last year's pace, and two Phase II trials that have not yet dosed their first patient. The company is likely to keep selling shares, and each sale shrinks existing holders' stake, until either the mpox or Ebola trial produces results good enough to attract partners or government funding on better terms.
Pipeline: where the trials stand
NV-387 is the company's only drug candidate that has been tested in people. According to the 10-K, it completed a Phase Ia/Ib trial (a first-in-human study of safety and tolerability) in healthy adults. The final clinical study report for that trial has still not been submitted to regulators in India. The company says this is "because of excessive workload" from preparing the Phase II trials.
Mpox (Phase II, DRC): approved by the DRC drug regulator, ACOREP, in November 2025. Mpox cases in the planned site near Kinshasa had dried up by then, so the trial moved to a remote site in Sankuru province, where preparing patient housing and a lab "has taken time." The filing says preparations are now complete and first patient enrollment and dosing are "expected within a few weeks."
Ebola (Phase II, DRC): proposed around June 15, 2026 during the Bundibugyo-strain Ebola outbreak, and approved by ACOREP around August 4, 2026. The drug arrived at the trial site in the first week of September, with enrollment "expected to start within weeks."
Measles: the drug has an FDA Orphan Drug Designation and a Rare Pediatric Disease Designation for measles. If it were ever approved for measles, it could earn a Priority Review Voucher, a transferable voucher that speeds up FDA review of a future drug and that companies can sell. A Phase II trial is planned but has not been filed.
Respiratory infections (flu, RSV, coronavirus and others): a Phase II trial is being prepared. The company says it "may be able to initiate" it in the latter half of fiscal 2027.
All of NV-387's evidence against these diseases so far comes from animal studies. The company says the two DRC trials "are expected to provide first evidence of efficacy of NV-387 in a viral disease in humans."
What to watch next
First patient dosed in the mpox and Ebola trials. Both have been "about to start" in the company's own words. Another slip would matter, because every month of delay uses cash without producing data.
Interim safety and effectiveness data from either trial. The company lists these as its main milestones, and says good Ebola results could open access to US government funding.
The next financing: its size, price, and how many warrants come with it. The May and July 2026 raises were priced at about $1.50 and $1.53 a share, below the $1.68 of November 2025; where the next one prices is the clearest market read on the trials.
The Q1 FY2027 10-Q (quarter to September 30, 2026), due around mid-November (our estimate from the usual filing deadline), will show whether R&D spending has started to climb with trial activity, and whether any of the founder's credit line has been drawn.