NNVCNYSEPharmaceutical PreparationsUS GAAP · USD

NanoViricides, Inc

NanoViricides, Inc. is a clinical-stage biopharmaceutical company developing nanomedicine-based antiviral drugs using its licensed TheraCour platform. The company is focused on creating broad-spectrum therapies for multiple viral diseases, with its first candidate, NV-387, having completed Phase Ia/Ib safety and tolerability testing and moving toward Phase II efficacy trials.

Ask about the company
Revenue0.0m USD
Operating profit (EBIT)-8.3m USD
+13.4 %y/y
Net income-8.2m USD
+13.2 %y/y
Free cash flow-7.8m USD
+8.8 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-10-8-6-4-20m USD2021: EBIT -8.7 m USD20212022: EBIT -8.1 m USD20222023: 0.00 m USD2023: EBIT -8.9 m USD20232024: 0.00 m USD2024: EBIT -8.5 m USD20242025: 0.00 m USD2025: EBIT -9.6 m USD20252026: 0.00 m USD2026: EBIT -8.3 m USD20260.00-8.3
RevenueOperating profit (EBIT)

Business

Share of revenue
Clinical-stage antiviral drug candidates0 %

Drug programs such as NV-387 that are being advanced through preclinical and clinical development for viral diseases.

Nanoviricides platform technology0 %

Licensed nanomedicine technology used to design antiviral candidates against multiple virus families.

Drug formulation and cGMP manufacturing0 %

In-house and subcontracted capabilities for formulation, filling, finishing, and clinical trial supply.

Research and development services0 %

Internal and outsourced preclinical, virology, toxicology, and regulatory development work.

Licensing and partnering0 %

Potential out-licensing, co-development, and partnership arrangements for antiviral programs.

Customers

NanoViricides does not currently have commercial customers or product revenue; its near-term counterparties are regulators, CROs, CMOs, and potential pharmaceutical partners. If programs succeed, the eventual buyers would be healthcare systems, physicians, and distributors purchasing approved antiviral drugs for specific viral indications. The company also seeks non-dilutive funding and licensing partners to support development before commercialization.

Regulatory and clinical development ecosystem

FDA-facing development work, clinical trial execution, and regulatory submissions needed to advance candidates toward approval.

Contract research organizations

External labs and CROs perform animal studies, virology testing, toxicology, biostatistics, and trial support.

Contract manufacturing organizations

CMOs may manufacture injectable clinical trial material when in-house capacity is not used.

Pharmaceutical licensing partners

Potential partners may fund, co-develop, or license antiviral programs for upfronts, milestones, and royalties.

Future healthcare purchasers

Hospitals, physicians, and distributors would buy approved antiviral products if commercialization succeeds.

Strategy

The company’s strategy is to advance a platform of antiviral nanomedicines from discovery through cGMP manufacturing and clinical trials using as much in-house capability as possible. It aims to reduce development risk and cost by controlling formulation, characterization, and some manufacturing steps, while using CROs and external partners where needed. Management also intends to pursue licensing and co-development deals to obtain non-dilutive funding and broaden commercialization options.

Advance NV-387 through clinical developmentShort term

The first candidate is the lead asset and the main path to proof of concept and eventual approval.

Expand platform into multiple viral indicationsMedium term

A broader pipeline can reuse the same technology and improve the chance of a commercial outcome.

Strengthen in-house manufacturing and QCMedium term

Internal cGMP capability can lower costs, improve control, and reduce dependence on third parties.

Secure partnerships and non-dilutive capitalShort term

The company has no revenue and needs external funding to support long development timelines.

Geography

NanoViricides is headquartered in Shelton, Connecticut and operates as a U.S.-based development-stage company. Its licenses are described as worldwide, and management has stated it intends to pursue co-development and licensing agreements in the U.S. and internationally. Because the company has no product revenue, geography currently matters more for R&D operations, regulatory pathways, and future partnering than for sales mix.

Risks

NanoViricides is a development-stage company with no approved products, no revenue, and a continuing need for capital, so execution risk is high. Its business depends on successful preclinical and clinical results, regulatory approvals, and the ability to manufacture complex nanomedicines reliably at cGMP standards. Competition from larger antiviral developers, as well as the possibility that vaccines or alternative therapies reduce market size, also creates meaningful commercialization risk.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →No commercial products or revenue1Clinical development failure2Capital raising and dilution3Manufacturing and cGMP execution4Competitive and market substitution risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. No commercial products or revenueImpact: CriticalLikelihood: High

    The company is still in development and has not generated product sales, so it depends on future approvals and funding.

    Exposure: Entire business model

  2. Clinical development failureImpact: HighLikelihood: High

    Lead candidates must prove safety and efficacy in humans before any commercialization can occur.

    Exposure: NV-387 and pipeline programs

  3. Capital raising and dilutionImpact: HighLikelihood: High

    Management states substantial additional capital will be needed to fund operations and trials.

    Exposure: Operating runway and shareholder dilution

  4. Manufacturing and cGMP executionImpact: HighLikelihood: Medium

    Complex nanomedicine production under cGMP conditions is a known industry failure point.

    Exposure: Clinical supply and future commercialization

  5. Competitive and market substitution riskImpact: MediumLikelihood: Low

    Existing antivirals, vaccines, or superior therapies could reduce demand for the company’s candidates.

    Exposure: Target viral disease markets

Accounting

Judgemental items
Research and development expense recognition

Internal and third-party development costs are expensed as incurred, which directly affects reported losses and comparability across periods.

Impact: Main driver of operating loss

Long-lived asset depreciation and impairment

The company owns its campus, lab, and manufacturing assets, so utilization and project success affect recoverability.

Impact: Could affect operating expense and asset values

Potential licensing revenue recognition

Future upfront, milestone, royalty, or cost-sharing arrangements would require judgment on timing and allocation.

Impact: Could materially affect future revenue pattern

Capitalization versus expense of development-related spending

Management’s treatment of lab, manufacturing, and trial-related costs influences reported earnings and asset balances.

Impact: Affects loss recognition timing

Similar listed companies

Publicly listed companies with a comparable business focus.

GENELUX Corp

GNLX · Pharmaceutical Preparations

Nano Nuclear Energy Inc.

NNE · Electric Services

Vaxcyte, Inc.

PCVX · Biological Products, (No Diagnostic Substances)

Vir Biotechnology, Inc.

VIR · Biological Products, (No Diagnostic Substances)

Cocrystal Pharma, Inc.

COCP · Pharmaceutical Preparations

Enanta Pharmaceuticals, Inc

ENTA · Pharmaceutical Preparations

Last updated: 24/09/2026