Revenue: not reported in QQ1 2025 (N/A). Gross profit and gross margin: N/A due to lack of revenue.
Profitability:
- Operating income: -$3,167,834, YoY decline of -55.93%, QoQ decline of -32.47%
- Net income: -$3,126,811, YoY decline of -58.82%, QoQ decline of -32.72%
- EPS: -$0.23, YoY -35.29%, QoQ -15.00%
Liquidity and cash flow:
- Net cash provided by operating activities: -$2,594,863
- Free cash flow: -$2,641,627
- Net change in cash: -$931,489
- Cash and cash equivalents at period end: $3,866,289
- Cash burn vs. financing: Operating cash burn of ~$2.59 million was partially offset by financing inflows of ~$1.71 million
Balance sheet highlights:
- Total assets: $11,740,497
- Total current assets: $4,041,422; Cash and cash equivalents: $3,866,289
- Total liabilities: $1,632,706; Current liabilities: $1,632,706
- Stockholders’ equity: $10,107,791; Retained earnings: -$142,501,706
- Quick/liquidity ratios: Current ratio 2.48; Quick ratio 2.48
- Cash per share: $0.28; P/B: 2.04; P/E: negative; EV multiple: -5.62
Operational structure:
- Research and development expenses: $1,933,091; General and administrative: $1,234,743; Depreciation & amortization: $195,613
- Weighted average shares (diluted): 13,715,959
Notes on YoY/QoQ context:
- Revenue: N/A; therefore YoY/QoQ revenue deltas are not applicable.
- EBITDA: -$2,972,221; nothing meaningful to compare without revenue, as is typical for early-stage biotech pre-revenue companies.
Overall takeaway: NNVC remains in a pre-revenue, R&D-intensive stage with a continued cash burn and dependence on external financing. The QQ1 2025 results reinforce the investment thesis as a high-risk, high-variance name with potential upside only if the pipeline achieves meaningful clinical or licensing milestones and the company secures additional funding.