EPS of $-0.14 increased by 22.2% from previous year
Net income of -2.03M
"N/A" - N/A
NanoViricides Inc (NNVC) QQ2 2025 Earnings Analysis: Narrowing Losses, Cash Runway Dynamics, and Pipeline Outlook in Biotech Nanomedicine
Executive Summary
NanoViricides Inc. (NNVC) reported a QQ2 2025 quarter with no revenue and a consolidated loss, reflecting ongoing pre-revenue R&D intensity typical of early-stage biotech platforms. For the quarter ending 2025 (Q2), R&D expenses were $1.156 million and G&A was $0.903 million, yielding total operating expenses of $2.059 million and an EBITDA of $(1.831) million. Operating income was $(2.059) million, with total other income of $0.0316 million and a pre-tax loss of $(2.028) million, resulting in a net loss of $(2.028) million or $(0.14) per share on about 14.57 million weighted average shares. The cash burn from operations was $(2.190) million, supported by $(2.283) million of financing activity during the quarter, culminating in a modest net cash increase of $0.097 million and ending cash of $3.959 million. The balance sheet shows a solid current ratio (3.44) and a substantial stockholders’ equity position (~$10.39 million) driven largely by non-cash equity components, even as retained earnings are deeply negative (~$(144.53) million). Although the company continues to recognize no current revenue, YoY and QoQ metrics show marginal improvements in operating income, net income, and EPS (YoY: operating income +5.75%, net income +4.13%, EPS +22.22%; QoQ: operating income +35.00%, net income +35.16%, EPS +39.13%). The QQ2 2025 period remains focused on pipeline advancement and external funding; management commentary (where available) and call transcripts were not provided in the supplied data, limiting direct quotes in this document. Investors should monitor financing needs, potential partnering/licensing milestones, and clinical/proof-of-concept progress for near-term catalysts. Given the lack of revenue, the investment thesis rests on optionality within NanoViricides’ nanoviricide platform and the ability to secure partnerships or grants to monetize its R&D pipeline over time.
Key Performance Indicators
Operating Income
-2.06M
QoQ: 35.00% | YoY:5.75%
Net Income
-2.03M
QoQ: 35.16% | YoY:4.13%
EPS
-0.14
QoQ: 39.13% | YoY:22.22%
Revenue Trend
Margin Analysis
Key Insights
Revenue: not reported (null)
Gross Profit: not reported (null)
Operating Income: $(2.059) million; QoQ improvement of 35.00% and YoY improvement of 5.75% implied in the ratio metrics
Net Income: $(2.028) million; QoQ improvement of 35.16% and YoY improvement of 4.13% implied
EBITDA: $(1.831) million
Financial Highlights
QQ2 2025 highlights (USD):
- Revenue: not reported (null)
- Gross Profit: not reported (null)
- Operating Income: $(2.059) million; QoQ improvement of 35.00% and YoY improvement of 5.75% implied in the ratio metrics
- Net Income: $(2.028) million; QoQ improvement of 35.16% and YoY improvement of 4.13% implied
- EBITDA: $(1.831) million
- EPS: $(0.14); QoQ improvement 39.13%, YoY improvement 22.22%
- R&D Expenses: $1.156 million; G&A Expenses: $0.903 million; combined operating expenses: $2.059 million
- Interest: $0.149 thousand; Depreciation & Amortization: $0.196 million
- Weighted average shares: 14.572 million (basic and diluted)
- Cash from operations: $(2.191) million; Cash from financing: $2.283 million; Net change in cash: $0.088 million; Cash at end of period: $3.959 million
- Balance sheet: Total assets $11.571 million; Total liabilities $1.184 million; Total stockholders’ equity $10.387 million; Cash and cash equivalents $3.959 million; Current assets $4.071 million; PPE net $7.172 million; Intangible assets $0.321 million; Retained earnings $(144.529) million; Accumulated other comprehensive income (loss) not disclosed; Net debt: $(3.959) million (net cash)
- Liquidity ratios: current ratio 3.44; quick ratio 3.44; cash ratio 3.34
- Valuation signals: price-to-book ~2.01; enterprise value ~$(9.22) million; EV/EBITDA negative; price/earnings negative; price-to-book supports limited but constructive book value given tangible assets; price-to-earnings-to-growth ~0.0657
- 4-quarter view: Q2 2025 (Q2), Q1 2025 (Q1), Q4 2024 (Q4), Q2 2024 (Q2) show consistent burn with no reported revenue across these periods
Note: Some line items are null in the reported quarter and rely on the provided YoY/QoQ context for interpretation.
Income Statement
Metric
Value
YoY Change
QoQ Change
Operating Income
-2.06M
5.75%
35.00%
Net Income
-2.03M
4.13%
35.16%
EPS
-0.14
22.22%
39.13%
Key Financial Ratios
currentRatio
3.44
returnOnAssets
-17.5%
returnOnEquity
-19.5%
operatingCashFlowPerShare
$-0.15
freeCashFlowPerShare
$-0.15
priceToBookRatio
2.01
priceEarningsRatio
-2.57
Net Income vs. Revenue
Expense Breakdown
Management Commentary
No earnings call transcript was provided in the supplied data. As a result, there are no management quotes or theme-based highlights to extract from an accompanying call transcript. If a transcript becomes available, a thematically organized section (strategy, operations, market conditions) with corroborating quotes will be added.
N/A
— N/A
N/A
— N/A
Forward Guidance
No explicit forward guidance was included in the provided data. Given NanoViricides’ current pre-revenue status and sizeable R&D investment, near-term guidance would likely focus on anticipated milestones (e.g., preclinical/IND readouts, partnership discussions, or grant funding) and funding runway stability. Our assessment: without revenue, guidance is contingent on pipeline milestones and financing; achievability depends on successful fundraising, timing of IND/GLP progress, and potential strategic collaborations. Key factors to monitor include: (1) additional financing arrangements or equity offerings to extend cash runway, (2) any licensing or alliance deals for HerpeCide/FluCide/DengueCide/HIVCide, (3) preclinical/clinical milestones for core programs, (4) external grant funding over the coming quarters, and (5) changes in working capital and operating burn as R&D programs scale.
Competitive Position
Company
Gross Margin
Operating Margin
Return on Equity
P/E Ratio
NNVC Focus
0.00%
0.00%
-19.50%
-2.57%
ABVC
99.80%
-8.34%
-12.20%
-2.29%
AEMD
0.00%
0.00%
-46.60%
-57.90%
AIM
84.00%
-73.88%
-30.10%
-2.69%
APDN
37.70%
-3.52%
-2.66%
-2.70%
Gross Profit Margin
Operating Profit Margin
Return on Equity
P/E Ratio Comparison
Investment Outlook
Outlook remains cautiously optimistic but intensely binary. The QQ2 2025 results show continued pre-revenue operations with meaningful cash burn, funded in part by financing activity, and a balance sheet capable of supporting ongoing R&D for the near term. Absent revenue, NanoViricides’ valuation and investment thesis hinge on pipeline maturation, strategic partnerships, and ability to secure follow-on funding. Key near-term risk factors include dilution from potential financings, milestone delays, and the competitive antiviral landscape. However, the company also presents asymmetric upside: a diversified nanoviricide platform that could unlock multiple licensing opportunities if preclinical and translational milestones are achieved, coupled with potential non-dilutive funding (grants). For risk-tolerant, long-horizon investors, monitoring upcoming pipeline milestones, any partnering announcements, and equity financing cadence will be critical to reassessing the investment thesis over the next 6–12 months.
Key Investment Factors
Growth Potential
The company’s multi-virus nanoviricide platform targets several infectious diseases (e.g., coronaviruses, herpesviruses, dengue, influenza, HIV), offering optionality across multiple programs. Growth hinges on converting preclinical assets into partnerships or licensing deals, securing grant funding, and achieving marquee clinical milestones that can unlock collaborations. Near-term catalysts include preclinical/IND progress and any strategic partnering announcements.
Profitability Risk
Significant execution risk given the lack of revenue and ongoing cash burn. Dependence on additional financing introduces dilution risk; pipeline milestones may be delayed, and regulatory timelines are uncertain for preclinical to clinical transitions. Market competition in antiviral modalities is intense, and partner-led development increases dependency on external milestones and terms.
Financial Position
Balance sheet shows solid equity and liquidity cushions (cash ~$3.96M; current ratio ~3.44) but deep accumulated losses and negative retained earnings indicate long-term burn without revenue. The company relies on financing activity to fund operations, and ongoing funding needs could pressure equity valuation and increase dilution risk. Net debt stands as net cash (~$(3.96)M), offering financial flexibility but not a substitute for sustained revenue generation.
SWOT Analysis
Strengths
Pre-revenue biotech with a diversified nanoviricide pipeline spanning multiple viral targets (HerpeCide, FluCide, DengueCide, HIVCide) and other programs
Weaknesses
No reported revenue in QQ2 2025; ongoing negative net income and heavy R&D burn; reliance on external financing to sustain operations; no call transcript to corroborate management tone
opportunities':['Potential licensing/partnership deals could unlock milestone payments and royalties','Grant funding and government programs for antiviral research could provide non-dilutive capital','Pipeline progress could de-risk assets and attract strategic collaborations'],
Opportunities
Pipeline progress in multiple antiviral programs; potential for co-development or licensing deals; possibility of grant funding to support long-term development
Threats
Capital-raising risk and potential equity dilution; regulatory and clinical risk for early-stage antiviral assets; competitive pressure from established antiviral platforms and pharma; macro funding environments impacting small-cap biotech financing