Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2023 | May 15, 2023 | |
Document And Entity Information | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2023 | |
Entity File Number | 001-36081 | |
Entity Registrant Name | NANOVIRICIDES, INC. | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 76-0674577 | |
Entity Address, Address Line One | 1 Controls Drive | |
Entity Address, City or Town | Shelton | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06484 | |
City Area Code | 203 | |
Local Phone Number | 937-6137 | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,666,000 | |
Entity Central Index Key | 0001379006 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Trading Symbol | NNVC | |
Document Transition Report | false | |
Document Quarterly Report | true |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 9,650,958 | $ 14,066,359 |
Prepaid expenses | 280,117 | 350,021 |
Total current assets | 9,931,075 | 14,416,380 |
Property and equipment, net | 8,290,895 | 8,694,194 |
Intangible assets, net | 335,646 | 341,848 |
OTHER ASSETS | ||
Service agreements | 19,183 | 38,925 |
Security deposits | 3,515 | |
Other assets | 19,183 | 42,440 |
Total assets | 18,576,799 | 23,494,862 |
CURRENT LIABILITIES: | ||
Accounts payable | 62,695 | 57,960 |
Accounts payable - related party | 243,881 | 214,397 |
Loan payable | 0 | 94,788 |
Accrued expenses | 42,168 | 45,692 |
Total current liabilities | 348,744 | 412,837 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY: | ||
Common stock, $0.001 par value; 150,000,000 shares authorized, 11,666,471 and 11,592,173 shares issued and outstanding, at March 31, 2023 and June 30, 2022, respectively | 11,666 | 11,592 |
Additional paid-in capital | 145,726,648 | 145,562,124 |
Accumulated deficit | (127,510,756) | (122,492,176) |
Total stockholders' equity | 18,228,055 | 23,082,025 |
Total liabilities and stockholders' equity | 18,576,799 | 23,494,862 |
Series A convertible preferred stock | ||
STOCKHOLDERS' EQUITY: | ||
Series A convertible preferred stock, $0.001 par value, 10,000,000 shares designated, 497,287 and 484,582 shares issued and outstanding, at March 31, 2023 and June 30, 2022, respectively | $ 497 | $ 485 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Jun. 30, 2022 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 11,666,471 | 11,592,173 |
Common stock, shares, outstanding | 11,666,471 | 11,592,173 |
Series A convertible preferred stock | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 497,287 | 484,582 |
Preferred stock, shares outstanding | 497,287 | 484,582 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
OPERATING EXPENSES | ||||
Research and development | $ 1,196,094 | $ 1,255,074 | $ 3,479,463 | $ 4,613,302 |
General and administrative | 614,647 | 532,801 | 1,787,632 | 1,707,514 |
Total operating expenses | 1,810,741 | 1,787,875 | 5,267,095 | 6,320,816 |
LOSS FROM OPERATIONS | (1,810,741) | (1,787,875) | (5,267,095) | (6,320,816) |
OTHER INCOME (EXPENSE) | ||||
Interest income | 107,937 | 249,453 | ||
Interest expense | (4,789) | (938) | (6,050) | |
Other (expense) income, net | 107,937 | (4,789) | 248,515 | (6,050) |
LOSS BEFORE INCOME TAX PROVISION | (1,702,804) | (1,792,664) | (5,018,580) | (6,326,866) |
NET LOSS | $ (1,702,804) | $ (1,792,664) | $ (5,018,580) | $ (6,326,866) |
Net loss/Weighted average common shares | ||||
Net loss per common share- basic | $ (0.15) | $ (0.16) | $ (0.43) | $ (0.55) |
Net loss per common share- diluted | $ (0.15) | $ (0.16) | $ (0.43) | $ (0.55) |
Weighted average common shares - basic | 11,636,041 | 11,540,296 | 11,612,735 | 11,527,069 |
Weighted average common shares - diluted | 11,636,041 | 11,540,296 | 11,612,735 | 11,527,069 |
Condensed Statement of Changes
Condensed Statement of Changes in Stockholders' Equity - USD ($) | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Jun. 30, 2021 | $ 372 | $ 11,515 | $ 144,284,593 | $ (114,385,313) | $ 29,911,167 |
Balance (in shares) at Jun. 30, 2021 | 371,490 | 11,515,170 | |||
Series A preferred stock issued for employee stock compensation | $ 10 | 32,880 | 32,890 | ||
Series A preferred stock issued for employee stock compensation (in shares) | 10,591 | ||||
Series A preferred stock issued for license agreement | $ 100 | 934,988 | 935,088 | ||
Series A Preferred stock issued for license agreement (in shares) | 100,000 | ||||
Common stock issued for consulting and legal services rendered | $ 6 | 26,994 | 27,000 | ||
Common stock issued for consulting and legal services rendered (in shares) | 6,509 | ||||
Warrants issued to Scientific Advisory Board | 1,352 | 1,352 | |||
Common stock issued for Directors fees | $ 4 | 14,996 | 15,000 | ||
Common stock issued for Directors fees (in shares) | 3,524 | ||||
Net loss | (2,613,068) | (2,613,068) | |||
Balance at Sep. 30, 2021 | $ 482 | $ 11,525 | 145,295,803 | (116,998,381) | 28,309,429 |
Balance (in shares) at Sep. 30, 2021 | 482,081 | 11,525,203 | |||
Balance at Jun. 30, 2021 | $ 372 | $ 11,515 | 144,284,593 | (114,385,313) | 29,911,167 |
Balance (in shares) at Jun. 30, 2021 | 371,490 | 11,515,170 | |||
Net loss | (6,326,866) | ||||
Balance at Mar. 31, 2022 | $ 484 | $ 11,554 | 145,457,987 | (120,712,179) | 24,757,846 |
Balance (in shares) at Mar. 31, 2022 | 484,195 | 11,554,476 | |||
Balance at Sep. 30, 2021 | $ 482 | $ 11,525 | 145,295,803 | (116,998,381) | 28,309,429 |
Balance (in shares) at Sep. 30, 2021 | 482,081 | 11,525,203 | |||
Series A preferred stock issued for employee stock compensation | 33,367 | 33,367 | |||
Series A preferred stock issued for employee stock compensation (in shares) | 387 | ||||
Common stock issued for consulting and legal services rendered | $ 6 | 26,994 | 27,000 | ||
Common stock issued for consulting and legal services rendered (in shares) | 5,993 | ||||
Warrants issued to Scientific Advisory Board | 1,644 | 1,644 | |||
Common stock issued for Directors fees | $ 3 | 14,997 | 15,000 | ||
Common stock issued for Directors fees (in shares) | 3,288 | ||||
Net loss | (1,921,134) | (1,921,134) | |||
Balance at Dec. 31, 2021 | $ 482 | $ 11,534 | 145,372,805 | (118,919,515) | 26,465,306 |
Balance (in shares) at Dec. 31, 2021 | 482,468 | 11,534,484 | |||
Series A preferred stock issued for employee stock compensation | $ 2 | 39,399 | 39,401 | ||
Series A preferred stock issued for employee stock compensation (in shares) | 1,727 | ||||
Common stock issued for consulting and legal services rendered | $ 12 | 26,988 | 27,000 | ||
Common stock issued for consulting and legal services rendered (in shares) | 11,632 | ||||
Warrants issued to Scientific Advisory Board | 785 | 785 | |||
Common stock issued for employee compensation | $ 3 | 6,765 | 6,768 | ||
Common stock issued for employee compensation (in shares) | 3,572 | ||||
Common stock issued for Directors fees | $ 5 | 11,245 | 11,250 | ||
Common stock issued for Directors fees (in shares) | 4,788 | ||||
Net loss | (1,792,664) | (1,792,664) | |||
Balance at Mar. 31, 2022 | $ 484 | $ 11,554 | 145,457,987 | (120,712,179) | 24,757,846 |
Balance (in shares) at Mar. 31, 2022 | 484,195 | 11,554,476 | |||
Balance at Jun. 30, 2022 | $ 485 | $ 11,592 | 145,562,124 | (122,492,176) | 23,082,025 |
Balance (in shares) at Jun. 30, 2022 | 484,582 | 11,592,173 | |||
Series A preferred stock issued for employee stock compensation | $ 10 | $ 0 | 13,854 | 0 | 13,864 |
Series A preferred stock issued for employee stock compensation (in shares) | 10,591 | 0 | |||
Common stock issued for consulting and legal services rendered | $ 13 | 26,987 | 27,000 | ||
Common stock issued for consulting and legal services rendered (in shares) | 12,710 | ||||
Warrants issued to Scientific Advisory Board | 480 | 480 | |||
Common stock issued for Directors fees | $ 5 | 11,245 | 11,250 | ||
Common stock issued for Directors fees (in shares) | 5,154 | ||||
Net loss | (1,570,642) | (1,570,642) | |||
Balance at Sep. 30, 2022 | $ 495 | $ 11,610 | 145,614,690 | (124,062,818) | 21,563,977 |
Balance (in shares) at Sep. 30, 2022 | 495,173 | 11,610,037 | |||
Balance at Jun. 30, 2022 | $ 485 | $ 11,592 | 145,562,124 | (122,492,176) | 23,082,025 |
Balance (in shares) at Jun. 30, 2022 | 484,582 | 11,592,173 | |||
Net loss | (5,018,580) | ||||
Balance at Mar. 31, 2023 | $ 497 | $ 11,666 | 145,726,648 | (127,510,756) | 18,228,055 |
Balance (in shares) at Mar. 31, 2023 | 497,287 | 11,666,471 | |||
Balance at Sep. 30, 2022 | $ 495 | $ 11,610 | 145,614,690 | (124,062,818) | 21,563,977 |
Balance (in shares) at Sep. 30, 2022 | 495,173 | 11,610,037 | |||
Series A preferred stock issued for employee stock compensation | 13,055 | 13,055 | |||
Series A preferred stock issued for employee stock compensation (in shares) | 387 | ||||
Common stock issued for consulting and legal services rendered | $ 17 | 26,983 | 27,000 | ||
Common stock issued for consulting and legal services rendered (in shares) | 17,366 | ||||
Warrants issued to Scientific Advisory Board | 223 | 223 | |||
Common stock issued for Directors fees | $ 7 | 11,243 | 11,250 | ||
Common stock issued for Directors fees (in shares) | 7,173 | ||||
Net loss | (1,745,134) | (1,745,134) | |||
Balance at Dec. 31, 2022 | $ 495 | $ 11,634 | 145,666,194 | (125,807,952) | 19,870,371 |
Balance (in shares) at Dec. 31, 2022 | 495,560 | 11,634,576 | |||
Series A preferred stock issued for employee stock compensation | $ 2 | 17,231 | 17,233 | ||
Series A preferred stock issued for employee stock compensation (in shares) | 1,727 | ||||
Common stock issued for consulting and legal services rendered | $ 20 | 26,980 | 27,000 | ||
Common stock issued for consulting and legal services rendered (in shares) | 19,983 | ||||
Warrants issued to Scientific Advisory Board | 183 | 183 | |||
Common stock issued for employee compensation | $ 4 | 4,818 | 4,822 | ||
Common stock issued for employee compensation (in shares) | 3,572 | ||||
Common stock issued for Directors fees | $ 8 | 11,242 | 11,250 | ||
Common stock issued for Directors fees (in shares) | 8,340 | ||||
Net loss | (1,702,804) | (1,702,804) | |||
Balance at Mar. 31, 2023 | $ 497 | $ 11,666 | $ 145,726,648 | $ (127,510,756) | $ 18,228,055 |
Balance (in shares) at Mar. 31, 2023 | 497,287 | 11,666,471 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 9 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (5,018,580) | $ (6,326,866) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Preferred shares issued as compensation | 44,152 | 105,658 |
Preferred shares issued pursuant to license agreement | 935,088 | |
Common shares issued as compensation and for services | 119,572 | 129,018 |
Warrants granted to Scientific Advisory Board | 886 | 3,781 |
Depreciation | 552,445 | 529,167 |
Amortization | 6,202 | 6,202 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 69,904 | 204,118 |
Other assets | 23,257 | (45,702) |
Accounts payable | 4,735 | (77,029) |
Accounts payable - related party | 29,484 | 42,048 |
Accrued expenses | (3,524) | 967 |
NET CASH USED IN OPERATING ACTIVITIES | (4,171,467) | (4,493,550) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (149,146) | (248,986) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payment of loan payable | (94,788) | (164,599) |
Deferred financing costs | (37,408) | |
NET CASH (USED IN) FINANCING ACTIVITIES | (94,788) | (202,007) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (4,415,401) | (4,944,543) |
Cash and cash equivalents at beginning of period | 14,066,359 | 20,516,677 |
Cash and cash equivalents at end of period | 9,650,958 | 15,572,134 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | ||
Interest paid | $ 938 | 3,488 |
Non-Cash Financing and Investing Activities: | ||
Directors and Officers Insurance financed through loan | $ 234,198 |
Organization and Nature of Busi
Organization and Nature of Business | 9 Months Ended |
Mar. 31, 2023 | |
Organization and Nature of Business | |
Organization and Nature of Business | Note 1 – Organization and Nature of Business NanoViricides, Inc. (the “Company”) is a clinical stage nano-biopharmaceutical company specializing in the discovery, development, and commercialization of drugs to combat viral infections using its unique and novel nanomedicines technology. NanoViricides possesses its own state of the art facility that supports research and development and drug discovery, drug candidate optimization, cGMP-compliant drug substance manufacturing, cGMP-compliant manufacturing and packaging of drug products for human clinical trials, and early commercialization. The Company has several drugs in various stages of development. The Company’s lead drug candidate for the treatment of COVID, NV-CoV-2, is about to enter into Phase1a/1b human clinical trials sponsored by our licensee and collaborator in India, Karveer Meditech, Pvt. Ltd (see below). It has shown strong effectiveness and safety in pre-clinical studies. NV-CoV-2 mechanism of action is orthogonal and complementary to that of the existing therapeutics, enabling combination therapy with the existing drugs in the market. The Company has also initiated additional drug programs to expand the repertoire of drugs based on NV-387, the active pharmaceutical ingredient contained in the COVID drug product NV-CoV-2. These programs include drug development for the treatment of MPOX virus infection (mpox and smallpox family of viruses) and for the treatment of Respiratory Syncytial Virus (RSV) infection. The Company anticipates that by leveraging NV-387 developments, the regulatory process for resulting drug candidates, if any, would be substantially faster than for de novo development. Additionally, the Company has previously developed a clinical drug candidate, NV-HHV-1 formulated as skin cream, for the treatment of Shingles. The Company plans on taking NV-HHV-1 into human clinical trials, and further develop the HerpeCide™ program after clinical trials of NV-CoV-2. In the HerpeCide program alone, the Company has drug candidates against at least five indications at different stages of development. The Company’s drug candidates against HSV-1 “cold sores” and HSV-2 “genital herpes” are in advanced pre-clinical studies and are expected to follow the shingles drug candidate into human clinical trials. In addition, the Company has drugs in development against all influenzas in its FluCide™ program, as well as drug candidates against HIV/AIDS, Dengue, Ebola/Marburg, and other viruses. The Company’s drugs are based on several patents, patent applications, provisional patent applications, and other proprietary intellectual property held by TheraCour Pharma, Inc. (“TheraCour”), to which the Company has broad, exclusive licenses. The licenses are to entire fields and not to specific compounds. In all, the Company has exclusive, worldwide licenses for the treatment of the following human viral diseases: Human Immunodeficiency Virus (HIV/AIDS), Hepatitis B Virus (HBV), Hepatitis C Virus (HCV), Herpes Simplex Virus (HSV-1 and HSV-2), Influenza and Asian Bird Flu Virus, Dengue viruses, Ebola/Marburg viruses, Japanese Encephalitis virus, viruses causing viral Conjunctivitis (a disease of the eye) and Ocular Herpes (restated), VZV infections, and SARS-CoV-2 infections. In all cases, the discovery of ligands and polymer materials as well as formulations, the chemistry and chemical characterization, as well as process development and related work will be performed by TheraCour, a related party substantially owned by Dr. Anil Diwan, under the same compensation terms as prior agreements between the parties, with no duplication of costs allowed. Upon commercialization, NanoViricides will pay 15% of net sales to TheraCour. Milestone payments were made or are specified in certain of the license agreements, details of which have been disclosed at the time the agreements were entered into. The Company negotiates and licenses specific verticals of therapeutic applications from TheraCour if promising drug candidates are found in early research and development against a virus target. TheraCour has not denied any such licenses when requested. The Company’s business plan is based on developing the drug candidates into regulatory approvals, and partnering and sub-licensing for commercialization of the drugs whenever possible. The Company has licensed NV-CoV-2 and NV-CoV-2-R for further clinical drug development and commercialization in the territory of India to Karveer Meditech, Private. Limited. (“Karveer”), a company of which Dr. Anil R. Diwan is a passive investor, and Board Member without possessing operating control. Karveer has sponsored NV-CoV-2 for human clinical trials and has obtained regulatory approvals in India. Karveer has retained a local Clinical Research Organization (CRO) to conduct the clinical trials. NV-CoV-2, is about to enter into Phase1a/1b human clinical trials in India, sponsored by Karveer. We are awaiting notification of start of the clinical trial from Karveer. The drug products, NV-CoV-2 Oral Syrup, and NV-CoV-2 Oral Gummies, were manufactured at the Company’s Shelton campus, and have already been shipped to and received by Karveer. Under the agreement with Karveer, the Company will pay for the expenses of the clinical trials, and in return will benefit from having the data and reports made available for regulatory filings in other territories of the world. Upon commercialization, the Company will receive royalties from Karveer equal to 70% of sales to unaffiliated third parties. |
Liquidity
Liquidity | 9 Months Ended |
Mar. 31, 2023 | |
Liquidity | |
Liquidity | Note 2 - Liquidity The Company’s condensed financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity of operations, realization of assets and liquidation of liabilities in the normal course of business. As reflected in the condensed financial statements, the Company has an accumulated deficit at March 31, 2023 of approximately $127.5 million and a net loss of approximately $5.0 million and net cash used in operating activities of approximately $4.2 million for the nine months then ended. In addition, the Company has not generated any revenues and no revenues are anticipated in the foreseeable future. Since May 2005, the Company has been engaged exclusively in research and development activities focused on developing targeted antiviral drugs. The Company has not yet commenced any product commercialization. Such losses are expected to continue for the foreseeable future and until such time, if ever, as the Company is able to attain sales levels sufficient to support its operations. There can be no assurance that the Company will achieve or maintain profitability in the future. As of March 31, 2023, the Company had available cash and cash equivalents of approximately $9.7 million. Since the onset of the COVID-19 pandemic, the Company has focused its efforts primarily on a single lead program to minimize cost outlays, namely, taking the COVID-19 drug candidate against SARS-CoV-2 into human clinical trials. The prior lead program for a shingles drug will follow the COVID-19 drug program. The Company believes that it has several important milestones, including Phase 1 and Phase II clinical trials for the Company’s broad-spectrum, pan-coronavirus drug NV-CoV-2, that should occur in the ensuing year. Management believes that as it achieves these milestones, the Company’s ability to raise additional funds in the public markets would be enhanced. Management believes that the Company’s existing resources will be sufficient to fund the Company’s planned operations and expenditures for at least 12 months from the date of the filing of this Form 10-Q. However, the Company cannot provide assurance that its plans will not change or that changed circumstances will not result in the depletion of its capital resources more rapidly than it currently anticipates. The Company will need to raise additional capital to fund its long-term operations and research and development plans including human clinical trials for its various drug candidates until it generates revenue that reaches a level sufficient to provide self-sustaining cash flows. The accompanying condensed financial statements do not include any adjustments that may result from the outcome of such unidentified uncertainties. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2023 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 3 - Summary of Significant Accounting Policies Basis of Presentation – Interim Financial Information The accompanying unaudited interim condensed financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission for Interim Reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete condensed financial statements. The unaudited interim condensed financial statements furnished reflect all adjustments (consisting of normal recurring accruals) that are, in the opinion of management, considered necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. The accompanying condensed financial statements and the information included under the heading “Management’s Discussion and Analysis or Plan of Operation” should be read in conjunction with the Company’s audited financial statements and related notes included in the Company’s Form 10-K for the fiscal year ended June 30, 2022 filed with the SEC on October 13, 2022. The June 30, 2022 year-end balance sheet data in the accompanying interim condensed financial statements was derived from the audited financial statements. For a summary of significant accounting policies, see the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2022 filed on October 13, 2022. Net Loss per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through stock options, warrants and convertible preferred stock. The following table shows the number of outstanding potentially dilutive common shares excluded from the diluted net loss per common share calculation, as they were anti-dilutive: Potentially Outstanding Dilutive Common Shares For the For the For the For the Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Warrants 8,290 9,146 8,290 9,146 The Company has 497,287 shares of Series A preferred stock outstanding as of March 31, 2023. Only in the event of a “change of control” of the Company is each Series A preferred share is convertible to 3.5 shares of its new common stock. A “change of control” is defined as an event in which the Company’s shareholders become 60% or less owners of a new entity as a result of a change of ownership, merger or acquisition of the Company or the Company’s intellectual property. In the absence of a change of control event, the Series A preferred stock is not convertible into common stock, and does not carry any dividend rights or any other financial effects. At March 31, 2023, the number of potentially dilutive shares of the Company’s common stock into which these Series A preferred shares can be converted into is 1,704,505, and is not included in diluted earnings per share since the shares are contingently convertible only upon a change of control. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions | |
Related Party Transactions | Note 4 - Related Party Transactions Related Parties Related parties with whom the Company had transactions are: Related Parties Relationship Dr. Anil R. Diwan Chairman, President, CEO, significant stockholder and Director TheraCour Pharma, Inc. (“TheraCour”) An entity owned and controlled by Dr. Anil R. Diwan Karveer Meditech, Pvt., Ltd An entity of which Dr. Anil R. Diwan is a passive investor, and Board member without operating control. For the three months ended For the nine months ended March 31, March 31, March 31, March 31, 2023 2022 2023 2022 Property and Equipment During the reporting period, TheraCour acquired property and equipment on behalf of the Company from third party vendors and sold such property and equipment, at cost, to the Company $ — $ 39,324 $ 29,369 $ 120,041 As of March 31, June 30, 2023 2022 Account Payable – Related Party Pursuant to an Exclusive License Agreement with TheraCour, the Company was granted exclusive licenses for technologies developed by TheraCour for the virus types: HIV, HCV, Herpes, Asian (bird) flu, Influenza and rabies. On November 1, 2019, the Company entered into the VZV Licensing Agreement with TheraCour. In consideration for obtaining these exclusive licenses, the Company agreed: (1) that TheraCour can charge its costs (direct and indirect) plus no more than 30% of certain direct costs as a development fee and such development fees shall be due and payable in periodic installments as billed, (2) the Company will pay $2,000 or actual costs each month, whichever is higher for other general and administrative expenses incurred by TheraCour on the Company’s behalf, (3) to make royalty payments of 15% (calculated as a percentage of net sales of the licensed drugs) to TheraCour and; (4) to pay an advance payment equal to twice the amount of the previous months invoice to be applied as a prepayment towards expenses. Accounts payable due TheraCour at March 31, 2023 and June 30, 2022 were $708,881 and $679,397, respectively, which were each offset by a two month advance of $465,000. $ 243,881 $ 214,397 For the three months ended For the nine months ended March 31, March 31, March 31, March 31, 2023 2022 2023 2022 Research and Development Costs Related Party Development fees and other costs charged by to TheraCour pursuant to the license agreements between TheraCour and the Company for the development of the Company’s drug pipeline. No royalties are due TheraCour from the Company at March 31, 2023 and June 30, 2022 $ 622,016 $ 587,239 $ 1,867,974 $ 1,754,143 License Milestone Fee – Related Party On September 9, 2021, the Company entered into a COVID-19 License Agreement to use, promote, offer for sale, import, export, sell and distribute drugs that treat COVID-19 infections, using TheraCour’s proprietary as well as patented technology and intellectual property. Pursuant to such license agreement, the Board of Directors authorized the issuance of 100,000 fully vested shares of the Company’s Series A preferred stock as a license milestone payment and recorded an expense to Research and Development of $935,088 upon execution of the agreement during the nine months ended March 31, 2022. License Agreement – Related Party On March 27, 2023 the Company entered into a License Agreement with Karveer Meditech, Pvt., Ltd., India, (Karveer) wherein the Company granted to Karveer a limited, non-transferable, exclusive license for the use, sale, or offer of sale in India of the Company’s two clinical test drug candidates titled as NV-CoV-2 and NV-CoV-2-R for the treatment of COVID in patients in India. Karveer has engaged in further drug development in India including sponsoring of drug candidates for human clinical trials in India and has acted as clinical trials manager for such clinical trials. Karveer shall provide NanoViricides with all reports of the clinical trials and the Company can use such reports for further advancement of the drug candidates with regulatory authorities outside India. In consideration, Karveer will be reimbursed by the Company for all direct and indirect costs incurred for the clinical trials and development activities with a customary clinical trials manager fee of thirty (30)% of such costs and applicable taxes. Upon commercial sales of any resulting approved drugs, Karveer will pay the Company a royalty of seventy (70)% percent of the final invoiced sales to unaffiliated third parties. No amounts are due to Karveer as of March 31, 2023. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Mar. 31, 2023 | |
Property and Equipment | |
Property and Equipment | Note 5 - Property and Equipment Property and equipment, stated at cost, less accumulated depreciation consisted of the following: March 31, June 30, 2023 2022 GMP Facility $ 8,168,045 $ 8,149,416 Land 260,000 260,000 Office Equipment 57,781 57,781 Furniture and Fixtures 5,607 5,607 Lab Equipment 6,315,727 6,185,210 Total Property and Equipment 14,807,160 14,658,014 Less Accumulated Depreciation (6,516,265) (5,963,820) Property and Equipment, Net $ 8,290,895 $ 8,694,194 Depreciation expense for the three months ended March 31, 2023 and 2022 was $186,255 and $179,492, respectively, and for the six months ended March 31, 2023 and 2022 was $552,445 and $529,167, respectively. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Mar. 31, 2023 | |
Intangible Assets | |
Intangible Assets | Note 6 – Intangible Assets Intangible assets, net consists of the following: March 31, 2023 March 31, 2023 Total June 30, 2022 June 30, 2022 Total Finite Lived Indefinite Lived March 31, Finite Lived Indefinite Lived June 30, Intangible Assets Intangible Assets 2023 Intangible Assets Intangible Assets 2022 Intangible Assets $ 153,393 $ 305,561 $ 458,954 $ 153,393 $ 305,561 $ 458,954 Less Accumulated Amortization (123,308) — (123,308) (117,106) — (117,106) Intangible Assets, Net $ 30,085 $ 305,561 $ 335,646 $ 32,287 $ 305,561 $ 341,848 Amortization expense amounted to $2,067 and $2,067 for the three months ended March 31, 2023 and 2022, respectively, and for the nine months ended March 31, 2023 and 2022 were $6,202 and $6,202, respectively. NanoViricides, Inc.’s intangible assets include acquired licenses and capitalized patent costs representing legal fees associated with filing patent applications. Intangible assets with finite lives, licenses and patent costs, are amortized using the straight- line method over the estimated economic lives of the assets, which range from seventeen to twenty years. The Company’s intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Intangible assets determined to have indefinite useful lives, primarily patent costs, are not amortized but are tested for impairment annually, or more frequently if events or changes in circumstances indicate the asset may be impaired. The Company accounts for patent costs in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) ASC 350-30, General Intangibles Other than Goodwill The Company does assess the recoverability of intangible assets with indefinite lives annually in the fourth quarter of each fiscal year, or more often if indicators warrant, by determining whether the fair value of each of the intangible assets, as a unit, supports its carrying value. In accordance with ASC 350, each year the Company may assess qualitative factors to determine whether it is more likely than not that the fair value of each license is less than its carrying amount as a basis for determining whether it is necessary to complete quantitative impairment assessments. |
Loan Payable
Loan Payable | 9 Months Ended |
Mar. 31, 2023 | |
Loan Payable | |
Loan Payable | Note 7 – Loan Payable The Company financed its Directors and Officers liability insurance policies through BankDirect for the periods January 1, 2022 to December 31, 2022 and January 1, 2021 to December 31, 2021. The original loan balances as of January 1, 2022 and January 1, 2021 were $234,198 and $235,476 , respectively, payable at the rate of $23,932 and $24,062 monthly including interest at an annual rate of 4.74% and 4.74% , respectively, through October of each year. At March 31, 2023 and June 30, 2022, the loan balance was $0 and $94,788 , respectively. For the three and nine months ended March 31, 2023, the Company incurred interest expense of $0 and $938 , respectively. For the three and nine months ended March 31, 2022, the Company incurred interest expense of $2,502 and $3,445 , respectively. For the period January 1, 2023 to December 31, 2023 the Company did no t finance its Directors and Officers liability insurance. |
Equity Transactions
Equity Transactions | 9 Months Ended |
Mar. 31, 2023 | |
Equity Transactions | |
Equity Transactions | Note 8 - Equity Transactions On September 14, 2022 the Company’s Board of Directors approved the employment extension of Dr. Anil Diwan, President and Chairman of the Board. On October 6, 2022, the Company and Dr. Anil Diwan executed an extension of his employment agreement for a period of one year from July 1, 2022 through June 30, 2023 under the same general terms and conditions. The Company granted Dr. Anil Diwan an award of 10,204 shares of the Company’s Series A preferred stock. The shares shall be vested in quarterly installments of 2,551 shares on September 30, 2022, December 31, 2022, March 31, 2023 and June 30, 2023 and are subject to forfeiture. The Company recognized non-cash compensation expense related to the issuance of the Series A preferred stock of $10,930 and $32,790 for the three and nine months ended March 31, 2023, respectively. The balance of $10,931 will be recognized as the remaining 2,551 shares vest and service is rendered for the three months ended June 30, 2023. For the three and nine months ended March 31, 2023, the Company’s Board of Directors authorized the issuance of 1,727 and 2,501, respectively of fully vested shares of its Series A preferred stock for employee compensation. The Company recorded expense of $6,303 and $11,362, respectively for the three and nine months ended March 31, 2023 related to these issuances. There is currently no market for the shares of Series A preferred stock and they can only be converted into shares of common stock upon a change of control of the Company as more fully described in the Certificate of Designation. The Company, therefore, estimated the fair value of the Series A preferred stock granted to various employees and others on the date of grant. The conversion of the shares is triggered by a change of control. The fair value of the Series A Convertible preferred stock at each issuance was estimated based upon the price of the Company’s common stock after an application for a reasonable discount for lack of marketability. The Scientific Advisory Board was granted in August 2022 fully vested warrants to purchase 286 shares of common stock with an exercise price of $3.40 per share expiring in August 2026 and in November 2022 fully vested warrants to purchase 286 shares of common stock with an exercise price of $2.09 per share expiring in November 2026 and in February 2023 fully vested warrants to purchase 286 shares of common stock with an exercise price of $1.79 per share expiring in February 2027. The fair value of the warrants was $183 for the three months ended March 31, 2023 and $886 for the nine months ended March 31, 2023 and was recorded as consulting expense. The Company estimated the fair value of the warrants granted to the Scientific Advisory Board on the date of grant using the Black-Scholes Option-Pricing Model Expected life (year) 4 Expected volatility 57.19-85.12 % Expected annual rate of quarterly dividends 0.00 % Risk-free rate(s) 3.025-4.195 % For the three and nine months ended March 31, 2023, the Company’s Board of Directors authorized the issuance of 19,983 and 50,039, respectively, fully vested shares of the Company’s common stock with a restrictive legend for consulting services. The Company recorded expense of $27,000 and $81,000, respectively, for the three and nine months ended March 31, 2023, which is reflective of the fair value of the common stock on the dates of issuance. For the three and nine months ended March 31, 2023, the Company’s Board of Directors authorized the issuance of 8,340 and 20,667, respectively, fully vested shares of its common stock with a restrictive legend for director services. The Company recorded an expense of $11,250 and $33,750 for the three and nine months ended March 31, 2023, which is reflective of the fair value of the common stock on the dates of issuance. |
Common Stock Warrants
Common Stock Warrants | 9 Months Ended |
Mar. 31, 2023 | |
Common Stock Warrants | |
Common Stock Warrants | Note 9 - Common Stock Warrants Weighted Average Weighted Exercise Average Price Remaining Aggregate Number of per share Contractual Term Intrinsic Value Common Stock Warrants Shares ($) (years) ($) Outstanding and exercisable at June 30, 2022 9,146 $ 6.06 2.00 $ 238 Granted 858 2.43 3.63 — Expired (1,714) 8.64 — — Outstanding and exercisable at March 31, 2023 8,290 $ 5.16 1.84 $ — Of the outstanding warrants at March 31, 2023, 570 expire in fiscal year ending June 30, 2023, 2,287 expire in fiscal year ending June 30, 2024, 2,287 warrants expire in the fiscal year ending June 30, 2025, 2,288 warrants expire in the fiscal year ending June 30, 2026, and 858 warrants expire in the fiscal year ending June 30, 2027. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 10 - Commitments and Contingencies Legal Proceedings From time to time, we are subject to various legal proceedings arising in the ordinary course of business, including proceedings for which we have insurance coverage. There are no pending legal proceedings against the Company to the best of the Company’s knowledge as of the date hereof and to the Company’s knowledge no action, suit or proceeding has been threatened against the Company that we believe will have a material adverse effect to our business, financial position, results of operations, or liquidity. Employment Agreements As discussed in Note 8, On September 14, 2022 the Company’s Board of Directors approved the extension of Dr. Diwan’s employment agreement, and on October 6, 2022, the Company and Dr. Diwan executed an extension of his employment agreement for a period of one year from July 1, 2022 through June 30, 2023 under the same general terms and conditions. The Company granted Dr. Anil Diwan an award of 10,204 shares of the Company’s Series A preferred stock. The shares will be deemed partially vested in quarterly installments following the grant date and fully vested on June 30, 2023. License Agreements The Company is dependent upon its license agreements with TheraCour (See Notes 1 and 4). If the Company lost the right to utilize any of the proprietary information that is the subject of the TheraCour license agreement on which it depends, the Company will incur substantial delays and costs in development of its drug candidates. On November 1, 2019, the Company entered into a VZV License Agreement with TheraCour for an exclusive license for the Company to use, promote, offer for sale, import, export, sell and distribute products for the treatment of VZV derived indications. Process development and related work will be performed by TheraCour under the same compensation terms as prior agreements between the parties, with no duplication of costs allowed. On September 9, 2021, the Company entered into a COVID-19 License Agreement to use, promote, offer for sale, import, export, sell and distribute drugs that treat COVID-19 infections, using TheraCour’s proprietary as well as patented technology and intellectual property. The discovery of ligands and polymer materials as well as formulations, the chemistry and chemical characterization, as well as process development and related work will be performed by TheraCour under the same compensation terms as prior agreements between the parties, with no duplication of costs allowed. On March 27, 2023 the Company entered into a License Agreement with Karveer Meditech, Pvt., Ltd., India, (Karveer) wherein the Company granted to Karveer a limited, non-transferable, exclusive license for the use, sale, or offer of sale in India of the Company’s two clinical test drug candidates titled as NV-CoV-2 and NV-CoV-2-R for the treatment of COVID in patients in India. Karveer has engaged in further drug development in India including sponsoring of drug candidates for human clinical trials in India and has acted as clinical trials manager for such clinical trials. Karveer shall provide NanoViricides with all reports of the clinical trials and the Company can use such reports for further advancement of the drug candidates with regulatory authorities outside India. In consideration, Karveer will be reimbursed by the Company for all direct and indirect costs incurred for the clinical trials and development activities with a customary clinical trials manager fee of thirty percent (30%) of such costs and applicable taxes. Upon commercial sales of any resulting approved drugs, Karveer will pay the Company a royalty of seventy (70)% percent of the final invoiced sales to unaffiliated third parties. No amounts were owed to Karveer as of March 31, 2023. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2023 | |
Summary of Significant Accounting Policies | |
Basis of Presentation - Interim Financial Information | Basis of Presentation – Interim Financial Information The accompanying unaudited interim condensed financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission for Interim Reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete condensed financial statements. The unaudited interim condensed financial statements furnished reflect all adjustments (consisting of normal recurring accruals) that are, in the opinion of management, considered necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. The accompanying condensed financial statements and the information included under the heading “Management’s Discussion and Analysis or Plan of Operation” should be read in conjunction with the Company’s audited financial statements and related notes included in the Company’s Form 10-K for the fiscal year ended June 30, 2022 filed with the SEC on October 13, 2022. The June 30, 2022 year-end balance sheet data in the accompanying interim condensed financial statements was derived from the audited financial statements. For a summary of significant accounting policies, see the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2022 filed on October 13, 2022. |
Net Loss per Common Share | Net Loss per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through stock options, warrants and convertible preferred stock. The following table shows the number of outstanding potentially dilutive common shares excluded from the diluted net loss per common share calculation, as they were anti-dilutive: Potentially Outstanding Dilutive Common Shares For the For the For the For the Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Warrants 8,290 9,146 8,290 9,146 The Company has 497,287 shares of Series A preferred stock outstanding as of March 31, 2023. Only in the event of a “change of control” of the Company is each Series A preferred share is convertible to 3.5 shares of its new common stock. A “change of control” is defined as an event in which the Company’s shareholders become 60% or less owners of a new entity as a result of a change of ownership, merger or acquisition of the Company or the Company’s intellectual property. In the absence of a change of control event, the Series A preferred stock is not convertible into common stock, and does not carry any dividend rights or any other financial effects. At March 31, 2023, the number of potentially dilutive shares of the Company’s common stock into which these Series A preferred shares can be converted into is 1,704,505, and is not included in diluted earnings per share since the shares are contingently convertible only upon a change of control. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Summary of Significant Accounting Policies | |
Schedule of potentially outstanding dilutive common shares excluded from the diluted net loss per common share calculation | Potentially Outstanding Dilutive Common Shares For the For the For the For the Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Warrants 8,290 9,146 8,290 9,146 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions | |
Summary of related party | Related Parties Relationship Dr. Anil R. Diwan Chairman, President, CEO, significant stockholder and Director TheraCour Pharma, Inc. (“TheraCour”) An entity owned and controlled by Dr. Anil R. Diwan Karveer Meditech, Pvt., Ltd An entity of which Dr. Anil R. Diwan is a passive investor, and Board member without operating control. For the three months ended For the nine months ended March 31, March 31, March 31, March 31, 2023 2022 2023 2022 Property and Equipment During the reporting period, TheraCour acquired property and equipment on behalf of the Company from third party vendors and sold such property and equipment, at cost, to the Company $ — $ 39,324 $ 29,369 $ 120,041 As of March 31, June 30, 2023 2022 Account Payable – Related Party Pursuant to an Exclusive License Agreement with TheraCour, the Company was granted exclusive licenses for technologies developed by TheraCour for the virus types: HIV, HCV, Herpes, Asian (bird) flu, Influenza and rabies. On November 1, 2019, the Company entered into the VZV Licensing Agreement with TheraCour. In consideration for obtaining these exclusive licenses, the Company agreed: (1) that TheraCour can charge its costs (direct and indirect) plus no more than 30% of certain direct costs as a development fee and such development fees shall be due and payable in periodic installments as billed, (2) the Company will pay $2,000 or actual costs each month, whichever is higher for other general and administrative expenses incurred by TheraCour on the Company’s behalf, (3) to make royalty payments of 15% (calculated as a percentage of net sales of the licensed drugs) to TheraCour and; (4) to pay an advance payment equal to twice the amount of the previous months invoice to be applied as a prepayment towards expenses. Accounts payable due TheraCour at March 31, 2023 and June 30, 2022 were $708,881 and $679,397, respectively, which were each offset by a two month advance of $465,000. $ 243,881 $ 214,397 For the three months ended For the nine months ended March 31, March 31, March 31, March 31, 2023 2022 2023 2022 Research and Development Costs Related Party Development fees and other costs charged by to TheraCour pursuant to the license agreements between TheraCour and the Company for the development of the Company’s drug pipeline. No royalties are due TheraCour from the Company at March 31, 2023 and June 30, 2022 $ 622,016 $ 587,239 $ 1,867,974 $ 1,754,143 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Property and Equipment | |
Schedule of property and equipment | March 31, June 30, 2023 2022 GMP Facility $ 8,168,045 $ 8,149,416 Land 260,000 260,000 Office Equipment 57,781 57,781 Furniture and Fixtures 5,607 5,607 Lab Equipment 6,315,727 6,185,210 Total Property and Equipment 14,807,160 14,658,014 Less Accumulated Depreciation (6,516,265) (5,963,820) Property and Equipment, Net $ 8,290,895 $ 8,694,194 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Intangible Assets | |
Schedule of intangible assets | March 31, 2023 March 31, 2023 Total June 30, 2022 June 30, 2022 Total Finite Lived Indefinite Lived March 31, Finite Lived Indefinite Lived June 30, Intangible Assets Intangible Assets 2023 Intangible Assets Intangible Assets 2022 Intangible Assets $ 153,393 $ 305,561 $ 458,954 $ 153,393 $ 305,561 $ 458,954 Less Accumulated Amortization (123,308) — (123,308) (117,106) — (117,106) Intangible Assets, Net $ 30,085 $ 305,561 $ 335,646 $ 32,287 $ 305,561 $ 341,848 |
Equity Transactions (Tables)
Equity Transactions (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Equity Transactions | |
Schedule of estimation of estimated the fair value of the warrants granted | Expected life (year) 4 Expected volatility 57.19-85.12 % Expected annual rate of quarterly dividends 0.00 % Risk-free rate(s) 3.025-4.195 % |
Common Stock Warrants (Tables)
Common Stock Warrants (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Common Stock Warrants | |
Schedule of common stock warrants activity | Weighted Average Weighted Exercise Average Price Remaining Aggregate Number of per share Contractual Term Intrinsic Value Common Stock Warrants Shares ($) (years) ($) Outstanding and exercisable at June 30, 2022 9,146 $ 6.06 2.00 $ 238 Granted 858 2.43 3.63 — Expired (1,714) 8.64 — — Outstanding and exercisable at March 31, 2023 8,290 $ 5.16 1.84 $ — |
Organization and Nature of Bu_2
Organization and Nature of Business (Details) | 9 Months Ended |
Mar. 31, 2023 | |
Organization and Nature of Business | |
Royalties on sales (in percent) | 70% |
TheraCour Pharma Inc | |
Organization and Nature of Business | |
Percentage of net sales allocated for royalty payments | 15% |
Liquidity (Details)
Liquidity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | |
Liquidity | |||||||||
Accumulated deficit | $ 127,510,756 | $ 127,510,756 | $ 122,492,176 | ||||||
Net loss | 1,702,804 | $ 1,745,134 | $ 1,570,642 | $ 1,792,664 | $ 1,921,134 | $ 2,613,068 | 5,018,580 | $ 6,326,866 | |
Net cash used in operating activities | 4,171,467 | $ 4,493,550 | |||||||
Revenue from contract with customer | 0 | ||||||||
Cash and cash equivalents | $ 9,650,958 | $ 9,650,958 | $ 14,066,359 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Warrants and Options (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Warrants | ||||
Summary of Significant Accounting Policies | ||||
Potentially outstanding dilutive common shares | 8,290 | 9,146 | 8,290 | 9,146 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) - Series A Convertible Preferred Stock | Mar. 31, 2023 shares | Jun. 30, 2022 shares |
Summary of Significant Accounting Policies | ||
Preferred stock, shares outstanding | 497,287 | 484,582 |
Reverse stock split | 3.5 | |
Percentage of change of control | 60 | |
Number of potentially dilutive common shares | 1,704,505 |
Related Party Transactions - Su
Related Party Transactions - Summary of related parties (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | |
Related Party Transaction | |||||
Research and Development Costs Related Party | $ 1,196,094 | $ 1,255,074 | $ 3,479,463 | $ 4,613,302 | |
TheraCour Pharma Inc | |||||
Related Party Transaction | |||||
Property and Equipment | 39,324 | 29,369 | 120,041 | ||
Account Payable - Related Party | 243,881 | 243,881 | $ 214,397 | ||
Research and Development Costs Related Party | $ 622,016 | $ 587,239 | $ 1,867,974 | $ 1,754,143 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 9 Months Ended | |||
Mar. 27, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | |
Related Party Transaction | ||||
Royalties on sales (in percent) | 70% | |||
TheraCour Pharma Inc | ||||
Related Party Transaction | ||||
Percentage of direct costs | 30% | |||
Other general and administrative expense | $ 2,000 | |||
Percentage of net sales allocated for royalty payments | 15% | |||
Accounts payable | $ 708,881 | $ 679,397 | ||
Accounts payable offset by advance | 465,000 | 465,000 | ||
Accrued royalties | $ 0 | $ 0 | ||
Karveer Meditech, Pvt., Ltd | ||||
Related Party Transaction | ||||
Clinical trials manager fee (in percent) | 30% | |||
Royalties on sales (in percent) | 70% | |||
Series A Preferred stock | COVID 19 License Agreement | Board of Directors Chairman | ||||
Related Party Transaction | ||||
License milestone payments | $ 935,088 | |||
Series A Preferred stock | COVID 19 License Agreement | Board of Directors Chairman | TheraCour Pharma Inc | ||||
Related Party Transaction | ||||
Number of shares authorized | 100,000 |
Property and Equipment - Schedu
Property and Equipment - Schedule of property and equipment (Details) - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 |
Property and Equipment | ||
GMP Facility | $ 8,168,045 | $ 8,149,416 |
Land | 260,000 | 260,000 |
Office Equipment | 57,781 | 57,781 |
Furniture and Fixtures | 5,607 | 5,607 |
Lab Equipment | 6,315,727 | 6,185,210 |
Total Property and Equipment | 14,807,160 | 14,658,014 |
Less Accumulated Depreciation | (6,516,265) | (5,963,820) |
Property and equipment, net | $ 8,290,895 | $ 8,694,194 |
Property and Equipment - Additi
Property and Equipment - Additional information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Property and Equipment | ||||||
Depreciation expense | $ 186,255 | $ 179,492 | $ 552,445 | $ 529,167 | $ 552,445 | $ 529,167 |
Intangible Assets - Finite Live
Intangible Assets - Finite Lived Intangible Assets and Infinite Lived Intangible Assets (Details) - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 |
Intangible Assets | ||
Intangible Assets | $ 458,954 | $ 458,954 |
Less Accumulated Amortization | (123,308) | (117,106) |
Intangible Assets, Net | 335,646 | 341,848 |
Finite Lived Intangible Assets | ||
Intangible Assets | ||
Intangible Assets | 153,393 | 153,393 |
Less Accumulated Amortization | (123,308) | (117,106) |
Intangible Assets, Net | 30,085 | 32,287 |
Indefinite Lived Intangible Assets | ||
Intangible Assets | ||
Intangible Assets | 305,561 | 305,561 |
Intangible Assets, Net | $ 305,561 | $ 305,561 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Trademark and patents | ||||
Intangible Assets | ||||
Amortization expense | $ 2,067 | $ 2,067 | $ 6,202 | $ 6,202 |
Loan Payable (Details)
Loan Payable (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Jan. 01, 2022 | Jan. 01, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | |
Loan Payable | |||||||
Loan balance | $ 234,198 | $ 235,476 | |||||
Amount of loan repayment per month | $ 23,932 | $ 24,062 | |||||
Interest rate | 4.74% | 4.74% | |||||
Loan payable | $ 0 | $ 0 | $ 94,788 | ||||
Interest expense | 0 | $ 2,502 | $ 938 | $ 3,445 | |||
Directors and officers liability insurance | $ 0 |
Equity Transactions - Additiona
Equity Transactions - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Oct. 06, 2022 | Sep. 30, 2022 | Feb. 28, 2023 | Nov. 30, 2022 | Aug. 31, 2022 | Jun. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2023 | |
Equity Transactions | ||||||||
Employment agreement extension term (in years) | 1 year | |||||||
Warrants | ||||||||
Equity Transactions | ||||||||
Number of fully vested warrants granted to purchase shares of common stock | 286 | 286 | 286 | |||||
Exercise price (in dollars per share) | $ 1.79 | $ 2.09 | $ 3.40 | |||||
Consulting expense | $ 183 | $ 886 | ||||||
Director | ||||||||
Equity Transactions | ||||||||
Shares granted | 8,340 | 20,667 | ||||||
Stock-based compensation expense | $ 11,250 | $ 33,750 | ||||||
President | ||||||||
Equity Transactions | ||||||||
Number of shares in a quarterly installment to be vested | 2,551 | |||||||
Consulting services | ||||||||
Equity Transactions | ||||||||
Shares granted | 19,983 | 50,039 | ||||||
Stock-based compensation expense | $ 27,000 | $ 81,000 | ||||||
Subsequent event | ||||||||
Equity Transactions | ||||||||
Non-cash compensation expense, balance amount to be recognized | $ 10,931 | |||||||
Number of remaining shares to be vested | 2,551 | |||||||
Scientific Advisory Board Common Stock Warrants | ||||||||
Equity Transactions | ||||||||
Warrants and Rights Outstanding, Valuation Technique | us-gaap:ValuationTechniqueOptionPricingModelMember | us-gaap:ValuationTechniqueOptionPricingModelMember | ||||||
Series A Preferred Stock | President | ||||||||
Equity Transactions | ||||||||
Shares granted | 10,204 | |||||||
Non-cash compensation expense | $ 10,930 | $ 32,790 | ||||||
Series A Preferred Stock | Employee compensation | ||||||||
Equity Transactions | ||||||||
Shares granted | 1,727 | 2,501 | ||||||
Fair Value | $ 6,303 | $ 11,362 | ||||||
Stock issuance expense | $ 6,303 | $ 11,362 |
Equity Transactions - Estimated
Equity Transactions - Estimated Fair Value of Warrants (Details) - Scientific Advisory Board | 9 Months Ended |
Mar. 31, 2023 | |
Equity Transactions | |
Expected life (year) | 4 years |
Expected volatility, minimum | 57.19% |
Expected volatility, maximum | 85.12% |
Expected annual rate of quarterly dividends | 0% |
Risk-free rate(s), minimum | 3.025% |
Risk-free rate(s), maximum | 4.195% |
Common Stock Warrants- Common S
Common Stock Warrants- Common Stock Warrants (Details) - Common Stock Warrants - USD ($) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Common Stock Warrants | ||
Number of Shares, Outstanding and exercisable (in shares) | 9,146 | |
Number of Shares, Granted (in shares) | 858 | |
Number of Shares, Expired (in shares) | (1,714) | |
Number of Shares, Outstanding and exercisable (in shares) | 8,290 | 9,146 |
Weighted Average Exercise Price per share, Outstanding and exercisable (dollars per share) | $ 6.06 | |
Weighted Average Exercise Price per share, Granted (dollars per share) | 2.43 | |
Weighted Average Exercise Price per share, Expired (dollars per share) | 8.64 | |
Weighted Average Exercise Price per share, Outstanding and exercisable (dollars per share) | $ 5.16 | $ 6.06 |
Weighted Average Remaining Contractual Term (years), Granted | 3 years 7 months 17 days | |
Weighted Average Remaining Contractual Term (years), Outstanding and exercisable | 1 year 10 months 2 days | 2 years |
Aggregate Intrinsic Value, Outstanding and exercisable (in dollars) | $ 0 | $ 238 |
Aggregate Intrinsic Value, Granted (in dollars) | 0 | |
Aggregate Intrinsic Value, Expired (in dollars) | $ 0 |
Common Stock Warrants - Additio
Common Stock Warrants - Additional Information (Details) | 9 Months Ended |
Mar. 31, 2023 shares | |
June 30, 2023 | |
Common Stock Warrants | |
Warrants exercisable | 570 |
June 30 2024 | |
Common Stock Warrants | |
Warrants exercisable | 2,287 |
June 30, 2025 | |
Common Stock Warrants | |
Warrants exercisable | 2,287 |
June 30, 2026 | |
Common Stock Warrants | |
Warrants exercisable | 2,288 |
June 30, 2027 | |
Common Stock Warrants | |
Warrants exercisable | 858 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - shares | 9 Months Ended | |
Oct. 06, 2022 | Mar. 31, 2023 | |
Commitments and Contingencies | ||
Employment agreement extension term (in years) | 1 year | |
Karveer Meditech, Pvt., Ltd | ||
Commitments and Contingencies | ||
Percentage of clinical trials fees | 30% | |
Percentage of royalty fee | 70% | |
President | Series A Preferred stock | ||
Commitments and Contingencies | ||
Shares granted | 10,204 |