Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2023 | Nov. 14, 2023 | |
Document And Entity Information | ||
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 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 | 11,746,000 | |
Entity Central Index Key | 0001379006 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Trading Symbol | NNVC | |
Document Transition Report | false | |
Document Quarterly Report | true |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 6,969,823 | $ 8,149,808 |
Prepaid expenses | 173,282 | 295,486 |
Total current assets | 7,143,105 | 8,445,294 |
Property and equipment, net | 7,927,881 | 8,106,647 |
Intangible assets, net | 331,511 | 333,578 |
OTHER ASSETS | ||
Service agreements | 14,324 | 14,361 |
Total assets | 15,416,821 | 16,899,880 |
CURRENT LIABILITIES: | ||
Accrued expenses | 339,623 | 143,760 |
Total current liabilities | 948,311 | 534,250 |
Convertible promissory note - related party | $ 1,500,000 | |
Notes Payable, Noncurrent, Related Party, Type [Extensible Enumeration] | Related party | |
Other non-current liability- related party | 1,500,000 | |
Notes Payable, Noncurrent, Related Party, Type [Extensible Enumeration] | Related party | |
Total liabilities | $ 2,448,311 | 2,034,250 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY: | ||
Common stock, $0.00001 par value; 150,000,000 shares authorized, 11,745,547 and 11,698,497 shares issued and outstanding, at September 30, 2023 and June 30, 2023, respectively | 117 | 116 |
Additional paid-in capital | 146,017,883 | 145,946,258 |
Accumulated deficit | (133,049,495) | (131,080,749) |
Total stockholders' equity | 12,968,510 | 14,865,630 |
Total liabilities and stockholders' equity | 15,416,821 | 16,899,880 |
Nonrelated party | ||
CURRENT LIABILITIES: | ||
Accounts payable | 229,203 | 157,056 |
Related party | ||
CURRENT LIABILITIES: | ||
Accounts payable | 379,485 | 233,434 |
Series A convertible preferred stock | ||
STOCKHOLDERS' EQUITY: | ||
Series A convertible preferred stock, $0.00001 par value, 10,000,000 shares designated, 558,265 and 547,674 shares issued and outstanding, at September 30, 2023 and June 30, 2023, respectively | $ 5 | $ 5 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2023 | Jun. 30, 2023 |
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 11,745,547 | 11,698,497 |
Common stock, shares, outstanding | 11,745,547 | 11,698,497 |
Series A convertible preferred stock | ||
Preferred stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 558,265 | 547,674 |
Preferred stock, shares outstanding | 558,265 | 547,674 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
OPERATING EXPENSES | ||
Research and development | $ 1,466,665 | $ 1,112,659 |
General and administrative | 564,926 | 509,701 |
Total operating expenses | 2,031,591 | 1,622,360 |
LOSS FROM OPERATIONS | (2,031,591) | (1,622,360) |
OTHER INCOME (EXPENSE): | ||
Interest income | 99,338 | 52,562 |
Interest expense | (36,493) | (844) |
Other expense, net | 62,845 | 51,718 |
LOSS BEFORE INCOME TAX PROVISION | (1,968,746) | (1,570,642) |
NET LOSS | $ (1,968,746) | $ (1,570,642) |
Net loss/Weighted average common shares | ||
Net loss per common share- basic | $ (0.17) | $ (0.14) |
Net loss per common share- diluted | $ (0.17) | $ (0.14) |
Weighted average common shares outstanding - basic | 11,718,791 | 11,592,367 |
Weighted average common shares outstanding - diluted | 11,718,791 | 11,592,367 |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity - USD ($) | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Jun. 30, 2022 | $ 5 | $ 116 | $ 145,574,080 | $ (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 | $ 0 | $ 0 | 13,864 | 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 | $ 0 | $ 0 | 27,000 | 0 | 27,000 |
Common stock issued for consulting and legal services rendered (in shares) | 0 | 12,710 | |||
Warrants issued to Scientific Advisory Board | $ 0 | $ 0 | 480 | 0 | 480 |
Common stock issued for Directors fees | $ 0 | $ 0 | 11,250 | 0 | 11,250 |
Common stock issued for Directors fees (in shares) | 0 | 5,154 | |||
Net loss | $ 0 | $ 0 | 0 | (1,570,642) | (1,570,642) |
Balance at Sep. 30, 2022 | $ 5 | $ 116 | 145,626,674 | (124,062,818) | 21,563,977 |
Balance (in shares) at Sep. 30, 2022 | 495,173 | 11,610,037 | |||
Balance at Jun. 30, 2023 | $ 5 | $ 117 | 145,946,257 | (131,080,749) | 14,865,630 |
Balance (in shares) at Jun. 30, 2023 | 547,674 | 11,698,497 | |||
Series A preferred stock issued for employee stock compensation | $ 0 | $ 0 | 9,617 | 0 | 9,617 |
Series A preferred stock issued for employee stock compensation (in shares) | 10,591 | 0 | |||
Common stock issued for consulting and legal services rendered | $ 0 | $ 0 | 50,600 | 0 | 50,600 |
Common stock issued for consulting and legal services rendered (in shares) | 0 | 39,103 | |||
Warrants issued to Scientific Advisory Board | $ 0 | $ 0 | 159 | 0 | 159 |
Common stock issued for Directors fees | $ 0 | $ 0 | 11,250 | 0 | 11,250 |
Common stock issued for Directors fees (in shares) | 0 | 7,947 | |||
Net loss | $ 0 | $ 0 | 0 | (1,968,746) | (1,968,746) |
Balance at Sep. 30, 2023 | $ 5 | $ 117 | $ 146,017,883 | $ (133,049,495) | $ 12,968,510 |
Balance (in shares) at Sep. 30, 2023 | 558,265 | 11,745,547 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (1,968,746) | $ (1,570,642) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Preferred shares issued as compensation | 9,617 | 13,864 |
Preferred shares issued pursuant to license agreement | 0 | 0 |
Common shares issued as compensation and for services | 61,850 | 38,250 |
Warrants issued to Scientific Advisory Board | 159 | 480 |
Depreciation | 187,057 | 181,335 |
Amortization | 2,067 | 2,067 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 122,204 | 118,464 |
Other assets | 37 | 6,852 |
Accounts payable | 72,147 | (20,270) |
Accounts payable - related party | 146,051 | 218,722 |
Accrued expenses | 195,863 | (21,980) |
NET CASH USED IN OPERATING ACTIVITIES | (1,171,694) | (1,032,858) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (8,291) | (44,506) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payment of loan payable | 0 | (70,951) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (1,179,985) | (1,148,315) |
Cash and cash equivalents at beginning of period | 8,149,808 | 14,066,359 |
Cash and cash equivalents at end of period | 6,969,823 | 12,918,044 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | ||
Interest paid | 0 | 844 |
NON-CASH FINACING ACTIVITIES: | ||
Related party non-current liability converted to note payable | $ 1,500,000 | $ 0 |
Organization and Nature of Busi
Organization and Nature of Business | 3 Months Ended |
Sep. 30, 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 in Phase1a/1b human clinical trials sponsored by our licensee and collaborator in India, Karveer Meditech Private Limited (Karveer). This candidate has shown 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 active pharmaceutical ingredient of NV-CoV-2, namely NV-387, was found to be active against Respiratory Syncytial Virus (RSV) in a lethal pre-clinical lung infection study. This broad-spectrum antiviral may be eligible for a Phase II clinical trial for RSV as well as Coronavirus infections after completing the current Phase 1 study. In addition, subsequent to the reported period, the Company reported on November 14, 2023 about the on-going work on smallpox and mpox program that NV-387 was found to be effective in a lethal animal model emulating smallpox disease, namely lethal intradigital footpad infection by ectromelia virus in mice. 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 (NV-387) that are expected to move rapidly from current Phase 1a/1b to Phase 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., a related party owned by Dr. Anil Diwan, (“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), Varicella Zoster Virus (“VZV”) infections (i.e. Shingles and Chickenpox), 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 out-licensed NV-CoV-2 and NV-CoV-2-R for further clinical drug development and commercialization in the territory of India to Karveer, a company of which Dr. Anil Diwan is a passive investor and advisor. Karveer sponsored NV-CoV-2 for human clinical trials and obtained regulatory approvals in India. Karveer has retained a local clinical research organization (CRO) to conduct the clinical trials. NV-CoV-2, Phase1a/1b human clinical trials in India, sponsored by Karveer began on June 17, 2023. The clinical trial drug products, NV-CoV-2 Oral Syrup, and NV-CoV-2 Oral Gummies, were manufactured at the Company’s Shelton campus, and then 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 | 3 Months Ended |
Sep. 30, 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 September 30, 2023 of approximately $133.1 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 drug candidate against SARS-CoV-2 into human clinical trials. The same drug candidate, with the Active Pharmaceutical Ingredient (API) NV-387, demonstrated effectiveness against RSV, indicating that its broad-spectrum antiviral activity is not limited to coronaviruses. The prior lead program for a shingles drug will follow the regulatory development of the NV-387 drug program. The Company believes that it has several important upcoming milestones, including Phase 1a/1b human clinical trials for the Company’s broad-spectrum, pan-coronavirus drug NV-CoV-2, that is now in progress. Management believes that as it achieves these milestones, the Company’s ability to raise additional funds in the public markets would be enhanced. However, there is no guarantee that the Company will be able to raise funds on terms acceptable to it, or at all. 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. There can be no assurance that the Company will be able to raise the necessary capital or that it will be on acceptable terms. The accompanying condensed financial statements do not include any adjustments that may result from the outcome of these uncertainties. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 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, 2023 filed with the SEC on October 13, 2023. The June 30, 2023 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, 2023 filed on October 13, 2023. 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 potentially outstanding 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 Three Months Three Months Ended Ended September 30, 2023 September 30, 2022 Warrants 7,719 8,860 The Company has 558,265 shares of Series A preferred stock outstanding as of September 30, 2023. Only in the event of a “change of control” of the Company 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 September 30, 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 1,953,928, and is not included in diluted earnings per share since the shares are contingently convertible only upon a change of control. Recently Issued Accounting Pronouncements The Company considers the applicability and Impact of all Accounting Standard Updates (“ASU’s”). ASU’s not discussed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s financial statements. There have been certain changes in ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies accounting for convertible instruments by removing major separation models required under GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it also simplifies the diluted earnings per share calculation in certain areas. This guidance is effective for annual periods beginning after December 15, 2023, including interim periods within that reporting period, with earlier adoption permitted for fiscal years beginning after December 15, 2020, including interim periods within that reporting period. The Company adopted this guidance on July 1, 2023 using the modified retrospective method. The adoption of this standard did not have a material effect on the Company’s financial statements. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Sep. 30, 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 Diwan Chairman, President, CEO, significant stockholder through his ownership of TheraCour, and Director TheraCour Pharma, Inc. (“TheraCour”) An entity owned and controlled by Dr. Anil Diwan Karveer Meditech Private Limited (“Karveer”) An entity where Dr. Anil Diwan is a passive investor and advisor without operating control For the three months ended September 30, September 30, 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 $ 8,291 $ 25,876 As of September 30, June 30, 2023 2023 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. On September 9, 2021, the Company entered into a world-wide, exclusive, sub-licensable, COVID-19 License Agreement. In consideration for obtaining these exclusive licenses, the Company agreed: (1) that TheraCour can charge its costs (direct and indirect) plus no more than $ 379,485 $ 233,434 For the three months ended September 30, September 30, 2023 2022 Research and Development Costs Related Party Development fees and other costs charged by 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 September 30, 2023 and June 30, 2023. $ 639,077 $ 612,711 As of September 30, June 30, 2023 2023 Clinical Trial Costs Accrued - Related Party Clinical trial related and other costs were accrued by the Company pursuant to the license agreement between the Company and Karveer for the clinical trial related costs that have been incurred but not yet invoiced to the Company for Phase 1a/1b clinical trials in India. $305,000 at September 30, 2023 and $100,000 at June 30, 2023 have been recorded within accrued expenses on the accompanying balance sheet and $100,000 was accrued at June 30, 2023, and an additional $205,000 was accrued at September 30, 2023 as research and development expenses on the accompanying statement of operations. $ 305,000 $ 100,000 License Milestone Fee – Related Party On September 9, 2021, the Company entered into a COVID-19 License Agreement ( the “ TheraCour –Nanoviricides COVID 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 for the year ended June 30, 2022. On April 20, 2023, the Company was notified that the Company’s licensee, Karveer was authorized to enter into Phase 1a/1b clinical trials of its COVID, NV-CoV-2 Oral Syrup and its NV-CoV-2 Oral Gummies after satisfying the conditions of a conditional authorization received on or about January 27, 2023. Pursuant to the TheraCour – Nanoviricides COVID License Agreement a milestone payment of 50,000 fully vested shares of the Company’s Series A preferred stock was issue as a license milestone payment and recorded as an expense to research and development of approximately $157,000 for the year ended June 30, 2023 representing the fair value of the shares on the date of grant. On June 19, 2023, the Company was notified that the Company’s licensee, Karveer had commenced volunteer recruitments for Phase 1a/1b clinical trials of the NV-CoV-2 Oral Syrup and NV-CoV-2 Oral Gummies. Pursuant to the TheraCour–Nanoviricides COVID License Agreement a milestone payment of $1,500,000 became due 5 days thereafter and was recorded as a non-current liability and research and development expense. On July 19, 2023, the Company entered into an agreement with TheraCour, to accept the Company’s unsecured convertible promissory note (the “Note”) in payment of the milestone award. The Note accrues simple interest at the rate of 12% per annum and is due and payable on January 19, 2025, the maturity date. The principal of the Note is convertible, at TheraCour’s option, into 331,859 shares of the Company’s Series A preferred stock, par value $0.00001 at the conversion price, specified as the fair value of the Series A shares on July 19, 2023 in the terms and conditions contained within the promissory Note. Interest of $36,493 was accrued under the Note for the period June 19, 2023 to September 30, 2023. On October 27, 2023 TheraCour exercised its right to convert the principal of the July 19, 2023 convertible promissory note into 331,859 shares of the Company’s Series A preferred stock. Furthermore, TheraCour cancelled all of the accrued interest on the Note. See Note 12 Subsequent Events. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Sep. 30, 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: September 30, June 30, 2023 2023 GMP Facility $ 8,168,045 $ 8,168,045 Land 260,000 260,000 Office Equipment 63,056 60,347 Furniture and Fixtures 5,607 5,607 Lab Equipment 6,321,309 6,315,727 Total Property and Equipment 14,818,017 14,809,726 Less Accumulated Depreciation (6,890,136) (6,703,079) Property and Equipment, Net $ 7,927,881 $ 8,106,647 Depreciation expense for the three months ended September 30, 2023 and 2022 was $187,057 and $181,335, respectively. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Sep. 30, 2023 | |
Intangible Assets | |
Intangible Assets | Note 6 – Intangible Assets Intangible assets, net consists of the following: September 30, 2023 September 30, 2023 Total June 30, 2023 June 30, 2023 Total Finite Lived Indefinite Lived September 30, Finite Lived Indefinite Lived June 30, Intangible Assets Intangible Assets 2023 Intangible Assets Intangible Assets 2023 Intangible Assets $ 153,393 $ 305,561 $ 458,954 $ 153,393 $ 305,561 $ 458,954 Less Accumulated Amortization (127,443) — (127,443) (125,376) — (125,376) Intangible Assets, Net $ 25,950 $ 305,561 $ 331,511 $ 28,017 $ 305,561 $ 333,578 Amortization expense amounted to $2,067 and $2,067 for the three months ended September 30, 2023 and 2022, 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. |
Accrued expenses
Accrued expenses | 3 Months Ended |
Sep. 30, 2023 | |
Accrued expenses | |
Accrued expenses | Note 7 – Accrued expenses Accrued expenses consisted of the following: September 30, June 30, 2023 2022 Personnel and compensation costs $ 27,123 $ 39,060 Consultant 7,500 4,700 Clinical trial costs due to Karveer 305,000 100,000 $ 339,623 $ 143,760 |
Equity Transactions
Equity Transactions | 3 Months Ended |
Sep. 30, 2023 | |
Equity Transactions | |
Equity Transactions | Note 8 - Equity Transactions On October 6, 2023, the Company and Dr. Anil Diwan executed an extension of his employment agreement for a period of one year from July 1, 2023 through June 30, 2024 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, 2023, December 31, 2023, March 31, 2024 and June 30, 2024 and are subject to forfeiture. The Company recognized non-cash compensation expense related to the issuance of the Series A preferred stock of $8,124 for the three months ended September 30, 2023. The balance of $24,374 will be recognized as the remaining 7,653 shares vest and service is rendered for the remaining nine months ended June 30, 2024. For the three months ended September 30, 2023, the Company’s Board of Directors authorized the issuance of 387 of fully vested shares of its Series A preferred stock for employee compensation. The Company recorded expense of $1,493 for the three months ended September 30, 2023 related to this issuance. 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 2023 fully vested warrants to purchase 286 shares of common stock with an exercise price of $1.63 per share expiring in August 2027. The fair value of the warrants was $159 for the three months ended September 30, 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 54.02 % Expected annual rate of quarterly dividends 0.00 % Risk-free rate(s) 4.500 % For the three months ended September 30, 2023, the Company’s Board of Directors authorized the issuance of 39,103 fully vested shares of the Company’s common stock with a restrictive legend for consulting services. The Company recorded an expense of $50,600 for the three months ended September 30, 2023, which is reflective of the fair value of the common stock on the dates of issuance. For the three months ended September 30, 2023, the Company’s Board of Directors authorized the issuance of 7,947 fully vested shares of its common stock with a restrictive legend for director services. The Company recorded an expense of $11,250 for the three months ended September 30, 2023, which is reflective of the fair value of the common stock on the dates of issuance. |
Common Stock Warrants
Common Stock Warrants | 3 Months Ended |
Sep. 30, 2023 | |
Common Stock Warrants | |
Common Stock Warrants | Note 9 - Common Stock Warrants Weighted Average Weighted Exercise Average Price Remaining Aggregate Number of per share Contractual Term Intrinsic Value Common Stock Warrants Shares ($) (years) ($) Outstanding and exercisable at June 30, 2023 8,004 $ 4.96 1.79 $ — Granted 286 1.63 3.88 — Expired (571) 5.88 — — Outstanding and exercisable at September 30, 2023 7,719 $ 4.77 1.75 $ — Of the outstanding warrants at September 30, 2023, 1,715 expire in fiscal year ending June 30, 2024, 2,287 expire in fiscal year ending June 30, 2025, 2,287 warrants expire in the fiscal year ending June 30, 2026, 1,144 warrants expire in the fiscal year ending June 30, 2027, and 286 warrants expire in the fiscal year ending June 30, 2028. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 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 9, on October 6, 2023, the Company and Dr. Diwan, the Company’s President and Chief Executive Officer, executed an extension of his employment agreement for a period of one year from July 1, 2023 through June 30, 2024 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, 2024. On August 21, 2023, the Company’s Board of Directors approved the extension of the agreement with Meeta Vyas, Chief Financial Officer of the Company. On October 6, 2023, Company and Meeta Vyas signed an extension of the agreement for a period of one year from July 1, 2023 through June 30, 2024 under the same general terms and conditions as the current agreement, except that she will be additionally compensated for up to 50% of all medical insurance costs, not to exceed $2,500 per month. 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 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. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2023 | |
Subsequent Events | |
Subsequent Events | Note 11 – Subsequent Events On October 27, 2023 TheraCour exercised its right to convert the principal of the July 19, 2023 convertible promissory note into 331,859 shares of the Company’s Series A preferred stock. Furthermore, TheraCour cancelled all of the accrued interest on the Note. On November 13, 2023, the Company’s President and CEO, Dr. Anil R. Diwan, entered into a Line of Credit Agreement whereby Dr. Diwan agreed to provide a standby Line of Credit to the Company in the maximum amount of $2,000,000. All amounts outstanding under the under the Line of Credit, including principal, accrued interest and other fees and charges, will be due and payable on December 31, 2024. Amounts drawn down under the Line of Credit shall bear interest at a fixed rate of 12%. Advancements under the Line of Credit are collateralized by an Open End Mortgage Deed on the Company’s real property at 1 Controls Drive, Shelton, Connecticut and a Chattel Mortgage (U.C.C-1 filing) against the Company’s equipment and fixtures. Any draw down under the Line of Credit requires the approval of the Company’s Board of Directors. The Company does not anticipate any borrowings under the Line of Credit during the current fiscal year. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 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, 2023 filed with the SEC on October 13, 2023. The June 30, 2023 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, 2023 filed on October 13, 2023. |
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 potentially outstanding 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 Three Months Three Months Ended Ended September 30, 2023 September 30, 2022 Warrants 7,719 8,860 The Company has 558,265 shares of Series A preferred stock outstanding as of September 30, 2023. Only in the event of a “change of control” of the Company 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 September 30, 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 1,953,928, and is not included in diluted earnings per share since the shares are contingently convertible only upon a change of control. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements The Company considers the applicability and Impact of all Accounting Standard Updates (“ASU’s”). ASU’s not discussed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s financial statements. There have been certain changes in ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies accounting for convertible instruments by removing major separation models required under GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it also simplifies the diluted earnings per share calculation in certain areas. This guidance is effective for annual periods beginning after December 15, 2023, including interim periods within that reporting period, with earlier adoption permitted for fiscal years beginning after December 15, 2020, including interim periods within that reporting period. The Company adopted this guidance on July 1, 2023 using the modified retrospective method. The adoption of this standard did not have a material effect on the Company’s financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Sep. 30, 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 Three Months Three Months Ended Ended September 30, 2023 September 30, 2022 Warrants 7,719 8,860 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions | |
Summary of related party | Related Parties Relationship Dr. Anil Diwan Chairman, President, CEO, significant stockholder through his ownership of TheraCour, and Director TheraCour Pharma, Inc. (“TheraCour”) An entity owned and controlled by Dr. Anil Diwan Karveer Meditech Private Limited (“Karveer”) An entity where Dr. Anil Diwan is a passive investor and advisor without operating control For the three months ended September 30, September 30, 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 $ 8,291 $ 25,876 As of September 30, June 30, 2023 2023 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. On September 9, 2021, the Company entered into a world-wide, exclusive, sub-licensable, COVID-19 License Agreement. In consideration for obtaining these exclusive licenses, the Company agreed: (1) that TheraCour can charge its costs (direct and indirect) plus no more than $ 379,485 $ 233,434 For the three months ended September 30, September 30, 2023 2022 Research and Development Costs Related Party Development fees and other costs charged by 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 September 30, 2023 and June 30, 2023. $ 639,077 $ 612,711 As of September 30, June 30, 2023 2023 Clinical Trial Costs Accrued - Related Party Clinical trial related and other costs were accrued by the Company pursuant to the license agreement between the Company and Karveer for the clinical trial related costs that have been incurred but not yet invoiced to the Company for Phase 1a/1b clinical trials in India. $305,000 at September 30, 2023 and $100,000 at June 30, 2023 have been recorded within accrued expenses on the accompanying balance sheet and $100,000 was accrued at June 30, 2023, and an additional $205,000 was accrued at September 30, 2023 as research and development expenses on the accompanying statement of operations. $ 305,000 $ 100,000 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Property and Equipment | |
Schedule of property and equipment | September 30, June 30, 2023 2023 GMP Facility $ 8,168,045 $ 8,168,045 Land 260,000 260,000 Office Equipment 63,056 60,347 Furniture and Fixtures 5,607 5,607 Lab Equipment 6,321,309 6,315,727 Total Property and Equipment 14,818,017 14,809,726 Less Accumulated Depreciation (6,890,136) (6,703,079) Property and Equipment, Net $ 7,927,881 $ 8,106,647 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Intangible Assets | |
Schedule of intangible assets | September 30, 2023 September 30, 2023 Total June 30, 2023 June 30, 2023 Total Finite Lived Indefinite Lived September 30, Finite Lived Indefinite Lived June 30, Intangible Assets Intangible Assets 2023 Intangible Assets Intangible Assets 2023 Intangible Assets $ 153,393 $ 305,561 $ 458,954 $ 153,393 $ 305,561 $ 458,954 Less Accumulated Amortization (127,443) — (127,443) (125,376) — (125,376) Intangible Assets, Net $ 25,950 $ 305,561 $ 331,511 $ 28,017 $ 305,561 $ 333,578 |
Accrued expenses (Tables)
Accrued expenses (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Accrued expenses | |
Schedule of accrued expenses | September 30, June 30, 2023 2022 Personnel and compensation costs $ 27,123 $ 39,060 Consultant 7,500 4,700 Clinical trial costs due to Karveer 305,000 100,000 $ 339,623 $ 143,760 |
Equity Transactions (Tables)
Equity Transactions (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Equity Transactions | |
Schedule of estimation of estimated the fair value of the warrants granted | Expected life (year) 4 Expected volatility 54.02 % Expected annual rate of quarterly dividends 0.00 % Risk-free rate(s) 4.500 % |
Common Stock Warrants (Tables)
Common Stock Warrants (Tables) | 3 Months Ended |
Sep. 30, 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, 2023 8,004 $ 4.96 1.79 $ — Granted 286 1.63 3.88 — Expired (571) 5.88 — — Outstanding and exercisable at September 30, 2023 7,719 $ 4.77 1.75 $ — |
Organization and Nature of Bu_2
Organization and Nature of Business (Details) | 3 Months Ended |
Sep. 30, 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 (in percent) | 15% |
Liquidity (Details)
Liquidity (Details) - USD ($) | 3 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | |
Liquidity | |||
Accumulated deficit | $ 133,049,495 | $ 131,080,749 | |
Net loss | 1,968,746 | $ 1,570,642 | |
Net cash used in operating activities | 1,171,694 | $ 1,032,858 | |
Revenue | $ 0 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Anti-dilutive warrants (Details) - shares | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Warrants | ||
Summary of Significant Accounting Policies | ||
Potentially outstanding dilutive common shares | 7,719 | 8,860 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) - Series A Convertible Preferred Stock | 3 Months Ended | |
Sep. 30, 2023 shares | Jun. 30, 2023 shares | |
Summary of Significant Accounting Policies | ||
Preferred stock, shares outstanding | 558,265 | 547,674 |
Reverse stock split | 3.5 | |
Percentage of change of control | 60 | |
Number of potentially dilutive common shares | 1,953,928 |
Related Party Transactions - Su
Related Party Transactions - Summary of related parties (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
TheraCour Pharma Inc | ||
Related Party Transaction | ||
Property and Equipment | $ 8,291 | $ 25,876 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||
Oct. 27, 2023 | Jul. 19, 2023 | Jan. 27, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 19, 2023 | Sep. 09, 2021 | |
Related Party Transaction | |||||||||
Research and Development Costs Related Party | $ 1,466,665 | $ 1,112,659 | |||||||
Related party | |||||||||
Related Party Transaction | |||||||||
Account Payable - Related Party | 379,485 | $ 233,434 | |||||||
Karveer Meditech, Pvt., Ltd | Related party | |||||||||
Related Party Transaction | |||||||||
Clinical trial Costs Accrued - Related Party | 305,000 | 100,000 | |||||||
Research and Development Costs Related Party | 205,000 | $ 100,000 | |||||||
TheraCour Pharma Inc | |||||||||
Related Party Transaction | |||||||||
Account Payable - Related Party | $ 379,485 | 233,434 | |||||||
Percentage of direct costs | 30% | ||||||||
Other general and administrative expense | $ 2,000 | ||||||||
Percentage of net sales allocated for royalty payments (in percent) | 15% | ||||||||
Accounts payable | $ 879,485 | 733,434 | |||||||
Accounts payable offset by advance | 500,000 | 500,000 | |||||||
Accrued royalties | 0 | 0 | |||||||
Research and Development Costs Related Party | 639,077 | $ 612,711 | |||||||
Accrued interest | $ 36,493 | ||||||||
TheraCour Pharma Inc | Subsequent event | Related party | |||||||||
Related Party Transaction | |||||||||
Number of shares upon principle of note convertible | 331,859 | ||||||||
TheraCour Pharma Inc | COVID 19 License Agreement | Related party | |||||||||
Related Party Transaction | |||||||||
Research and Development Costs Related Party | $ 157,000 | $ 935,088 | |||||||
Milestone payment amount due | $ 1,500,000 | ||||||||
Unsecured promissory note | TheraCour Pharma Inc | Related party | |||||||||
Related Party Transaction | |||||||||
Interest rate per annum (as a percent) | 12% | ||||||||
Series A Preferred stock | TheraCour Pharma Inc | |||||||||
Related Party Transaction | |||||||||
Number of shares upon principle of note convertible | 331,859 | ||||||||
Debt instrument, conversion stock, par value | $ 0.00001 | ||||||||
Series A Preferred stock | TheraCour Pharma Inc | Subsequent event | |||||||||
Related Party Transaction | |||||||||
Number of shares upon principle of note convertible | 331,859 | ||||||||
Series A Preferred stock | TheraCour Pharma Inc | COVID 19 License Agreement | Related party | |||||||||
Related Party Transaction | |||||||||
Number of shares authorized for license milestone payment | 100,000 | ||||||||
Shares issued for milestone payment | 50,000 |
Property and Equipment - Schedu
Property and Equipment - Schedule of property and equipment (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Property and Equipment | ||
GMP Facility | $ 8,168,045 | $ 8,168,045 |
Land | 260,000 | 260,000 |
Office Equipment | 63,056 | 60,347 |
Furniture and Fixtures | 5,607 | 5,607 |
Lab Equipment | 6,321,309 | 6,315,727 |
Total Property and Equipment | 14,818,017 | 14,809,726 |
Less Accumulated Depreciation | (6,890,136) | (6,703,079) |
Property and Equipment, Net | $ 7,927,881 | $ 8,106,647 |
Property and Equipment - Additi
Property and Equipment - Additional information (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Property and Equipment | ||
Depreciation expense | $ 187,057 | $ 181,335 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Intangible Assets | ||
Intangible Assets | $ 458,954 | $ 458,954 |
Less Accumulated Amortization | (127,443) | (125,376) |
Intangible Assets, Net | 331,511 | 333,578 |
Finite Lived Intangible Assets | ||
Intangible Assets | ||
Intangible Assets | 153,393 | 153,393 |
Less Accumulated Amortization | (127,443) | (125,376) |
Intangible Assets, Net | 25,950 | 28,017 |
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 | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Trademark and patents | ||
Intangible Assets | ||
Amortization expense | $ 2,067 | $ 2,067 |
Accrued expenses (Details)
Accrued expenses (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Accrued expenses | ||
Personnel and compensation costs | $ 27,123 | $ 39,060 |
Consultant | 7,500 | 4,700 |
Clinical trial costs due to Karveer | 305,000 | 100,000 |
Accrued expenses | $ 339,623 | $ 143,760 |
Equity Transactions - Additiona
Equity Transactions - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Oct. 06, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 09, 2021 | |
Equity Transactions | ||||||
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 | ||||
Research and development | $ 1,466,665 | $ 1,112,659 | ||||
Common stock, $0.00001 par value; 150,000,000 shares authorized, 11,745,547 and 11,698,497 shares issued and outstanding, at September 30, 2023 and June 30, 2023, respectively | 117 | $ 116 | ||||
Non-cash compensation expense, balance amount to be recognized | $ 24,374 | |||||
Number of remaining shares to be vested | 7,653 | |||||
TheraCour Pharma Inc | ||||||
Equity Transactions | ||||||
Research and development | $ 639,077 | $ 612,711 | ||||
Accounts Payable | 879,485 | 733,434 | ||||
COVID 19 License Agreement | TheraCour Pharma Inc | Related party | ||||||
Equity Transactions | ||||||
Research and development | $ 157,000 | $ 935,088 | ||||
Warrants | ||||||
Equity Transactions | ||||||
Non-cash compensation expense recognized | $ 159 | |||||
Number of fully vested warrants granted to purchase shares of common stock | 286 | |||||
Exercise price (in dollars per share) | $ 1.63 | |||||
Director | ||||||
Equity Transactions | ||||||
Shares granted | 7,947 | |||||
Stock-based compensation expense | $ 11,250 | |||||
Consulting services | ||||||
Equity Transactions | ||||||
Shares granted | 39,103 | |||||
Stock-based compensation expense | $ 50,600 | |||||
Scientific Advisory Board Common Stock Warrants | ||||||
Equity Transactions | ||||||
Warrants and Rights Outstanding, Valuation Technique | us-gaap:ValuationTechniqueOptionPricingModelMember | |||||
Subsequent event | ||||||
Equity Transactions | ||||||
Employment agreement extension term (in years) | 1 year | |||||
Subsequent event | Founder, Chairman and President | Related party | ||||||
Equity Transactions | ||||||
Employment agreement extension term (in years) | 1 year | |||||
Series A Convertible Preferred Stock | ||||||
Equity Transactions | ||||||
Preferred stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 | ||||
Preferred stock par value | $ 5 | $ 5 | ||||
Series A Preferred Stock | COVID 19 License Agreement | TheraCour Pharma Inc | Related party | ||||||
Equity Transactions | ||||||
Number of shares authorized for license milestone payment | 100,000 | |||||
Series A Preferred Stock | Employee compensation | ||||||
Equity Transactions | ||||||
Number of shares authorized | 387 | |||||
Stock-based compensation expense | $ 1,493 | |||||
Series A Preferred Stock | President | ||||||
Equity Transactions | ||||||
Non-cash compensation expense | $ 8,124 | |||||
Series A Preferred Stock | Subsequent event | Founder, Chairman and President | Related party | ||||||
Equity Transactions | ||||||
Shares granted | 10,204 | |||||
Number of shares vest on quarterly installments | 2,551 | |||||
Series A Preferred Stock | Subsequent event | President | ||||||
Equity Transactions | ||||||
Shares granted | 10,204 |
Equity Transactions - Estimated
Equity Transactions - Estimated the fair value of warrants granted quarterly to the Scientific Advisory Board (Details) - Scientific Advisory Board | 3 Months Ended |
Sep. 30, 2023 | |
Equity Transactions | |
Expected life (year) | 4 years |
Expected volatility | 0.5402% |
Expected annual rate of quarterly dividends | 0% |
Risk-free rate(s) | 0.045% |
Common Stock Warrants- Common S
Common Stock Warrants- Common Stock Warrants (Details) - Common Stock Warrants - USD ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Jun. 30, 2023 | |
Common Stock Warrants | ||
Number of Shares, Outstanding and exercisable (in shares) | 8,004 | |
Number of Shares, Granted (in shares) | 286 | |
Number of Shares, Expired (in shares) | (571) | |
Number of Shares, Outstanding and exercisable (in shares) | 7,719 | 8,004 |
Weighted Average Exercise Price per share, Outstanding and exercisable (dollars per share) | $ 4.96 | |
Weighted Average Exercise Price per share, Granted (dollars per share) | 1.63 | |
Weighted Average Exercise Price per share, Expired (dollars per share) | 5.88 | |
Weighted Average Exercise Price per share, Outstanding and exercisable (dollars per share) | $ 4.77 | $ 4.96 |
Weighted Average Remaining Contractual Term (years), Granted | 3 years 10 months 17 days | |
Weighted Average Remaining Contractual Term (years), Outstanding and exercisable | 1 year 9 months | 1 year 9 months 14 days |
Aggregate Intrinsic Value, Outstanding and exercisable (in dollars) | $ 0 | $ 0 |
Aggregate Intrinsic Value, Granted (in dollars) | 0 | |
Aggregate Intrinsic Value, Expired (in dollars) | $ 0 |
Common Stock Warrants - Additio
Common Stock Warrants - Additional Information (Details) | 3 Months Ended |
Sep. 30, 2023 shares | |
June 30 2024 | |
Common Stock Warrants | |
Warrants exercisable | 1,715 |
June 30, 2025 | |
Common Stock Warrants | |
Warrants exercisable | 2,287 |
June 30, 2026 | |
Common Stock Warrants | |
Warrants exercisable | 2,287 |
June 30, 2027 | |
Common Stock Warrants | |
Warrants exercisable | 1,144 |
June 30, 2028 | |
Common Stock Warrants | |
Warrants exercisable | 286 |
Commitments and Contingencies -
Commitments and Contingencies - Employment Agreements (Details) - USD ($) | Oct. 06, 2023 | Sep. 30, 2023 | Jun. 30, 2023 |
Commitments and Contingencies | |||
Common stock, shares issued | 11,745,547 | 11,698,497 | |
Subsequent event | |||
Commitments and Contingencies | |||
Employment agreement extension term (in years) | 1 year | ||
Related party | Founder, Chairman and President | Subsequent event | |||
Commitments and Contingencies | |||
Employment agreement extension term (in years) | 1 year | ||
Series A Preferred stock | Related party | Founder, Chairman and President | Subsequent event | |||
Commitments and Contingencies | |||
Shares granted | 10,204 | ||
President | Series A Preferred stock | Subsequent event | |||
Commitments and Contingencies | |||
Shares granted | 10,204 | ||
Chief Financial Officer | Subsequent event | |||
Commitments and Contingencies | |||
Employment agreement extension term (in years) | 1 year | ||
Chief Financial Officer | Maximum | Subsequent event | |||
Commitments and Contingencies | |||
Additional compensation, percentage of medical insurance costs to be allocated | 50% | ||
Additional compensation, medical insurance costs to be allocated per month | $ 2,500 |
Commitments and Contingencies_2
Commitments and Contingencies - License Agreements (Details) | 3 Months Ended | |
Mar. 27, 2023 | Sep. 30, 2023 | |
TheraCour Pharma Inc | ||
Commitments and Contingencies | ||
Percentage of net sales allocated for royalty payments (in percent) | 15% | |
Related party | Karveer Meditech, Pvt., Ltd | ||
Commitments and Contingencies | ||
Percentage of clinical trials fees | 30% | |
Percentage of royalty fee | 70% |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Nov. 13, 2023 | Oct. 27, 2023 | Jul. 19, 2023 |
Related party | Unsecured promissory note | TheraCour Pharma Inc | |||
Subsequent Events | |||
Interest rate per annum (as a percent) | 12% | ||
Series A Preferred stock | TheraCour Pharma Inc | |||
Subsequent Events | |||
Number of shares upon principle of note convertible | 331,859 | ||
Debt instrument, conversion stock, par value | $ 0.00001 | ||
Subsequent event | Dr. Anil Diwan | Line of credit agreement | |||
Subsequent Events | |||
Maximum amount agreed to be provided under the line of credit agreement | $ 2,000,000 | ||
Fixed rate of interest on the amount drawn under the line of credit facility | 12% | ||
Subsequent event | Related party | TheraCour Pharma Inc | |||
Subsequent Events | |||
Number of shares upon principle of note convertible | 331,859 | ||
Subsequent event | Series A Preferred stock | TheraCour Pharma Inc | |||
Subsequent Events | |||
Number of shares upon principle of note convertible | 331,859 |