NanoViricides ( NYSE: NNVC ) FQ1 net loss narrowed to -$1.57M, compared to -$2.61M in the prior year period.
The company said that it has sufficient funds to complete initial human clinical trials of its lead drug candidate NV-CoV-2 to treat COVID-19 and long COVID.
As of Sept. 30, the company had cash and cash equivalent current assets balance of ~$13.1M.
FQ1 total operating expenses were $1.62M, compared to $2.61M, in the same period a year ago. Research and development were $1.11M, compared to $2.1M in the prior year period.
NanoViricides reported about $14.7M in Property and Equipment (P&E) assets (before depreciation).
The net cash used in FQ1 was ~$1.03M. The cash expenditure is expected to increase once clinical trials begin for NV-CoV-2, the company added.
NanoViricides noted that in the quarter it substantially completed preparation of certain parts of an Investigational New Drug (IND) application, which it plans to file to the U.S. FDA seeking clearance to start human trial of the drug.
The company said it was working on engaging a Clinical Research Organization for completing the proposed clinical trials information section of the IND, and for executing the human trials.
The company noted that NV-CoV-2 as oral syrup or oral gummies is expected to be useful for patients in all age ranges who have mild to moderate COVID-19.
Meanwhile, NV-CoV-2 Solution for injection, infusion, and inhalation is designed to help severely ill hospitalized patients.
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NanoViricides moves closer to putting COVID drug in human trials; FQ1 net loss narrows