Executive Summary
NanoViricides Inc (NNVC) reported a Q3 2025 results snapshot characterized by significant ongoing R&D investment and notable operating losses. With no reported revenue in QQ3 2025, the company continued to incur material operating expenses and a negative net income, resulting in a quarterly EBT/Net Income of approximately -$2.22 million and an EPS of -$0.14. The company generated negative free cash flow of about -$1.99 million for the quarter, financed in part by a +$0.58 million financing activity, leaving a cash balance of roughly $2.54 million at quarter-end. Management commentary is not available in the provided data, so the synthesis below emphasizes the quantified performance and its implications for liquidity, pipeline development, and investment risk.
Key takeaways for investors:
- The QQ3 2025 period remains pre-revenue for NNVC, with R&D and G&A driving a total operating expense of $2.25 million and an EBITDA of -$2.25 million. The net loss of -$2.22 million and a diluted EPS of -0.14 continue the pattern of ongoing burn typical for early-stage biotech platforms.
- Liquidity remains modest but manageable in the near term: cash and cash equivalents totaled $2.54 million with a net cash burn from operations of -$1.99 million for the quarter, implying a near-term liquidity runway of roughly 4 months at the current burn rate, absent additional financing. The company did report a modest financing inflow of $0.58 million in the quarter, which provides limited incremental liquidity but is not a durable funding source.
- Balance sheet highlights show strong leverage in terms of cash on hand versus liabilities for a small-cap biotech, but a substantial accumulated deficit is reflected in retained earnings of approximately -$146.75 million, implying persistent reliance on external funding to support ongoing pipeline work.
- The company continues to operate with a non-revenue model, focusing on nanoviricide platform development and multiple programs (e.g., HerpeCide, FluCide, DengueCide, HIVCide). In the absence of disclosed near-term milestones or revenue catalysts in the QQ3 2025 filing, investors should monitor clinical/commercial milestones, partnership activity, and any updates to management guidance or fundraising plans.
Key Performance Indicators
QoQ: -9.23% | YoY:-17.86%
QoQ: -9.34% | YoY:-19.54%
Key Insights
Revenue: Not reported in QQ3 2025 (ND). YoY/QoQ not applicable.
Operating Income: -$2,248,? (rounded to -$2.25M) for QQ3 2025. YoY: -17.86%; QoQ: -9.23%.
Net Income: -$2,216,783 for QQ3 2025. YoY: -19.54%; QoQ: -9.34%.
EPS (Diluted): -$0.14. YoY: +12.50%; QoQ: 0.00%.
R&D Expenses: $1,282,251; G&A Expenses: $966,905; Combined operating expenses: $2,249,156.
EBITDA: -$2,249,156.
Cash Flow: Net cash used in operating activities -$1,990,965; Net cash provided by financing activities +$...
Financial Highlights
Revenue: Not reported in QQ3 2025 (ND). YoY/QoQ not applicable.
Operating Income: -$2,248,? (rounded to -$2.25M) for QQ3 2025. YoY: -17.86%; QoQ: -9.23%.
Net Income: -$2,216,783 for QQ3 2025. YoY: -19.54%; QoQ: -9.34%.
EPS (Diluted): -$0.14. YoY: +12.50%; QoQ: 0.00%.
R&D Expenses: $1,282,251; G&A Expenses: $966,905; Combined operating expenses: $2,249,156.
EBITDA: -$2,249,156.
Cash Flow: Net cash used in operating activities -$1,990,965; Net cash provided by financing activities +$575,503; Net change in cash -$1,415,462; Cash at end of period $2,542,590.
Balance Sheet: Total assets $10,031,960; Total current assets $2,727,306; PPE net $6,982,750; Intangible assets $319,106; Total liabilities $1,198,911; Total stockholders’ equity $8,833,049; Retained earnings -$146,745,980; Net debt = -$2,542,590 (net cash).
Liquidity/Ratios: Current ratio 2.27; Quick ratio 2.27; Cash ratio 2.12. Cash burn runway roughly 4 months at current operating cash flow pace.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Operating Income |
-2.25M |
-17.86% |
-9.23% |
| Net Income |
-2.22M |
-19.54% |
-9.34% |
| EPS |
-0.14 |
12.50% |
0.00% |
Key Financial Ratios
operatingCashFlowPerShare
$-0.12
freeCashFlowPerShare
$-0.12
Management Commentary
transcriptHighlights: No QQ3 2025 earnings call transcript was provided in the input data. Consequently, there are no direct management quotes or themes available to synthesize. If a transcript becomes available, I can extract management commentary on pipeline milestones, funding strategy, and near-term catalysts.
Forward Guidance
There is no formal forward guidance in the QQ3 2025 filing. Given the pre-revenue, R&D-intensive nature of NanoViricides’ business model, investors should look for near-term milestones (e.g., preclinical/clinical updates, regulatory progress, and potential partnership or licensing discussions) that could alter the revenue trajectory or funding needs. In the absence of guidance, the key factors to monitor include:
- Pipeline milestones for HerpeCide, FluCide, DengueCide, HIVCide and related programs.
- Any strategic collaborations, licensing deals, or government/defense funding opportunities for antiviral nanoviricides.
- Funding plans to extend runway beyond the current burn, including capital raises, debt facilities, or strategic partnerships.
- Updates to cash burn guidance and any changes in operating expense structure.
Overall assessment: The current trajectory implies ongoing funding risk unless material clinical or strategic catalysts emerge.