NanoViricides Inc. (NNVC) reported a QQ2 2025 quarter with no revenue and a consolidated loss, reflecting ongoing pre-revenue R&D intensity typical of early-stage biotech platforms. For the quarter ending 2025 (Q2), R&D expenses were $1.156 million and G&A was $0.903 million, yielding total operating expenses of $2.059 million and an EBITDA of $(1.831) million. Operating income was $(2.059) million, with total other income of $0.0316 million and a pre-tax loss of $(2.028) million, resulting in a net loss of $(2.028) million or $(0.14) per share on about 14.57 million weighted average shares. The cash burn from operations was $(2.190) million, supported by $(2.283) million of financing activity during the quarter, culminating in a modest net cash increase of $0.097 million and ending cash of $3.959 million. The balance sheet shows a solid current ratio (3.44) and a substantial stockholders’ equity position (~$10.39 million) driven largely by non-cash equity components, even as retained earnings are deeply negative (~$(144.53) million). Although the company continues to recognize no current revenue, YoY and QoQ metrics show marginal improvements in operating income, net income, and EPS (YoY: operating income +5.75%, net income +4.13%, EPS +22.22%; QoQ: operating income +35.00%, net income +35.16%, EPS +39.13%). The QQ2 2025 period remains focused on pipeline advancement and external funding; management commentary (where available) and call transcripts were not provided in the supplied data, limiting direct quotes in this document. Investors should monitor financing needs, potential partnering/licensing milestones, and clinical/proof-of-concept progress for near-term catalysts. Given the lack of revenue, the investment thesis rests on optionality within NanoViricides’ nanoviricide platform and the ability to secure partnerships or grants to monetize its R&D pipeline over time.