NanoViricides Inc. (NNVC)

[KMBJN]

Both 2012 and 2016 10-Ks say the same thing:

"We will need to raise substantial additional capital in the future to fund our operations and we may be unable to raise such funds when needed and on acceptable terms."

"We may issue additional equity shares to fund the Company’s operational requirements which would dilute share ownership."

Duh.

2012 10-K talks about raising capital because they had recently done so. The 2016 10-K doesn't talk about it since they didn't have an immediate recent need to do so after raising a large sum in 2014.

Double Duh.

2012 10-K says "There can be no assurance that the Company will be able to obtain the additional capital resources necessary to fund its anticipated obligations for the next twelve months."

2016 10-K says "We believe that we will not need to raise additional capital until after initial human clinical trials of our first drug candidate."

Not much difference. Perhaps now they are on stronger financial footing and further along, while investor patience is wearing thin with all the delays.