NanoViricides Inc. (NNVC)

[loanranger]

There's obviously some subjectivity to the "current rate" assessment.
Without getting into the specifics one must keep in mind that the nature of the company's operations, such as they are, result in a lot of their expenditures being variable versus fixed.
The company is required to report its expenses on an accrual versus a cash basis so losing $3M a quarter isn't necessarily the same as spending $3M a quarter. They also issue shares for expenses that turn up as additions to their losses but don't use cash.
Management can pretty much fudge the numbers for the going concern test as long as they don't do anything outlandish. I suspect that should things get any tighter..to the point where they are unable to reasonably assert that they have 12 months worth of cash...they'll have to raise some. While you're right that "they simply can't continue to spend as they've been spending for more than another 2-3 quarters", they can if they "spend" shares and raise some cash.

The issue of how cash can be raised in the current situation is above my pay grade. All I know is that I wouldn't give 'em any (if I had any to give).