NanoViricides Inc. (NNVC)

[arvitar]

This PR paints an overoptimistic picture of their financial condition.


For the period ending Sept 30, 2017, the company reported $13.5M in cash and cash equivalents, with accounts payable of $125K, giving them $13.4M dollar bills left to spend.

For the period ending Dec 31, 2017, the company reported $12M of cash and cash equivalents, with accounts payable of $100K, leaving them with $12M dollar bills to spend.

For their recent reporting period discussed in the PR, ending March 31, 2018, the company reported cash and cash equivalents of $10.6M and accounts payable of $2.3M, leaving $8.3M dollars to spend.

Hence, the company's available cash dwindled by $1.4M in the 3 months between Sept 31 and Dec 31, but by almost $4M during the 3 months of the last reporting period.

If the reduction in available cash continues at the same rate as in the last reporting period, say $1M/month, they would have $6M to spend at the end of this month, and $0 by the end of Nov 2018.


For the past year, the company has been trying to raise cash, as indicated by their claim in all their SEC filings: "The Company has engaged investment banks to advise it as to raising further funding as the Company progresses towards human clinical trials."

Yet, the company has so far failed to raise a single penny. Certainly not the rosy picture painted in the PR.