Despite a recent capital raise, Shelton-based antiviral drug developer NanoViricides Inc. disclosed it does not have enough cash to fund operations beyond mid-February and will need additional financing to continue advancing its drug programs, according to a quarterly report filed Monday.
The company reported about $1.25 million in cash as of Sept. 30, and used roughly $1.6 million during the three month-period, driven partly by preparation for planned Phase 2 clinical trials.
The cash disclosure came after NanoViricides announced earlier this month that it raised about $6 million through a direct stock offering and concurrent private placement to a single institutional investor. The company said those proceeds would go toward working capital and general corporate purposes.
Even with that additional capital, the early-stage company said it does “not have sufficient funding in hand to continue operations through February 14, 2026 for our planned objectives,” which include moving its drug candidate through clinical trials.
NanoViricides said additional equity raises or warrant exercises will be required to sustain operations and support further development work.
“We continue to re-prioritize our programs in line with available resources,” the company said.
NanoViricides’ lead candidate, NV-387, is a broad-spectrum antiviral being developed to treat the infectious viral disease mpox and is slated for a Phase 2 trial in the Democratic Republic of Congo, where regulators have granted conditional approval. The company also plans to seek U.S. orphan-drug designations for potential treatments for mpox, smallpox and measles, which could provide financial and regulatory incentives.
NV-387 is additionally being explored as a potential treatment for respiratory viral infections including RSV, influenza, COVID-19 and long COVID, though the company said those programs depend on securing further funding and completing required regulatory steps.
NanoViricides operates out of a wholly owned, 18,000-square-foot facility at 1 Controls Drive in Shelton, which houses its offices, laboratories and a drug-manufacturing space. The site is designed to support most stages of early drug development, including chemical synthesis, antiviral testing, scale-up work, and formulation and packaging of drug products.
Although the company conducts all of its research in the Shelton facility, it subcontracts the R&D work to TheraCour Pharma under a long-standing licensing agreement.
NanoViricides reported it had about seven full-time employees as of June 30, 2025.
