NanoViricides, Inc (NYSE: NNVC) closed lower in Friday’s trading session. However, the number of shorts on this stock has declined. In November, short interest stood at 137,100 shares, a 6.5% when compared to October when the number of shorts stood at 146,600 shares.
NanoViricides recently released its Q1 results for Q1 for the fiscal year 2020. The company reported that it had around $1.34 million in current assets, while its current liabilities in the quarter stood at $1.43 million. On top of that, the company’s net cash used for operations stood at $1.42 million.
The company also announced that its expenditures for the quarter were within quarterly estimates. On other metrics, shareholder equity stood at $9.13 million in the month. It attributed this to the asset value of CGMP-capable manufacturing center, equipment, and research labs. In the quarter the company reported that it had no revenues and it also has no long-term debt obligations.
While announcing the results, the company’s president, Anil Diwan Ph.D., gave a commitment of $2 million in a convertible loan. This will be used in taking the company’s first drug program through the IND filings. The IND filing is for the company’s lead treatment candidate called NV-HHV-101. This is a skin treatment for shingles rashes, and is being developed at the company’s facilities. The company also expects to start developing treatments for HSV-1 cold sores and genital ulcers.
From the charts, this stock opened Friday’s session with a gap down, after a low activity day on Thursday. Volumes in the day stood at 20.45k.
About NanoViricides Inc
NanoViricides Inc is a biopharma company that researches, develops and sells treatments for viral infections. Its products include HerpeCide Dermal Tropical, FluCide Broad-Spectrum Anti-influenza NanoViricide, among others. It has its headquarters in Shelton, Connecticut.