Clinical Development Failure: NNVC's product candidates are in early stages of development, and there is no guarantee that any of them will successfully complete clinical trials or obtain regulatory approval, which is a common and high-risk hurdle in pharmaceutical development.

Regulatory Approval Challenges: Even if clinical trials yield positive results, obtaining necessary regulatory approvals from agencies like the FDA is a complex, costly, and time-consuming process that may not be successful, preventing the company's products from reaching the market.

Significant Capital Requirements: NNVC is a pre-revenue company that relies heavily on external funding. There is a substantial risk of not being able to raise sufficient additional capital to fund its ongoing operations, research, and clinical development, potentially leading to delays or cessation of its programs.