Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash $ 21,842,000 $ 26,353,000
Restricted cash 75,000 75,000
Tax credit receivable 1,003,000 890,000
Prepaid expenses and other current assets 1,572,000 1,773,000
Total current assets 24,492,000 29,091,000
Property and equipment, net 244,000 271,000
Deposits 46,000 46,000
Operating lease right-of-use assets, net (including $26 and $42 to related party) 1,764,000 1,851,000
Total assets 26,546,000 31,259,000
Current liabilities:    
Accounts payable and accrued expenses 2,139,000 3,022,000
Current maturities of operating lease liabilities (including $26 and $42 to related party) 240,000 240,000
Total current liabilities 2,379,000 3,262,000
Long-term liabilities:    
Operating lease liabilities (including $0 and $0 to related party) 1,582,000 1,613,000
Total long-term liabilities 1,582,000 1,613,000
Total liabilities 3,961,000 4,875,000
Commitments and contingencies
Stockholders’ equity:    
Common stock, $0.001 a par value: 150,000 shares authorized as of March 31, 2024, and December 31, 2023; 10,174 shares issued and outstanding as of March 31, 2024 and December 31, 2023 10,000 10,000
Additional paid-in capital 342,445,000 342,288,000
Accumulated deficit (319,870,000) (315,914,000)
Total stockholders’ equity 22,585,000 26,384,000
Total liabilities and stockholders’ equity $ 26,546,000 $ 31,259,000