Financials

v3.25.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash $ 9,860,000 $ 26,353,000
Restricted cash 75,000 75,000
Tax credit receivable 1,215,000 890,000
Prepaid expenses and other current assets 430,000 1,773,000
Total current assets 11,580,000 29,091,000
Property and equipment, net 153,000 271,000
Deposits 29,000 46,000
Operating lease right-of-use assets, net (including $152 and $42 to related party) 1,694,000 1,851,000
Total assets 13,456,000 31,259,000
Current liabilities:    
Accounts payable and accrued expenses 2,127,000 3,022,000
Current maturities of operating lease liabilities (including $49 and $42 to related party) 301,000 240,000
Total current liabilities 2,428,000 3,262,000
Long-term liabilities:    
Operating lease liabilities (including $104 and $0 to related party) 1,505,000 1,613,000
Total long-term liabilities 1,505,000 1,613,000
Total liabilities 3,933,000 4,875,000
Commitments and contingencies
Stockholders’ equity:    
Common stock $0.001 par value; 100,000 and 150,000 shares authorized as of December 31, 2024 and 2023, respectively; 10,174 shares issued and outstanding as of December 31, 2024 and 2023, respectively 10,000 10,000
Additional paid-in capital 342,931,000 342,288,000
Accumulated deficit (333,418,000) (315,914,000)
Total stockholders’ equity 9,523,000 26,384,000
Total liabilities and stockholders’ equity $ 13,456,000 $ 31,259,000

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v3.25.1
Consolidated Statements of Operations - USD ($)
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating expenses:    
Research and development $ 12,537,000 $ 15,169,000
General and administrative 5,341,000 5,990,000
Legal settlement (2,600,000)
Total operating expenses 17,878,000 18,559,000
Loss from operations (17,878,000) (18,559,000)
Other income (expense):    
Interest income, net 537,000 640,000
Foreign exchange loss (163,000) (65,000)
Total other income, net 374,000 575,000
Net loss $ (17,504,000) $ (17,984,000)
Net loss per common share, basic $ (1.72) $ (1.87)
Net loss per common share, diluted $ (1.72) $ (1.87)
Weighted average number of common shares, basic 10,174 9,651
Weighted average number of common shares, diluted 10,174 9,651

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v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net loss $ (17,504) $ (17,984)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 126 189
Right of use assets 320 (1,577)
Stock-based compensation 643 801
Change in operating lease liabilities (210) 1,563
Changes in operating assets and liabilities:    
Tax credit receivable (325) (174)
Prepaid expenses and other current assets 1,343 470
Deposits 17
Accounts payable and accrued expenses (895) 2,046
Net cash used in operating activities (16,485) (14,666)
Investing activities:    
Purchases of property and equipment (8) (118)
Net cash used in investing activities (8) (118)
Financing activities:    
Payments of finance lease obligations (7)
Proceeds from sale of common stock, net of transaction costs 4,000
Net cash provided by (used in) financing activities 3,993
Net decrease in cash and restricted cash (16,493) (10,791)
Cash and restricted cash at beginning of period 26,428 37,219
Cash and restricted cash at end of period 9,935 26,428
Non-cash investing and financing activities    
Initial recognition of right-of-use assets and lease liabilities $ 163

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