Financials

v3.24.2.u1
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash $ 18,143,000 $ 26,353,000
Restricted cash 75,000 75,000
Tax credit receivable 1,077,000 890,000
Prepaid expenses and other current assets 365,000 1,773,000
Total current assets 19,660,000 29,091,000
Property and equipment, net 211,000 271,000
Deposits 29,000 46,000
Operating lease right-of-use assets, net (including $11 and $42 to related party) 1,673,000 1,851,000
Total assets 21,573,000 31,259,000
Current liabilities:    
Accounts payable and accrued expenses 2,403,000 3,022,000
Current maturities of operating lease liabilities (including $10 and $42 to related party) 251,000 240,000
Total current liabilities 2,654,000 3,262,000
Long-term liabilities:    
Operating lease liabilities (including $0 and $0 to related party) 1,529,000 1,613,000
Total long-term liabilities 1,529,000 1,613,000
Total liabilities 4,183,000 4,875,000
Commitments and contingencies
Stockholders’ equity:    
Common stock, $0.001 a par value: 100,000 and 150,000 shares authorized as of June 30, 2024, and December 31, 2023; 10,174 shares issued and outstanding as of June 30, 2024 and December 31, 2023 10,000 10,000
Additional paid-in capital 342,593,000 342,288,000
Accumulated deficit (325,213,000) (315,914,000)
Total stockholders’ equity 17,390,000 26,384,000
Total liabilities and stockholders’ equity $ 21,573,000 $ 31,259,000

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v3.24.2.u1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Operating expenses:        
Research and development $ 4,308,000 $ 2,801,000 $ 7,258,000 $ 6,708,000
General and administrative 1,140,000 1,538,000 2,348,000 2,742,000
Total operating expenses 5,448,000 4,339,000 9,606,000 9,450,000
Loss from operations (5,448,000) (4,339,000) (9,606,000) (9,450,000)
Other income (expense):        
Interest income, net 151,000 140,000 371,000 140,000
Foreign exchange gain (loss) (46,000) 33,000 (64,000) (45,000)
Total other expense, net 105,000 173,000 307,000 95,000
Net loss $ (5,343,000) $ (4,166,000) $ (9,299,000) $ (9,355,000)
Net loss per common share, basic $ (0.53) $ (0.41) $ (0.91) $ (1.03)
Net loss per common share, diluted $ (0.53) $ (0.41) $ (0.91) $ (1.03)
Weighted average number of common shares outstanding, basic 10,174 10,065 10,174 9,109
Weighted average number of common shares outstanding, diluted 10,174 10,065 10,174 9,109

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v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net loss $ (9,299,000) $ (9,355,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 68,000 96,000
Stock-based compensation 305,000 470,000
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,408,000 183,000
Deposits 17,000
Tax credit receivable (187,000) (491,000)
Decrease in right of use assets 178,000 108,000
Accounts payable and accrued expenses (619,000) 445,000
Operating lease liabilities (73,000) (115,000)
Net cash used in operating activities (8,202,000) (8,659,000)
Investing activities:    
Purchases of property and equipment (8,000) (59,000)
Net cash used in investing activities (8,000) (59,000)
Financing activities:    
Payments on finance lease liabilities (7,000)
Proceeds from sale of common stock, net of transaction costs 4,000,000
Net cash used in financing activities 3,993,000
Net decrease in cash and restricted cash (8,210,000) (4,725,000)
Cash and restricted cash at beginning of period 26,428,000 37,219,000
Cash and restricted cash at end of period $ 18,218,000 $ 32,494,000

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