Financials

v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Current assets:    
Cash $ 29,738,000 $ 37,144,000
Restricted cash 75,000 75,000
Tax credit receivable 550,000 716,000
Prepaid expenses and other current assets 1,842,000 2,243,000
Total current assets 32,205,000 40,178,000
Property and equipment, net 252,000 342,000
Deposits 46,000 46,000
Operating lease right-of-use assets, net (including $57 and $99 respectively, to related party) 111,000 274,000
Total assets 32,614,000 40,840,000
Current liabilities:    
Accounts payable and accrued expenses 1,806,000 976,000
Current maturities of finance lease liabilities 7,000
Current maturities of operating lease liabilities (including $57 and $59 respectively, to related party) 118,000 233,000
Total current liabilities 1,924,000 1,216,000
Long-term liabilities:    
Operating lease liabilities (including $0 and $42 respectively, to related party) 57,000
Total liabilities 1,924,000 1,273,000
Commitments and contingencies (Note 9)
Stockholders’ equity:    
Common stock, $0.001 par value 150,000 shares authorized as of September 30, 2023, and December 31, 2022; 10,174 and 8,143 shares issued and outstanding as of September 30, 2023 and December 31, 2022 10,000 8,000
Additional paid-in capital 342,130,000 337,489,000
Accumulated deficit (311,450,000) (297,930,000)
Total stockholders’ equity 30,690,000 39,567,000
Total liabilities and stockholders’ equity $ 32,614,000 $ 40,840,000

Source

v3.23.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Operating expenses:        
Research and development $ 4,194 $ 3,872 $ 10,902 $ 9,105
General and administrative 1,849 1,822 4,591 4,530
Legal settlement (1,600) (1,600) 1,600
Impairments 19,092
Total operating expenses 4,443 5,694 13,893 34,327
Loss from operations (4,443) (5,694) (13,893) (34,327)
Other income (expense):        
Interest income (expense), net 320 (1) 460 (2)
Foreign exchange loss (42) (5) (87) (19)
Change in fair value of derivative liabilities 12
Total other expense, net 278 (6) 373 (9)
Net loss $ (4,165) $ (5,700) $ (13,520) $ (34,336)
Net loss per common share, basic $ (0.41) $ (0.70) $ (1.43) $ (4.23)
Net loss per common share, diluted $ (0.41) $ (0.70) $ (1.43) $ (4.23)
Weighted average number of common shares, basic 10,153 8,143 9,461 8,143
Weighted average number of common shares, diluted 10,153 8,143 9,461 8,143

Source

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Operating activities:        
Net loss $ (4,165,000) $ (5,700,000) $ (13,520,000) $ (34,336,000)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization expense     149,000 137,000
Amortization of right of use assets     163,000 151,000
Loss on impairment of goodwill 19,092,000
Stock-based compensation     643,000 696,000
Payments on operating lease liabilities     (172,000) (154,000)
Change in fair value of derivative liabilities (12,000)
Changes in operating assets and liabilities:        
Prepaid expenses and other current assets     401,000 (2,197,000)
Tax credit receivable     166,000
Accounts payable and accrued expenses     830,000 81,000
Net cash used in operating activities     (11,340,000) (16,542,000)
Investing activities:        
Purchases of property and equipment     (59,000) (62,000)
Net cash used in investing activities     (59,000) (62,000)
Financing activities:        
Payments on finance lease liabilities     (7,000) (20,000)
Proceeds from sale of common stock to related entities, net of transaction costs     4,000,000
Net cash provided by (used in) financing activities     3,993,000 (20,000)
Net decrease in cash and restricted cash     (7,406,000) (16,624,000)
Cash and restricted cash at beginning of period     37,219,000 58,705,000
Cash and restricted cash at end of period $ 29,813,000 $ 42,131,000 $ 29,813,000 $ 42,131,000

Source