Financials

v3.22.2.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Current assets:    
Cash $ 42,056 $ 58,705
Restricted cash 75 50
Prepaid expenses and other current assets 2,765 568
Total current assets 44,896 59,323
Property and equipment, net 378 453
Deposits 46 46
Operating lease right-of-use assets, net (including $113 and 153 respectively, to related party) 327 478
Goodwill 19,092
Total assets 45,647 79,392
Current liabilities:    
Accounts payable and accrued expenses 1,378 1,297
Current maturities of finance lease liabilities 14 27
Current maturities of operating lease liabilities (including $57 and 53 respectively, to related party) 227 209
Derivative liabilities 12
Total current liabilities 1,619 1,545
Long-term liabilities:    
Finance lease liabilities 7
Operating lease liabilities (including $57 and 101 respectively, to related party) 119 291
Total long-term liabilities 119 298
Total liabilities 1,738 1,843
Commitments and contingencies
Stockholders’ equity:    
Common stock, $0.001 par value; 150,000 shares authorized as of September 30, 2022 and December 31, 2021; 8,143 shares issued and outstanding as of September 30, 2022 and December 31, 2021. 8 8
Additional paid-in capital 337,330 336,634
Accumulated deficit (293,429) (259,093)
Total stockholders’ equity 43,909 77,549
Total liabilities and stockholders’ equity $ 45,647 $ 79,392

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v3.22.2.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Operating expenses:        
Research and development $ 3,872 $ 2,105 $ 9,105 $ 6,061
General and administrative 1,822 1,848 4,530 4,458
Legal settlement 1,600
Impairments 19,092
Total operating expenses 5,694 3,953 34,327 10,519
Loss from operations (5,694) (3,953) (34,327) (10,519)
Other (expense) income:        
Interest expense, net (1) (1) (2) (4)
Foreign exchange loss (5) (4) (19) (4)
Change in fair value of derivative liabilities 17 12 27
Total other (expense) income, net (6) 12 (9) 19
Net loss $ (5,700) $ (3,941) $ (34,336) $ (10,500)
Net loss per common share, basic and diluted $ (0.70) $ (0.48) $ (4.23) $ (1.44)
Weighted average number of common shares outstanding, basic and diluted 8,143 8,143 8,143 7,108

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v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2022
Sep. 30, 2021
Operating activities:      
Net loss $ (5,700,000) $ (34,336,000) $ (10,500,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization expense 47,000 137,000 142,000
Amortization of right of use assets   151,000 143,000
Loss on impairment of goodwill 19,092,000
Stock-based compensation   696,000 502,000
Payments on operating lease liabilities   (154,000) (146,000)
Change in fair value of derivative liabilities (12,000) (27,000)
Changes in operating assets and liabilities:      
Accounts receivable   550,000
Prepaid expenses and other current assets   (2,197,000) (342,000)
Accounts payable and accrued expenses   81,000 (119,000)
Net cash used in operating activities   (16,542,000) (9,797,000)
Investing activities:      
Purchases of property and equipment   (62,000) (44,000)
Net cash used in investing activities   (62,000) (44,000)
Financing activities:      
Payments on finance lease liabilities   (20,000) (30,000)
Proceeds from sale of common stock, net of transaction costs   38,505,000
Net cash provided by (used in) financing activities   (20,000) 38,475,000
Net increase (decrease) in cash and restricted cash   (16,624,000) 28,634,000
Cash and restricted cash at beginning of period   58,705,000 33,060,000
Cash and restricted cash at end of period $ 42,131,000 42,131,000 61,694,000
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:      
Recognition of operating lease right-of-use asset and liability   $ 171,000

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