Financials

v3.24.3
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash $ 13,020,000 $ 26,353,000
Restricted cash 75,000 75,000
Tax credit receivable 652,000 890,000
Prepaid expenses and other current assets 509,000 1,773,000
Total current assets 14,256,000 29,091,000
Property and equipment, net 181,000 271,000
Deposits 29,000 46,000
Operating lease right-of-use assets, net (including $163 and $42 respectively, to related party) 1,767,000 1,851,000
Total assets 16,233,000 31,259,000
Current liabilities:    
Accounts payable and accrued expenses 1,655,000 3,022,000
Current maturities of operating lease liabilities (including $55 and $42 respectively, to related party) 293,000 240,000
Total current liabilities 1,948,000 3,262,000
Long-term liabilities:    
Operating lease liabilities (including $163 and $0 respectively, to related party) 1,582,000 1,613,000
Total liabilities 3,530,000 4,875,000
Commitments and contingencies (Note 8)
Stockholders’ equity:    
Common stock, $0.001 par value 100,000 and 150,000 shares authorized as of September 30, 2024, and December 31, 2023; 10,174 shares issued and outstanding as of September 30, 2024 and December 31, 2023 10,000 10,000
Additional paid-in capital 342,845,000 342,288,000
Accumulated deficit (330,152,000) (315,914,000)
Total stockholders’ equity 12,703,000 26,384,000
Total liabilities and stockholders’ equity $ 16,233,000 $ 31,259,000

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v3.24.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Operating expenses:        
Research and development $ 3,242,000 $ 4,194,000 $ 10,500,000 $ 10,902,000
General and administrative 1,800,000 1,849,000 4,148,000 4,591,000
Legal settlement (1,600,000) (1,600,000)
Total operating expenses 5,042,000 4,443,000 14,648,000 13,893,000
Loss from operations (5,042,000) (4,443,000) (14,648,000) (13,893,000)
Other income (expense):        
Interest income (expense), net 111,000 320,000 482,000 460,000
Foreign exchange loss (8,000) (42,000) (72,000) (87,000)
Total other expense, net 103,000 278,000 410,000 373,000
Net loss $ (4,939,000) $ (4,165,000) $ (14,238,000) $ (13,520,000)
Net loss per common share, basic $ (0.49) $ (0.41) $ (1.40) $ (1.43)
Net loss per common share, diluted $ (0.49) $ (0.41) $ (1.40) $ (1.43)
Weighted average number of common shares outstanding, basic 10,174 10,153 10,174 9,461
Weighted average number of common shares outstanding, diluted 10,174 10,153 10,174 9,461

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v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:    
Net loss $ (14,238,000) $ (13,520,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 98,000 149,000
Right of use assets 247,000 163,000
Stock-based compensation 558,000 643,000
Operating lease liabilities (142,000) (172,000)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,281,000 401,000
Tax credit receivable 238,000 166,000
Accounts payable and accrued expenses (1,367,000) 830,000
Net cash used in operating activities (13,325,000) (11,340,000)
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 to related entities, net of transaction costs 4,000,000
Net cash provided by financing activities 3,993,000
Net decrease in cash and restricted cash (13,333,000) (7,406,000)
Cash and restricted cash at beginning of period 26,428,000 37,219,000
Cash and restricted cash at end of period 13,095,000 29,813,000
Non-cash investing and financing activities    
Initial recognition of right-of-use assets and lease liabilities $ 163,000

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