Financials

v3.26.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash $ 7,025,000 $ 9,860,000
Restricted cash 75,000 75,000
Tax credit receivable 706,000 1,215,000
Prepaid expenses and other current assets 328,000 430,000
Total current assets 8,134,000 11,580,000
Property and equipment, net 93,000 153,000
Deposits 95,000 29,000
Operating lease right-of-use assets, net (including $152 and $42 to related party) 1,390,000 1,694,000
Total assets 9,712,000 13,456,000
Current liabilities:    
Accounts payable and accrued expenses 1,876,000 2,127,000
Current maturities of operating lease liabilities (including $49 and $42 to related party) 334,000 301,000
Total current liabilities 2,210,000 2,428,000
Long-term liabilities:    
Operating lease liabilities (including $104 and $0 to related party) 1,171,000 1,505,000
Total long-term liabilities 1,171,000 1,505,000
Total liabilities 3,381,000 3,933,000
Commitments and contingencies
Stockholders’ equity:    
Common stock $0.001 par value; 100,000 and 150,000 shares authorized as of December 31, 2025 and 2024, respectively; 13,784 and 10,174 shares issued and outstanding as of December 31, 2025 and 2024, respectively 13,000 10,000
Additional paid-in capital 348,567,000 342,931,000
Accumulated deficit (342,249,000) (333,418,000)
Total stockholders’ equity 6,331,000 9,523,000
Total liabilities and stockholders’ equity $ 9,712,000 $ 13,456,000

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v3.26.1
Consolidated Statements of Operations - USD ($)
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating expenses:    
Research and development $ 5,055,000 $ 12,537,000
General and administrative 3,964,000 5,341,000
Total operating expenses 9,019,000 17,878,000
Loss from operations (9,019,000) (17,878,000)
Other income (expense):    
Interest income, net 134,000 537,000
Foreign exchange gain (loss) 54,000 (163,000)
Total other income, net 188,000 374,000
Net loss $ (8,831,000) $ (17,504,000)
Net loss per common share, basic $ (0.78) $ (1.72)
Net loss per common share, diluted $ (0.78) $ (1.72)
Weighted average number of common shares outstanding, basic 11,290 10,174
Weighted average number of common shares outstanding, diluted 11,290 10,174

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v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net loss $ (8,831) $ (17,504)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 72 126
Right of use assets 304 320
Stock-based compensation 270 643
Change in operating lease liabilities (301) (210)
Changes in operating assets and liabilities:    
Tax credit receivable 509 (325)
Prepaid expenses and other current assets 102 1,343
Deposits (66) 17
Accounts payable and accrued expenses (251) (895)
Net cash used in operating activities (8,192) (16,485)
Investing activities:    
Purchases of property and equipment (12) (8)
Net cash used in investing activities (12) (8)
Financing activities:    
Proceeds from the sale of common stock under ATM 154
Proceeds from sale of common stock and warrants, net of transaction costs 5,215
Net cash provided by financing activities 5,369
Net decrease in cash and restricted cash (2,835) (16,493)
Cash and restricted cash at beginning of period 9,935 26,428
Cash and restricted cash at end of period 7,100 9,935
Non-cash investing and financing activities    
Initial recognition of right-of-use assets and lease liabilities $ 163

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