Financials

v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash $ 6,921,000 $ 9,860,000
Restricted cash 75,000 75,000
Tax credit receivable 1,445,000 1,215,000
Prepaid expenses and other current assets 385,000 430,000
Total current assets 8,826,000 11,580,000
Property and equipment, net 127,000 153,000
Deposits 86,000 29,000
Operating lease right-of-use assets, net (including $140 and $152 to related party) 1,620,000 1,694,000
Total assets 10,659,000 13,456,000
Current liabilities:    
Accounts payable and accrued expenses 1,622,000 2,127,000
Current maturities of operating lease liabilities (including $51 and $49 to related party) 309,000 301,000
Total current liabilities 1,931,000 2,428,000
Long-term liabilities:    
Operating lease liabilities (including $90 and $104 to related party) 1,424,000 1,505,000
Total long-term liabilities 1,424,000 1,505,000
Total liabilities 3,355,000 3,933,000
Commitments and contingencies
Stockholders’ equity:    
Common stock, $0.001 a par value: 100,000 shares authorized as of March 31, 2025 and December 31, 2024; 10,174 shares issued and outstanding as of March 31, 2025 and December 31, 2024 10,000 10,000
Additional paid-in capital 343,013,000 342,931,000
Accumulated deficit (335,719,000) (333,418,000)
Total stockholders’ equity 7,304,000 9,523,000
Total liabilities and stockholders’ equity $ 10,659,000 $ 13,456,000

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v3.25.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating expenses:    
Research and development $ 1,360,000 $ 2,950,000
General and administrative 981,000 1,208,000
Total operating expenses 2,341,000 4,158,000
Loss from operations (2,341,000) (4,158,000)
Other income (expense):    
Interest income (expense), net 37,000 220,000
Foreign exchange gain (loss), net 3,000 (18,000)
Total other income (expense), net 40,000 202,000
Net loss $ (2,301,000) $ (3,956,000)
Net loss per common share, basic $ (0.23) $ (0.39)
Net loss per common share, diluted $ (0.23) $ (0.39)
Weighted average number of common shares, basic 10,174 10,174
Weighted average number of common shares, diluted 10,174 10,174

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v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities:    
Net loss $ (2,301,000) $ (3,956,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 25,000 35,000
Stock-based compensation 82,000 157,000
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 45,000 201,000
Tax credit receivable (229,000) (113,000)
Deposits (57,000)
Decrease right of use assets 74,000 87,000
Accounts payable and accrued expenses (505,000) (883,000)
Decrease operating lease liabilities (73,000) (31,000)
Net cash used in operating activities (2,939,000) (4,503,000)
Investing activities:    
Purchases of property and equipment (8,000)
Net cash used in investing activities (8,000)
Net decrease in cash and restricted cash (2,939,000) (4,511,000)
Cash and restricted cash at beginning of period 9,935,000 26,428,000
Cash and restricted cash at end of period $ 6,996,000 $ 21,917,000

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