Financials

v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Current assets    
Cash and cash equivalents $ 2,648 $ 5,672
Short-term investments 13,366 10,836
Prepaid expenses and other current assets 38 54
Total Current Assets 16,052 16,562
Operating lease right-of-use asset 87 165
Deposits 9 9
TOTAL ASSETS 16,148 16,736
Current liabilities    
Accounts payable 3,970 3,140
Accrued expenses 1,028 1,669
Current operating lease liability 92 110
Total Current Liabilities 5,090 4,919
Non-current operating lease liability 64
Warrant liability 1,053 19
Total Liabilities 6,143 5,002
Stockholders’ Equity    
Convertible Preferred stock, par value $0.01, 15,000,000 shares authorized Series C - 96,230 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively 1 1
Common stock, par value $0.001, 250,000,000 shares authorized, 41,418,999 shares and 32,722,452 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively 42 33
Additional paid in capital 689,065 686,168
Accumulated deficit (679,103) (674,468)
Total Stockholders’ Equity 10,005 11,734
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 16,148 $ 16,736

Source

v3.23.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Income Statement [Abstract]        
Revenues
Operating Expenses:        
Research and development (including $0 and $201 expense from stock compensation granted to officers, directors and employees during the three months ended September 30, 2023 and 2022, and $13 and $327 for the nine months ended September 30, 2023 and 2022, respectively) 1,364 2,743 5,109 5,969
Selling, general and administrative (including $0.5 million and $2.7 million expense from stock compensation granted to officers, directors and employees during the three months ended September 30, 2023 and 2022, respectively and $1.8 million and $3.5 million for the nine months ended September 30, 2023 and 2022, respectively) 1,758 4,280 5,299 9,510
Loss from Operations 3,122 7,023 10,408 15,479
Other (Income) Expense        
Interest income (216) (107) (600) (151)
Interest expense 213
Change in fair value of derivative liability (485) (58) (4,796) (81)
Gain on extinguishment of debt (547)
Unrealized (gain) loss on short term investments (5) 23 (43) 53
Total Other (Income) Expense (706) (142) (5,773) (179)
Net Loss $ (2,416) $ (6,881) $ (4,635) $ (15,300)
Net Loss Per Share - Basic $ (0.06) $ (0.22) $ (0.12) $ (0.48)
Net Loss Per Share - Diluted $ (0.06) $ (0.22) $ (0.12) $ (0.48)
Weighted average common shares outstanding - basic 41,016,075 31,380,634 40,095,945 31,723,792
Weighted average common shares outstanding - diluted 41,016,075 31,380,634 40,095,945 31,723,792

Source

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES          
Net loss $ (2,416) $ (6,881) $ (4,635) $ (15,300)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Stock based compensation – common shares for services     430 5,713  
Stock based compensation – vested stock options     1,337 3,854  
Change in fair value of warrant liability (485) (58) (4,796) (81)  
Gain on extinguishment of debt (547)  
Unrealized (gain) loss on marketable securities     (43) 53  
Changes in operating assets and liabilities:          
Decrease in prepaid expenses     16 102  
Increase in deposits     (9)  
Decrease in operating lease right of use assets     78 70  
Increase (decrease) in accounts payable and accrued expenses     1,437 (5,259)  
(Decrease) in operating lease liability     (82) (62)  
Net Cash Used in Operating Activities     (6,805) (10,919)  
CASH FLOWS FROM INVESTING ACTIVITIES          
Sales (purchases) of investments     (2,487) 4,639  
Net Cash Provided by (Used in) Investing Activities     (2,487) 4,639  
CASH FLOWS FROM FINANCING ACTIVITIES          
Proceeds from issuance of common stock and prefunded warrants     6,268  
Cancellation of common stock upon settlement with former officer     (223)  
Net Cash (Used in) Provided by Financing Activities     6,268 (223)  
Net Decrease in Cash     (3,024) (6,503)  
Cash at Beginning of Period     5,672 8,968 $ 8,968
Cash at End of Period $ 2,648 $ 2,465 2,648 2,465 $ 5,672
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:          
Interest      
Income taxes paid      
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES          
Right-of-use assets exchanged for lease liabilities     260  
Initial recognition of fair value of warrant liability     5,831  
Fair value of common stock issued to settle accounts payable and accrued expenses     700  
Common stock issued upon conversion of notes payable and accrued interest     $ 1,113  

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