Financials

v3.24.1.1.u2
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash $ 21,842,000 $ 26,353,000
Restricted cash 75,000 75,000
Tax credit receivable 1,003,000 890,000
Prepaid expenses and other current assets 1,572,000 1,773,000
Total current assets 24,492,000 29,091,000
Property and equipment, net 244,000 271,000
Deposits 46,000 46,000
Operating lease right-of-use assets, net (including $26 and $42 to related party) 1,764,000 1,851,000
Total assets 26,546,000 31,259,000
Current liabilities:    
Accounts payable and accrued expenses 2,139,000 3,022,000
Current maturities of operating lease liabilities (including $26 and $42 to related party) 240,000 240,000
Total current liabilities 2,379,000 3,262,000
Long-term liabilities:    
Operating lease liabilities (including $0 and $0 to related party) 1,582,000 1,613,000
Total long-term liabilities 1,582,000 1,613,000
Total liabilities 3,961,000 4,875,000
Commitments and contingencies
Stockholders’ equity:    
Common stock, $0.001 a par value: 150,000 shares authorized as of March 31, 2024, and December 31, 2023; 10,174 shares issued and outstanding as of March 31, 2024 and December 31, 2023 10,000 10,000
Additional paid-in capital 342,445,000 342,288,000
Accumulated deficit (319,870,000) (315,914,000)
Total stockholders’ equity 22,585,000 26,384,000
Total liabilities and stockholders’ equity $ 26,546,000 $ 31,259,000

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v3.24.1.1.u2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating expenses:    
Research and development $ 2,950 $ 3,907
General and administrative 1,208 1,204
Total operating expenses 4,158 5,111
Loss from operations (4,158) (5,111)
Other income (expense):    
Interest income (expense), net 220
Foreign exchange loss (18) (78)
Total other income (expense), net 202 (78)
Net loss $ (3,956) $ (5,189)
Net loss per common share, basic $ (0.39) $ (0.64)
Net loss per common share, diluted $ (0.39) $ (0.64)
Weighted average number of common shares, basic 10,174 8,143
Weighted average number of common shares, diluted 10,174 8,143

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v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities:    
Net loss $ (3,956,000) $ (5,189,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 35,000 49,000
Stock-based compensation 157,000 291,000
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 201,000 19,000
Tax credit receivable (113,000) (240,000)
Decrease right of use assets 87,000 54,000
Accounts payable and accrued expenses (883,000) 1,961,000
Decrease operating lease liabilities (31,000) (56,000)
Net cash used in operating activities (4,503,000) (3,111,000)
Investing activities:    
Purchases of property and equipment (8,000) (45,000)
Net cash used in investing activities (8,000) (45,000)
Financing activities:    
Payments on finance lease liabilities (7,000)
Net cash used in financing activities (7,000)
Net decrease in cash and restricted cash (4,511,000) (3,163,000)
Cash and restricted cash at beginning of period 26,428,000 37,219,000
Cash and restricted cash at end of period $ 21,917,000 $ 34,056,000

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