Annual report [Section 13 and 15(d), not S-K Item 405]

Statements of Cash Flows

v3.25.4
Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (28,354,000) $ (13,162,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation 432,000 230,000
Loss on initial recognition of Greenshoe Rights liability 28,736,000
Change in fair value of Greenshoe Rights liability (11,413,000)
Change in fair value of warrant liability (241,000) (800,000)
Gain on settlement of debt (998,000)
Issuance of warrants for VRT waiver 44,000
Gain on extinguishment of debt (200,000)
Changes in operating assets and liabilities:    
(Increase) Decrease in prepaid expenses and deferred offering costs 377,000 (104,000)
Decrease in operating lease right-of-use assets 53,000
Increase (Decrease) in accounts payable and accrued expenses (1,297,000) 937,000
(Decrease) in operating lease liability (58,000)
Net Cash Used in Operating Activities (12,914,000) (12,904,000)
CASH FLOWS FROM INVESTING ACTIVITIES    
Sale of short-term investments 12,893,000
Net Cash Provided by Investing Activities 12,893,000
CASH FLOWS FROM FINANCING ACTIVITIES    
Exercise of warrants and issuance of inducement warrants for cash, net 5,496,000
Proceeds from issuance of common stock and warrants, net 2,976,000
Proceeds from issuance of Series L Preferred Stock and warrants, net 10,508,000  
Payment of dividend on Series L Preferred Stock (229,000)
Net Cash Provided by Financing Activities 15,775,000 2,976,000
Net Increase in Cash and Cash Equivalents and Restricted Cash 2,861,000 2,965,000
Cash and Cash Equivalents and Restricted Cash at Beginning of Period 4,044,000 1,079,000
Cash and Cash Equivalents and Restricted Cash at End of Period 6,905,000 4,044,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest
Income taxes
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Fair value of prefunded warrants issued for Committed Equity Facility fee 672,000
Fair value of common stock and warrants issued for services 718,000
Fair value of prefunded warrant and common stock to settle vendor payable 847,000 810,000
Fair value of common stock issued for dividends $ 91,000