Financials

v3.24.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current assets    
Cash and cash equivalents $ 1,079 $ 5,672
Short-term investments 12,893 10,836
Prepaid expenses and other current assets 84 54
Total Current Assets 14,056 16,562
Operating lease right-of-use asset 53 165
Deposits 9
TOTAL ASSETS 14,109 16,736
Current liabilities    
Accounts payable 4,328 3,140
Accrued expenses 1,195 1,669
Current operating lease liability 58 110
Warrant liability 1,052 19
Total Current Liabilities 6,633 4,938
Non-current operating lease liability 64
Total Liabilities 6,633 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 December 31, 2023 and 2022, respectively 1 1
Common stock, par value $0.001, 250,000,000 shares authorized, 1,380,633 shares and 1,090,748 shares issued and outstanding at December 31, 2023 and 2022, respectively 1 33
Additional paid in capital 689,539 686,168
Accumulated deficit (682,065) (674,468)
Total Stockholders’ Equity 7,476 11,734
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 14,109 $ 16,736

Source

v3.24.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Extinguishment of Debt [Line Items]    
Revenues
Operating Expenses:    
Research and development (including $0 and $718 of stock compensation to officers, directors and employees during the years ended December 31, 2023 and 2022, respectively) 6,466 8,811
Selling, general and administrative (including $2,200 and $3,903 of stock compensation to officers, directors and employees during the years ended December 31, 2023 and 2022, respectively) 7,110 12,446
Total Operating Expenses 13,576 21,257
Loss from Operations (13,576) (21,257)
Other (Income) Expense    
Interest income (780) (292)
Interest expense 213 8
Change in fair value of warrant liability (4,797) (119)
Gain from extinguishment of debt  
Unrealized (gain) loss-on marketable securities (48) 30
Other (20)
Total Other (Income) Expense (5,979) (373)
Net Loss $ (7,597) $ (20,884)
Net Loss Per Share - Basic $ (5.64) $ (19.66)
Net Loss Per Share - Diluted $ (5.64) $ (19.66)
Weighted average common shares outstanding - basic 1,347,713 1,062,267
Weighted average common shares outstanding - diluted 1,347,713 1,062,267
Share Settled Debt [Member]    
Other (Income) Expense    
Gain from extinguishment of debt $ (547)  

Source

v3.24.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (7,597) $ (20,884)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation - consultants and research and development 163 2,522
Stock based compensation - officers, employees and board of directors 267 2,092
Stock based compensation - vested stock options 1,770 3,032
Fair value of common stock issued to a noteholder as settlement 35
Change in fair value of warrant liability (4,797) (119)
Change in operating lease right-of-use assets 112 95
Gain from extinguishment of debt  
Unrealized (gain) loss on marketable securities (48) 30
Changes in operating assets and liabilities:    
(Increase) decrease in prepaid expenses and other current assets (30) 136
(Increase) decrease in deposits 9 (9)
Increase (decrease) in accounts payable and accrued expenses 1,962 (2,030)
Decrease in operating lease liability (116) (86)
Net Cash Used in Operating Activities (8,852) (15,217)
CASH FLOWS FROM INVESTING ACTIVITIES    
(Purchase) sale of investments (2,009) 12,145
Net Cash Used in Investing Activities (2,009) 12,145
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock 6,268
Cancellation of common stock upon settlement with former officer (224)
Net Cash Provided by (Used in) Financing Activities 6,268 (224)
Net Decrease in Cash (4,593) (3,296)
Cash at Beginning of Period 5,672 8,968
Cash at End of Period 1,079 5,672
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 213
Income taxes
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
Common stock issued upon settlement of debt 702 3,251
Share Settled Debt [Member]    
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain from extinguishment of debt $ (547)  
Loan Facility [Member]    
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain from extinguishment of debt   $ (31)

Source