Financials

v3.24.3
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 6,418,000 $ 1,079,000
Restricted cash 93,000
Short-term investments 12,893,000
Prepaid expenses and other current assets 248,000 84,000
Total Current Assets 6,759,000 14,056,000
Operating lease right-of-use asset 53,000
TOTAL ASSETS 6,759,000 14,109,000
Current liabilities    
Accounts payable 2,612,000 4,328,000
Accrued expenses 1,868,000 1,195,000
Current operating lease liability 58,000
Warrant liability 182,000 1,052,000
Total Current Liabilities 4,662,000 6,633,000
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, 2024 and December 31, 2023, respectively 1,000 1,000
Common stock, par value $0.001, 250,000,000 shares authorized, 2,234,328 and 1,380,633 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 2,000 1,000
Additional paid in capital 693,546,000 689,539,000
Accumulated deficit (691,452,000) (682,065,000)
Total Stockholders’ Equity 2,097,000 7,476,000
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 6,759,000 $ 14,109,000

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v3.24.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Operating Expenses:        
Research and development $ 1,307,000 $ 1,364,000 $ 3,868,000 $ 5,109,000
Selling, general and administrative (including $0 and $547,000 from stock compensation granted to officers, directors, and employees and for services for the three months ended September 30, 2024 and 2023, respectively, and $222,000 and $1,767,000 for the nine months ended September 30, 2024 and 2023, respectively) 2,297,000 1,758,000 6,733,000 5,299,000
Loss from Operations (3,604,000) (3,122,000) (10,601,000) (10,408,000)
Other Income (Expense)        
Interest income 96,000 216,000 343,000 600,000
Interest expense (213,000)
Change in fair value of warrant liability 95,000 485,000 870,000 4,796,000
Gain on extinguishment of debt 547,000
Unrealized gain on marketable securities 2,000 5,000 1,000 43,000
Total Other Income, Net 193,000 706,000 1,214,000 5,773,000
Net Loss $ (3,411,000) $ (2,416,000) $ (9,387,000) $ (4,635,000)
Net Loss Per Share - Basic $ (1.53) $ (1.77) $ (5.28) $ (3.47)
Net Loss Per Share - Diluted $ (1.53) $ (1.77) $ (5.28) $ (3.47)
Weighted average common shares outstanding - basic 2,234,328 1,367,206 1,777,313 1,336,532
Weighted average common shares outstanding - diluted 2,234,328 1,367,206 1,777,313 1,336,532

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v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES          
Net loss $ (3,411,000) $ (2,416,000) $ (9,387,000) $ (4,635,000)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Stock based compensation – services     430,000  
Stock based compensation - officers, directors, and employees     222,000 1,337,000  
Change in fair value of warrant liability (95,000) (485,000) (870,000) (4,796,000)  
Gain on extinguishment of share settled debt (547,000)  
Change in operating lease right-of-use assets     53,000 78,000  
Unrealized loss (gain) on marketable securities     1,000 (43,000)  
Changes in operating assets and liabilities:          
Decrease in prepaid expenses     (164,000) 16,000  
Increase (Decrease) in accounts payable and accrued expenses     (233,000) 1,437,000  
(Decrease) in operating lease liability     (58,000) (82,000)  
Net Cash Used in Operating Activities     (10,436,000) (6,805,000)  
CASH FLOWS FROM INVESTING ACTIVITIES          
Sale (Purchase) of investments     12,892,000 (2,487,000)  
Net Cash Provided by (Used in) Investing Activities     12,892,000 (2,487,000)  
CASH FLOWS FROM FINANCING ACTIVITIES          
Proceeds from issuance of common stock and warrants, net     2,976,000 6,268,000  
Net Cash Provided by Financing Activities     2,976,000 6,268,000  
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash     5,432,000 (3,024,000)  
Cash and Cash Equivalents and Restricted Cash at Beginning of Period     1,079,000 5,672,000 $ 5,672,000
Cash and Cash Equivalents and Restricted Cash at End of Period $ 6,511,000 $ 2,648,000 6,511,000 2,648,000 $ 1,079,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:          
Interest      
Income taxes      
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES          
Initial recognition of fair value of warrant liability     5,831,000  
Fair value of common stock issued to a vendor to settle accounts payable     $ 810,000 $ 700,000  

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