Financials

v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Current assets    
Cash and cash equivalents $ 2,767 $ 5,672
Short-term investments 15,206 10,836
Prepaid expenses and other current assets 48 54
Total Current Assets 18,021 16,562
Operating lease right-of-use asset 114 165
Deposits 9 9
TOTAL ASSETS 18,144 16,736
Current liabilities    
Accounts payable 3,501 3,140
Accrued expenses 1,222 1,669
Current operating lease liability 120 110
Total Current Liabilities 4,843 4,919
Non-current operating lease liability 64
Warrant liability 1,538 19
Total Liabilities 6,381 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 June 30, 2023 and December 31, 2022, respectively 1 1
Common stock, par value $0.001, 250,000,000 shares authorized, 40,639,688 shares and 32,722,452 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively 41 33
Additional paid in capital 688,408 686,168
Accumulated deficit (676,687) (674,468)
Total Stockholders’ Equity 11,763 11,734
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,144 $ 16,736

Source

v3.23.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]        
Revenues
Operating Expenses:        
Research and development 2,095 1,139 3,745 3,226
Selling, general and administrative (including $398 and $463 from stock compensation granted to officers, directors and employees for the three months ended June 30, 2023 and 2022, respectively, and $905 and $910 for the six months ended June 30, 2023 and 2022, respectively) 1,526 1,875 3,541 5,230
Loss from Operations 3,621 3,014 7,286 8,456
Other (Income) Expense        
Interest income (220) (36) (384) (44)
Interest expense 1 213
Change in fair value of warrant liability (1,387) (5) (4,311) (23)
Gain on extinguishment of debt (14) (547)
Unrealized (gain) loss on marketable securities (9) 6 (38) 30
Total Other (Income), net (1,629) (35) (5,067) (37)
Net Loss $ (1,992) $ (2,979) $ (2,219) $ (8,419)
Net Loss Per Share - Basic $ (0.05) $ (0.10) $ (0.06) $ (0.26)
Net Loss Per Share - Diluted $ (0.05) $ (0.10) $ (0.06) $ (0.26)
Weighted average common shares outstanding - basic 40,172,599 31,237,560 39,632,060 31,865,425
Weighted average common shares outstanding - diluted 40,172,599 31,237,560 39,632,060 31,865,425

Source

v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES          
Net loss $ (1,992) $ (2,979) $ (2,219) $ (8,419)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Stock based compensation - services     315 1,262  
Stock based compensation - officers, employees and board of directors     905 910  
Change in fair value of warrant liability (1,387) (5) (4,311) (23)  
Gain on extinguishment in settlement of vendor payable (14) (547)  
Change in operating lease right-of-use assets     51 46  
Unrealized (gain) loss on marketable securities     (38) 30  
Changes in operating assets and liabilities:          
(Increase) decrease in prepaid expenses     5 (32)  
Increase in deposits     (9)  
Increase (decrease) in accounts payable and accrued expenses     1,052 (1,729)  
(Decrease) in operating lease liability     (54) (37)  
Net Cash Used in Operating Activities     (4,841) (8,001)  
CASH FLOWS FROM INVESTING ACTIVITIES          
Sale (purchase) of investments     (4,332) 4,614  
Net Cash Provided by (Used in) Investing Activities     (4,332) 4,614  
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 Provided by (Used in) Financing Activities     6,268 (223)  
Net Decrease in Cash     (2,905) (3,610)  
Cash at Beginning of Period     5,672 8,968 $ 8,968
Cash at End of Period $ 2,767 $ 5,358 2,767 5,358 $ 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 a vendor to settle accounts payable     $ 591  

Source