Financials

v3.25.4
Balance Sheets - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 6,811,000 $ 3,951,000
Restricted cash 94,000 93,000
Deferred offering costs 634,000
Prepaid expenses and other current assets 567,000 188,000
Total Current Assets 8,106,000 4,232,000
TOTAL ASSETS 8,106,000 4,232,000
Current liabilities    
Accounts payable 748,000 3,853,000
Accrued expenses 1,560,000 1,797,000
Warrant liability 11,000 252,000
Total Current Liabilities 2,319,000 5,902,000
Stockholders’ Equity (Deficit)    
Common stock, par value $0.001, 250,000,000 shares authorized, 25,534,173 and 2,234,328 shares issued and outstanding as of December 31, 2025 and 2024, respectively 26,000 2,000
Additional paid in capital 729,661,000 693,554,000
Accumulated deficit (723,901,000) (695,227,000)
Total Stockholders’ Equity (Deficit) 5,787,000 (1,670,000)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) 8,106,000 4,232,000
Series C Preferred Stock [Member]    
Stockholders’ Equity (Deficit)    
Preferred stock value 1,000 1,000
Series L Preferred Stock [Member]    
Stockholders’ Equity (Deficit)    
Preferred stock value

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v3.25.4
Statements of Operations - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Statement [Abstract]    
Revenues
Operating Expenses:    
Research and development 3,472,000 5,798,000
Selling, general and administrative (including $432,000 and $230,000 of stock compensation during the years ended December 31, 2025 and 2024, respectively) 8,950,000 8,566,000
Loss from Operations (12,422,000) (14,364,000)
Other Income (Expense)    
Interest income 123,000 402,000
Interest expense (127,000)
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 vendor payable 998,000
Other 156,000
Total Other Income (Expense), Net (15,932,000) 1,202,000
Net Loss (28,354,000) (13,162,000)
Dividend on Series L Preferred Stock (320,000)
Deemed dividend (5,775,000)
Net Loss attributable to common stockholders’ $ (34,449,000) $ (13,162,000)
Net Loss Per Share - Basic $ (6.68) $ (6.94)
Net Loss Per Share - Diluted $ (6.68) $ (6.94)
Weighted average common shares outstanding - basic 5,513,255 1,897,375
Weighted average common shares outstanding - diluted 5,513,255 1,897,375

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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

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