Financials

v3.25.1
Condensed Balance Sheets - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 2,365,000 $ 3,951,000
Restricted cash 93,000 93,000
Prepaid expenses and other current assets 200,000 188,000
TOTAL ASSETS 2,658,000 4,232,000
Current liabilities    
Accounts payable 2,380,000 3,853,000
Accrued expenses 1,132,000 1,797,000
Warrant liability 126,000 252,000
Total Current Liabilities 3,638,000 5,902,000
Stockholders’ Deficit    
Convertible Preferred stock, par value $0.01, 15,000,000 shares authorized Series C - 96,230 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 1,000 1,000
Common stock, par value $0.001, 250,000,000 shares authorized, 2,536,397 and 2,234,328 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively 3,000 2,000
Additional paid in capital 695,019,000 693,554,000
Accumulated deficit (696,003,000) (695,227,000)
Total Stockholders’ Deficit (980,000) (1,670,000)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT $ 2,658,000 $ 4,232,000

Source

v3.25.1
Condensed Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Revenues
Operating Expenses:    
Research and development 1,099,000 777,000
Selling, general and administrative (including $3,000 and $102,000 from stock compensation for the three months ended March 31, 2025 and 2024, respectively) 833,000 2,314,000
Loss from Operations (1,932,000) (3,091,000)
Other Income (Expense)    
Interest income 32,000 142,000
Change in fair value of warrant liability 126,000 658,000
Gain on settlement of vendor payable 998,000
Other 27,000
Unrealized gain on short-term investments (2,000)
Total Other Income, Net 1,156,000 825,000
Net Loss $ (776,000) $ (2,266,000)
Net Loss Per Share - Basic $ (0.33) $ (1.64)
Net Loss Per Share - Diluted $ (0.33) $ (1.64)
Weighted average common shares outstanding - basic 2,345,087 1,380,633
Weighted average common shares outstanding - diluted 2,345,087 1,380,633

Source

v3.25.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (776,000) $ (2,266,000)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock based compensation 3,000 102,000  
Change in fair value of warrant liability (126,000) (658,000)  
Unrealized gain on short-term investments 2,000  
Changes in operating assets and liabilities:      
(Increase) Decrease in prepaid expenses (12,000) 6,000  
Increase (Decrease) in accounts payable and accrued expenses (1,291,000) (1,347,000)  
Decrease in operating lease right-of-use assets (2,000)  
Net Cash Used in Operating Activities (2,202,000) (4,163,000)  
CASH FLOWS FROM INVESTING ACTIVITIES      
Sale of investments 5,034,000  
Net Cash Provided by Investing Activities 5,034,000  
CASH FLOWS FROM FINANCING ACTIVITIES      
Exercise of warrants and issuance of inducement warrants for cash, net 616,000  
Net Cash Provided by Financing Activities 616,000  
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash (1,586,000) 871,000  
Cash and Cash Equivalents and Restricted Cash at Beginning of Period 4,044,000 1,079,000 $ 1,079,000
Cash and Cash Equivalents and Restricted Cash at End of Period 2,458,000 1,950,000 $ 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 warrant to settle vendor payable $ 847,000  

Source