Financials

v3.22.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Current assets    
Cash and cash equivalents $ 7,286 $ 8,968
Short-term investments 19,454 23,011
Prepaid expenses and other current assets 453 190
Total current assets 27,193 32,169
Operating lease right-of-use asset 237
Deposits 9
TOTAL ASSETS 27,439 32,169
Current liabilities    
Accounts payable 8,113 8,220
Accrued expenses 1,170 1,901
Current operating lease liability 100
Derivative liability 120 138
Total current liabilities 9,503 10,259
Non-current operating lease liability 147
Total liabilities 9,650 10,259
Stockholders’ equity    
Convertible Preferred stock
Common stock, par value $0.001, 750,000,000 shares authorized, 32,345,717 shares and 32,061,989 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively 32 32
Common stock issuable 0 shares and 327,298 shares at March 31, 2022 and December 31, 2021, respectively 1,113
Additional paid in capital 676,780 674,348
Accumulated deficit (659,024) (653,584)
Total stockholders’ equity 17,789 21,910
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 27,439 32,169
Series C Preferred Stock [Member]    
Stockholders’ equity    
Convertible Preferred stock $ 1 $ 1

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v3.22.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Income Statement [Abstract]    
Revenues
Operating Expenses:    
Research and development 2,087 1,640
Selling, general and administrative (including $447 and $14,296 expense from stock compensation granted to officers, employees and directors during the three months ended March 31, 2022 and 2021, respectively) 3,355 27,362
Loss from Operations 5,442 29,002
Other (Income) Expense    
Interest income (8)
Interest expense 696
Change in fair value of derivative liability (18) (21)
Unrealized loss on marketable securities 24
Total Other (Income) Expense (2) 675
Net Loss $ (5,440) $ (29,677)
Net loss per share - basic and diluted $ (0.17) $ (1.83)
Weighted average common shares outstanding - basic and diluted 32,486,116 16,239,938

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v3.22.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (5,440) $ (29,677)
Adjustments to reconcile net loss to net cash (used in) operating activities:    
Stock based compensation for services 872 9,807
Stock based compensation to officers, employees and board of directors 447 14,296
Convertible notes payable issued for consulting services 720
Change in fair value of derivative liability (18) (21)
Change in operating lease right-of-use assets 23
Unrealized loss on marketable securities 24
Changes in operating assets and liabilities:    
(Increase) decrease in prepaid expenses (263) 276
Increase in deposits (9)
Increase (decrease) in accounts payable and accrued expenses (838) 219
(Decrease) in operating lease liability (13)
Increase in accrued interest 696
Net Cash (Used in) Operating Activities (5,215) (3,684)
CASH FLOWS FROM INVESTING ACTIVITIES    
Sale of investments 3,533
Net Cash Provided by Investing Activities 3,533
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock 24,679
Proceeds from exercise of warrants 58
Proceeds from issuance of notes payable 1,205
Net Cash Provided by Financing Activities 25,942
Net Increase (Decrease) in Cash (1,682) 22,258
Cash at Beginning of Period 8,968 5,297
Cash at End of Period 7,286 27,555
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest
Income taxes
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Right-of-use assets and lease liabilities recognized pursuant to lease agreement 260
Extinguishment of unamortized debt discount and adjustment to accumulated deficit upon adoption of ASU 2020-06 4,519
Common stock issued upon conversion of notes payable and accrued interest 38,806
Convertible notes payable issued for accrued expenses $ 1,525

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