Financials

v3.22.2.2
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2022
Dec. 31, 2021
Current Assets    
Cash and cash equivalents $ 2,465,000 $ 8,968,000
Short-term investments 18,319,000 23,011,000
Prepaid expenses and other current assets 88,000 190,000
Total Current Assets 20,872,000 32,169,000
Operating lease right-of-use asset 190,000
Deposits 9,000
TOTAL ASSETS 21,071,000 32,169,000
Current Liabilities    
Accounts payable 3,325,000 8,220,000
Accrued expenses 1,537,000 1,901,000
Current operating lease liability 106,000
Derivative liability 57,000 138,000
Total Current Liabilities 5,025,000 10,259,000
Non-current operating lease liability 92,000
Total Liabilities 5,117,000 10,259,000
Stockholders’ Equity    
Common stock, par value $0.001, 250,000,000 shares authorized, 32,507,618 shares and 32,061,989 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively 33,000 32,000
Common stock issuable zero shares and 327,298 shares at September 30, 2022 and December 31, 2021, respectively 1,113,000
Additional paid in capital 684,804,000 674,348,000
Accumulated deficit (668,884,000) (653,584,000)
Total Stockholders’ Equity 15,954,000 21,910,000
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 21,071,000 32,169,000
Series C Preferred Stock [Member]    
Stockholders’ Equity    
Series C - 96,230 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively $ 1,000 $ 1,000

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v3.22.2.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Income Statement [Abstract]        
Revenues
Operating Expenses        
Research and development (includes $201 and $0 of expense from stock compensation to officers, employees and directors vesting during the three months ended September 30, 2022 and 2021, and $327 and $0 for the nine months ended September 30, 2022 and 2021, respectively) 2,743 1,008 5,969 3,287
Selling, general and administrative (includes $2,743 and $577 of expense from stock compensation granted to officers, employees and directors during the three months ended September 30, 2022 and 2021, and $3,527 and $15,450 for the nine months ended September 30, 2022 and 2021, respectively) 4,280 4,946 9,510 36,050
Loss from Operations 7,023 5,954 15,479 39,337
Other (Income) Expense        
Interest income (107) (32) (151) (32)
Interest expense 696
Change in fair value of derivative liability (58) (502) (81) (43)
Unrealized loss on marketable securities 23 33 53 33
Total Other (Income) Expense (142) (501) (179) 654
Net Loss $ (6,881) $ (5,453) $ (15,300) $ (39,991)
Net loss per share – basic and diluted $ (0.22) $ (0.17) $ (0.48) $ (1.54)
Weighted average common shares outstanding – basic and diluted 31,380,634 31,381,282 31,723,792 25,945,827

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v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (15,300) $ (39,991)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation – consultants 2,462 10,458
Stock based compensation - officers, employees and board of directors 3,854 15,450
Convertible notes payable issued for consulting services 720
Change in fair value of derivative liability (81) (43)
Change in operating lease right-of-use assets 70
Unrealized loss on marketable securities 53
Changes in operating assets and liabilities:    
Decrease in prepaid expenses 102 279
(Increase) in deposits (9)
(Decrease) Increase in accounts payable and accrued expenses (2,008) 537
(Decrease) in operating lease liability (62)
Increase in accrued interest 689
Net Cash (Used in) Operating Activities (10,919) (11,901)
CASH FLOWS FROM INVESTING ACTIVITIES    
Sales (purchases) of investments 4,639 (26,031)
Net Cash Provided by (Used in) Investing Activities 4,639 (26,031)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock 24,679
Cancellation of common stock upon settlement with former officer (223)
Proceeds from exercise of warrants 16,433
Proceeds from issuance of notes payable 1,205
Net Cash (Used in) Provided by Financing Activities (223) 42,317
Net (Decrease) Increase in Cash (6,503) 4,385
Cash at Beginning of Period 8,968 5,297
Cash at End of Period 2,465 9,682
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
Extinguishment of unamortized debt discount and adjustment to accumulated deficit upon adoption of ASU 2020-06 4,745
Common stock issued upon conversion of notes payable and accrued interest 38,799
Common stock issued upon settlement of vendor payable 3,251
Convertible notes payable issued for accrued expenses $ 1,525

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