Financials

v3.25.2
Condensed Balance Sheets - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 5,228,000 $ 3,951,000
Restricted cash 93,000 93,000
Deferred offering costs 760,000
Prepaid expenses and other current assets 1,043,000 188,000
TOTAL ASSETS 7,124,000 4,232,000
Current liabilities    
Accounts payable 1,374,000 3,853,000
Accrued expenses 608,000 1,797,000
Dividend payable 85,000
Warrant liability 240,000 252,000
Total Current Liabilities 2,307,000 5,902,000
Stockholders’ Equity (Deficit)    
Convertible Preferred stock, par value $0.01, 15,000,000 shares authorized Series C - 96,230 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 1,000 1,000
Common stock, par value $0.001, 250,000,000 shares authorized, 3,272,995 and 2,234,328 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 3,000 2,000
Additional paid in capital 700,378,000 693,554,000
Accumulated deficit (697,521,000) (695,227,000)
Total Stockholders’ Equity (Deficit) 2,861,000 (1,670,000)
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ (EQUITY) DEFICIT 7,124,000 4,232,000
Series L Preferred Stock [Member]    
Mezzanine Equity    
Convertible Preferred stock, par value $0.01, 15,000,000 shares authorized Series L - 6,301 and 0 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively $ 1,956,000

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v3.25.2
Condensed Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Revenues
Operating Expenses:        
Research and development 363,000 1,784,000 1,462,000 2,561,000
Selling, general and administrative (including $4,000 and $120,000 from stock compensation for the three months ended June 30, 2025 and 2024, respectively, and $7,000 and $222,000 for the six months ended June 30, 2025 and 2024, respectively) 1,150,000 2,122,000 1,983,000 4,436,000
Loss from Operations (1,513,000) (3,906,000) (3,445,000) (6,997,000)
Other Income (Expense)        
Interest income 38,000 105,000 70,000 247,000
Change in fair value of warrant liability (114,000) 117,000 12,000 775,000
Gain on settlement of vendor payable 998,000
Other income 156,000 (27,000) 156,000
Unrealized gain on short-term investments 1,000 (1,000)
Total Other Income (Expense), Net 80,000 196,000 1,236,000 1,021,000
Net Loss (1,433,000) (3,710,000) (2,209,000) (5,976,000)
Dividends on preferred stock (85,000) (85,000)
Net Loss attributable to common stockholders’ $ (1,518,000) $ (3,710,000) $ (2,294,000) $ (5,976,000)
Net Loss Per Share - Basic $ (0.55) $ (2.17) $ (0.90) $ (3.86)
Net Loss Per Share - Diluted $ (0.55) $ (2.17) $ (0.90) $ (3.86)
Weighted average common shares outstanding - basic 2,771,765 1,711,955 2,559,604 1,546,294
Weighted average common shares outstanding - diluted 2,771,765 1,711,955 2,559,604 1,546,294

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v3.25.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES          
Net loss $ (1,433,000) $ (3,710,000) $ (2,209,000) $ (5,976,000)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Stock based compensation     7,000 222,000  
Issuance of warrants for VRT waiver     44,000  
Change in fair value of warrant liability 114,000 (117,000) (12,000) (775,000)  
Gain on settlement of debt (998,000)  
Gain on extinguishment of debt     (200,000)  
Unrealized gain on short-term investments     (1,000)  
Changes in operating assets and liabilities:          
(Increase) Decrease in prepaid expenses     (225,000) 67,000  
Decrease in accounts payable and accrued expenses     (1,623,000) (1,231,000)  
(Increase) in operating lease right-of-use assets     (5,000)  
Net Cash Used in Operating Activities     (5,216,000) (7,699,000)  
CASH FLOWS FROM INVESTING ACTIVITIES          
Sale of 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     1,052,000  
Proceeds from issuance of common stock and warrants, net       2,976,000  
Proceeds from issuance of Series L convertible preferred stock and warrants, net     5,441,000  
Net Cash Provided by Financing Activities     6,493,000 2,976,000  
Net Increase in Cash and Cash Equivalents and Restricted Cash     1,277,000 8,170,000  
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 $ 5,321,000 $ 9,249,000 5,321,000 9,249,000 $ 4,044,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:          
Interest      
Income taxes      
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES          
Fair value of vested warrants issued in Series L conv. preferred stock transaction     3,389,000  
Fair value of prefunded warrants issued for ELOC fee     672,000  
Fair value of common stock and warrants issued for services     718,000  
Fair value of prefunded warrant or common stock to settle vendor payable     847,000 810,000  
Dividend on Series L convertible preferred stock     85,000  
Conversion of Series L convertible preferred stock into common stock     $ 96,000  

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