Financials

v3.25.0.1
Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 3,951,000 $ 1,079,000
Restricted cash 93,000
Short-term investments 12,893,000
Prepaid expenses and other current assets 188,000 84,000
Total Current Assets 4,232,000 14,056,000
Operating lease right-of-use asset 53,000
TOTAL ASSETS 4,232,000 14,109,000
Current liabilities    
Accounts payable 3,853,000 4,328,000
Accrued expenses 1,797,000 1,195,000
Current operating lease liability 58,000
Warrant liability 252,000 1,052,000
Total Current Liabilities 5,902,000 6,633,000
Stockholders’ Equity (Deficit)    
Convertible Preferred stock, par value $0.01, 15,000,000 shares authorized Series C - 96,230 shares issued and outstanding at December 31, 2024 and 2023, respectively 1,000 1,000
Common stock, par value $0.001, 250,000,000 shares authorized, 2,234,328 and 1,380,633 shares issued and outstanding as of December 31, 2024 and 2023, respectively 2,000 1,000
Additional paid in capital 693,554,000 689,539,000
Accumulated deficit (695,227,000) (682,065,000)
Total Stockholders’ Equity (Deficit) (1,670,000) 7,476,000
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) $ 4,232,000 $ 14,109,000

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v3.25.0.1
Statements of Operations - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]    
Revenues
Operating Expenses:    
Research and development (including $2,335,000 and $4,584,000 from a related party) 5,798,000 6,466,000
Selling, general and administrative (including $230,000 and $2,220,000 of stock compensation granted to officers, directors, and employees and for services during the years ended December 31, 2024 and 2023, respectively) 8,566,000 7,110,000
Loss from Operations (14,364,000) (13,576,000)
Other Income (Expense)    
Interest income 402,000 780,000
Interest expense (213,000)
Change in fair value of warrant liability 800,000 4,797,000
Gain on extinguishment of share settled debt 547,000
Unrealized gain on short-term investments 48,000
Other 20,000
Total Other Income, Net 1,202,000 5,979,000
Net Loss $ (13,162,000) $ (7,597,000)
Net Loss Per Share - Basic $ (6.94) $ (5.64)
Net Loss Per Share - Diluted $ (6.94) $ (5.64)
Weighted average common shares outstanding - basic 1,897,375 1,347,713
Weighted average common shares outstanding - diluted 1,897,375 1,347,713

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v3.25.0.1
Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (13,162,000) $ (7,597,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation – services 430,000
Stock based compensation - officers, directors, and employees 230,000 1,770,000
Change in fair value of warrant liability (800,000) (4,797,000)
Gain on extinguishment of share settled debt (547,000)
Unrealized gain on short-term investments (48,000)
Changes in operating assets and liabilities:    
Decrease in prepaid expenses (104,000) (21,000)
Change in operating lease right-of-use assets 53,000 112,000
Increase in accounts payable and accrued expenses 937,000 1,962,000
(Decrease) in operating lease liability (58,000) (116,000)
Net Cash Used in Operating Activities (12,904,000) (8,852,000)
CASH FLOWS FROM INVESTING ACTIVITIES    
Sale (Purchase) of short-term investments 12,893,000 (2,009,000)
Net Cash Provided by (Used in) Investing Activities 12,893,000 (2,009,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock and warrants, net 2,976,000 6,268,000
Net Cash Provided by Financing Activities 2,976,000 6,268,000
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash 2,965,000 (4,593,000)
Cash and Cash Equivalents and Restricted Cash at Beginning of Period 1,079,000 5,672,000
Cash and Cash Equivalents and Restricted Cash at End of Period 4,044,000 1,079,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 213,000
Income taxes
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Initial recognition of fair value of warrant liability 5,831,000
Fair value of common stock issued to a vendor to settle accounts payable $ 810,000 $ 702,000

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