Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets

v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 6,924 $ 7,284
Restricted cash – security deposit 50 50
Prepaid expenses and other current assets 573 691
Total current assets 7,547 8,025
Non-current assets:    
Leasehold improvements and equipment – net 450 468
Operating lease right-of-use assets – net 1,571 1,680
Finance lease right-of-use assets – net 7 8
In-process research and development 2,260 2,260
Restricted cash – security deposit 200 200
Total non-current assets 4,488 4,616
Total assets 12,035 12,641
Current liabilities:    
Accounts payable 282 95
Accrued expenses 1,179 1,805
Operating lease liabilities – current 788 761
Financing lease liabilities – current 6 5
Total current liabilities 2,255 2,666
Non-current liabilities:    
Deferred tax liability 257 257
Operating lease liabilities – net of current portion 1,909 2,116
Financing lease liabilities – net of current portion 11 12
Warrant liability 1,333
Total non-current liabilities 3,510 2,385
Total liabilities 5,765 5,051
Stockholders’ equity:    
Common stock par value $0.0001 per share, 250,000,000 shares authorized at March 31, 2025 and December 31, 2024; 5,086,985 issued and outstanding as of March 31, 2025 and December 31, 2024, respectively 1 1
Additional paid-in capital 207,749 207,413
Accumulated deficit (201,480) (199,824)
Total stockholders’ equity 6,270 7,590
Total liabilities and stockholders’ equity 12,035 12,641
Series C Convertible Preferred Stock [Member]    
Stockholders’ equity:    
Series C Convertible preferred stock, stated value $1,000 per share, par value $0.001 per share, 10,000,000 shares authorized at March 31, 2025 and December 31, 2024; 1,650 and 0 issued and outstanding as of March 31, 2025 and December 31, 2024, respectively. Liquidation preference of $1,650,000 as of March 31, 2025.