Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets

v3.25.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 5,435 $ 7,284
Restricted cash – security deposit 50 50
Prepaid expenses and other current assets 168 691
Total current assets 5,653 8,025
Non-current assets:    
Leasehold improvements and equipment – net 156 468
Assets held for sale - net 70
Operating lease right-of-use assets – net 1,351 1,680
Finance lease right-of-use assets – net 5 8
In-process research and development 2,260 2,260
Restricted cash – security deposit 200 200
Total non-current assets 4,042 4,616
Total assets 9,695 12,641
Current liabilities:    
Accounts payable 80 95
Accrued expenses 564 1,805
Operating lease liabilities – current 846 761
Financing lease liabilities – current 5 5
Total current liabilities 1,495 2,666
Non-current liabilities:    
Deferred tax liability 257 257
Operating lease liabilities – net of current portion 1,472 2,116
Financing lease liabilities – net of current portion 11 12
Total non-current liabilities 1,740 2,385
Total liabilities 3,235 5,051
Stockholders’ equity:    
Common stock par value $0.0001 per share, 500,000,000 and 250,000,000 shares authorized at September 30, 2025 and December 31, 2024, respectively; 5,901,091 and 5,086,985 issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 1 1
Additional paid-in capital 215,334 207,413
Accumulated deficit (208,875) (199,824)
Total stockholders’ equity 6,460 7,590
Total liabilities and stockholders’ equity 9,695 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 September 30, 2025 and December 31, 2024; 3,155 and 0 issued and outstanding as of September 30, 2025 and December 31, 2024, respectively. Liquidation preference of $3,155,000 as of September 30, 2025.