Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Balance Sheets

v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 3,999 $ 7,284
Restricted cash – security deposit 50 50
Prepaid expenses and other current assets 26 691
Total current assets 4,075 8,025
Non-current assets:    
Leasehold improvements and equipment - net 138 468
Operating lease right-of-use assets - net 531 1,680
Finance lease right-of-use assets - net 4 8
In-process research and development 2,260 2,260
Restricted cash - security deposit 200 200
Total non-current assets 3,133 4,616
Total assets 7,208 12,641
Current liabilities:    
Accounts payable 315 95
Accrued expenses and other liabilities 452 1,805
Operating lease liabilities - current 694 761
Financing lease liabilities - current 2 5
Total current liabilities 1,463 2,666
Non-current liabilities:    
Deferred tax liability 257 257
Operating lease liabilities - net of current portion 653 2,116
Financing lease liabilities - net of current portion 5 12
Total non-current liabilities 915 2,385
Total liabilities 2,378 5,051
Stockholders’ equity:    
Series C Convertible preferred stock, stated value $1,000 per share, par value $0.0001 per share, 10,000,000 shares authorized at December 31, 2025 and 2024; 3,155 and 0 issued and outstanding as of December 31, 2025 and 2024, respectively. Liquidation preference of $3,155,000 as of December 31, 2025.
Common stock par value $0.0001 per share, 500,000,000 and 250,000,000 shares authorized at December 31, 2025 and 2024, respectively; 6,406,191 and 5,086,985 issued and outstanding as of December 31, 2025 and 2024, respectively 1 1
Additional paid-in capital 215,616 207,413
Accumulated deficit (210,787) (199,824)
Total stockholders’ equity 4,830 7,590
Total liabilities and stockholders’ equity $ 7,208 $ 12,641