Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets

v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 761 $ 3,999
Restricted cash – security deposit 50 50
Prepaid expenses and other current assets 332 26
Total current assets 1,143 4,075
Non-current assets:    
Leasehold improvements and equipment – net 138
Operating lease right-of-use assets – net 6 531
Finance lease right-of-use assets – net 3 4
In-process research and development 2,260 2,260
Restricted cash – security deposit 200
Total non-current assets 2,269 3,133
Total assets 3,412 7,208
Current liabilities:    
Accounts payable 845 315
Accrued expenses 504 452
Operating lease liabilities – current 694
Financing lease liabilities – current 1 2
Total current liabilities 1,350 1,463
Non-current liabilities:    
Deferred tax liability 257 257
Operating lease liabilities – net of current portion 653
Financing lease liabilities – net of current portion 5 5
Total non-current liabilities 262 915
Total liabilities 1,612 2,378
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 June 30, 2026 and December 31, 2025; 3,155 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively. Liquidation preference of $3,155,000 as of June 30, 2026.
Common stock par value $0.0001 per share, 500,000,000 shares authorized at June 30, 2026 and December 31, 2025; 6,406,191 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively. 1 1
Additional paid-in capital 215,833 215,616
Accumulated deficit (214,034) (210,787)
Total stockholders’ equity 1,800 4,830
Total liabilities and stockholders’ equity $ 3,412 $ 7,208