Liquidity, Plan of Operations and Going Concern |
6 Months Ended |
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Jun. 30, 2026 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Liquidity, Plan of Operations and Going Concern |
Note 2 – Liquidity, Plan of Operations and Going Concern
The Company has experienced net losses and negative cash flows from operations each period since its inception. Through June 30, 2026, the Company had an accumulated deficit of $214,034. The Company’s net loss for the six months ended June 30, 2026 and 2025 was $3,247 and $6,901, respectively.
As of June 30, 2026, the Company had cash and cash equivalents of $761 and restricted cash of $50. The Company does not believe that the cash and cash equivalents on hand are sufficient to fund planned operations for a period of at least twelve months from the filing date of these financial statements. As a result, substantial doubt exists about the Company’s ability to continue as a going concern. As more fully described in Note 11, subsequent to June 30, 2026 the Company announced a series of strategic transactions whereby the Company entered into a Business Combination Agreement with GH Power Inc., and a Stock Purchase Agreement with Azurity Pharmaceuticals, Inc. for the sale of Nanotechnologies, owner of MAT2203. Additionally, subsequent to June 30, 2026, the Company received net proceeds of approximately $575 from the Series D Financing (as defined below) and approximately $2,323 from the Warrant Inducement (as defined below).
There can be no assurance that the Business Combination (as defined below) with GH Power Inc. or the sale of Nanotechnologies will be consummated. If such transactions are not consummated the Company will need to secure substantial additional funding from other sources to continue its operations, and there can be no assurance that such funding will be available on acceptable terms, or at all. In such a case, the Board of Directors may decide to pursue a winddown, dissolution or other liquidation process. These consolidated financial statements do not include any adjustments related to the recoverability and classification of asset amounts or the amounts and classification of liabilities that might be necessary if the Company is unable to continue as a going concern.
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