Financials

v3.25.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,973,745 $ 864,840
Prepaid expenses and other current assets 165,963 607,670
Total current assets 2,139,708 1,472,510
Total assets 2,139,708 1,472,510
Current liabilities:    
Accounts payable and accrued expenses 1,267,423 1,355,867
Short-term notes payable, net of debt issuance costs 3,000,000 328,528
Total liabilities 4,267,423 1,684,395
Stockholders’ deficit:    
Preferred stock, no par value; 50,000,000 shares authorized; 7,488,692 and 7,488,692 Series F outstanding at June 30, 2025, and December 31, 2024, respectively
Common stock, $0.001 par value; 350,000,000 shares authorized; 822,927 and 419,003 shares issued and outstanding at June 30, 2025, and December 31, 2024, respectively 823 419
Additional paid-in capital 219,146,662 216,573,868
Accumulated deficit (221,275,200) (216,786,172)
Total stockholders’ deficit (2,127,715) (211,885)
Total liabilities and stockholders’ deficit $ 2,139,708 $ 1,472,510

Source

v3.25.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Operating expenses:        
Research and development $ 449,679 $ 906,779 $ 791,221 $ 1,570,193
General and administrative 1,264,523 1,399,221 2,949,208 3,195,910
Total operating expenses 1,714,202 2,306,000 3,740,429 4,766,103
Loss from operations (1,714,202) (2,306,000) (3,740,429) (4,766,103)
Other income (expense):        
Interest income 16,793 6,405 26,996 25,640
Interest expense (572,310) (1,803) (771,437) (8,888)
Foreign currency exchange net (2,316) (3,692) (4,158) (6,572)
Total other (expense) income, net (557,833) 910 (748,599) 10,180
Net loss $ (2,272,035) $ (2,305,090) $ (4,489,028) $ (4,755,923)
Basic net loss per share $ (3.10) $ (15.27) $ (6.62) $ (35.56)
Diluted net loss per share $ (3.10) $ (15.27) $ (6.62) $ (35.56)
Weight-average shares outstanding, basic 731,817 150,968 677,800 133,752
Weight-average shares outstanding, diluted 731,817 150,968 677,800 133,752

Source

v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (4,489,028) $ (4,755,923)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of debt discount and closing costs 771,437
Stock-based compensation expense 24,485 127,564
Stock-based compensation recapture expense (86,617)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 441,707 111,939
Operating lease right of use assets 9,811
Accounts payable and accrued expenses (88,444) (92,358)
Change in operating lease liabilities (9,811)
Net cash used in operating activities (3,426,460) (4,608,778)
Cash flows from financing activities:    
Borrowings on short-term notes payable 2,228,563
Payments on short-term notes payable (328,528) (312,703)
Net proceeds from issuance of common stock 2,635,330 2,786,601
Net cash provided by financing activities 4,535,365 2,473,898
Net decrease in cash and cash equivalents 1,108,905 (2,134,880)
Cash and cash equivalents at beginning of period 864,840 3,483,501
Cash and cash equivalents at end of period 1,973,745 1,348,621
Supplemental disclosure of cash flow information:    
Interest paid $ 7,860 $ 8,888

Source