Financials

v3.25.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 3,421,078 $ 864,840
Prepaid expenses and other current assets 448,033 607,670
Total current assets 3,869,111 1,472,510
Total assets 3,869,111 1,472,510
Current liabilities:    
Accounts payable and accrued expenses 1,177,038 1,355,867
Short-term notes payable, net of debt issuance costs 2,554,385 328,528
Total liabilities 3,731,423 1,684,395
Shareholders’ equity (deficit):    
Preferred stock, no par value; 50,000,000 shares authorized; 7,488,692 and 7,488,692 Series F shares and 1,000,000 and -0- Series G outstanding at March 31, 2025 and December 31, 2024, respectively
Common stock, $0.001 par value; 350,000,000 shares authorized and 21,475,289 and 12,570,100 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 21,475 12,570
Additional paid-in capital 219,119,378 216,561,717
Accumulated deficit (219,003,165) (216,786,172)
Total shareholders’ equity (deficit) 137,688 (211,885)
Total liabilities and shareholders’ equity (deficit) $ 3,869,111 $ 1,472,510

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v3.25.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating expenses:    
Research and development $ 341,542 $ 663,414
General and administrative 1,684,685 1,796,689
Total operating expenses 2,026,227 2,460,103
Loss from operations (2,026,227) (2,460,103)
Other income (expense):    
Interest income 10,203 19,235
Interest expense (199,127) (7,085)
Foreign currency exchange net (1,842) (2,880)
Total other income, net (190,766) 9,270
Loss before income taxes (2,216,993) (2,450,833)
Income tax benefit
Net loss $ (2,216,993) $ (2,450,833)
Basic net loss per share $ (0.12) $ (0.70)
Diluted net loss per share $ (0.12) $ (0.70)
Shares used to compute basic net loss per share 18,216,227 3,496,078
Shares used to compute diluted net loss per share 18,216,227 3,496,078

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v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net loss $ (2,216,993) $ (2,450,833)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of debt discount and closing costs 192,859
Stock-based compensation expense 17,706 69,344
Stock-based compensation recapture expense (86,470)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 159,637 11,061
Operating lease right of use assets 9,811
Accounts payable and accrued expenses (178,829) (693,821)
Change in operating lease liabilities (9,811)
Net cash used in operating activities (2,112,090) (3,064,249)
Cash flows from financing activities:    
Borrowings on short-term notes payable 2,228,563
Payments on short-term notes payable (195,565) (185,863)
Net proceeds from issuance of common stock 2,635,330 1,838,600
Net cash provided by financing activities 4,668,328 1,652,737
Net decrease in cash and cash equivalents 2,556,238 (1,411,512)
Cash and cash equivalents at beginning of period 864,840 3,483,501
Cash and cash equivalents at end of period 3,421,078 2,071,989
Supplemental disclosure of cash flow information:    
Interest paid $ 6,268 $ 7,085

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