Financials

v3.25.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 864,840 $ 3,483,501
Prepaid expenses and other current assets 607,670 382,273
Total current assets 1,472,510 3,865,774
Prepaid research and development expense 1,090,750
Operating lease right-of-use assets 9,811
Total assets 1,472,510 4,966,335
Current liabilities:    
Accounts payable and accrued expenses 1,355,867 1,475,667
Short-term notes payable 328,528 312,703
Operating lease liabilities 9,811
Total current liabilities 1,684,395 1,798,181
Shareholders’ (deficit) equity:    
Preferred stock, no par value; 50,000,000 shares authorized; -0- and 5,417,000 Series A shares, -0- and 4,050,000 Series B shares, -0- and -0- Series C shares, 7,488,692 and 7,488,692 Series F shares outstanding at December 31, 2024 and December 31, 2023, respectively 1,592,723
Common stock, $0.001 par value; 350,000,000 shares authorized; 12,570,100 and 3,080,693 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively 12,570 3,081
Additional paid-in capital 216,561,717 207,790,604
Accumulated Deficit (216,786,172) (206,218,254)
Total shareholders’ (deficit) equity (211,885) 3,168,154
Total liabilities and shareholders’ (deficit) equity $ 1,472,510 $ 4,966,335

Source

v3.25.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]    
Grant revenue $ 37,653
Operating expenses:    
Research and development 4,114,434 15,490,604
General and administrative 6,444,381 5,451,952
Total operating expenses 10,558,815 20,942,556
Loss from operations (10,558,815) (20,904,903)
Other income (expense):    
Interest income 45,897 210,394
Interest expense (29,828) (30,591)
Miscellaneous income 69,363
Foreign currency exchange, net (25,172)
Total other income (expense), net (9,103) 249,166
Loss before income taxes (10,567,918) (20,655,737)
Income tax benefit
Net loss $ (10,567,918) $ (20,655,737)
Basic net loss per share $ (1.60) $ (9.18)
Diluted net loss per share $ (1.60) $ (9.18)
Shares used to compute basic net loss per share 6,621,934 2,249,694
Shares used to compute diluted net loss per share 6,621,934 2,249,694

Source

v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net loss $ (10,567,918) $ (20,655,737)
Adjustments to reconcile net loss to net cash used in operating activities:    
Write off of in process research and development (IPR&D) 10,273,506
Depreciation and amortization 27,391
Loss on sale of fixed assets, net 29,956
Stock-based compensation expense 516,049 1,016,828
Changes in operating assets and liabilities:    
Operating lease right-of-use assets 9,811 337,629
Prepaid expenses and other current assets 483,537 2,000,824
Prepaid research and development expense 1,090,750
Operating lease liabilities (9,811) (347,075)
Accounts payable and accrued expenses (119,800) 25,798
Net cash used in operating activities (8,597,382) (7,290,880)
Cash flows from investing activities:    
Proceeds from sale of property and equipment 63,716
Cash paid for IPR&D (1,000,000)
Net cash used in investing activities (936,284)
Cash flows from financing activities:    
Payments on short-term notes payable (693,109) (566,046)
Proceeds from issuance of common stock for private placement 6,671,830 849,926
Net cash provided by financing activities 5,978,721 283,880
Net decrease in cash and cash equivalents (2,618,661) (7,943,284)
Cash and cash equivalents at beginning of year 3,483,501 11,426,785
Cash and cash equivalents at end of year 864,840 3,483,501
Supplemental disclosure of cash flow information:    
Interest paid 29,828 30,591
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid insurance 708,934 611,109
Issuance of Series F Preferred stock for IPR&D 8,947,834
Value of Series A preferred stock converted into common stock 562,243
Value of Series B preferred stock converted into common stock 1,030,480
Par Value of common stock issued in connection with Series A Preferred Stock Conversion 9
Par Value of common stock issued in connection with Series B Preferred Stock Conversion $ 13

Source