Annual report [Section 13 and 15(d), not S-K Item 405]

STATEMENTS OF CASH FLOWS

v3.26.1
STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash Flows from Operating Activities:    
Net loss $ (1,921) $ (15,752)
Adjustments to reconcile net loss to net cash used in operating activities:    
Issuance of common shares - equity fee on equity offerings to Fortress Biotech 395 329
Common shares issuable - Annual Stock Dividend to Fortress Biotech 273 611
Research and development - licenses acquired 0 250
Stock-based compensation expenses 129 (450)
Depreciation expense 34 671
Amortization of operating lease right-of-use assets 7 152
Settlement of payables (2,104) (2,383)
Loss on disposal of property and equipment 0 29
Asset impairment 0 3,692
Gain on lease termination (394) (314)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 90 586
Other receivables 435 494
Accounts payable and accrued expenses (1,971) (591)
Payable and accrued expenses - related party (164) 1,833
Deferred income 0 (120)
Lease liabilities (73) (447)
Net cash used in operating activities (5,264) (11,410)
Cash Flows from Investing Activities:    
Proceeds from the sale of property and equipment 1,165 0
Net cash from investing activities 1,165 0
Cash Flows from Financing Activities:    
Proceeds from issuance of common shares, net of offering costs - equity offering 6,782 5,159
Proceeds from issuance of common shares, net of offering costs - At-the-Market offering 599 2,535
Proceeds from warrant exercises 7,145 3,523
Proceeds from issuance of common shares under ESPP 0 48
Net cash provided by financing activities 14,526 11,265
Net change in cash and cash equivalents 10,427 (145)
Cash and cash equivalents, beginning of the period 6,839 6,984
Cash and cash equivalents, end of the period 17,266 6,839
Supplemental disclosure of noncash activities:    
Issuance of common shares - Founders Agreement and equity fee to Fortress $ 611 $ 591