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Liquidity

3 Months Ended

Mar. 31, 2022

The Company incurred net losses of $4.1 million for the three months ended March 31, 2022. The Company had an accumulated deficit of $451.0 million as of March 31, 2022. Additionally, the Company used net cash of $3.9 million to fund its operating activities for the three months ended March 31, 2022.

As disclosed in more detail in Note 9, the Company had entered into various financing agreements, and raised capital by issuing its common stock. The Company believes its current cash and cash equivalents will be sufficient to fund its operations for at least the next 12 months from the date these financial statements are issued.

The Company continues to seek additional capital through strategic transactions and from other financing alternatives. If sufficient capital is not raised, the Company will at a minimum need to significantly reduce or curtail its research and development and other operations, and this would negatively affect its ability to achieve corporate growth goals.