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Liquidity and Going Concern | 9 Months Ended
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Sep. 30, 2023
Liquidity [Abstract] |
Liquidity and Going Concern | 3. Liquidity and Going Concern The Company incurred a net loss of $9.5 million for the nine months ended September 30, 2023. The Company had an accumulated deficit of $476.7 million as of September 30, 2023. Additionally, the Company used net cash of $11.0 million to fund its operating activities for the nine months ended September 30, 2023. The Company's term loan (Note 5) matures on June 1, 2024 with total principal and final payment of $4.4 million due upon maturity. These factors raise substantial doubt about the Company’s ability to continue as a going concern. To date, the Company’s operating losses have been funded primarily from outside sources of invested capital from issuance of its common and preferred stocks, proceeds from its term loan and grant funding. However, the Company has had, and will continue to have, an ongoing need to raise additional cash from outside sources to fund its future clinical development programs and other operations. There can be no assurance that the Company will be able to continue to raise additional capital in the future. The Company’s inability to raise additional cash would have a material and adverse impact on its operations and could cause the Company to default on its term loan. On May 24, 2022, the Company received notice from The Nasdaq Stock Market LLC (“Nasdaq”) that, because the closing bid price for the Company’s common stock had fallen below $1.00 per share for 30 consecutive business days, the Company no longer complied with the minimum bid price requirement pursuant to Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Requirement”). Nasdaq’s notice had no immediate effect on the listing or trading of the Company’s common stock. On November 22, 2022, the Company received a second letter from Nasdaq advising that the Company had been granted an additional 180 calendar days, or to May 22, 2023, to regain compliance with the Minimum Bid Requirement, in accordance with Nasdaq Listing Rule 5810(c)(3)(A). On April 20, 2023, the Company held its annual meeting of stockholders and its stockholders approved an amendment to the Company’s Charter, to effect a reverse stock split of its issued and outstanding shares of common stock, at a specific ratio, ranging from one-for-three (1:3) to one-for-fifteen (1:15). After receiving approval from the Board, on April 27, 2023, the Company filed the Amendment with the Secretary of State of the State of Delaware, to implement the Reverse Stock Split at the one-for-fifteen ratio (1:15). The Reverse Stock Split was effective on May 1, 2023, and the Company’s common stock began trading on The Nasdaq Capital Market on a post-split basis on May 1, 2023. On May 15, 2023, the Company received written notice from Nasdaq notifying the Company that it had regained compliance with the Minimum Bid Requirement. The Company continues to seek additional capital from other financing alternatives and other sources. Without additional capital, current working capital will not provide adequate funding for research and product development activities at their current levels. 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. Should the Company fail to raise additional cash from outside sources, this would have a material adverse impact on its operations. The accompanying condensed financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from uncertainty related to its ability to continue as a going concern.

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