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LIQUIDITY AND CAPITAL RESOURCES | 3 Months Ended
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Mar. 31, 2022
LIQUIDITY AND CAPITAL RESOURCES [Abstract] |
LIQUIDITY AND CAPITAL RESOURCES |
2) | LIQUIDITY AND CAPITAL RESOURCES
The Company has incurred significant operating losses and has an accumulated deficit as a result of ongoing efforts to develop product candidates, including conducting clinical trials and providing general and administrative support for operations. As of March 31, 2022, the Company had a cash balance of approximately $23.5 million and an accumulated deficit of approximately $150.1 million. For the three months ended March 31, 2022, the Company incurred a net loss of $9.4 million, and the Company used cash in operating activities of $5.4 million. On March 9, 2022, the Company consummated a private placement of common stock and warrants resulting in net proceeds of approximately $11 million (See Note 10). In connection with preparing the accompanying condensed consolidated financial statements as of and for the three months ended March 31, 2022, the Company’s management concluded that there is substantial doubt regarding the Company’s ability to continue as a going concern because it does not expect to have sufficient cash or working capital resources to fund operations for the twelve-month period subsequent to the issuance date of these financial statements. The Company will need to raise additional capital, which could be through the remaining availability under our equity line purchase agreement with Lincoln Park Capital Fund, LLC (the “Second Purchase Agreement”) (to the extent the Company is permitted to use such agreement) (see Note 10), public or private equity offerings, debt financings, corporate collaborations or other means. The Company may also seek governmental grants to support its clinical trials and preclinical trials. The Company currently has no arrangements for such capital and no assurances can be given that it will be able to raise such capital when needed, on acceptable terms, or at all. The accompanying condensed consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The accompanying condensed consolidated financial statements 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 the Company’s ability to continue as a going concern.

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- Definition The entire disclosure of liquidity and resource matters when there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date). going concern. + References No definition available. + Details
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