LIQUIDITY AND CAPITAL RESOURCES	6 Months Ended
Jun. 30, 2025
Liquidity And Capital Resources
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 its efforts to develop product candidates and provide general and administrative support for operations. As of June 30, 2025, the Company had a cash balance of approximately $4.3 million and an accumulated deficit of approximately $242.9 million. For the three and six months ended June 30, 2025, the Company incurred a net loss of $3.1 million and $11.3 million, respectively, which includes non-cash charges of $0.5 million and $5.8 million, respectively, related to a forward sales contract the Company entered into on March 31, 2025. During the six months ended June 30, 2025, the Company used cash of $4.6 million in operating activities. In April 2023, the Company entered into a standby equity purchase agreement (the “SEPA”) with Lincoln Park Capital Fund, LLC (“Lincoln Park”), pursuant to which Lincoln Park committed to purchase up to $10.0 million of the Company’s common stock in an “equity line” financing arrangement. No shares were sold under the SEPA during the three and six months ended June 30, 2025, and the SEPA expired on May 1, 2025. In September 2024, the Company entered into certain financing agreements for (i) the private placement of $3.9 million in convertible notes (the “Bridge Notes”) convertible into shares of the Company’s common stock or pre-funded warrants, (ii) the private placement of $1.1 million in shares of the Company’s common stock or pre-funded warrants (the “Equity Financing”), as well as (iii) exchange agreements for the exchange of previously issued convertible notes and warrants into shares of common stock (the “Exchange Transaction,” and collectively, the “September 2024 Transactions”). The September 2024 Transactions were subject to shareholder approval, and on October 29, 2024, the shareholders approved the issuance of common stock under the Equity Financing and the conversion of the Bridge Notes and the convertible notes and warrants under the Exchange Transaction into shares of common stock. Following such conversion, the Company had no convertible notes outstanding. On March 11, 2025 and March 20, 2025, the Company received $1.5 million and $0.8 million, respectively, in exchange for the issuance of two promissory notes with aggregate principal amounts of $2.3 million to an investor. During the three months ended June 30, 2025, the Company repaid the notes in full for $2.3 million, including accrued interest. See Note 8 for more information on the promissory notes. During the three months ended June 30, 2025, the Company raised $7.2 million in gross proceeds from the sale of shares of the Company’s common stock and prefunded warrants. See Note 12, Equity Transaction - Private Placement, for additional information regarding this financing. In connection with preparing the accompanying condensed consolidated financial statements as of and for the three and six months ended June 30, 2025, 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 condensed consolidated financial statements. The Company will need to raise additional capital, which could be through public or private equity offerings, grants, debt financings, out-licensing the Company’s intellectual property, strategic partnerships or other means. The Company currently has no arrangements for capital, and no assurances can be given that it will be able to raise 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.

LIQUIDITY AND CAPITAL RESOURCES

6 Months Ended

Jun. 30, 2025

2) LIQUIDITY AND CAPITAL RESOURCES

The Company has incurred significant operating losses and has an accumulated deficit as a result of its efforts to develop product candidates and provide general and administrative support for operations. As of June 30, 2025, the Company had a cash balance of approximately $4.3 million and an accumulated deficit of approximately $242.9 million. For the three and six months ended June 30, 2025, the Company incurred a net loss of $3.1 million and $11.3 million, respectively, which includes non-cash charges of $0.5 million and $5.8 million, respectively, related to a forward sales contract the Company entered into on March 31, 2025. During the six months ended June 30, 2025, the Company used cash of $4.6 million in operating activities.

In April 2023, the Company entered into a standby equity purchase agreement (the “SEPA”) with Lincoln Park Capital Fund, LLC (“Lincoln Park”), pursuant to which Lincoln Park committed to purchase up to $10.0 million of the Company’s common stock in an “equity line” financing arrangement. No shares were sold under the SEPA during the three and six months ended June 30, 2025, and the SEPA expired on May 1, 2025.

In September 2024, the Company entered into certain financing agreements for (i) the private placement of $3.9 million in convertible notes (the “Bridge Notes”) convertible into shares of the Company’s common stock or pre-funded warrants, (ii) the private placement of $1.1 million in shares of the Company’s common stock or pre-funded warrants (the “Equity Financing”), as well as (iii) exchange agreements for the exchange of previously issued convertible notes and warrants into shares of common stock (the “Exchange Transaction,” and collectively, the “September 2024 Transactions”). The September 2024 Transactions were subject to shareholder approval, and on October 29, 2024, the shareholders approved the issuance of common stock under the Equity Financing and the conversion of the Bridge Notes and the convertible notes and warrants under the Exchange Transaction into shares of common stock. Following such conversion, the Company had no convertible notes outstanding.

On March 11, 2025 and March 20, 2025, the Company received $1.5 million and $0.8 million, respectively, in exchange for the issuance of two promissory notes with aggregate principal amounts of $2.3 million to an investor. During the three months ended June 30, 2025, the Company repaid the notes in full for $2.3 million, including accrued interest. See Note 8 for more information on the promissory notes.

During the three months ended June 30, 2025, the Company raised $7.2 million in gross proceeds from the sale of shares of the Company’s common stock and prefunded warrants. See Note 12, Equity Transaction - Private Placement, for additional information regarding this financing.

In connection with preparing the accompanying condensed consolidated financial statements as of and for the three and six months ended June 30, 2025, 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 condensed consolidated financial statements. The Company will need to raise additional capital, which could be through public or private equity offerings, grants, debt financings, out-licensing the Company’s intellectual property, strategic partnerships or other means. The Company currently has no arrangements for capital, and no assurances can be given that it will be able to raise 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.