v3.25.3
Condensed Consolidated Statements of Cash Flows, Unaudited - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from Operating Activities    
Net loss $ (13,777,000) $ (1,147,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Fair value of options and warrants issued as compensation 6,899,000 32,000
Stock-based compensation expense – warrant modification 511,000 0
Fair value of common stock issued as compensation 240,000 18,000
Fair value of common stock for services 1,451,000 140,000
Amortization of debt discount 175,000 50,000
Accrued interest expense 118,000 160,000
Depreciation and amortization 2,000 1,000
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (43,000) 1,000
Accounts payable – license agreements 734,000 176,000
Accounts payable and accrued expenses 312,000 (20,000)
Net cash used in operating activities (3,378,000) (589,000)
Cash flows from financing activities    
Net proceeds from exercise of warrants and options 1,016,000 0
Net proceeds from issuance of convertible notes and warrants 2,285,000 775,000
Principal payment on PPP loan payable (24,000) (19,000)
Net cash provided by financing activities 3,277,000 756,000
Net increase (decrease) in cash (101,000) 167,000
Cash, beginning of period 150,000 70,000
Cash, end of period 49,000 237,000
Cash paid during the year for:    
Interest 0 0
Income Taxes 1,600 1,600
Non-cash investing and financing activities    
Conversion of convertible notes and accrued interest to common stock 3,803,000 255,000
Cashless exercise of warrants applied to settlement of accounts payable 104,000 0
Relative fair value of warrants issued with convertible notes $ 1,430,000 $ 424,000

Source

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