Annual report pursuant to Section 13 and 15(d)

Restatement of Previously Issued Condensed Unaudited Financial Statements (Tables)

Restatement of Previously Issued Condensed Unaudited Financial Statements (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Changes and Error Corrections [Abstract]

Schedule of condensed balance sheet
	As of September 30, 2023
				(unaudited)
	As			Restatement			As
	Reported			Impacts			Restated
Assets
Current assets:
Cash and cash equivalents	$	8,096		$	-		$	8,096
Restricted cash		13			-			13
Receivables		26			-			26
Notes receivable		1,500			-			1,500
Inventory		-			-			-
Prepaid expenses and other current assets		244			-			244
Discontinued operations – current assets		20			-			20
Total current assets		9,899			-			9,899
Property and equipment, net		6			-			6
Other assets		-			-			-
Operating lease right-of-use assets, net		94			-			94
Total assets	$	9,999		$	-		$	9,999

Liabilities and Stockholders Equity
Current liabilities:
Accounts payable	$	407		$	-		$	407
Note payable to related party		500			-			500
Other accrued liabilities		790			-			790
Operating lease liability, current		97			-			97
Deferred grant revenue		12			-			12
Discontinued operations current liabilities		60			-			60
Total current liabilities		1,866			-			1,866
Operating lease liability, noncurrent		-			-			-
Total liabilities		1,866			-			1,866

Commitments and contingencies (Note 6)

Stockholders equity:
Preferred stock, at amounts paid-in, $0.001 par value per share; 5,000,000 shares authorized, 950,000 shares issued and outstanding at September 30, 2023 and no shares issued and outstanding at December 31, 2022.		1						1
Common stock, at amounts paid-in, $0.001 par value per share; 225,000,000 shares authorized, 15,016,295 shares issued and outstanding at September 30, 2023 and December 31, 2022.		15						15
Additional paid-in capital		397,977			406			398,383
Accumulated deficit		(389,860	)		(406	)		(390,266	)
Total stockholders equity		8,133			-			8,133
Total liabilities and stockholders equity	$	9,999		$	-		$	9,999

Schedule of condensed statements of operations


	Three Months Ended September 30, 2023
	As			Restatement			As
	Reported			Impacts			Restated
Revenues:
License revenue	$	-		$	-		$	-
Grant revenue		4			-			4
Total revenues		4			-			4
Operating expenses:
Research and development		424			-			424
General and administrative		1,641			406			2,047
Total operating expenses		2,065			406			2,471
Loss from operations		(2,061	)		(406	)		(2,467	)
Other income (expense):
Interest income (expense)		(11	)		-			(11	)
Gain on asset sale		1,732			-			1,732
Other income (expense), net		2			-			2
Other income (expense), net		1,723			-			1,723
Net loss	$	(338	)	$	(406	)	$	(744	)
Basic and diluted net loss per common share	$	(0.02	)	$	(0.03	)	$	(0.05	)
Weighted average shares used in computing basic and diluted net loss per common share		15,016			15,016			15,016


	Nine Months Ended September 30, 2023
	As			Restatement			As
	Reported			Impacts			Restated
Revenues:
License revenue	$	1		$	-		$	1
Grant revenue		183			-			183
Total revenues		184			-			184
Operating expenses:
Research and development		1,426			-			1,426
General and administrative		4,104			406			4,510
Total operating expenses		5,530			406			5,936
Loss from operations		(5,346	)		(406	)		(5,752	)
Other income (expense):
Interest income (expense)		18			-			18
Gain on asset sale		1,732			-			1,732
Other income (expense), net		(3	)		-			(3	)
Other income (expense), net		1,747			-			1,747
Net loss	$	(3,599	)	$	(406	)	$	(4,005	)
Basic and diluted net loss per common share	$	(0.24	)	$	(0.03	)	$	(0.27	)
Weighted average shares used in computing basic and diluted net loss per common share		15,016			15,016			15,016

Schedule of condensed statements of cash flows


	Nine Months Ended September 30, 2023
	As			Restatement			As
	Reported			Impacts			Restated
Cash flows from operating activities:
Net loss	$	(3,599	)	$	(406	)	$	(4,005	)
Adjustments to reconcile net loss to net cash used in operating activities:
Gain on sale of assets		(1,732	)		-			(1,732	)
Depreciation and amortization		109			-			109
Stock-based milestone payment		-			-			-
Stock-based compensation		965			-			965
Other		(1	)		-			(1	)
Changes in operating assets and liabilities:
Receivables		-			-			-
Inventory		-			-			-
Prepaid expenses and other assets		122			-			122
Accounts payable		(374	)		-			(374	)
Deferred grant revenue		(184	)		-			(184	)
Other accrued liabilities		(152	)		-			(152	)
Net cash used in operating activities		(4,846	)		(406	)		(5,252	)

Cash flows from investing activities:
Proceeds from sale of assets		228			-			228
Net cash provided by investing activities		228			-			228

Cash flows from financing activities:
Net proceeds from equity offering		-			-			-
Net proceeds from issuance of preferred stock		9,094			406			9,500
Proceeds from short-term loans		750			-			750
Net proceeds from the exercises of common stock warrants		-			-			-
Payments on short-term loans		(250	)		-			(250	)
Net cash provided by financing activities		9,594			406			10,000

Net increase (decrease) in cash, cash equivalents and restricted cash		4,976			-			4,976
Cash, cash equivalents and restricted cash at beginning of period		3,133			-			3,133
Cash, cash equivalents and restricted cash at end of period	$	8,109		$	-		$	8,109

Supplemental cash flow information:
Interest paid	$	4		$	-		$	4
Inventory transferred with sale of assets	$	106		$	-		$	106
Property and equipment, net, transferred with sale of assets	$	109		$	-		$	109
Notes receivable received in connection with sale of assets	$	1,500		$	-		$	1,500
Accounts payable related to sale of assets	$	17		$	-		$	17
Other accrued liabilities transferred with sale of assets	$	236		$	-		$	236

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed balance sheets that sum to the total of the same such amounts shown in the condensed statements of cash flows (in thousands):

	2023
Cash and cash equivalents	$	8,096
Restricted cash		13
Cash, cash equivalents and restricted cash shown in the condensed statements of cash flows	$	8,109