Liquidity and Management’s Plans
|6 Months Ended|
Jun. 30, 2022
|Liquidity and Management’s Plan [Abstract]|
|Liquidity and Management’s Plans||
Note 2 – Liquidity and Management’s Plans
As of June 30, 2022, the Company had working capital and stockholders’ equity of $20.4 million and $20.7 million, respectively. During the six months ended June 30, 2022, the Company incurred a net loss of $6.0 million and utilized cash of $5.9 million in its operating activities. Based on the cash and investments on hand as of June 30, 2022 of approximately $20.1 million, current budget assumptions and projected cash burn, the Company believes that it has sufficient capital to meet its operating expenses and obligations for the next twelve months from the date of this filing. However, if unanticipated difficulties or circumstances arise, the Company may require additional capital sooner to support its operations. If the Company is unable to raise additional capital whenever necessary, it may be forced to decelerate or curtail its research and development activities and/or other operations until such time as additional capital becomes available. Such limitation of the Company’s activities would allow it to slow its rate of spending and extend its use of cash until additional capital is raised. There can be no assurance that such a plan would be successful. There is no assurance that additional financing will be available when needed or that the Company will be able to obtain such financing on reasonable terms.