Liquidity, Management’s Plans and Uncertainties
|6 Months Ended|
Jun. 30, 2023
|Liquidity, Management’s Plans and Uncertainties [Abstract]|
|LIQUIDITY, MANAGEMENT’S PLANS AND UNCERTAINTIES||
Note 2 – Liquidity, Management’s Plans and Uncertainties
As of June 30, 2023, the Company had a cash, cash equivalents and investments balance of $12.3 million and working capital and stockholders’ equity of $9.5 million and $9.5 million, respectively. During the six months ended June 30, 2023, the Company incurred a net loss of $6.5 million. Based on management’s current plans (see Note 1 - Business Organization and Nature of Operations) on working towards the Merger and the suspension of its R&D activities, the Company believes that its funds available will be sufficient to fund the Company’s planned operating expenses and capital expenditure requirements for at least one year from the issuance of these financial statements. However, if the Merger is not approved or does not occur, the Company may not be successful in identifying and implementing any strategic alternatives to the Merger, including a debt or equity raise, business combination, investment into the Company, asset sale or other strategic transaction.