v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from Operating Activities    
Net loss $ (15,305,000) $ (1,934,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Fair value of vested options and warrants 7,407,000 152,000
Stock-based compensation expense – warrant modification 511,000 0
Fair value of common stock issued for services 1,451,000 140,000
Issuance of common stock as compensation 240,000 0
Amortization of debt discount 204,000 98,000
Accrued interest expense 146,000 213,000
Depreciation 3,000 1,000
Changes in operating assets and liabilities:    
Prepaid expenses (38,000) 1,000
Accounts payable and accrued expenses 639,000 (73,000)
Accounts payable – license agreements 734,000 235,000
Operating lease liabilities 0 0
Net cash used in operating activities (4,008,000) (1,167,000)
Cash flows from investing activities    
Purchase of property and equipment 0 (2,000)
Net cash used in investing activities 0 (2,000)
Cash flows from financing activities    
Net proceeds from issuance of convertible notes and warrants 2,285,000 1,230,000
Net proceeds from exercise of warrants and options 1,603,000 52,000
Principal payment on PPP loan payable (24,000) (33,000)
Net cash provided by financing activities 3,864,000 1,249,000
Net increase (decrease) in cash (144,000) 80,000
Cash, beginning of period 150,000 70,000
Cash, end of period 6,000 150,000
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 to common stock, net 3,803,000 1,034,000
Common stock issued for settlement of accounts payable 104,000 18,000
Relative fair value of warrants associated with issued convertible notes $ 1,430,000 $ 782,000