Liquidity and Financial Condition |
3 Months Ended | ||
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Jun. 30, 2026 | |||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Liquidity and Financial Condition |
The Company reported a net loss of $330,000 and $1,241,000 for the three months ended June 30, 2026 and 2025, respectively. At June 30, 2026 and March 31, 2026, the Company’s accumulated deficit amounted to $201,311,000 and $200,981,000, respectively. The Company had working capital of $10,821,000 and $7,268,000 as of June 30, 2026 and March 31, 2026, respectively. During the three months ended June 30, 2026 and 2025, net cash used in operating activities amounted to $649,000 and $2,015,000, respectively.
On April 24, 2026, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Dawson James Securities, Inc. (the “Underwriter”). At the close of the offering and following exercise of all pre-funded warrants, the Company issued shares of common stock. The Company received gross proceeds of $4,000,000 and net proceeds of $3,481,000 after deducting commissions and other offering expenses paid by the Company.
Management believes that the Company's existing cash and proceeds from the offering will be sufficient to fund its projected operating requirements for at least the next twelve months from the issuance date of these financial statements. Additionally, the Company has access to capital resources, which may include public or private equity offerings, debt financings, corporate collaborations, or other means, if and when appropriate to support strategic initiatives. However, there can be no assurance that such financings will be available on commercially acceptable terms, or at all, if pursued in the future. If the economic climate in the U.S. deteriorates, the Company’s ability to access additional capital could be negatively impacted. If the Company elects to pursue additional financing in the future, it may do so to support growth initiatives, extend its financial flexibility, or fund strategic opportunities. Any such activities could result in delays or changes to planned commercialization activities depending on timing and market conditions.
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