0001558370-24-007479 | 10-Q | XBRL Viewer | Neurobo Pharmaceuticals INC

March 31, 2024

December 31, 2023

Office equipment

Less accumulated depreciation

Property and equipment, net

Print Document

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts payable (including related party payable of $794 and $0 as of March 31, 2024 and December 31, 2023, respectively)	$ 2,079	$ 821
Accrued liabilities (including related party payable of $175 and $789 as of March 31, 2024 and December 31, 2023, respectively)	$ 3,948	$ 4,414
Preferred stock, par value (in dollar per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollar per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	4,906,000	4,906,000
Common stock, shares outstanding	4,906,000	4,906,000
Related Party [Member]
Accounts payable (including related party payable of $794 and $0 as of March 31, 2024 and December 31, 2023, respectively)	$ 794	$ 0
Accrued liabilities (including related party payable of $175 and $789 as of March 31, 2024 and December 31, 2023, respectively)	$ 175	$ 789

Stock-based Compensation

3 Months Ended

Mar. 31, 2024

Stock-Based Compensation

Stock-Based Compensation

8. Stock-based compensation

Stock-based compensation expense was included in general and administrative and research and development as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
General and administrative	$	71	$	(85)
Research and development		33		11
Total stock-based compensation	$	104	$	(74)

For stock options and RSUs granted under the 2019 Equity Incentive Plan, the 2021 Inducement Plan and the 2022 Equity Incentive Plan (the “2022 Plan”), as of March 31, 2024, unrecognized stock-based compensation cost totaled $786 thousand. The unrecognized stock-based expense is expected to be recognized over a weighted average period of 1.3 years.

Stock-based award plans

As of March 31, 2024, there were (i) 2,569 outstanding stock options under the 2019 Plan, and (ii) 3,125 outstanding stock options and 194,954 outstanding RSUs under the 2022 Plan. As of March 31, 2024, we had an aggregate of 416,227 shares available for future issuance, of which 4,166 shares were available under the 2021 Inducement Plan and 412,061 shares were available under the 2022 Plan.

Stock options

The following table summarizes the status of our outstanding and exercisable options and related transactions for the period presented (in thousands, except share and per share amounts):


	Outstanding						Exercisable
	Shares of			Weighted			Shares of			Weighted
	Common	Weighted		Average			Common	Weighted		Average
	Stock	Average		Remaining	Aggregate		Stock	Average		Remaining	Aggregate
	Issuable	Exercise		Contractual	Intrinsic		Issuable	Exercise		Contractual	Intrinsic
	for Options	Price		Term (years)	Value		for Options	Price		Term (years)	Value
As of January 1, 2024	4,700	$	398.30	8.6	$	—	4,577	$	391.04	8.6	$	—
Granted	—		—	—		—
Forfeited/Cancelled	—		—	—		—
As of March 31, 2024	4,700	$	398.30	8.3	$	—	4,607	$	392.96	8.3	$	—

The weighted average fair value per share of stock options granted for three months ended March 31, 2023 was $3.63. We estimated the grant date fair value of stock options granted to employees, consultants, and directors using the Black-Scholes option pricing model. We do not have history to support a calculation of volatility and expected term; as such, we have used a weighted-average volatility considering the volatilities of several guideline companies. In identifying similar entities, we considered characteristics such as industry, length of trading history, and stage of life cycle. The assumed dividend yield was based on our expectation of not paying dividends in the foreseeable future. The average expected life of the stock options was determined based on the mid-point between the vesting date and the end of the contractual term, known as the “simplified method,” or the contractual term in cases where the “simplified method” was precluded. The risk-free interest rate is determined by reference to implied yields available from U.S. Treasury securities with a remaining term equal to the expected life assumed at the date of grant.

The assumptions used in the Black-Scholes option-pricing model are as follows:


	Three Months Ended
	March 31, 2023
Expected stock price volatility	82.9	%
Expected life of stock options (years)	5.0
Expected dividend yield	—	%
Risk free interest rate	3.54	%

Restricted Stock Units

The following table summarizes the status of our RSUs and related transactions for the period presented (in thousands, except share and per share amounts):


	Outstanding					Vested
	Shares of	Average				Shares of	Average
	Common Stock	Grant Date		Aggregate		Common Stock	Grant Date		Aggregate
	Issuable	Fair Value		Intrinsic		Issuable	Fair Value		Intrinsic
	for RSUs	Price		Value		for RSUs	Price		Value
As of January 1, 2024	141,361	$	4.55	$	523	5,468	$	4.02	$	20
Granted	53,593		6.24
Vested						—		—
Released	—		—			—		—		—
Forfeited/Cancelled	—		—
As of March 31, 2024	194,954	$	5.02	$	797	5,468	$	4.02	$	22

We estimated the grant date fair value of restricted stock units granted to employees, consultants, and directors based on the closing sales price of our common stock as reported on Nasdaq on the date of grant.

Business, basis of presentation, new accounting standards and summary of significant accounting policies(Policies)	3 Months Ended
	Mar. 31, 2024
Business, basis of presentation, new accounting standards and summary of significant accounting policies
Basis of presentation	A.Basis of presentation We prepared the condensed consolidated financial statements included in this Report following the requirements of the United States (“U.S.”) Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the U.S. (“GAAP”) for complete financial statements can be condensed or omitted. However, except as disclosed herein, there has been no material change in the information disclosed in the notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 ("2023 Form 10-K"). Revenues, expenses, assets, liabilities, and equities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be representative of those for the full year. In our opinion, all adjustments necessary for a fair statement of the financial statements, which are of a normal and recurring nature, have been made for the interim periods reported. The information included in this Report should be read in conjunction with the consolidated financial statements and accompanying notes included in our 2023 Form 10-K. Certain amounts in the condensed consolidated financial statements and accompanying notes may not add due to rounding, and all percentages have been calculated using unrounded amounts.
New accounting standards	B.New accounting standards Adoption of new accounting standards New accounting standards or accounting standards updates were assessed and determined to be either not applicable or did not have a material impact on our condensed consolidated financial statements or processes. Accounting standards issued but not yet adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU amends the guidance in Accounting Standards Codification (“ASC’) 740, Income Taxes, to improve the transparency of income tax disclosures by amending the required rate reconciliation disclosures as well as requiring disclosure of income taxes paid disaggregated by jurisdiction. As amended, the rate reconciliation disclosure will be required to be presented in both percentages and reporting currency amounts, with consistent categories and greater disaggregation of information. This ASU also includes amendments intended to improve the effectiveness of income tax disclosures and eliminate certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The amendments are effective for fiscal years beginning after December 15, 2024 and should be applied prospectively. Early adoption is permitted. We are currently evaluating the amendments to identify potential impacts to our notes to the consolidated financial statements and processes. Other recently issued accounting standards not yet adopted by us are not expected, upon adoption, to have a material impact on our condensed consolidated financial statements.
Estimates and assumptions	C.Estimates and assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses, and related disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in our consolidated financial statements relate to accrued expenses and the fair value of stock-based compensation and warrants. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. Changes in estimates are reflected in reported results in the period in which they become known.

Prepaid and other current assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Prepaid and other current assets
Clinical Costs	$ 195	$ 13
Interest receivable	73
Other	508	64
Total	$ 776	$ 77

Stockholders Equity - Warrants - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Nov. 30, 2022
Consideration received	$ 0
Number of warrants exchanged	8
November 2022 Series A and B
Number of warrants per unit	8
Warrants exercise price	$ 0		$ 3.00
Series A Warrant
Warrants to purchase shares of common stock		43,167
Number of warrants exchanged		345,333
Series B Warrant
Warrants to purchase shares of common stock		174,417
Number of warrants exchanged		1,395,333

Commitments and Contingencies - Operating Leases - (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Aug. 31, 2023
New Corporate Headquarters Lease
Commitments and Contingencies
Term of contract			3 years
Renewal term			2 years
Rental expense	$ 22
Operating lease cash payments	21
Operating lease discount rate			11.00%
Former Corporate Headquarters Lease
Commitments and Contingencies
Rental expense	$ 0	$ 5

Loss per share of common stock - Computation of Basic and Diluted Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Loss per share of common stock
Net loss	$ (6,714)	$ (2,604)
Weighted average common shares for basic loss per common share	5,089,408	5,059,003
Weighted average common shares for diluted loss per common share	5,089,408	5,059,003
Loss per common share, basic	$ (1.32)	$ (0.51)
Loss per common share, diluted	$ (1.32)	$ (0.51)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

Subsequent event

3 Months Ended

Mar. 31, 2024

Subsequent events

Subsequent Events

12. Subsequent events

Management has evaluated subsequent events to determine if events or transactions occurring through the filing date of this Report require adjustment to or disclosure in the condensed consolidated financial statements. There were no events that require adjustment to or disclosure in the condensed consolidated financial statements.

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses:
Research and development	$ 4,904	$ 637
General and administrative	1,977	1,883
Total operating expenses	6,881	2,520
Loss from operations	(6,881)	(2,520)
Other income (expense):
Change in fair value of warrant liabilities	(70)	(84)
Interest income	237
Total other income	167	(84)
Loss before income taxes	(6,714)	(2,604)
Provision for income taxes	0	0
Net loss	(6,714)	(2,604)
Comprehensive loss	$ (6,714)	$ (2,604)
Loss per share:
Net loss per share, basic	$ (1.32)	$ (0.51)
Net loss per share, diluted	$ (1.32)	$ (0.51)
Weighted average shares of common stock outstanding:
Basic (in shares)	5,089,408	5,059,003
Diluted (in shares)	5,089,408	5,059,003

Loss per share of common stock - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock options
Potential common shares
Potential common shares	4,700	6,140
RSUs
Potential common shares
Potential common shares	189,486
Warrants (excluding the November 2022 warrants)
Potential common shares
Potential common shares	25,976	28,529

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Taxes

Income Taxes

9.Income taxes

We do not expect to pay any significant federal or state income taxes as a result of (i) the losses recorded during the three months ended March 31, 2024 and 2023, (ii) additional losses expected for the remainder of 2024 or losses recorded in 2023, or (iii) net operating loss carry forwards from prior years.

We recorded a full valuation allowance of the net operating losses for the three months ended March 31, 2024 and 2023. Accordingly, there were no benefits for income taxes recorded for the three months ended March 31, 2024 and 2023. Additionally, as of March 31, 2024 and December 31, 2023, we maintain a full valuation allowance for all deferred tax assets.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Stock-based Compensation - Assumptions (Details) - Stock options	3 Months Ended
	Mar. 31, 2023
Share-based compensation
Expected stock price volatility	82.90%
Expected life of options (years)	5 years
Risk free interest rate	3.54%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Business, basis of presentation, new accounting standards and summary of significant accounting policies

3 Months Ended

Mar. 31, 2024

Business, basis of presentation, new accounting standards and summary of significant accounting policies

Business, basis of presentation, new accounting standards and summary of significant accounting policies

1. Business, basis of presentation, new accounting standards and summary of significant accounting policies

General

NeuroBo Pharmaceuticals, Inc. (the “Company), a Delaware corporation, and its subsidiaries are referred to collectively in these notes to the financial statements of the Company as “NeuroBo,” “we,” “our” and “us.” We are a clinical-stage biotechnology company focused primarily on developing and commercializing novel pharmaceuticals to treat cardiometabolic diseases. NeuroBo has two programs currently focused on treatment of metabolic dysfunction-associated steatohepatitis (“MASH”) and obesity. MASH was formerly known as non-alcoholic steatohepatitis (“NASH”). The American Association for the Study of Liver Diseases and its European and Latin American counterparts changed the name to metabolic dysfunction-associated steatohepatitis to reflect the complexity of the disease.

●

DA-1241 is a novel G-Protein-Coupled Receptor 119 (“GPR119”) agonist with development optionality as a standalone and/or combination therapy for both MASH and type 2 diabetes. Agonism of GPR119 in the gut promotes the release of key gut peptides GLP-1, GIP, and PYY. These peptides play a further role in glucose metabolism, lipid metabolism and weight loss. DA-1241 has beneficial effects on glucose, lipid profile and liver inflammation, supported by potential efficacy demonstrated during in vivo preclinical studies.

●

DA-1726 is a novel oxyntomodulin analogue functioning as a GLP-1 receptor (“GLP1R”) and glucagon receptor (“GCGR”) dual agonist for the treatment of obesity that is to be administered once weekly subcutaneously. DA-1726 acts as a dual agonist of GLP1R and GCGR.

While we primarily focus our financial resources and management’s attention on the development of DA-1241 and DA-1726, we also have four legacy therapeutic programs designed to impact a range of indications in viral, neurodegenerative and cardiometabolic diseases which we continue to consider for out-licensing and divestiture opportunities.

Our operations have consisted principally of performing research and development (“R&D”) activities, preclinical developments, clinical trials, and raising capital. Our activities are subject to significant risks and uncertainties, including failing to secure additional funding before sustainable revenues and profit from operations are achieved.

Common stock reverse stock splits

In December 2023, we completed a one-for-eight reverse stock split of our common stock (the “2023 Reverse Stock Split”). As a result, every eight shares of our issued and outstanding common stock were combined, converted and changed into one share of our common stock. Any fraction of a share of our common stock that was created as a result of the reverse stock split was rounded down to the next whole share and our stockholders received cash equal to the market value of the fractional share, determined by multiplying such fraction by the closing sales price of our common stock as reported on Nasdaq Capital Market LLC (“Nasdaq”) on the last trading day before the reverse stock split. The 2023 Reverse Stock Split was initially approved by our stockholders at the annual meeting of stockholders in June 2023. At the annual meeting, the stockholders approved a proposal to amend our certificate of incorporation to affect a reverse split of our outstanding common stock at a ratio in the range of one-for-five to one-for-eight to be determined at the discretion of our Board of Directors (“Board”). Following the annual meeting, our Board approved a one-for-eight reverse stock split of our issued and outstanding shares of common stock.

The 2023 Reverse Stock Split did not impact the number of authorized shares of common stock of 100,000,000 shares. For the reverse stock split, a proportionate adjustment was made to the per share exercise price and the number of shares issuable upon the exercise of all outstanding stock options, and warrants to purchase shares of our common stock, the number of shares issuable upon vesting of restricted stock units (“RSUs”) and the number of shares reserved for issuance pursuant to our equity incentive compensation plans. Specifically, for the Series A and B warrants issued in November 2022 that were outstanding on the effective date of the 2023 Reverse Stock Split, the number of outstanding warrants did

not change; instead, the warrants have an exchange ratio of eight warrants for one share of our common stock.

In the accompanying condensed consolidated financial statements and these notes to the condensed consolidated financial statements, all historical numbers of shares of common stock and per share data have been adjusted to give effect to the 2023 Reverse Stock Split. Additionally, since the common stock par value was unchanged, historical amounts for common stock and additional paid-in capital have been adjusted to give effect to the 2023 Reverse Stock Split.

Going concern

The determination as to whether we can continue as a going concern contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Our condensed consolidated financial statements have been prepared assuming that we will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. This basis of accounting contemplates the recovery of our assets and the satisfaction of our liabilities in the normal course of business.

As reflected in the condensed consolidated financial statements, we had $16.0 million in cash as of March 31, 2024. We have experienced net losses and negative cash flows from operating activities since our inception and had an accumulated deficit of $115.0 million as of March 31, 2024. We have incurred a net loss of $6.7 million and used cash of $6.4 million for operating activities for the three months ended March 31, 2024. Due in large part to the ongoing Phase 2a clinical trial for DA-1241 and Phase 1 clinical trial for DA-1726, we expect to continue to incur net losses and negative cash flows from operating activities for the foreseeable future. These conditions raise substantial doubt about our ability to continue as a going concern.

We believe that our existing cash will be sufficient to fund our operations into the fourth quarter of 2024. We plan to continue to fund our operations through a combination of equity offerings, debt financings, or other sources, potentially including collaborations, out-licensing and other similar arrangements. There can be no assurance that we will be able to obtain any sources of financing on acceptable terms, or at all. To the extent that we can raise additional funds by issuing equity securities, our stockholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact our ability to conduct our business. If we are unable to raise additional capital, we may slow down or stop our ongoing and planned clinical trials until such time as additional capital is raised and this may have a material adverse effect on us.

A.Basis of presentation

We prepared the condensed consolidated financial statements included in this Report following the requirements of the United States (“U.S.”) Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the U.S. (“GAAP”) for complete financial statements can be condensed or omitted. However, except as disclosed herein, there has been no material change in the information disclosed in the notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 ("2023 Form 10-K").

Revenues, expenses, assets, liabilities, and equities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be representative of those for the full year. In our opinion, all adjustments necessary for a fair statement of the financial statements, which are of a normal and recurring nature, have been made for the interim periods reported. The information included in this Report should be read in conjunction with the consolidated financial statements and accompanying notes included in our 2023 Form 10-K. Certain amounts in the condensed consolidated financial statements and accompanying notes may not add due to rounding, and all percentages have been calculated using unrounded amounts.

B.New accounting standards

Adoption of new accounting standards

New accounting standards or accounting standards updates were assessed and determined to be either not applicable or did

not have a material impact on our condensed consolidated financial statements or processes.

Accounting standards issued but not yet adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU amends the guidance in Accounting Standards Codification (“ASC’) 740, Income Taxes, to improve the transparency of income tax disclosures by amending the required rate reconciliation disclosures as well as requiring disclosure of income taxes paid disaggregated by jurisdiction. As amended, the rate reconciliation disclosure will be required to be presented in both percentages and reporting currency amounts, with consistent categories and greater disaggregation of information. This ASU also includes amendments intended to improve the effectiveness of income tax disclosures and eliminate certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The amendments are effective for fiscal years beginning after December 15, 2024 and should be applied prospectively. Early adoption is permitted. We are currently evaluating the amendments to identify potential impacts to our notes to the consolidated financial statements and processes.

Other recently issued accounting standards not yet adopted by us are not expected, upon adoption, to have a material impact on our condensed consolidated financial statements.

C.Estimates and assumptions

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses, and related disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in our consolidated financial statements relate to accrued expenses and the fair value of stock-based compensation and warrants. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. Changes in estimates are reflected in reported results in the period in which they become known.

D.Significant accounting policies

Our significant accounting policies are described in “Note 1. Business, basis of presentation, new accounting standards and summary of significant accounting policies” in the audited consolidated financial statements and notes thereto for the year ended December 31, 2023, which is included in our 2023 Form 10-K.

Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Accrued liabilities

Schedule of accrued liabilities

Accrued liabilities consist of the following (in thousands):


	As of
	March 31, 2024		December 31, 2023
External R&D costs (including related party payable of $175 and $789 as of March 31, 2024 and December 31, 2023, respectively)	$	3,336	$	3,822
Employee related costs		210		118
Professional service fees		337		308
Other		65		166
Total	$	3,948	$	4,414

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
External R&D costs	$ 3,336	$ 3,822
Employee related costs	210	118
Professional service fees	337	308
Other	65	166
Total	3,948	4,414
Related Party [Member]
External R&D costs	175	789
Total	$ 175	$ 789

Prepaid and other current assets (Tables)

3 Months Ended

Mar. 31, 2024

Prepaid and other current assets

Schedule of prepaid and other current assets

Prepaid and other current assets consist of the following (in thousands):


	As of
	March 31, 2024		December 31, 2023
Clinical costs	$	195	$	13
Interest receivable		73		—
Other		508		64
Total	$	776	$	77

Property and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment

Property and Equipment

3. Property and equipment

Property and equipment consist of the following (in thousands):

Loss per share of common stock

3 Months Ended

Mar. 31, 2024

Loss per share of common stock

Loss Per Common Share

10. Loss per share of common stock

The following table sets forth the computation of basic and diluted loss per share of common stock (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2024		2023
Numerator:
Net loss	$	(6,714)	$	(2,604)
Denominator:
Weighted average shares of common stock, basic		5,089,408		5,059,003
Effect of dilutive securities		—		—
Weighted average shares of common stock, diluted		5,089,408		5,059,003
Loss per share of common stock, basic and diluted	$	(1.32)	$	(0.51)

Our basic weighted average shares of common stock for the three months ended March 31, 2024 include the (i) November 2022 Series B warrants since these warrants are exchangeable into common stock for which no additional consideration is required from the holder and (ii) vested RSUs in which their release was deferred in accordance with the respective award agreement. Our basic weighted average shares of common stock for the three months ended March 31, 2023 include both the November 2022 Series A and Series B warrants since these warrants were exchangeable into common stock for which no additional consideration is required from the holder.

Since we reported a net loss for the three months ended March 31, 2024 and 2023, our potentially dilutive securities are deemed to be anti-dilutive, accordingly, there was no effect of dilutive securities. Therefore, our basic and diluted loss per share of common stock and our basic and diluted weighted average shares of common stock are the same for three months ended March 31, 2024 and 2023.

The following table sets forth the outstanding securities which were not included in the calculation of diluted earnings per share of common stock for three months ended March 31, 2024 and 2023:


	As of March 31,
	2024	2023
Stock options	4,700	6,140
RSUs	189,486	—
Warrants (excluding the November 2022 warrants)	25,976	28,529

Stockholders Equity (Tables)

3 Months Ended

Mar. 31, 2024

Stockholders' Equity

Schedule of outstanding warrants


	Shares of Common Stock Issuable
	for Outstanding Warrants
	As of		Exercise		Expiration
Warrant Issuance	March 31, 2024	December 31, 2023	Price		Date
July 2018 ⁽¹⁾	6	6	$	44,820.00	July 2028
April 2020 ⁽¹⁾	159	159	$	3,000.00	April 2025
January 2021 ⁽¹⁾	10,421	10,421	$	1,447.20	July 2026
October 2021 ⁽¹⁾	15,390	15,390	$	900.00	April 2025
November 2022 Series B ⁽²⁾	177,938	177,938	$	-	December 2027
Total	203,914	203,914

(1)

The number of outstanding warrants was adjusted for the impact of each of the common stock reverse stock splits completed in 2023 and 2022. Accordingly, the number of outstanding warrants is equal to the number of shares of common stock issuable for outstanding warrants.

(2)

The number of outstanding warrants was not impacted by the 2023 Reverse Stock Split. Accordingly, the number of outstanding warrants is equal to eight times the number of shares of common stock issuable for outstanding warrants.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies

Commitments and Contingencies

6. Commitments and contingencies

Operating lease

In August 2023, we entered into a non-cancelable operating lease for our new corporate headquarters in Cambridge, Massachusetts. The initial lease term is for three years with an option to renew for an additional two-year term. The lease commenced in September 2023 and expires in August 2026. We recorded lease rental expense of $22 thousand for the three months ended March 31, 2024 and made cash lease payments of $21 thousand during the three months ended March 31, 2024.

Our lease liability, which represents the net present value of future lease payments, was calculated utilizing a discount rate of 11%, which corresponds to our estimated incremental borrowing rate.

Additionally, we had short-term operating leases for our former corporate headquarters located in Boston, Massachusetts and such lease was terminated in January 2024. For our former corporate headquarters, no rental expenses were recorded for the three months ended March 31, 2024 and rental expense of $5 thousand was recorded for the three months ended March 31, 2023.

Stock based compensation RSU (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Stock-Based Compensation
RSU's Fair value, Beginning balance (in shares) \| shares	141,361
RSU's, Number grants (in shares) \| shares	53,593
RSU's Issuable, Number Ending balance (in shares) \| shares	194,954
RSU's Fair value, Opening balance (per share) \| $ / shares	$ 4.55
RSU's Fair value, grants in period (per share) \| $ / shares	6.24
RSU's Fair value, Ending balance (per share) \| $ / shares	$ 5.02
Intrinsic value, opening balance \| $	$ 523
Intrinsic value, ending balance \| $	$ 797
RSU's Vested, Beginning balance (in shares) \| shares	5,468
RSU's Vested, Ending balance (in shares) \| shares	5,468
RSU's Vested Fair value, Opening balance (per share) \| $ / shares	$ 4.02
RSU's Vested Fair value, Ending balance (per share) \| $ / shares	$ 4.02
Vested intrinsic value, beginning balance \| $	$ 20
Vested intrinsic value, ending balance \| $	$ 22

Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment
Office equipment	$ 85	$ 80
Less accumulated depreciation	(38)	(34)
Property and equipment, net	$ 47	$ 46

Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Stock-Based Compensation

Schedule of stock-based compensation expense

Stock-based compensation expense was included in general and administrative and research and development as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
General and administrative	$	71	$	(85)
Research and development		33		11
Total stock-based compensation	$	104	$	(74)

Schedule of the status of outstanding and exercisable options and related transactions

The following table summarizes the status of our outstanding and exercisable options and related transactions for the period presented (in thousands, except share and per share amounts):


	Outstanding						Exercisable
	Shares of			Weighted			Shares of			Weighted
	Common	Weighted		Average			Common	Weighted		Average
	Stock	Average		Remaining	Aggregate		Stock	Average		Remaining	Aggregate
	Issuable	Exercise		Contractual	Intrinsic		Issuable	Exercise		Contractual	Intrinsic
	for Options	Price		Term (years)	Value		for Options	Price		Term (years)	Value
As of January 1, 2024	4,700	$	398.30	8.6	$	—	4,577	$	391.04	8.6	$	—
Granted	—		—	—		—
Forfeited/Cancelled	—		—	—		—
As of March 31, 2024	4,700	$	398.30	8.3	$	—	4,607	$	392.96	8.3	$	—

Schedule of assumptions used in the Black Scholes option-pricing model


	Three Months Ended
	March 31, 2023
Expected stock price volatility	82.9	%
Expected life of stock options (years)	5.0
Expected dividend yield	—	%
Risk free interest rate	3.54	%

Schedule of RSUs and related transactions

The following table summarizes the status of our RSUs and related transactions for the period presented (in thousands, except share and per share amounts):


	Outstanding					Vested
	Shares of	Average				Shares of	Average
	Common Stock	Grant Date		Aggregate		Common Stock	Grant Date		Aggregate
	Issuable	Fair Value		Intrinsic		Issuable	Fair Value		Intrinsic
	for RSUs	Price		Value		for RSUs	Price		Value
As of January 1, 2024	141,361	$	4.55	$	523	5,468	$	4.02	$	20
Granted	53,593		6.24
Vested						—		—
Released	—		—			—		—		—
Forfeited/Cancelled	—		—
As of March 31, 2024	194,954	$	5.02	$	797	5,468	$	4.02	$	22

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment

Schedule of property and equipment

Property and equipment consist of the following (in thousands):

Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Stockholders' Equity

Stockholders' Equity

7.Stockholders’ equity

Warrants

The following tables summarize our outstanding warrants:


	Shares of Common Stock Issuable
	for Outstanding Warrants
	As of		Exercise		Expiration
Warrant Issuance	March 31, 2024	December 31, 2023	Price		Date
July 2018 ⁽¹⁾	6	6	$	44,820.00	July 2028
April 2020 ⁽¹⁾	159	159	$	3,000.00	April 2025
January 2021 ⁽¹⁾	10,421	10,421	$	1,447.20	July 2026
October 2021 ⁽¹⁾	15,390	15,390	$	900.00	April 2025
November 2022 Series B ⁽²⁾	177,938	177,938	$	-	December 2027
Total	203,914	203,914

(1)

(2)

The outstanding warrants are all exercisable as of March 31, 2024 and December 31, 2023. Additionally, the November 2022 Series B warrants have a cashless exercise provision whereby eight warrants can be exchanged for one share of common stock for no additional consideration, which results in an effective per warrant exercise price of zero rather than the $3.00 as stated in the warrants.

During the three months ended March 31, 2023, 345,333 Series A warrants issued in November 2022 and 1,395,333 Series B warrants issued in November 2022 were exchanged for 43,167 shares and 174,417 shares of our common stock, respectively. Additionally, as of December 31, 2023, the Series A warrants issued in November 2022 were fully exchanged for shares of our common stock.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value of Financial Instruments - Recurring basis (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Nov. 30, 2022
November 2022 Series A and B
Fair value measurements
Warrants exercise price	$ 0		$ 3.00
Recurring
Fair value measurements
Warrant liabilities	$ 728	$ 658
Total liabilities at fair value	728	658
Recurring \| Level 2
Fair value measurements
Warrant liabilities	728	658
Total liabilities at fair value	$ 728	$ 658

Stockholders Equity - Warrants (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Warrants
Number of Warrants	203,914	203,914
Warrants Exercise Price 44,820.00
Warrants
Number of Warrants	6	6
Exercise Price	$ 44,820.00
Warrants Exercise Price 3,000.00
Warrants
Number of Warrants	159	159
Exercise Price	$ 3,000.00
Warrants Exercise Price 1,447.20
Warrants
Number of Warrants	10,421	10,421
Exercise Price	$ 1,447.20
Warrants Exercise Price 900.00 [Member]
Warrants
Number of Warrants	15,390	15,390
Exercise Price	$ 900.00
November 2022 Series B
Warrants
Number of Warrants	177,938	177,938

Prepaid and other current assets

3 Months Ended

Mar. 31, 2024

Prepaid and other current assets

Prepaid and other current assets

2. Prepaid and other current assets

Prepaid and other current assets consist of the following (in thousands):


	As of
	March 31, 2024		December 31, 2023
Clinical costs	$	195	$	13
Interest receivable		73		—
Other		508		64
Total	$	776	$	77

Related parties

3 Months Ended

Mar. 31, 2024

Related parties

Related parties

5.Related party

We entered into a license agreement with Dong-A pursuant to which we received an exclusive global license (except for the territory of the Republic of Korea and certain other jurisdictions) to two proprietary compounds for specified indications (the “2022 License Agreement”) upon meeting certain financing milestones. The 2022 License Agreement covers the rights to DA-1241 for treatment of MASH and DA-1726 for treatment of obesity and MASH. The 2022 License Agreement also provides that we may develop DA-1241 for the treatment of type 2 diabetes mellitus.

In connection with the 2022 License Agreement, we entered into a shared services agreement with Dong-A (the “Shared Services Agreement”), relating to DA-1241 and DA-1726, pursuant to which Dong-A may provide technical support, preclinical development, and clinical trial support services on terms and conditions acceptable to both parties. In addition, the Shared Services Agreement provides that Dong-A will manufacture all of our clinical requirements of DA-1241 and DA-1726 under the terms provided in the Shared Services Agreement.

We incurred R&D expenses of $175 thousand and $326 thousand for the three months ended March 31, 2024 and 2023, respectively under the Shared Services Agreement, which are included in operating expenses in the accompanying condensed consolidated statements of operations. As of March 31, 2024, we have an aggregate payable to Dong-A of $969 thousand under the Shared Services Agreement, of which $794 thousand is included in accounts payable and $175 thousand is included in accrued liabilities in the accompanying condensed consolidated balance sheets. As of December 31, 2023 we have a payable to Dong-A of $789 thousand under the Shared Services Agreement. which is included in accrued liabilities in the accompanying condensed consolidated balance sheets.

For additional information on the 2022 License Agreement, the Shared Service Agreement and other agreements with Dong-A, refer to “Note 5. Related party” in the audited consolidated financial statements and notes thereto for the year ended December 31, 2023, which is included in our 2023 Form 10-K.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net loss	$ (6,714)	$ (2,604)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	105	(74)
Non-cash lease expense	1
Depreciation	4	1
Change in fair value of warrant liabilities	70	84
Change in operating assets and liabilities:
Prepaid expenses and other assets	(699)	(502)
Accounts payable	1,258	411
Accrued and other liabilities	(467)	137
Net cash used in operating activities	(6,442)	(2,547)
Investing activities
Purchases of property and equipment	(5)	(4)
Net cash used in investing activities	(5)	(4)
Net decrease in cash	(6,447)	(2,551)
Cash at beginning of period	22,435	33,364
Cash at end of period	$ 15,988	30,813
Supplemental non-cash investing and financing transactions:
Reclassification of warrant liabilities upon exercise of warrants		$ 1,436

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Measurements

Schedule of fair value of financial instruments measured on recurring basis

The following table sets forth our financial assets and liabilities, subject to fair value measurements on a recurring basis, by level within the fair value hierarchy (in thousands):


	As of March 31, 2024								As of December 31, 2023
Description	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Liabilities:
Warrant liabilities	$	728	$	—	$	728	$	—	$	658	$	—	$	658	$	—
Total liabilities at fair value	$	728	$	—	$	728	$	—	$	658	$	—	$	658	$	—

Business, basis of presentation, new accounting standards and summary of significant accounting policies (Details) $ in Thousands	1 Months Ended		3 Months Ended
	Dec. 31, 2023 USD ($) shares	Jun. 30, 2023	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023 USD ($)
Sale of Stock
Reverse stock split, ratio	0.13	0.13
Common stock, shares authorized \| shares	100,000,000		100,000,000
Cash	$ 22,435		$ 15,988
Accumulated deficit	$ 108,265		114,979
Net losses			6,714	$ 2,604
Net cash used in operating activities			$ 6,442	$ 2,547
Minimum
Sale of Stock
Reverse stock split, ratio		0.20
Maximum
Sale of Stock
Reverse stock split, ratio		0.13

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Stock-based Compensation - Stock Options (Details) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Stock Options, Additional Disclosures
Outstanding, Number, Beginning Balance (in shares)	4,700
Outstanding, Number, Ending Balance (in shares)	4,700		4,700
Options Exercisable, Number, Beginning	4,577
Options Exercisable, Number, Ending	4,607		4,577
Outstanding, Weighted Average Exercise Price, Beginning Balance (in dollars per share)	$ 398.30
Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share)	398.30		$ 398.30
Options Exercisable, Exercise price, beginning (in dollars per share)	391.04
Options Exercisable, Exercise price, ending (in dollars per share)	$ 392.96		$ 391.04
Options, Outstanding, Remaining Contractual Term	8 years 3 months 18 days		8 years 7 months 6 days
Options Exercisable, Remaining Contractual Term	8 years 3 months 18 days		8 years 7 months 6 days
Weighted average fair value per share of options granted		$ 3.63

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Income Taxes
Provision for income taxes	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at beginning of period at Dec. 31, 2022	$ 3	$ 117,542	$ (95,795)	$ 21,750
Balance at beginning of period (shares) at Dec. 31, 2022	3,179
Increase (Decrease) in Stockholders' Equity
Issuance of stock from exercise of warrants		1,436		1,436
Issuance of stock from exercise of warrants (in shares)	218
Stock-based compensation		(74)		(74)
Net loss			(2,604)	(2,604)
Balance at end of period at Mar. 31, 2023	$ 3	118,904	(98,399)	20,508
Balance at end of period (shares) at Mar. 31, 2023	3,397
Balance at beginning of period at Dec. 31, 2023	$ 5	124,945	(108,265)	16,685
Balance at beginning of period (shares) at Dec. 31, 2023	4,906
Increase (Decrease) in Stockholders' Equity
Stock-based compensation		105		105
Net loss			(6,714)	(6,714)
Balance at end of period at Mar. 31, 2024	$ 5	$ 125,050	$ (114,979)	$ 10,076
Balance at end of period (shares) at Mar. 31, 2024	4,906

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Related parties (Details) - USD ($) $ in Thousands	3 Months Ended
Related parties (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transactions
Research and development	$ (4,904)	$ (637)
Payables related to the agreement	2,079		$ 821
Accruals related to the agreement	3,948		4,414
Shared Services Agreement
Related Party Transactions
Research and development	(175)	$ (326)
Total liabilities related to the agreement	969
Payables related to the agreement	794
Accruals related to the agreement	$ 175		$ 789

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2024

Fair Value Measurements

Fair Value of Financial Instruments

11. Fair value of financial instruments

Fair value is a market-based measurement, not an entity specific measurement and is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value measurements are defined on a three-level hierarchy:

Level 1:

Unadjusted quoted prices for identical assets or liabilities in active markets;

Level 2:

Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, whether directly or indirectly, for substantially the full term of the asset or liability;

Level 3: Unobservable inputs that reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date.

The following table sets forth our financial assets and liabilities, subject to fair value measurements on a recurring basis, by level within the fair value hierarchy (in thousands):


	As of March 31, 2024								As of December 31, 2023
Description	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Liabilities:
Warrant liabilities	$	728	$	—	$	728	$	—	$	658	$	—	$	658	$	—
Total liabilities at fair value	$	728	$	—	$	728	$	—	$	658	$	—	$	658	$	—

The Series A and Series B warrants, issued in November 2022, are considered to be derivative instruments; accordingly, we recorded their estimated fair value as warrant liabilities. We estimated the fair value of these warrants using the trading market price of our common stock due to the cashless exercise provision of these warrants, which results in an effective per warrant exercise price of zero rather than $3.00 as stated in the warrants.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Accrued Liabilities

3 Months Ended

Mar. 31, 2024

Accrued liabilities

Accrued liabilities

4. Accrued liabilities

Accrued liabilities consist of the following (in thousands):


	As of
	March 31, 2024		December 31, 2023
External R&D costs (including related party payable of $175 and $789 as of March 31, 2024 and December 31, 2023, respectively)	$	3,336	$	3,822
Employee related costs		210		118
Professional service fees		337		308
Other		65		166
Total	$	3,948	$	4,414

Loss per share of common stock (Tables)

3 Months Ended

Mar. 31, 2024

Loss per share of common stock

Schedule of computation of basic and diluted loss per share

The following table sets forth the computation of basic and diluted loss per share of common stock (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2024		2023
Numerator:
Net loss	$	(6,714)	$	(2,604)
Denominator:
Weighted average shares of common stock, basic		5,089,408		5,059,003
Effect of dilutive securities		—		—
Weighted average shares of common stock, diluted		5,089,408		5,059,003
Loss per share of common stock, basic and diluted	$	(1.32)	$	(0.51)

Schedule of outstanding securities which were not included in the calculation of diluted earnings per share of common stock


	As of March 31,
	2024	2023
Stock options	4,700	6,140
RSUs	189,486	—
Warrants (excluding the November 2022 warrants)	25,976	28,529

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 06, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-37809
Entity Registrant Name	NeuroBo Pharmaceuticals, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2389984
Entity Address, Address Line One	545 Concord Avenue, Suite 210
Entity Address, City or Town	Cambridge,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02138
City Area Code	857
Local Phone Number	702-9600
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	NRBO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		4,906,002
Entity Central Index Key	0001638287
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Stock-based Compensation - Expense, unrecognized cost, awards o/s (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Number of Options
Stock-based compensation	$ 104	$ (74)
Stock options outstanding (in shares)	4,700		4,700
Shares available for future issuance	416,227
2021 Inducement Plan
Number of Options
Shares available for future issuance	4,166
2022 Plan
Number of Options
Shares available for future issuance	412,061
Stock Plan 2022,2021 And 2019 Plans
Number of Options
Unrecognized share-based compensation cost	$ 786
Unrecognized share-based compensation - Weighted average period	1 year 3 months 18 days
Stock options \| 2019 Plan
Number of Options
Stock options outstanding (in shares)	2,569
Stock options \| 2022 Plan
Number of Options
Stock options outstanding (in shares)	3,125
Restricted Stock Units (RSUs) [Member] \| 2022 Plan
Number of Options
RSUs outstanding	194,954
General and administrative
Number of Options
Stock-based compensation	$ 71	(85)
Research And Development Expense.
Number of Options
Stock-based compensation	$ 33	$ 11

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash	$ 15,988	$ 22,435
Prepaid expenses and other current assets	776	77
Total current assets	16,764	22,512
Property and equipment, net	47	46
Right-of-use asset	186	202
Other assets	21	21
Total assets	17,018	22,781
Current liabilities:
Accounts payable (including related party payable of $794 and $0 as of March 31, 2024 and December 31, 2023, respectively)	2,079	821
Accrued liabilities (including related party payable of $175 and $789 as of March 31, 2024 and December 31, 2023, respectively)	3,948	4,414
Warrant liabilities	728	658
Lease liability, short-term	70	67
Total current liabilities	6,825	5,960
Lease liability, long-term	117	136
Total liabilities	6,942	6,096
Commitments and contingencies (Note 4)
Stockholders' equity
Preferred stock, $0.001 par value per share; 10,000 shares authorized as of March 31, 2024 and December 31, 2023; no shares issued or outstanding as of March 31, 2024 and December 31, 2023
Common stock, $0.001 par value per share, 100,000 shares authorized as of March 31, 2024 and December 31, 2023; 4,906 shares issued and outstanding as of March 31, 2024 and December 31, 2023	5	5
Additional paid-in capital	125,050	124,945
Accumulated deficit	(114,979)	(108,265)
Total stockholders' equity	10,076	16,685
Total liabilities and stockholders' equity	$ 17,018	$ 22,781