Bio-Path (BPTH) 10-Q 14 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2024	Aug. 08, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-36333
Entity Registrant Name	BIO-PATH HOLDINGS INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-0652870
Entity Address, Address Line One	4710 Bellaire Boulevard, Suite 210
Entity Address, City or Town	Bellaire
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77401
City Area Code	832
Local Phone Number	742-1357
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	BPTH
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		2,552,190
Entity Central Index Key	0001133818
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash	$ 4,006	$ 1,052
Prepaid drug product	274	632
Other current assets	739	1,358
Total current assets	5,019	3,042
Fixed assets
Furniture, fixtures & equipment	1,120	1,120
Less accumulated depreciation	(1,072)	(1,044)
Fixed assets, net	48	76
Right of use operating assets	51	102
Total Assets	5,118	3,220
Current liabilities
Accounts payable	766	457
Accrued expenses	2,189	1,346
Current portion of lease liabilities	55	103
Total current liabilities	3,010	1,906
Warrant liability	817	863
Noncurrent lease liabilities		10
Total Liabilities	3,827	2,779
Shareholders' equity
Preferred stock, $.001 par value; 10,000 shares authorized; no shares issued and outstanding
Common stock, $.001 par value; 200,000 shares authorized; 2,283 and 618 shares issued and outstanding, respectively	2	1
Additional paid in capital	113,922	108,047
Accumulated deficit	(112,633)	(107,607)
Total shareholders' equity	1,291	441
Total Liabilities & Shareholders' Equity	$ 5,118	$ 3,220

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred Stock, par value	$ 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	$ 0.001	$ 0.001
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares issued	2,283,190	618,000
Common Stock, shares outstanding	2,283,190	618,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating expenses
Research and development	$ 1,873	$ 3,051	$ 4,161	$ 7,040
General and administrative	1,165	1,191	2,572	2,494
Total operating expenses	3,038	4,242	6,733	9,534
Net operating loss	(3,038)	(4,242)	(6,733)	(9,534)
Other income
Change in fair value of warrant liability	1,163		1,701
Interest income	6	8	6	27
Total other income	1,169	8	1,707	27
Net loss	$ (1,869)	$ (4,234)	$ (5,026)	$ (9,507)
Net Loss Per Share, Basic
Net loss per share, basic	$ (1.16)	$ (10.64)	$ (4.45)	$ (23.89)
Weighted average number of common shares outstanding, basic	1,612	398	1,130	398
Net Loss Per Share, Diluted
Net loss per share, diluted	$ (1.16)	$ (10.64)	$ (4.45)	$ (23.89)
Weighted average number of common shares outstanding, diluted	1,612	398	1,130	398

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Cash flow from operating activities
Net loss	$ (5,026)		$ (9,507)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation	311		376
Amortization of right of use assets	51		47
Depreciation	28		44
Change in fair value of warrant liability	(1,701)
(Increase) decrease in operating assets
Prepaid drug product	358		2,518
Other current assets	619		(102)
Increase (decrease) in operating liabilities
Accounts payable and accrued expenses	1,152		(263)
Lease liabilities	(58)		(53)
Net cash used in operating activities	(4,266)		(6,940)
Cash flow from financing activities
Net proceeds from sale of common stock	7,220
Net cash provided by financing activities	7,220
Net decrease in cash	2,954		(6,940)
Cash, beginning of period		$ 1,052	10,384
Cash, end of period	$ 4,006	$ 4,006	$ 3,444

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Stockholders' equity, beginning balance at Dec. 31, 2022	$ 1	$ 105,702	$ (91,529)	$ 14,174
Stockholders' equity, beginning balance (shares) at Dec. 31, 2022	398
Stock-based compensation		376		376
Net Income (Loss)			(9,507)	(9,507)
Stockholders' equity, ending balance at Jun. 30, 2023	$ 1	106,078	(101,036)	5,043
Stockholders' equity, ending balance (shares) at Jun. 30, 2023	398
Stockholders' equity, beginning balance at Mar. 31, 2023	$ 1	105,908	(96,802)	9,107
Stockholders' equity, beginning balance (shares) at Mar. 31, 2023	398
Stock-based compensation		170		170
Net Income (Loss)			(4,234)	(4,234)
Stockholders' equity, ending balance at Jun. 30, 2023	$ 1	106,078	(101,036)	5,043
Stockholders' equity, ending balance (shares) at Jun. 30, 2023	398
Stockholders' equity, beginning balance at Dec. 31, 2023	$ 1	108,047	(107,607)	441
Stockholders' equity, beginning balance (shares) at Dec. 31, 2023	618
Issuance of common stock and warrants, net of fees and warrant liability	$ 1	5,564		5,565
Issuance of common stock and warrants, net of fees and warrants liability (shares)	1,665
Stock-based compensation		311		311
Net Income (Loss)			(5,026)	(5,026)
Stockholders' equity, ending balance at Jun. 30, 2024	$ 2	113,922	(112,633)	1,291
Stockholders' equity, ending balance (shares) at Jun. 30, 2024	2,283
Stockholders' equity, beginning balance at Mar. 31, 2024	$ 1	108,138	(110,764)	(2,625)
Stockholders' equity, beginning balance (shares) at Mar. 31, 2024	754
Issuance of common stock and warrants, net of fees and warrant liability	$ 1	5,643		5,644
Issuance of common stock and warrants, net of fees and warrants liability (shares)	1,529
Stock-based compensation		141		141
Net Income (Loss)			(1,869)	(1,869)
Stockholders' equity, ending balance at Jun. 30, 2024	$ 2	$ 113,922	$ (112,633)	$ 1,291
Stockholders' equity, ending balance (shares) at Jun. 30, 2024	2,283

Organization and Business

Organization and Business	3 Months Ended
	Jun. 30, 2024
Organization and Business:
Organization and Business	1. Organization and Business The Company is a clinical and preclinical stage oncology-focused RNAi nanoparticle drug development company utilizing a novel technology that achieves systemic delivery for target-specific protein inhibition for any gene product that is over-expressed in disease. The Company’s drug delivery and antisense technology, called DNAbilize®, is a platform that uses P-ethoxy, which is a deoxyribonucleic acid (DNA) backbone modification that is intended to protect the DNA from destruction by the body’s enzymes when circulating in vivo, In vivo, The Company was incorporated in May 2000 as a Utah corporation. In February 2008, Bio-Path Subsidiary completed a reverse merger with the Company, which at the time was traded over the counter and had no current operations. The prior name of the Company was changed to Bio-Path Holdings, Inc. and the directors and officers of Bio-Path Subsidiary became the directors and officers of Bio-Path Holdings, Inc. Effective December 31, 2014, the Company changed its state of incorporation from Utah to Delaware through a statutory conversion pursuant to the Utah Revised Business Corporation Act and the Delaware General Corporation Law. The Company’s operations to date have been limited to organizing and staffing the Company, acquiring, developing and securing its technology and undertaking product development for a limited number of product candidates. As the Company has not begun its planned principal operations of commercializing a product candidate, the Company’s activities are subject to significant risks and uncertainties, including the potential requirement to secure additional funding, the outcome of the Company’s clinical trials and failing to operationalize the Company’s current drug candidates before another company develops similar products.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2024
Summary of Significant Accounting Policies:
Summary of Significant Accounting Policies	2. Significant Accounting Policies Net Loss Per Share – did not include 878,408 shares and 1,200,531 shares issuable pursuant to the exercise of outstanding common stock options and warrants, respectively, as of June 30, 2023 as the effect would be antidilutive. Liquidity - Warrants - Fair Value -

Prepaid Drug Product

Prepaid Drug Product	3 Months Ended
	Jun. 30, 2024
Prepaid Drug Product:
Prepaid Drug Product	3. Prepaid Drug Product Advance payments, including nonrefundable amounts, for goods or services that will be used or rendered for future clinical development activities are deferred and capitalized. Such amounts will be recognized as an expense as the related goods are delivered or the related services are performed. The Company recognized certain expenses and incurred installment costs for its contract drug manufacturing and raw material suppliers with prepayments totaling $0.6 million as of December 31, 2023 pursuant to drug supply contracts for the manufacture and delivery of prexigebersen for testing in a Phase 2 clinical trial. The Company recognized certain expenses during the first six months of 2024, with advanced payments remaining to be expensed totaling $0.3 million as of June 30, 2024.

Other Current Assets

Other Current Assets	3 Months Ended
	Jun. 30, 2024
Other Current Assets:
Other Current Assets	4. Other Current Assets As of June 30, 2024, other current assets included prepaid expenses of $0.7 million, comprised primarily of prepayments of $0.7 million made for the Company’s clinical trial for BP1001-A in solid tumors. As of December 31, 2023, other current assets included prepaid expenses of $1.4 million, comprised primarily of prepayments of $0.9 million made for the Company’s clinical trials for BP1002 in AML and lymphoma and BP1001-A in solid tumors as well as prepaid insurance of $0.3 million, prepaid Delaware franchise tax of $0.1 million and other prepaid expenses of $0.1 million.

Accounts Payable

Accounts Payable	3 Months Ended
	Jun. 30, 2024
Accounts Payable:
Accounts Payable	5. Accounts Payable As of June 30, 2024, current liabilities included accounts payable of $0.8 million, comprised primarily of expenses related to clinical trial expenses of $0.6 million, legal and patent fees of $0.1 million and other accounts payables of $0.1 million. As of December 31, 2023, current liabilities included accounts payable of $0.5 million, comprised primarily of expenses related to clinical trial expenses of $0.3 million, legal and patent fees of $0.1 million and other accounts payables of $0.1 million.

Accrued Expense

Accrued Expense	3 Months Ended
	Jun. 30, 2024
Accrued Expense:
Accrued Expense	6. Accrued Expense As of June 30, 2024, current liabilities included accrued expenses of $2.2 million, comprised primarily of accrued clinical trial expenses of $1.5 million, employee vacation and bonus expenses of $0.3 million, expenses related to the Company’s recent financing activity of $0.2 million, legal and patent fees of $0.1 million and other accrued expenses of $0.1 million. As of December 31, 2023, current liabilities included accrued expenses of $1.3 million, comprised primarily of expenses related to the Company’s clinical trial for prexigebersen in AML of $0.8 million, accrued employee vacation and bonus expenses of $0.2 million, professional and consulting fees of $0.1 million, legal and patent fees of $0.1 million and other accrued expenses of $0.1 million.

Warrant Liability

Warrant Liability	3 Months Ended
	Jun. 30, 2024
Warrant Liability:
Warrant Liability	7. Warrant Liability In connection with the 2023 Public Offering, the 2024 March Registered Direct Offering and the 2024 April Registered Direct Offering (each as defined below), the Company issued the 2023 Warrants, the March 2024 Private Placement warrants and the April 2024 Private Placement warrants (each as defined below, collectively, the “Warrants”). The Warrants contain a provision applicable in the event of a fundamental transaction whereby the volatility used to calculate the warrant exercise terms is fixed and meets the definition of a derivative. ​ Due to this provision and in accordance with ASC 815 Derivatives and Hedging, the Warrants were classified as a liability and recorded at fair value using the Black-Scholes valuation model. The estimated fair value of the warrant liability for the 2023 Warrants as of December 31, 2023, was $0.9 million. The estimated fair value of the warrant liability for the March 2024 Private Placement warrants on the closing date of the March 2024 Registered Direct Offering, March 27, 2024, was $0.3 million. The estimated fair value of the warrant liability for the April 2024 Private Placement warrants on the closing date of the April 2024 Registered Direct Offering, April 19, 2024, was $1.4 million. As of June 30, 2024, the fair value of the total warrant liability was $0.8 million. The net change in fair value for the three and six months ended, June 30, 2024 was $1.2 million and $1.7 million, respectively, and are shown as other income on the Company’s Condensed Consolidated Statements of Operations. The Company will continue to measure the fair value of the Warrants each quarter until they are exercised or expire, and any change will be adjusted accordingly on the Company’s financial statements.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jun. 30, 2024
Fair Value Measurements:
Fair Value Measurements	8. Fair Value Measurements In accordance with ASC 820, the Company uses various inputs to measure the Warrants on a recurring basis to determine the fair value of the liability. ASC 820 also establishes a hierarchy categorizing inputs into three levels used to measure and disclose fair value. The hierarchy gives the highest priority to quoted prices available in active markets and the lowest priority to unobservable inputs. An explanation of each level in the hierarchy is described below: Level 1 – Unadjusted quoted prices in active markets for identical instruments that are accessible by the Company on the measurement date Level 2 – Quoted prices in markets that are not active or inputs which are either directly or indirectly observable Level 3 – Unobservable inputs for the instrument requiring the development of assumptions by the Company The following table summarizes the Company’s Warrants measured at fair value within the hierarchy on a recurring basis as of June 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at ​ June 30, 2024 ​ (in thousands) ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 ​ ​ Total Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrant liability $ — ​ $ — ​ $ 817 ​ $ 817 ​ ​ The following table summarizes the Company’s 2023 Warrants measured at fair value within the hierarchy on a recurring basis as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at ​ December 31, 2023 ​ (in thousands) ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 ​ ​ Total Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrant liability $ — ​ $ — ​ $ 863 ​ $ 863 ​ ​ The following table summarizes changes to the fair value of the Level 3 Warrants for the six months ended June 30, 2024: ​ ​ ​ ​ ​ ​ Fair Value of ​ Warrant ​ Liability ​ (in thousands) Balance at December 31, 2023 $ 863 ​ Issuance ​ 1,655 ​ Change in fair value ​ (1,701) ​ Balance at June 30, 2024 $ 817 ​ ​ ​ ​ The Company utilized the Black-Scholes valuation model for estimating the fair value of the Warrants using the following assumptions as of June 30, 2024: ​ ​ ​ ​ ​ ​ As of ​ June 30, ​ 2024 Risk-free interest rate ​ 4.35 % Expected volatility ​ 108 % Expected term in years ​ 4.6 Dividend yield ​ — % ​

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Jun. 30, 2024
Stockholders' Equity:
Stockholders' Equity	9 Issuances of Common Stock On March 25, 2024, the Company entered into a securities purchase agreement with a certain institutional and accredited investor pursuant to which the Company agreed to sell, in a registered direct offering, an aggregate of 75,000 shares of its common stock for gross proceeds of approximately $0.3 million under the base prospectus contained in the 2022 Shelf Registration Statement and a related prospectus supplement filed with the SEC on March 27, 2024 (the “March 2024 Registered Direct Offering”). In a concurrent private placement, the Company also agreed pursuant to the securities purchase agreement to issue to such investor warrants to purchase up to 75,000 shares of its common stock at an exercise price of $3.865 per share (the “March 2024 Private Placement”). The March 2024 Registered Direct Offering and the March 2024 Private Placement closed on March 27, 2024. The net proceeds from the offerings, after deducting the placement agent’s fees and expenses and the Company’s offering expenses, and excluding the proceeds, if any, from the exercise of the warrants issued in the offerings, were approximately $0.2 million. On April 4, 2024, the Company entered into the At The Market Offering Agreement with Wainwright, as sales agent, pursuant to which the Company may offer and sell, from time to time, through Wainwright, shares of its common stock. Under the At The Market Offering Agreement, Wainwright may sell shares by any method deemed to be an “at the market” offering as defined in Rule 415 under the Securities Act, as amended, or any other method permitted by law, including in privately negotiated transactions. The Company or Wainwright may suspend or terminate the offering of shares upon notice to the other party and subject to other conditions. The Company will pay Wainwright a commission of 3.0% of the aggregate gross proceeds from each sale of shares under the At The Market Offering Agreement and have agreed to provide Wainwright with customary indemnification and contribution rights. The Company has also agreed to reimburse Wainwright for certain specified expenses. The Company is subject to certain restrictions on its ability to offer and sell shares of its common stock under the At The Market Offering Agreement. On April 4, 2024, in connection with the execution of the At The Market Offering Agreement, the Company filed with the SEC a prospectus supplement (the “Initial ATM Prospectus Supplement”) to the base prospectus contained in the 2022 Shelf Registration Statement, which Initial ATM Prospectus Supplement related to the offering of up to $2.0 million of shares of the Company’s common stock under the ​ On April 18, 2024, the Company entered into a securities purchase agreement with certain institutional and accredited investors pursuant to which the Company agreed to sell, in a registered direct offering, an aggregate of 375,000 shares of its common stock for gross proceeds of approximately $1.2 million under the base prospectus contained in the 2022 Shelf Registration Statement and a related prospectus supplement filed with the SEC on April 19, 2024 (the “April 2024 Registered Direct Offering”). In a concurrent private placement, the Company also agreed pursuant to the securities purchase agreement to issue to such investors warrants to purchase up to 375,000 shares of its common stock at an exercise price of $3.10 per share (the “April 2024 Private Placement”). The April 2024 Registered Direct Offering and the April 2024 Private Placement closed on April 19, 2024. The net proceeds from the offerings, after deducting the placement agent’s fees and expenses and the Company’s offering expenses, and excluding the proceeds, if any, from the exercise of the warrants issued in the offerings, were approximately $0.9 million. On April 19, 2024, the Company determined to increase the number of shares available for sale under the At The Market Offering Agreement, up to an additional aggregate offering price of approximately $1.1 million, which shares are being offered and sold pursuant to the 2022 Shelf Registration Statement and a prospectus supplement and accompanying prospectus filed with the SEC on April 19, 2024 (the “Subsequent ATM Prospectus Supplement”). As of June 30, 2024, the Company has offered and sold 334,929 shares of common stock under the Subsequent ATM Prospectus Supplement for gross proceeds of approximately $1.1 million. The net proceeds from such offering, after deducting commissions and the Company’s offering expenses, were approximately $1.0 million. ​ On June 3, 2024, the Company entered into a securities purchase agreement with a certain institutional and accredited investor pursuant to which the Company agreed to sell, in a private placement, an aggregate of (i) 180,000 shares of its common stock, (ii) pre-funded warrants to purchase up to 1,629,955 shares of its common stock at an exercise price of $0.001 per share, (iii) series A warrants to purchase up to 1,809,955 shares of its common stock at an exercise price of $2.00 per share and (iv) series B warrants to purchase up to 1,809,955 shares of its common stock at an exercise price of $2.00 per share for gross proceeds of approximately $4.0 million (the “June 2024 PIPE”). The June 2024 PIPE closed on June 5, 2024. The net proceeds from the offering, after deducting the placement agent’s fees and expenses and the Company’s offering expenses, and excluding the proceeds, if any, from the exercises of the warrants issued in the offering, were approximately Stockholders’ Equity totaled $1.3 million as of June 30, 2024 compared to $0.4 million as of December 31, 2023. There were 2,283,190 shares of common stock issued and outstanding outstanding

Stock-Based Compensation Plan

Stock-Based Compensation Plan	3 Months Ended
	Jun. 30, 2024
Stock-Based Compensation Plan:
Stock-Based Compensation Plan	10. Stock-Based Compensation Plan The 2022 Plan ten years Stock-based compensation expense for the three months ended June 30, 2024 and 2023 was $0.1 million and $0.2 million, respectively. Of these amounts, stock-based compensation expense for personnel involved in the Company’s general and administrative activities for each of the three months ended June 30, 2024 and 2023 was $0.1 million Stock-based compensation expense for the six months ended June 30, 2024 and 2023 was $0.3 million and $0.4 million, respectively. Of these amounts, stock-based compensation expense for personnel involved in the Company’s general and administrative activities for the six months ended June 30, 2024 and 2023 was $0.2 million and $0.3 million, respectively. Stock-based compensation expense for personnel involved in the Company’s research and development activities for each of the six months ended June 30, 2024 and 2023 was $0.1 million The Company utilized the Black-Scholes valuation model for estimating the fair value of the stock options granted. There were no options granted in the six months ended June 30, 2024 and 2023. ​ The following summary represents option activity under the Company’s stock-based compensation plans for the six months ended June 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ Average ​ ​ ​ Exercise ​ Options ​ Price ​ (in thousands) ​ ​ ​ Outstanding at December 31, 2023 43 ​ $ 161.20 Outstanding at June 30, 2024 43 ​ $ 157.54 Vested and expected to vest June 30, 2024 43 ​ $ 158.50 Exercisable at June 30, 2024 31 ​ $ 196.82 ​ ​ As of June 30, 2024, outstanding stock options did not have any aggregate intrinsic value. The aggregate intrinsic value represents the total pretax intrinsic value (the difference between the Company’s closing stock price on June 30, 2024 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on June 30, 2024. This amount changes based on the fair value of the Company’s stock. As of June 30, 2024, unamortized stock-based compensation expense for all outstanding options was $0.6 million, which is expected to be recognized over a weighted average vesting period of 1.5 years.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2024
Commitments and Contingencies:
Commitments and Contingencies	11. Commitments and Contingencies Drug Supplier Project Plan

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,869)	$ (4,234)	$ (5,026)	$ (9,507)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2024
Summary of Significant Accounting Policies:
Warrants	Warrants -
Net Loss Per Share	Net Loss Per Share – did not include 878,408 shares and 1,200,531 shares issuable pursuant to the exercise of outstanding common stock options and warrants, respectively, as of June 30, 2023 as the effect would be antidilutive.
Liquidity	Liquidity -
Fair Value	Fair Value -

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jun. 30, 2024
Fair Value Measurements:
Schedule of warrant liabilities measured fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at ​ June 30, 2024 ​ (in thousands) ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 ​ ​ Total Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrant liability $ — ​ $ — ​ $ 817 ​ $ 817 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at ​ December 31, 2023 ​ (in thousands) ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 ​ ​ Total Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrant liability $ — ​ $ — ​ $ 863 ​ $ 863
Schedule of changes in warrant liabilities measured fair value on a recurring basis	​ ​ ​ ​ ​ ​ Fair Value of ​ Warrant ​ Liability ​ (in thousands) Balance at December 31, 2023 $ 863 ​ Issuance ​ 1,655 ​ Change in fair value ​ (1,701) ​ Balance at June 30, 2024 $ 817 ​
Schedule of inputs used in determining fair value of warrant liabilities	​ ​ ​ ​ ​ ​ As of ​ June 30, ​ 2024 Risk-free interest rate ​ 4.35 % Expected volatility ​ 108 % Expected term in years ​ 4.6 Dividend yield ​ — %

Stock-Based Compensation Plan (

Stock-Based Compensation Plan (Tables)	3 Months Ended
	Jun. 30, 2024
Stock-Based Compensation Plan:
Schedule of option activity under stock-based compensation plans	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ Average ​ ​ ​ Exercise ​ Options ​ Price ​ (in thousands) ​ ​ ​ Outstanding at December 31, 2023 43 ​ $ 161.20 Outstanding at June 30, 2024 43 ​ $ 157.54 Vested and expected to vest June 30, 2024 43 ​ $ 158.50 Exercisable at June 30, 2024 31 ​ $ 196.82

Significant Accounting Policies

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Cash and cash equivalents	$ 4,006		$ 1,052
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from EPS	43,393	878,408
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from EPS	5,848,679	1,200,531

Prepaid Drug Product (Details)

Prepaid Drug Product (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Prepaid drug product	$ 274	$ 632
Prexigebersen
Prepayments for drug product		$ 600
Prepaid drug product	$ 300

Other Current Assets (Details)

Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other current assets	$ 739	$ 1,358
Other Current Assets
Prepayments for clinical trials	$ 700	900
Prepayments for insurance policies		300
Prepayments for Delaware's franchise tax		100
Prepayments for other expenses		$ 100

Accounts Payable (Details)

Accounts Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts payable	$ 766	$ 457
Current Liabilities
Clinical trial expenses payable	600	300
Legal and patent fees payable	100	100
Other accounts payable	$ 100	$ 100

Accrued Expense (Details)

Accrued Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued expenses	$ 2,189	$ 1,346
Current Liabilities
Accrued clinical trial expenses	1,500	800
Accrued financing activity	200
Accrued employee vacation and bonus expenses	300	200
Accrued legal and patent fees	100	100
Accrued professional and consulting fees		100
Accrued other expenses	$ 100	$ 100

Warrant Liability (Details)

Warrant Liability (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Apr. 19, 2024	Mar. 27, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Warrant liability at fair value	$ 817	$ 817			$ 863
Fair Value Adjustment of Warrants	(1,701)
Warrants
Derivatives, Fair Value [Line Items]
Warrant liability at fair value	800	800
Warrants | Other Income
Derivatives, Fair Value [Line Items]
Fair Value Adjustment of Warrants	$ 1,200	$ 1,700
2023 Public Offering | Warrants
Derivatives, Fair Value [Line Items]
Warrant liability at fair value					$ 900
2024 March Registered Direct Offering | Warrants
Derivatives, Fair Value [Line Items]
Warrant liability at fair value				$ 300
April 2024 Registered Direct Offering | Warrants
Derivatives, Fair Value [Line Items]
Warrant liability at fair value			$ 1,400

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Warrant Liability (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability	$ 817	$ 863
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability	$ 817	$ 863

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value of Warrant Liability (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Fair Value of Warrant Liability
Balance, beginning		$ 863
Change in fair value	$ 1,701
Balance, ending	817	817
Level 3
Fair Value of Warrant Liability
Balance, beginning		863
Issuance	1,655
Change in fair value	(1,701)
Balance, ending	$ 817	$ 817

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value Assumptions and Methodology for Assets and Liabilities (Details) - Warrants	3 Months Ended
	Jun. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk-free interest rate	4.35
Expected volatility	108
Expected term in years	4 years 7 months 6 days

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands										3 Months Ended
	Jun. 05, 2024	Jun. 03, 2024	Apr. 19, 2024	Apr. 18, 2024	Apr. 04, 2024	Mar. 27, 2024	Mar. 25, 2024	Aug. 07, 2023	Aug. 03, 2023	Jun. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Stockholders' Equity total amount										$ 1,291	$ 441
Common Stock, shares issued										2,283,190	618,000
Common Stock, shares outstanding										2,283,190	618,000
Preferred Stock, shares issued										0	0
Preferred Stock, shares outstanding										0	0
Placement Agency Agreement | Roth Capital Partners | 2023 Public Offering
Class of Stock [Line Items]
Gross proceeds from sale of stock									$ 2,100
Net proceeds from sale of stock								$ 1,700
Placement Agency Agreement | Roth Capital Partners | 2023 Public Offering | Warrants
Class of Stock [Line Items]
Shares issued in transaction									3,500,000
Placement Agency Agreement | Roth Capital Partners | 2023 Public Offering | Common Stock
Class of Stock [Line Items]
Shares issued in transaction									3,500,000
Securities Purchase Agreement | Institutional and Accredited Investors | March 2024 Registered Direct and Private Placement Offerings
Class of Stock [Line Items]
Net proceeds from sale of stock						$ 200
Securities Purchase Agreement | Institutional and Accredited Investors | March 2024 Registered Direct Offering
Class of Stock [Line Items]
Gross proceeds from sale of stock							$ 300
Securities Purchase Agreement | Institutional and Accredited Investors | March 2024 Registered Direct Offering | Common Stock
Class of Stock [Line Items]
Shares issued in transaction							75,000
Securities Purchase Agreement | Institutional and Accredited Investors | March 2024 Private Placement Offering | Warrants
Class of Stock [Line Items]
Shares issued in transaction							75,000
Weighted Average Exercise Price							$ 3.865
Securities Purchase Agreement | Institutional and Accredited Investors | April 2024 Registered Direct and Private Placement Offerings | Warrants
Class of Stock [Line Items]
Net proceeds from sale of stock			$ 900
Securities Purchase Agreement | Institutional and Accredited Investors | April 2024 Registered Direct Offering | Common Stock
Class of Stock [Line Items]
Shares issued in transaction				375,000
Gross proceeds from sale of stock				$ 1,200
Securities Purchase Agreement | Institutional and Accredited Investors | April 2024 Private Placement Offering | Warrants
Class of Stock [Line Items]
Shares issued in transaction				375,000
Weighted Average Exercise Price				$ 3.10
Securities Purchase Agreement | Institutional and Accredited Investors | June 2024 PIPE
Class of Stock [Line Items]
Gross proceeds from sale of stock		$ 4,000
Net proceeds from sale of stock	$ 3,300
Securities Purchase Agreement | Institutional and Accredited Investors | June 2024 PIPE | Pre-funded Warrants
Class of Stock [Line Items]
Weighted Average Exercise Price		$ 0.001
Securities Purchase Agreement | Institutional and Accredited Investors | June 2024 PIPE | Series-A Warrants
Class of Stock [Line Items]
Warrants issued in transaction		1,809,955
Weighted Average Exercise Price		$ 2
Securities Purchase Agreement | Institutional and Accredited Investors | June 2024 PIPE | Series-B Warrants
Class of Stock [Line Items]
Warrants issued in transaction		1,809,955
Weighted Average Exercise Price		$ 2
Securities Purchase Agreement | Institutional and Accredited Investors | June 2024 PIPE | Common Stock
Class of Stock [Line Items]
Shares issued in transaction		180,000
Securities Purchase Agreement | Wainwright | June 2024 PIPE | Pre-funded Warrants
Class of Stock [Line Items]
Warrants issued in transaction		1,629,955
At-The-Market Offering | Wainwright | April 2024 Registered Direct Offering | Common Stock
Class of Stock [Line Items]
Shares issued in transaction			436,511							334,929
Potential gross proceeds					$ 2,000
Potential gross proceeds from increase in stock available for sale			$ 1,100
Gross proceeds from sale of stock			2,000							$ 1,100
Net proceeds from sale of stock			$ 1,800							$ 1,000
Commission rate, brokers					3%

Stock-Based Compensation Plan -

Stock-Based Compensation Plan - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized stock-based compensation expense for outstanding options	$ 600,000		$ 600,000
2017 Stock Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share awards available for future grant					0
2022 Stock Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock shares reserved for future issuance					65,000
Expiration period (in years)					10 years
Stock-based compensation expense	100,000	$ 200,000	300,000	$ 400,000
Aggregate intrinsic value of outstanding stock options	$ 0		0
Weighted average vesting period	1 year 6 months
Research and Development Expenses | 2022 Stock Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 40,000	43,000	100,000	100,000
General and Administrative Expenses | 2022 Stock Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 100,000	$ 100,000	$ 200,000	$ 300,000

Stock-Based Compensation Plan_2

Stock-Based Compensation Plan - Option Activity Under Plan (Details) - 2022 Stock Incentive Plan - $ / shares shares in Thousands	Jun. 30, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options Outstanding	43	43
Vested and expected to vest	43
Exercisable	31
Weighted-average Exercise Price, Options Outstanding	$ 157.54	$ 161.20
Weighted - Average Exercise Price, Vested and expected to vest	158.50
Weighted-Average Exercise Price, Exercisable	$ 196.82

Commitments and Contingencies (

Commitments and Contingencies (Details) - Drug Supplier Project Plan $ in Millions	Jun. 30, 2024 USD ($)
Other Commitments [Line Items]
Total commitments	$ 0.2
Commitments for drug manufacturing	0.1
Commitments for drug testing	0.1
Commitments expected to incur over the next twelve months	$ 0.1