InVivo Therapeutics (NVIVQ) 10-Q7 Nov 222022 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Nov. 04, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	One Kendall Square
Entity Address, Address Line Two	Suite B14402
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Document Period End Date	Sep. 30, 2022
Entity Registrant Name	InVivo Therapeutics Holdings Corp.
Title of 12(b) Security	Common Stock
Trading Symbol	NVIV
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		1,914,970
Entity File Number	001-37350
Entity Tax Identification Number	36-4528166
Entity Address, Postal Zip Code	02139
Local Phone Number	863-5500
City Area Code	617
Entity Central Index Key	0001292519
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 10,597	$ 19,031
Prepaid expenses	276	83
Other current assets	686	28
Total current assets	11,559	19,142
Property, equipment and leasehold improvements, net	229	127
Restricted cash - non-current	150	150
Operating lease right-of-use assets	942	1,229
Prepaid clinical trial expenses	475	1,122
Total assets	13,355	21,770
Current liabilities:
Accounts payable	864	605
Operating lease liabilities	387	361
Accrued expenses	1,250	1,646
Total current liabilities	2,501	2,612
Other liabilities	102	94
Operating lease liabilities - non-current	656	949
Total liabilities	3,259	3,655
Commitments and contingencies (Note 5)
Stockholders' equity:
Common stock, $0.00001 par value, authorized 250,000,000 and 2,000,000 at September 30, 2022 and December 31, 2021, respectively. 1,391,160 and 1,370,595 shares issued and outstanding including Zero and 254 shares of unvested restricted stock awards, at September 30, 2022 and December 31, 2021, respectively.	3	3
Additional paid-in capital	256,351	256,241
Accumulated deficit	(246,258)	(238,129)
Total stockholders' equity	10,096	18,115
Total liabilities and stockholders' equity	$ 13,355	$ 21,770

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical)		3 Months Ended
Consolidated Balance Sheets (Parenthetical)	Apr. 26, 2022 $ / shares	Jun. 30, 2022	Sep. 30, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0.00001	$ 0.00001
Preferred stock, authorized			1,000,000	0
Preferred stock, issued			0	0
Preferred stock, outstanding			0	0
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001		$ 0.00001	$ 0.00001
Common stock, authorized			250,000,000	2,000,000
Common stock, issued			1,391,160	1,370,595
Common stock, outstanding			1,391,160	1,370,595
Reverse stock split ratio	0.04	0.04
Restricted Stock [Member]
Common stock, outstanding			0	254

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating expenses:
Research and development	$ 1,168	$ 1,118	$ 3,948	$ 3,058
General and administrative	1,632	1,335	4,247	3,929
Total operating expenses	2,800	2,453	8,195	6,987
Operating loss	(2,800)	(2,453)	(8,195)	(6,987)
Other income:
Interest income	45	1	57	3
Other income		1	9	1
Interest and other income, net	45	2	66	4
Net loss	$ (2,755)	$ (2,451)	$ (8,129)	$ (6,983)
Net loss per share, basic	$ (1.98)	$ (1.79)	$ (5.88)	$ (5.47)
Net loss per share, diluted	$ (1.98)	$ (1.79)	$ (5.88)	$ (5.47)
Weighted average number of common shares outstanding, basic (In Shares)	1,391,481	1,370,851	1,382,118	1,275,682
Weighted average number of common shares outstanding, diluted (In Shares)	1,391,481	1,370,851	1,382,118	1,275,682

Consolidated Statements of Op_2

Consolidated Statements of Operations and Comprehensive Loss (Parenthetical)		3 Months Ended
	Apr. 26, 2022	Jun. 30, 2022
Consolidated Statements of Operations and Comprehensive Loss
Reverse stock split ratio	0.04	0.04

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Beginning Balance at Dec. 31, 2020	$ 3	$ 247,417	$ (228,234)	$ 19,186
Beginning Balance, (in shares) at Dec. 31, 2020	945,276
Share-based compensation expense		52		52
Net loss			(2,223)	(2,223)
Issuance of common stock upon exercise of warrants		8,509		8,509
Issuance of common stock upon exercise of warrants (in shares)	425,317
Ending Balance at Mar. 31, 2021	$ 3	255,978	(230,457)	25,524
Ending Balance, (in shares) at Mar. 31, 2021	1,370,593
Beginning Balance at Dec. 31, 2020	$ 3	247,417	(228,234)	19,186
Beginning Balance, (in shares) at Dec. 31, 2020	945,276
Issuance of common stock upon vesting of restricted stock units (in shares)	2
Net loss				(6,983)
Ending Balance at Sep. 30, 2021	$ 3	256,158	(235,217)	20,944
Ending Balance, (in shares) at Sep. 30, 2021	1,370,595
Beginning Balance at Mar. 31, 2021	$ 3	255,978	(230,457)	25,524
Beginning Balance, (in shares) at Mar. 31, 2021	1,370,593
Share-based compensation expense		95		95
Issuance of common stock upon vesting of restricted stock units (in shares)	2
Net loss			(2,309)	(2,309)
Ending Balance at Jun. 30, 2021	$ 3	256,073	(232,766)	23,310
Ending Balance, (in shares) at Jun. 30, 2021	1,370,595
Share-based compensation expense		85		85
Net loss			(2,451)	(2,451)
Ending Balance at Sep. 30, 2021	$ 3	256,158	(235,217)	20,944
Ending Balance, (in shares) at Sep. 30, 2021	1,370,595
Beginning Balance at Dec. 31, 2021	$ 3	256,241	(238,129)	$ 18,115
Beginning Balance, (in shares) at Dec. 31, 2021	1,370,595			1,370,595
Share-based compensation expense		56		$ 56
Net loss			(2,655)	(2,655)
Ending Balance at Mar. 31, 2022	$ 3	256,297	(240,784)	15,516
Ending Balance, (in shares) at Mar. 31, 2022	1,370,595
Beginning Balance at Dec. 31, 2021	$ 3	256,241	(238,129)	$ 18,115
Beginning Balance, (in shares) at Dec. 31, 2021	1,370,595			1,370,595
Fractional shares issued due to 1 for 25 reverse stock split	20,619
Forfeiture of restricted stock				(54)
Net loss				$ (8,129)
Ending Balance at Sep. 30, 2022	$ 3	256,351	(246,258)	$ 10,096
Ending Balance, (in shares) at Sep. 30, 2022	1,391,160			1,391,160
Beginning Balance at Mar. 31, 2022	$ 3	256,297	(240,784)	$ 15,516
Beginning Balance, (in shares) at Mar. 31, 2022	1,370,595
Share-based compensation expense		17		17
Fractional shares issued due to 1 for 25 reverse stock split (in shares)	20,619
Forfeiture of restricted stock	(54)
Net loss			(2,719)	(2,719)
Ending Balance at Jun. 30, 2022	$ 3	256,314	(243,503)	12,814
Ending Balance, (in shares) at Jun. 30, 2022	1,391,160
Share-based compensation expense		37		37
Net loss			(2,755)	(2,755)
Ending Balance at Sep. 30, 2022	$ 3	$ 256,351	$ (246,258)	$ 10,096
Ending Balance, (in shares) at Sep. 30, 2022	1,391,160			1,391,160

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical)		3 Months Ended
	Apr. 26, 2022	Jun. 30, 2022
Consolidated Statements of Changes in Stockholders' Equity (Deficit)
Reverse stock split ratio	0.04	0.04

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (8,129)	$ (6,983)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	40	35
Amortization of operating lease right-of-use assets	287	239
Share-based compensation expense	110	232
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(851)	(127)
Prepaid clinical trial expenses	647
Accounts payable	259	30
Operating lease liability	(267)	(249)
Accrued expenses and other liabilities	(387)	(20)
Net cash used in operating activities	(8,291)	(6,843)
Cash flows from investing activities:
Purchases of property and equipment	(143)	(18)
Net cash used in investing activities	(143)	(18)
Cash flows from financing activities:
Proceeds from exercise of warrants		8,509
Net cash provided by financing activities		8,509
(Decrease) / Increase in cash and cash equivalents and restricted cash	(8,434)	1,648
Cash, cash equivalents and restricted cash at beginning of period	19,181	19,603
Cash, cash equivalents and restricted cash at end of period	10,747	21,251
Supplemental disclosure of cash flow information and non-cash investing and financing activities:
Property and equipment in accounts payable and accrued expenses	$ 52
Increase in operating right-of-use assets and liabilities related to lease modifications		$ 143

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical)		3 Months Ended
Consolidated Statements of Cash Flows (Parenthetical)	Apr. 26, 2022	Jun. 30, 2022
Consolidated Statements of Cash Flows
Reverse stock split ratio	0.04	0.04

NATURE OF OPERATIONS AND GOING

NATURE OF OPERATIONS AND GOING CONCERN, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 30, 2022
NATURE OF OPERATIONS AND GOING CONCERN, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS
NATURE OF OPERATIONS AND GOING CONCERN, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS	1. NATURE OF OPERATIONS AND GOING CONCERN, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS Business InVivo Therapeutics Holdings Corp., including its subsidiary (the “Company”) is a biomaterials and biotechnology company with a focus on the treatment of spinal cord injuries (“SCIs”). The Company’s proprietary technologies incorporate intellectual property that is licensed under an exclusive, worldwide license from Boston Children’s Hospital (“BCH”) and the Massachusetts Institute of Technology (“MIT”), as well as intellectual property that has been developed internally in collaboration with its advisors and partners. Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, acquiring operating assets, and raising capital. The Company has historically financed its operations primarily through the sale of equity-related securities. The Company has not achieved profitability and may not be able to realize sufficient revenue to achieve or sustain profitability in the future. The Company does not expect to be profitable in the next several years, but rather expects to incur additional operating losses. The Company has limited liquidity and capital resources and must obtain significant additional capital resources in order to sustain its product development efforts, for acquisition of technologies and intellectual property rights, for preclinical and clinical testing of its anticipated products, pursuit of regulatory approvals, acquisition of capital equipment, laboratory and office facilities, establishment of production capabilities, for selling, general and administrative expenses, and other working capital requirements. Going Concern The Company’s consolidated financial statements as of September 30, 2022 were prepared under the assumption that the Company will continue as a going concern. As of September 30, 2022, the Company had unrestricted cash and cash equivalents of $10.6 million and working capital of $9.1 million. On October 9, 2022, the Company closed a registered direct offering (the “October 2022 Registered Direct Offering”) and concurrent private placement (the “October 2022 Private Placement”), of its common shares and warrants to purchase common shares with an institutional investor (collectively, the “October 2022 Financing”). In the October 2022 Financing, the Company received gross proceeds of $9.0 million, before deducting placement agent fees and other offering expenses payable by the Company. Given the Company’s current plans, the Company estimates that its cash resources will be sufficient to fund its operations into the first quarter of 2024. The Company’s ability to continue as a going concern depends on its ability to obtain additional equity or debt financing, attain further operating efficiencies, manage expenditures, and, ultimately, to generate revenue. If the Company is unable to continue as a going concern, it may have to liquidate its assets and may receive less than the value at which those assets are carried on its audited financial statements, and it is likely that investors will lose all or part of their investment . COVID-19 As a result of the COVID-19 pandemic, a significant number of the Company’s clinical sites temporarily suspended enrollment into the INSPIRE 2.0 Study at their institution in 2020. As such, the COVID-19 pandemic did affect enrollment in the Company’s INSPIRE 2.0 Study. On June 2, 2022, the Company announced that it had completed enrollment in the INSPIRE 2.0 Study. The Company did not experience any significant impact from the COVID-19 pandemic on its financial condition, liquidity, other operations, suppliers, industry, and workforce during the three and nine months ended September 30, 2022. The full impact of the COVID-19 pandemic continues to evolve as of the date of filing this Quarterly Report on Form 10-Q. The Company is actively monitoring the impact of the global situation on its financial condition, liquidity, operations, suppliers, industry, and workforce, as there remains significant uncertainty related to the COVID-19 pandemic globally. Given the evolution of the COVID-19 pandemic and the global responses to curb its spread, the Company is not able to estimate the ultimate effects of the COVID-19 pandemic on its future results of operations, financial condition, or liquidity in the future. However, as the COVID-19 pandemic continues, it may have an adverse effect on the Company’s results of future operations, financial position, and liquidity, and even after the COVID-19 pandemic has subsided, the Company may experience adverse impacts to its business as a result of any economic recession or depression that has occurred or may occur in the future. Reverse Stock Split On April 26, 2022, the Company effected a reverse stock split of its common stock, par value $0.00001 per share, at a ratio of 1-for- 25 The 2022 Reverse Stock Split became effective at 5:00 pm New York time on April 26, 2022, with the common stock trading on a post-split basis under the Company's existing trading symbol, “NVIV,” at the market open on April 27, 2022. Fractional shares resulting from the 2022 Reverse Stock Split were rounded up to the nearest whole share, and all shares of common stock (including fractions thereof) issuable upon the 2022 Reverse Stock Split to a given stockholder were aggregated for the purpose of determining whether the 2022 Reverse Stock Split would result in the issuance of a fractional share. Pursuant to Section 78.209 of the Nevada Revised Statutes, the Company’s Board of Directors was able take action to effect the 2022 Reverse Stock Split by filing a Certificate of Change with the Secretary of State of the State of Nevada without the consent of the Company’s stockholders. All of the Company’s historical share and per share information related to issued and outstanding common stock and outstanding options and warrants exercisable for common stock in these consolidated financial statements have been adjusted, on a retroactive basis, to reflect the 2022 Reverse Stock Split. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) consistent with those applied in, and should be read in conjunction with, the Company’s audited consolidated financial statements and related footnotes for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K as filed with the United States Securities and Exchange Commission (“SEC”) on March 7, 2022. The unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position as of September 30, 2022 and its results of operations and cash flows for the interim periods presented, and are not necessarily indicative of results for subsequent interim periods or for the full year. The interim consolidated financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, as allowed by the relevant SEC rules and regulations; however, the Company believes that its disclosures are adequate to ensure that the information presented is not misleading. New Accounting Pronouncements No accounting standards known by the Company to be applicable to it that have been issued by the Financial Accounting Standards Board (“FASB”) or other standard-setting bodies and that do not require adoption until a future date are expected to have a material impact on the Company’s consolidated financial statements upon adoption.

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS	9 Months Ended
CASH AND CASH EQUIVALENTS	Sep. 30, 2022
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS	2. CASH AND CASH EQUIVALENTS The Company considers only those investments that are highly liquid, readily convertible to cash, and that mature within three months from date of purchase to be cash equivalents. From time to time, the Company may have cash balances in financial institutions in excess of insurance limits. The Company has not experienced any losses related to these balances. Management believes it is not exposed to significant credit risk. Cash and cash equivalents consisted of the following: September 30, December 31, (In thousands) 2022 2021 Cash $ 64 $ 5 Money market funds 10,533 19,026 Total cash and cash equivalents $ 10,597 $ 19,031 The following table provides a reconciliation of cash, cash equivalents, and restricted cash within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. September 30, December 31, (In thousands) 2022 2021 Cash and cash equivalents $ 10,597 $ 19,031 Restricted cash included in other non-current assets (Note 3) 150 150 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 10,747 $ 19,181

RESTRICTED CASH

RESTRICTED CASH	9 Months Ended
RESTRICTED CASH	Sep. 30, 2022
RESTRICTED CASH
RESTRICTED CASH	3. RESTRICTED CASH Restricted cash as each of September 30, 2022 and December 31, 2021 was $150 thousand. Restricted cash as of September 30, 2022 and December 31, 2021 included a $50 thousand security deposit related to the Company’s credit card account and a $100 thousand standby letter of credit in favor of a landlord (see Note 5).

FAIR VALUES OF ASSETS AND LIABI

FAIR VALUES OF ASSETS AND LIABILITIES	9 Months Ended
FAIR VALUES OF ASSETS AND LIABILITIES	Sep. 30, 2022
FAIR VALUES OF ASSETS AND LIABILITIES
FAIR VALUES OF ASSETS AND LIABILITIES	4. FAIR VALUES OF ASSETS AND LIABILITIES The Company groups its assets and liabilities generally measured at fair value into three levels based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1 — Valuation is based on quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 — Valuation is based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Assets and liabilities measured at fair value on a recurring basis are summarized below: As of September 30, 2022 (In thousands) Level 1 Level 2 Level 3 Fair Value Cash equivalents $ 10,533 $ — $ — $ 10,533 As of December 31, 2021 (In thousands) Level 1 Level 2 Level 3 Fair Value Cash equivalents $ 19,026 $ — $ — $ 19,026 During the three and nine months ended September 30, 2022 and 2021, there were no transfers between levels. The fair value of the Company’s cash equivalents, consisting of a money market fund, is based on quoted market prices in active markets with no valuation adjustment. The Company believes the carrying amounts of its prepaid expenses and other current assets, restricted cash, accounts payable and accrued expenses approximate their fair value due to the short-term nature of these amounts.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	5. COMMITMENTS AND CONTINGENCIES Operating Leases On May 3, 2018, the Company entered into a sublease for 5,104 square feet of space for its corporate offices and laboratory space in Cambridge Massachusetts (the “Cambridge Sublease”). The Cambridge Sublease commenced on May 3, 2018 and was scheduled to expire on October 31, 2023. In May 2021, the Company entered into an agreement to terminate the Cambridge Sublease (the “Sublease Termination”). In connection with the Sublease Termination, the $60 thousand standby letter of credit was cancelled and returned to the Company. Concurrent with the Sublease Termination, the Company entered into a new lease for the same space with ARE-MA (the “Cambridge Lease”). The Cambridge Lease commenced on June 1, 2021 and was scheduled to expire on December 31, 2023. The Cambridge Lease contains rent escalation clauses. In connection with the Cambridge Lease, a new standby letter of credit was established for $100 thousand. Under the Cambridge Lease, the Company will be required to pay its proportionate share of certain operating costs and property taxes applicable to the leased premises in excess of new base year amounts. These costs are considered to be variable lease payments and are not included in the determination of the lease’s right-of-use asset or lease liability. The Sublease Termination and concurrent execution of the Cambridge Lease was determined to be a lease modification that qualified as a change of accounting on the existing lease and not a separate contract. As such, the right-of-use assets and operating lease liabilities were remeasured using an incremental borrowing rate at the date of modification of 5.74%, which resulted in an increase of $143 thousand in both the right-of-use asset and operating lease liabilities. On November 23, 2021, the Company amended the Cambridge Lease to extend the term through December 31, 2024. No other terms within the Cambridge Lease were amended. The amendment of the Cambridge Lease was determined to be a lease modification that qualified as a change of accounting on the existing lease and not a separate contract. As such, the right-of-use assets and operating lease liabilities were remeasured using an incremental borrowing rate at the date of modification of 5.97%, which resulted in an increase of $486 thousand in both the right-of-use asset and operating lease liabilities. The Company identified and assessed the following significant assumptions in recognizing its right-of-use assets and corresponding lease liabilities: ● As the Cambridge Lease does not provide an implicit rate, the Company estimated the incremental borrowing rate in calculating the present value of the lease payments. ● Since the Company elected to account for each lease component and its associated non-lease components as a single combined component, all contract consideration was allocated to the combined lease component. ● The expected lease terms include noncancelable lease periods. The elements of lease expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, Lease cost (In thousands) 2022 2021 2022 2021 Operating lease cost $ 113 $ 99 $ 339 $ 284 Short-term lease cost 2 — 3 4 Variable lease cost 35 24 133 83 Total lease cost $ 150 $ 123 $ 475 $ 371 Other information (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from short term leases $ 2 $ — $ 3 $ 4 Operating cash flows from operating leases 106 103 300 297 Total cash paid for leases $ 108 $ 103 $ 303 $ 301 Weighted-average remaining lease term - operating leases 2.25 Years 2.25 Years 2.25 Years 2.25 Years Weighted-average discount rate - operating leases 6.0% 5.7% 6.0% 5.7% Maturities of the lease liability due under the Cambridge Lease as of September 30, 2022 are as follows: Leases (In thousands) As of September 30, 2022 2022 (excluding the nine months ended September 30, 2022) $ 108 2023 440 2024 568 Total lease payments 1,116 Less: imputed interest (73) Present value of lease liabilities $ 1,043 Right-of-use lease assets and lease liabilities are reported in the Company’s consolidated balance sheets as follows: Leases (In thousands) Classification September 30, 2022 December 31, 2021 Assets Lease asset, net Operating $ 942 $ 1,229 Total lease assets $ 942 $ 1,229 Liabilities Current Operating $ 387 $ 361 Non-current Operating 656 949 Total lease liabilities $ 1,043 $ 1,310 Clinical Trial Commitments The Company has engaged and executed contracts with clinical research organizations (“CROs”) to assist with the administration of its ongoing INSPIRE 1.0 and INSPIRE 2.0 clinical trials. As of September 30, 2022, approximately $4.3 million remains to be paid on these contracts.

FIXED ASSETS

FIXED ASSETS	9 Months Ended
FIXED ASSETS	Sep. 30, 2022
FIXED ASSETS
FIXED ASSETS	6. FIXED ASSETS Property, equipment, and leasehold improvements, net consisted of the following: September 30, December 31, (In thousands) 2022 2021 Computer software $ 7 $ 5 Computer hardware 65 52 Leasehold improvements 66 66 Research and lab equipment 707 580 Property and equipment 845 703 Less accumulated depreciation (616) (576) Property and equipment, net $ 229 $ 127 Depreciation expense for the three and nine months ended September 30, 2022 was $14 thousand and $40 thousand, respectively. Depreciation expense for the three and nine months ended September 30, 2021 was $9 thousand and $26 thousand, respectively. Maintenance and repairs are charged to expense as incurred and any additions or improvements are capitalized.

ACCRUED EXPENSES

ACCRUED EXPENSES	9 Months Ended
ACCRUED EXPENSES	Sep. 30, 2022
ACCRUED EXPENSES.
ACCRUED EXPENSES	7. ACCRUED EXPENSES Accrued expenses consisted of the following: September 30, December 31, (In thousands) 2022 2021 Compensation $ 608 $ 1,287 Clinical 357 218 Legal 56 — Other accrued expenses 229 141 Total accrued expenses $ 1,250 $ 1,646

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	9 Months Ended
EMPLOYEE BENEFIT PLAN	Sep. 30, 2022
EMPLOYEE BENEFIT PLAN
EMPLOYEE BENEFIT PLAN	8. EMPLOYEE BENEFIT PLAN In November 2006, the Company adopted a 401(k) plan (the “401k Plan”) covering all employees. Employees must be 21 years of age in order to participate in the 401k Plan. Under the 401k Plan, the Company has the option to make matching contributions. During the three and nine months ended September 30, 2022, the Company contributed $20 thousand and $62 thousand, respectively, in cash as a matching contribution to employee 401(k) accounts which is included in the accrued expenses balances on the balance sheet. During the three and nine months ended September 30, 2021, the Company contributed $18 thousand and $59 thousand, respectively, in cash as a matching contribution to employee 401(k) accounts which is included in the accrued expenses balances on the balance sheet.

STOCKHOLDERS EQUITY

STOCKHOLDERS EQUITY	9 Months Ended
STOCKHOLDERS EQUITY	Sep. 30, 2022
STOCKHOLDERS EQUITY
STOCKHOLDERS EQUITY	9. STOCKHOLDERS EQUITY Preferred Stock As of September 30, 2022, the Company has 1,000,000 authorized shares of undesignated preferred stock, $0.00001 par value per share, the rights, preferences and privileges of which may be designated from time to time by our board of directors. No shares of preferred stock have been issued or are outstanding Common Stock The Company has authorized 250,000,000 and 2,000,000 shares of common stock, $0.00001 par value per share, as of September 30, 2022 and December 31, 2021, respectively, of which 1,391,160 and 1,370,595, shares were issued outstanding During the nine months ended September 30, 2022, as part of the adjustment to reflect the 2022 Reverse Stock Split, the Company issued an aggregate of 20,619 shares of common stock to account for the fractional roundup of shareholders. During the nine months ended September 30, 2022, 54 restricted stock awards that were considered issued and outstanding as of December 31, 2021 were forfeited. During the three and nine months ended September 30, 2022, there was no exercise activity related to any of the warrants that were issued in 2018, 2019 and 2020. During the nine months ended September 30, 2021, the Company issued an aggregate of 424,829 and 488 shares of common stock upon the exercise of certain of the October 2020 Series A Warrants and October 2020 Placement Agent Warrants, respectively, for aggregate proceeds of $8.5 million. During the three and nine months ended September 30, 2021, there was no exercise activity related to any of the warrants that were issued in 2018 and 2019. During the nine months ended September 30, 2021, the Company issued an aggregate of 2 shares of common stock upon vesting of restricted stock units.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
SHARE-BASED COMPENSATION	Sep. 30, 2022
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION	10. STOCK-BASED COMPENSATION On October 26, 2010, the Company’s Board of Directors adopted, and the Company’s shareholders subsequently approved, the 2010 Equity Incentive Plan (as subsequently amended, the “2010 Plan”). The 2010 Plan provided for grants of incentive stock options to employees, and nonqualified stock options and restricted common stock to employees, consultants, and non-employee directors of the Company. In April 2015, the Company’s Board of Directors adopted, and the Company’s shareholders subsequently approved, the 2015 Equity Incentive Plan (the “2015 Plan”). The 2015 Plan provides for grants of incentive stock options to employees, and nonqualified stock options, restricted common stock, restricted stock units (“RSUs”), and stock appreciation rights to employees, consultants, and non-employee directors of the Company. As of September 30, 2022, the total number of shares available for issuance under the 2015 Plan was 911,896 shares. Options issued under the 2010 Stock-based compensation The following table summarizes stock-based compensation expense by financial statement line item in the Company’s condensed consolidated statements of operation for each of the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2022 2021 2022 2021 Research and development $ 1 $ 6 $ (9) $ 15 General and administrative 36 79 119 217 Total $ 37 $ 85 $ 110 $ 232 The fair value of each option award is estimated on the date of grant using the Black‑Scholes option pricing model, which uses the following assumptions; (i) Risk-free interest rate, (ii) Expected dividend yield, (iii) Expected term and (iv) Expected volatility. The Company uses historical data, as well as subsequent events occurring prior to the issuance of the financial statements, to estimate option exercises within the valuation model. The expected term of options granted under the Plans, all of which qualify as “plain vanilla,” is based on the average of the contractual term (10 years) and the vesting period (generally, 48 months). For non‑employee options, the expected term is the contractual term. The risk‑free rate is based on the yield of a U.S. Treasury security with a term consistent with the option. The impact of forfeitures on compensation expense is recorded as they occur. The Company grants RSUs and restricted stock awards (“RSAs”), collectively referred to as Restricted Securities under the 2015 Equity Incentive Plan. These Restricted Securities generally vest over a three-year period, contingent on the recipient’s continued employment. Prior to vesting, all RSAs have the right to vote and receive dividends under the 2015 Equity Incentive Plan; however, the Company’s form of Restricted Stock Agreement provides that the payment of dividends on unvested RSAs shall be deferred until such time as the shares vest. The grant date fair value of these awards is based on the fair market value of our common stock on the date of grant. The Company did not grant any awards during the nine months ended September 30, 2022. Stock options The following table summarizes the stock option activity for the nine months ended September 30, 2022: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Shares Price Term in Years Value Outstanding at December 31, 2021 14,582 $ 437.78 9.18 $ — Cancelled/Forfeited (1,213) $ 1,305.23 Outstanding as of September 30, 2022 13,369 $ 359.07 8.42 $ — Vested and Exercisable as of September 30, 2022 8,269 $ 563.57 8.40 $ — Vested and expected to vest as of September 30, 2022 13,369 $ 359.07 8.42 $ — The total fair value of options that vested in nine months ended September 30, 2022 was $239 thousand. No options vested in the three months ended September 30, 2022. The total fair value of options that vested in the three and nine months ended September 30, 2021 was $4 thousand and $67 thousand, respectively. During the three and nine months ended September 30, 2022, the Company recorded stock-based compensation expense of $31 thousand and $108 thousand, respectively, related to stock options. During the three and nine months ended September 30, 2021, the Company recorded stock-based compensation expense of $60 thousand and $158 thousand, respectively, related to stock options. As of September 30, 2022, total unrecognized compensation expense related to non-vested share-based option compensation arrangements amounted to $54 thousand and is estimated to be recognized over a period of 0.46 years. Restricted Securities The following table summarizes the restricted securities activity for the nine months ended September 30, 2022; Weighted-Average Restricted Securities Number of Grants Grant Date Fair Value Unvested balance as of December 31, 2021 254 $ 387.05 Vested (200) $ 387.50 Forfeited (54) $ 385.38 Unvested balance as of September 30, 2022 — $ — During the three and nine months ended September 30, 2022, the Company recorded stock-based compensation expense of $6 thousand and $2 thousand, respectively, related to the time-based Restricted Securities. During the three and nine months ended September 30, 2021, the Company recorded stock-based compensation expense of $25 thousand and $74 thousand, respectively, related to the time-based Restricted Securities.

WARRANTS

WARRANTS	9 Months Ended
WARRANTS	Sep. 30, 2022
WARRANTS
WARRANTS	11. WARRANTS The following table presents information about warrants to purchase common stock issued and outstanding as of September 30, 2022: Number of Exercise Price as of Year Issued Defined Name Classification Warrants September 30, 2022 Date of Expiration 2018 2018 Series A Warrants Equity 8,483 $ 174.53 6/25/2023 2019 2019 Placement Agent Warrants Equity 610 $ 112.50 11/21/2024 2020 March 2020 Series A Warrants Equity 101,829 $ 68.75 3/10/2025 2020 March 2020 Placement Agent Warrants Equity 6,620 $ 85.94 3/5/2025 2020 March 2020 Series B Warrants Equity 510 $ 0.00025 Until Fully Exercised 2020 April 2020 Series C Warrants Equity 67,211 $ 40.50 10/17/2025 2020 April 2020 Placement Agent Warrants Equity 4,461 $ 54.6900 4/15/2025 2020 October 2020 Placement Agent Warrants Equity 48,264 $ 25.00 10/22/2025 2020 October 2020 Series A Warrants Equity 325,174 $ 20.00 10/27/2025 Total 563,162 Weighted average exercise price $ 35.15 Weighted average life in years 2.91

NET LOSS PER COMMON SHARE

NET LOSS PER COMMON SHARE	9 Months Ended
NET LOSS PER COMMON SHARE	Sep. 30, 2022
NET LOSS PER COMMON SHARE
NET LOSS PER COMMON SHARE	12. NET LOSS PER COMMON SHARE Basic and diluted net loss per share of common stock has been computed by dividing net loss by the weighted average number of shares outstanding during the period. Diluted net loss per share of common stock is computed by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, warrants and convertible securities. In a net loss period, options, warrants, unvested Restricted Securities and convertible securities are anti-dilutive and, therefore, excluded from diluted loss per share calculations. For the nine months ended September 30, 2022 and 2021 the following potentially dilutive securities were not included in the computation of net loss per share because the effect would be anti-dilutive: September 30, 2022 2021 Warrants 563,162 563,162 Stock options 13,369 14,583 Unvested RSUs — 2 Unvested RSAs — 254 Total potentially dilutive securities 576,531 578,001

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2022
INCOME TAXES
INCOME TAXES	13. INCOME TAXES The Company did not record a federal or state income tax provision or benefit for each of the three and nine months ended September 30, 2022 and 2021 due to the expected loss before income taxes to be incurred for the years ended December 31, 2022 and 2021, as well as the Company’s continued maintenance of a full valuation allowance against its net deferred tax assets.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	14. SUBSEQUENT EVENT On October 9, 2022, the Company closed the October 2022 Registered Direct Offering and concurrent October 2022 Private Placement, of its common shares and warrants to purchase common shares with an institutional investor. In the October 2022 Registered Direct Offering, the Company issued (i) an aggregate of Registered Direct Offering was $5.25 and the purchase price of each Pre-Funded Warrant and associated Preferred Investment Option sold in each of the October 2022 Registered Direct Offering and October 2022 Private Placement was $5.2499. In connection with the October 2022 Financing, the Company issued, to designees of H.C. Wainwright & Co., LLC (“Wainwright”), the placement agent for the October 2022 Financing, Preferred Investment Options to purchase an aggregate of 111,429 shares of its common stock (the “Wainwright Preferred Investment Options”). The gross proceeds to the Company from the October 2022 Financing was $9.0 million, before deducting placement agent fees and other offering expenses payable by the Company. Concurrent with the October 2022 Financing, the Company modified 29,091 March 2020 Series A Warrants, 19,048 April 2020 Series C Warrants and 32,000 October 2020 Series A Warrants held by the institutional investor that participated in the October 2022 Financing and agreed to lower the exercise price of these warrants to $5.05 and extend the term through April 2028.

NATURE OF OPERATIONS AND GOIN_2

NATURE OF OPERATIONS AND GOING CONCERN, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	9 Months Ended
	Sep. 30, 2022
NATURE OF OPERATIONS AND GOING CONCERN, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS
Reverse Stock Split	Reverse Stock Split On April 26, 2022, the Company effected a reverse stock split of its common stock, par value $0.00001 per share, at a ratio of 1-for- 25 The 2022 Reverse Stock Split became effective at 5:00 pm New York time on April 26, 2022, with the common stock trading on a post-split basis under the Company's existing trading symbol, “NVIV,” at the market open on April 27, 2022. Fractional shares resulting from the 2022 Reverse Stock Split were rounded up to the nearest whole share, and all shares of common stock (including fractions thereof) issuable upon the 2022 Reverse Stock Split to a given stockholder were aggregated for the purpose of determining whether the 2022 Reverse Stock Split would result in the issuance of a fractional share. Pursuant to Section 78.209 of the Nevada Revised Statutes, the Company’s Board of Directors was able take action to effect the 2022 Reverse Stock Split by filing a Certificate of Change with the Secretary of State of the State of Nevada without the consent of the Company’s stockholders. All of the Company’s historical share and per share information related to issued and outstanding common stock and outstanding options and warrants exercisable for common stock in these consolidated financial statements have been adjusted, on a retroactive basis, to reflect the 2022 Reverse Stock Split.
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) consistent with those applied in, and should be read in conjunction with, the Company’s audited consolidated financial statements and related footnotes for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K as filed with the United States Securities and Exchange Commission (“SEC”) on March 7, 2022. The unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position as of September 30, 2022 and its results of operations and cash flows for the interim periods presented, and are not necessarily indicative of results for subsequent interim periods or for the full year. The interim consolidated financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, as allowed by the relevant SEC rules and regulations; however, the Company believes that its disclosures are adequate to ensure that the information presented is not misleading.
Recently Adopted Accounting Standards	New Accounting Pronouncements No accounting standards known by the Company to be applicable to it that have been issued by the Financial Accounting Standards Board (“FASB”) or other standard-setting bodies and that do not require adoption until a future date are expected to have a material impact on the Company’s consolidated financial statements upon adoption.

CASH AND CASH EQUIVALENTS (Tabl

CASH AND CASH EQUIVALENTS (Tables)	9 Months Ended
CASH AND CASH EQUIVALENTS (Tables)	Sep. 30, 2022
CASH AND CASH EQUIVALENTS
Schedule of cash and cash equivalents	September 30, December 31, (In thousands) 2022 2021 Cash $ 64 $ 5 Money market funds 10,533 19,026 Total cash and cash equivalents $ 10,597 $ 19,031
Schedule of reconciliation of cash, cash equivalents, and restricted cash	September 30, December 31, (In thousands) 2022 2021 Cash and cash equivalents $ 10,597 $ 19,031 Restricted cash included in other non-current assets (Note 3) 150 150 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 10,747 $ 19,181

FAIR VALUES OF ASSETS AND LIA_2

FAIR VALUES OF ASSETS AND LIABILITIES (Tables)	9 Months Ended
FAIR VALUES OF ASSETS AND LIABILITIES (Tables)	Sep. 30, 2022
FAIR VALUES OF ASSETS AND LIABILITIES
Summary of assets and liabilities measured at fair value on a recurring basis	Assets and liabilities measured at fair value on a recurring basis are summarized below: As of September 30, 2022 (In thousands) Level 1 Level 2 Level 3 Fair Value Cash equivalents $ 10,533 $ — $ — $ 10,533 As of December 31, 2021 (In thousands) Level 1 Level 2 Level 3 Fair Value Cash equivalents $ 19,026 $ — $ — $ 19,026

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Sep. 30, 2022
COMMITMENTS AND CONTINGENCIES
Schedule of lease cost	Three Months Ended September 30, Nine Months Ended September 30, Lease cost (In thousands) 2022 2021 2022 2021 Operating lease cost $ 113 $ 99 $ 339 $ 284 Short-term lease cost 2 — 3 4 Variable lease cost 35 24 133 83 Total lease cost $ 150 $ 123 $ 475 $ 371 Other information (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from short term leases $ 2 $ — $ 3 $ 4 Operating cash flows from operating leases 106 103 300 297 Total cash paid for leases $ 108 $ 103 $ 303 $ 301 Weighted-average remaining lease term - operating leases 2.25 Years 2.25 Years 2.25 Years 2.25 Years Weighted-average discount rate - operating leases 6.0% 5.7% 6.0% 5.7%
Schedule of maturities of lease liabilities	Leases (In thousands) As of September 30, 2022 2022 (excluding the nine months ended September 30, 2022) $ 108 2023 440 2024 568 Total lease payments 1,116 Less: imputed interest (73) Present value of lease liabilities $ 1,043
Schedule of balance sheet information	Leases (In thousands) Classification September 30, 2022 December 31, 2021 Assets Lease asset, net Operating $ 942 $ 1,229 Total lease assets $ 942 $ 1,229 Liabilities Current Operating $ 387 $ 361 Non-current Operating 656 949 Total lease liabilities $ 1,043 $ 1,310

FIXED ASSETS (Tables)

FIXED ASSETS (Tables)	9 Months Ended
FIXED ASSETS (Tables)	Sep. 30, 2022
FIXED ASSETS
Schedule of property and equipment, net	September 30, December 31, (In thousands) 2022 2021 Computer software $ 7 $ 5 Computer hardware 65 52 Leasehold improvements 66 66 Research and lab equipment 707 580 Property and equipment 845 703 Less accumulated depreciation (616) (576) Property and equipment, net $ 229 $ 127

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	9 Months Ended
ACCRUED EXPENSES (Tables)	Sep. 30, 2022
ACCRUED EXPENSES.
Summary of accrued expenses	September 30, December 31, (In thousands) 2022 2021 Compensation $ 608 $ 1,287 Clinical 357 218 Legal 56 — Other accrued expenses 229 141 Total accrued expenses $ 1,250 $ 1,646

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
SHARE-BASED COMPENSATION (Tables)	Sep. 30, 2022
SHARE-BASED COMPENSATION
Summary of stock based compensation classified in the consolidated statements of operations	Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2022 2021 2022 2021 Research and development $ 1 $ 6 $ (9) $ 15 General and administrative 36 79 119 217 Total $ 37 $ 85 $ 110 $ 232
Summary of option activity	Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Shares Price Term in Years Value Outstanding at December 31, 2021 14,582 $ 437.78 9.18 $ — Cancelled/Forfeited (1,213) $ 1,305.23 Outstanding as of September 30, 2022 13,369 $ 359.07 8.42 $ — Vested and Exercisable as of September 30, 2022 8,269 $ 563.57 8.40 $ — Vested and expected to vest as of September 30, 2022 13,369 $ 359.07 8.42 $ —
Summary of restricted stock unit activity	The following table summarizes the restricted securities activity for the nine months ended September 30, 2022; Weighted-Average Restricted Securities Number of Grants Grant Date Fair Value Unvested balance as of December 31, 2021 254 $ 387.05 Vested (200) $ 387.50 Forfeited (54) $ 385.38 Unvested balance as of September 30, 2022 — $ —

WARRANTS (Tables)

WARRANTS (Tables)	9 Months Ended
WARRANTS (Tables)	Sep. 30, 2022
WARRANTS
Schedule of information about warrants to purchase common stock issued and outstanding	The following table presents information about warrants to purchase common stock issued and outstanding as of September 30, 2022: Number of Exercise Price as of Year Issued Defined Name Classification Warrants September 30, 2022 Date of Expiration 2018 2018 Series A Warrants Equity 8,483 $ 174.53 6/25/2023 2019 2019 Placement Agent Warrants Equity 610 $ 112.50 11/21/2024 2020 March 2020 Series A Warrants Equity 101,829 $ 68.75 3/10/2025 2020 March 2020 Placement Agent Warrants Equity 6,620 $ 85.94 3/5/2025 2020 March 2020 Series B Warrants Equity 510 $ 0.00025 Until Fully Exercised 2020 April 2020 Series C Warrants Equity 67,211 $ 40.50 10/17/2025 2020 April 2020 Placement Agent Warrants Equity 4,461 $ 54.6900 4/15/2025 2020 October 2020 Placement Agent Warrants Equity 48,264 $ 25.00 10/22/2025 2020 October 2020 Series A Warrants Equity 325,174 $ 20.00 10/27/2025 Total 563,162 Weighted average exercise price $ 35.15 Weighted average life in years 2.91

NET LOSS PER COMMON SHARE (Tabl

NET LOSS PER COMMON SHARE (Tables)	9 Months Ended
NET LOSS PER COMMON SHARE (Tables)	Sep. 30, 2022
NET LOSS PER COMMON SHARE
Schedule of potentially dilutive securities not included in the computation of net loss per share because effect would be anti-dilutive	September 30, 2022 2021 Warrants 563,162 563,162 Stock options 13,369 14,583 Unvested RSUs — 2 Unvested RSAs — 254 Total potentially dilutive securities 576,531 578,001

NATURE OF OPERATIONS AND GOIN_3

NATURE OF OPERATIONS AND GOING CONCERN, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS - Reverse Stock Split (Details) $ / shares in Units, $ in Thousands			3 Months Ended						9 Months Ended
	Oct. 09, 2022 USD ($)	Apr. 26, 2022 $ / shares	Sep. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) $ / shares shares
Net loss			$ (2,755)	$ (2,719)	$ (2,655)	$ (2,451)	$ (2,309)	$ (2,223)	$ (8,129)	$ (6,983)
Cash and cash equivalents			10,597						10,597		$ 19,031
Working capital			$ 9,100						$ 9,100
Common stock, par value (in dollars per share) \| $ / shares		$ 0.00001	$ 0.00001						$ 0.00001		$ 0.00001
Reverse stock split ratio		0.04		0.04
Proceeds from Warrant Exercises										$ 8,509
Common Stock, Shares Authorized \| shares			250,000,000						250,000,000		2,000,000
Reverse stock split									On April 26, 2022, the Company effected a reverse stock split of its common stock, par value $0.00001 per share, at a ratio of 1-for-25 (the “2022 Reverse Stock Split”). As a result of the 2022 Reverse Stock Split, (i) every 25 shares of the issued and outstanding common stock were automatically converted into one newly issued and outstanding share of common stock, without any change in the par value per share; (ii) the number of shares of common stock into which each outstanding warrant or option to purchase common stock is exercisable was proportionally decreased, and (iii) the number of authorized shares of common stock outstanding was proportionally decreased. Shares of common stock underlying outstanding stock options and other equity instruments convertible into common stock were proportionately reduced and the respective exercise prices, if applicable, were proportionately increased in accordance with the terms of the agreements governing such securities.
Subsequent event
Proceeds from issuance of common stock and warrants	$ 9,000

CASH AND CASH EQUIVALENTS (Deta

CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
CASH AND CASH EQUIVALENTS
Cash	$ 64	$ 5
Money market funds	10,533	19,026
Total cash and cash equivalents	$ 10,597	$ 19,031

CASH AND CASH EQUIVALENTS - Cas

CASH AND CASH EQUIVALENTS - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
CASH AND CASH EQUIVALENTS
Cash and cash equivalents	$ 10,597	$ 19,031
Restricted cash included in other non-current assets	150	150
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 10,747	$ 19,181	$ 21,251	$ 19,603

RESTRICTED CASH (Details)

RESTRICTED CASH (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Restricted cash
Restricted cash	$ 150	$ 150
Security deposit related to credit card account
Restricted cash
Restricted cash	50	50
Standby letter of credit in favor of a landlord
Restricted cash
Restricted cash	$ 100	$ 100

FAIR VALUES OF ASSETS AND LIA_3

FAIR VALUES OF ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Assets and liabilities measured at fair value on a recurring basis
Transfers from Level 1 to Level 2	$ 0	$ 0	$ 0	$ 0
Transfers from Level 2 to Level 1	0	0	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3	0	$ 0	0	$ 0
Recurring basis
Assets and liabilities measured at fair value on a recurring basis
Cash equivalents	10,533		10,533		$ 19,026
Recurring basis \| Level 1
Assets and liabilities measured at fair value on a recurring basis
Cash equivalents	$ 10,533		$ 10,533		$ 19,026

COMMITMENTS AND CONTINGENCIES,

COMMITMENTS AND CONTINGENCIES, LEASES (Details) $ in Thousands			1 Months Ended	9 Months Ended
	Nov. 23, 2021 USD ($)	Jun. 01, 2021 USD ($)	May 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	May 03, 2018 ft²
Lessee, Lease, Description [Line Items]
Letter of credit terminated amount			$ 60
Borrowing rate used in modification	5.97%	5.74%
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 486	$ 143		$ 143
Cambridge Lease
Lessee, Lease, Description [Line Items]
Standby letter of credit		$ 100
Cambridge Lease \| Sublease
Lessee, Lease, Description [Line Items]
Lease space (in square feet) \| ft²					5,104

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES, LEASE EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Lease expense
Operating lease cost	$ 113	$ 99	$ 339	$ 284
Short-term lease cost	2		3	4
Variable lease cost	35	24	133	83
Total lease cost	$ 150	$ 123	$ 475	$ 371

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES, LEASE OTHER INFORMATION (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	Nov. 23, 2021	Jun. 01, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
COMMITMENTS AND CONTINGENCIES
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 486	$ 143				$ 143
Operating cash flows from short term leases			$ 2		$ 3	4
Operating cash flows from operating leases			106	$ 103	300	297
Total cash paid for leases			$ 108	$ 103	$ 303	$ 301
Weighted-average remaining lease term - operating leases (years)			2 years 3 months	2 years 3 months	2 years 3 months	2 years 3 months
Weighted-average discount rate - operating leases			6%	5.70%	6%	5.70%

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES, MATURITIES OF LEASE LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Maturities of lease liabilities
2022 (excluding the 9 months ended September 30, 2022)	$ 108
2023	440
2024	568
Total lease payments	1,116
Less: imputed interest	(73)
Present value of lease liabilities	$ 1,043	$ 1,310

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES, LEASE CLASSIFICATION (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
Operating Lease, Right-of-Use Asset	$ 942	$ 1,229
Total lease assets	942	1,229
Operating Liabilities - Current	387	361
Operating Liabilities - Non Current	656	949
Total Operating Liabilities	$ 1,043	$ 1,310

COMMITMENTS AND CONTINGENCIES_6

COMMITMENTS AND CONTINGENCIES, COMPENSATION (Details) $ in Millions	Sep. 30, 2022 USD ($)
Research and Development Arrangement [Member]
Compensation Arrangement
Commitments	$ 4.3

FIXED ASSETS (Details)

FIXED ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property and equipment
Property and equipment	$ 845	$ 703
Less accumulated depreciation and amortization	(616)	(576)
Property and equipment, net	229	127
Computer hardware
Property and equipment
Property and equipment	65	52
Computer software
Property and equipment
Property and equipment	7	5
Research and lab equipment
Property and equipment
Property and equipment	707	580
Leasehold improvements
Property and equipment
Property and equipment	$ 66	$ 66

FIXED ASSETS - Depreciation (De

FIXED ASSETS - Depreciation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Depreciation
Depreciation	$ 14	$ 9	$ 40	$ 26

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ACCRUED EXPENSES.
Compensation	$ 608	$ 1,287
Clinical	357	218
Legal	56
Other accrued expenses	229	141
Total accrued expenses	$ 1,250	$ 1,646

EMPLOYEE BENEFIT PLAN (Details)

EMPLOYEE BENEFIT PLAN (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
EMPLOYEE BENEFIT PLAN (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
EMPLOYEE BENEFIT PLAN
Eligibility criteria for participation in the Plan			21 years
Employer Matching Contribution	$ 20	$ 18	$ 62	$ 59

STOCKHOLDERS EQUITY, AUTHORIZED

STOCKHOLDERS EQUITY, AUTHORIZED (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				9 Months Ended
	Oct. 09, 2022	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Apr. 26, 2022	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Common stock, number of shares, par value and other disclosures
Preferred stock, authorized		1,000,000				1,000,000				0
Preferred stock, par value (in dollars per share)		$ 0.00001				$ 0.00001				$ 0.00001
Preferred stock, issued		0				0				0
Preferred stock, outstanding		0				0				0
Common stock, authorized		250,000,000				250,000,000				2,000,000
Common stock, par value (in dollars per share)		$ 0.00001				$ 0.00001		$ 0.00001		$ 0.00001
Common stock, issued		1,391,160				1,391,160				1,370,595
Common stock, outstanding		1,391,160				1,391,160				1,370,595
Restricted stock awards, forfeited						54
Proceeds from exercise of warrants							$ 8,509
2018 Warrants
Common stock, number of shares, par value and other disclosures
Shares issued on exercise of warrants		0		0		0	0
Common Stock
Common stock, number of shares, par value and other disclosures
Common stock, issued		1,391,160	1,391,160	1,370,595	1,370,595	1,391,160	1,370,595		1,370,595	1,370,595	1,370,593	945,276
Issuance of common stock upon vesting of restricted stock units (in shares)					2		2
Fractional shares issued due to 1 for 25 reverse stock split						20,619
Restricted stock awards, forfeited			54
October 2020 Offering \| Common Stock
Common stock, number of shares, par value and other disclosures
Proceeds from issuance of common stock and warrants, net of issuance costs							$ 8,500
October 2020 Offering \| Common Stock \| Series A Prefunded Warrants October 2020
Common stock, number of shares, par value and other disclosures
Issuance of common stock and warrants in public offerings (in shares)							424,829
October 2020 Offering \| Common Stock \| Placement Agent Warrants
Common stock, number of shares, par value and other disclosures
Issuance of common stock and warrants in public offerings (in shares)							488
Subsequent event
Common stock, number of shares, par value and other disclosures
Issuance of common stock and warrants in public offerings (in shares)	154,000

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
SHARE-BASED COMPENSATION (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stock options
Expected term			10 years
Vesting period			48 months
Stock-based compensation (in dollars)	$ 37	$ 85	$ 110	$ 232
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted			0
Stock Options
Stock options
Stock-based compensation (in dollars)	31	60	$ 108	158
Restricted Securities
Stock options
Vesting period			3 years
Stock-based compensation (in dollars)	$ 6	$ 25	$ 2	$ 74
2010 Plan
Stock options
Expected term			10 years
2015 Plan
Stock options
Shares available for future grants	911,896		911,896
Expected term			10 years

SHARE-BASED COMPENSATION, SHARE

SHARE-BASED COMPENSATION, SHARE-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Stock options
Stock-based compensation (in dollars)	$ 37	$ 85	$ 110	$ 232
Expected term			10 years
Vesting period			48 months
Cumulative Adjustment on adoption of ASU 2016-09.	10,096	20,944	$ 10,096	20,944	$ 12,814	$ 15,516	$ 18,115	$ 23,310	$ 25,524	$ 19,186
Research and development
Stock options
Stock-based compensation (in dollars)	1	6	(9)	15
General and administrative
Stock options
Stock-based compensation (in dollars)	36	79	119	217
Stock Options
Stock options
Stock-based compensation (in dollars)	$ 31	$ 60	$ 108	$ 158

SHARE-BASED COMPENSATION, SUMMA

SHARE-BASED COMPENSATION, SUMMARY OF OPTION ACTIVITY - (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Stock Option
Total fair value of options vested		$ 4	$ 239	$ 67
Stock-based compensation (in dollars)	$ 37	85	$ 110	232
Stock Options
Summary of option activity - Shares
Outstanding at the beginning of year (in shares)			14,582
Cancelled/Forfeited (in shares)			(1,213)
Outstanding at the end of period (in shares)	13,369		13,369		14,582
Vested and Exercisable	8,269		8,269
Vested and expected to vest at the end of period (in shares)	13,369		13,369
Summary of option activity - Weighted Average Exercise Price
Outstanding at the beginning of year (in dollars per shares)			$ 437.78
Cancelled/Forfeited (in dollars per shares)			1,305.23
Outstanding at the end of period (in dollars per shares)	$ 359.07		359.07		$ 437.78
Vested and Exercisable	563.57		563.57
Vested and expected to vest at the end of period (in dollars per share)	$ 359.07		$ 359.07
Option activity disclosures
Weighted Average Remaining Contractual Term - Outstanding			8 years 5 months 1 day		9 years 2 months 4 days
Weighted Average Remaining Contractual Term - Vested and expected to vest			8 years 4 months 24 days
Stock Option
Stock-based compensation (in dollars)	$ 31	$ 60	$ 108	$ 158
Total unrecognized compensation expense	$ 54		$ 54
Period for unrecognized compensation expense is estimated to be recognized			5 months 15 days

SHARE-BASED COMPENSATION, RESTR

SHARE-BASED COMPENSATION, RESTRICTED STOCK (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based compensation
Stock-based compensation (in dollars)	$ 37	$ 85	$ 110	$ 232
Restricted Securities
Number of Grants
Unvested balance at			254
Vested/Released (in shares)			(200)
Forfeiture of restricted stock			(54)
Weighted-Average Grant Date Fair Value
Unvested balance at (in dollars per share)			$ 387.05
Vested/Released (in dollars per share)			387.50
Forfeited (in dollars per share)			$ 385.38
Share-based compensation
Stock-based compensation (in dollars)	$ 6	$ 25	$ 2	$ 74

WARRANTS (Details)

WARRANTS (Details)	9 Months Ended
WARRANTS (Details)	Sep. 30, 2022 $ / shares shares
Warrants to purchase common stock issued and outstanding
Number of Warrants \| shares	563,162
Weighted average exercise price \| $ / shares	$ 35.15
Weighted average life in years	2 years 10 months 28 days
2020 Series A Warrants Exercise price $2.75
Warrants to purchase common stock issued and outstanding
Warrants Issued Year	2020
Number of Warrants \| shares	101,829
Warrant Exercise Price \| $ / shares	$ 68.75
Expiration date	Mar. 10, 2025
2020 Placement Agent Warrants Exercise price $3.475
Warrants to purchase common stock issued and outstanding
Warrants Issued Year	2020
Number of Warrants \| shares	6,620
Warrant Exercise Price \| $ / shares	$ 85.94
Expiration date	Mar. 05, 2025
2020 Series B Warrants Exercise price $ 0.00001
Warrants to purchase common stock issued and outstanding
Warrants Issued Year	2020
Number of Warrants \| shares	510
Warrant Exercise Price \| $ / shares	$ 0.00025
2020 Series C Warrants Exercise price $1.62
Warrants to purchase common stock issued and outstanding
Warrants Issued Year	2020
Number of Warrants \| shares	67,211
Warrant Exercise Price \| $ / shares	$ 40.50
Expiration date	Oct. 17, 2025
2020 Placement Agent Warrants Exercise price $2.1875
Warrants to purchase common stock issued and outstanding
Warrants Issued Year	2020
Number of Warrants \| shares	4,461
Warrant Exercise Price \| $ / shares	$ 54.6900
Expiration date	Apr. 15, 2025
2018 Warrants
Warrants to purchase common stock issued and outstanding
Warrants Issued Year	2018
Number of Warrants \| shares	8,483
Warrant Exercise Price \| $ / shares	$ 174.53
Expiration date	Jun. 25, 2023
2019 Warrants [Member]
Warrants to purchase common stock issued and outstanding
Warrants Issued Year	2019
Number of Warrants \| shares	610
Warrant Exercise Price \| $ / shares	$ 112.50
Expiration date	Nov. 21, 2024
Placement Agent Warrants
Warrants to purchase common stock issued and outstanding
Warrants Issued Year	2020
Number of Warrants \| shares	48,264
Warrant Exercise Price \| $ / shares	$ 25
Expiration date	Oct. 22, 2025
October 2020 Offering
Warrants to purchase common stock issued and outstanding
Warrants Issued Year	2020
Number of Warrants \| shares	325,174
Warrant Exercise Price \| $ / shares	$ 20
Expiration date	Oct. 27, 2025

NET LOSS PER COMMON SHARE (Deta

NET LOSS PER COMMON SHARE (Details) - shares	9 Months Ended
NET LOSS PER COMMON SHARE (Details) - shares	Sep. 30, 2022	Sep. 30, 2021
Anti-dilutive
Total potentially dilutive securities (in shares)	576,531	578,001
Warrant One
Anti-dilutive
Total potentially dilutive securities (in shares)	563,162	563,162
Stock Options
Anti-dilutive
Total potentially dilutive securities (in shares)	13,369	14,583
Unvested RSUs
Anti-dilutive
Total potentially dilutive securities (in shares)		2
Unvested restricted stock awards
Anti-dilutive
Total potentially dilutive securities (in shares)		254

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
INCOME TAXES
Provision or benefit for federal or state income taxes	$ 0	$ 0	$ 0	$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 09, 2022	Sep. 30, 2022
2020 Series C Warrants Exercise price $1.62
Subsequent events
Exercise price (in dollars per unit)		$ 40.50
Placement Agent Warrants
Subsequent events
Exercise price (in dollars per unit)		$ 25
Subsequent event
Subsequent events
Number of shares issued (in shares)	154,000
Proceeds from issuance of common stock and warrants	$ 9
Subsequent event \| March 2020 Series A Warrants
Subsequent events
Warrants modified	29,091
Subsequent event \| 2020 Series C Warrants Exercise price $1.62
Subsequent events
Warrants modified	19,048
Subsequent event \| October 2022 Pre-Funded Warrants [Member]
Subsequent events
Warrants for purchase of common stock (in shares)	369,810
Exercise price (in dollars per unit)	$ 5.2499
Subsequent event \| October 2022 Private Placement Pre-Funded Warrants [Member]
Subsequent events
Warrants for purchase of common stock (in shares)	1,190,476
Subsequent event \| Preferred Investment Options [Member]
Subsequent events
Warrants for purchase of common stock (in shares)	1,714,286
Exercise price (in dollars per unit)	$ 5.25
Subsequent event \| Wainwright Preferred Investment Options [Member]
Subsequent events
Warrants for purchase of common stock (in shares)	111,429
Subsequent event \| October 2022 Financing [Member]
Subsequent events
Exercise price (in dollars per unit)	$ 5.05
Subsequent event \| Series A Prefunded Warrants October 2020
Subsequent events
Warrants modified	32,000