Greenwich LifeSciences (GLSI) 10-Q 15 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	001-39555
Entity Registrant Name	GREENWICH LIFESCIENCES, INC.
Entity Central Index Key	0001799788
Entity Tax Identification Number	20-5473709
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	3992 Bluebonnet Dr.
Entity Address, Address Line Two	Building 14
Entity Address, City or Town	Stafford
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77477
City Area Code	(832)
Local Phone Number	819-3232
Title of 12(b) Security	Common Stock
Trading Symbol	GLSI
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	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,123,377

Balance Sheets

Balance Sheets - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Current assets
Cash	$ 28,905,993	$ 28,660,375
Total current assets	28,905,993	28,660,375
Acquired patents, net	13,518	16,227
Total assets	28,919,511	28,676,602
Current liabilities
Accounts payable & accrued interest	295,845	710,971
Unreimbursed expenses	159,274	59,367
Advance from related party/shareholder		275,154
Total current liabilities	455,119	1,045,492
Total liabilities	455,119	1,045,492
Stockholders’ equity
Common stock, $0.001 par value; 100,000,000 shares authorized; 12,993,609 and 12,703,541 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	12,994	12,704
Additional paid-in capital	59,738,222	56,695,359
Accumulated deficit	(31,286,824)	(29,076,953)
Total stockholders’ equity	28,464,392	27,631,110
Total liabilities and stockholders’ equity	$ 28,919,511	$ 28,676,602

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	12,993,609	12,703,541
Common stock, shares outstanding	12,993,609	12,703,541

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue
Operating expenses
Research and development	657,096	158,031	1,495,607	458,726
General and administrative	209,590	98,834	725,130	253,210
Total operating expenses	866,686	256,865	2,220,737	711,936
Loss from operations	(866,686)	(256,865)	(2,220,737)	(711,936)
Interest Income	3,568		10,866
Net loss	$ (863,118)	$ (256,865)	$ (2,209,871)	$ (711,936)
Per share information:
Net loss per common share, basic and diluted	$ (0.07)	$ (0.03)	$ (0.17)	$ (0.08)
Weighted average common shares outstanding, basic and diluted	12,968,891	8,788,032	12,826,249	8,628,958

Statements of Stockholders' Equ

Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($)	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balances, value at Dec. 31, 2019	$ 8,458	$ 1,981	$ 25,853,134	$ (27,213,991)	$ (1,350,418)
Beginning balance, shares at Dec. 31, 2019	8,458,048	1,980,365
Stock-based compensation	$ 78		173,865		173,943
Stock-based compensation, shares	77,571
Additional preferred stock issued due to anti-dilution
Additional preferred stock issued due to anti-dilution, shares
Net loss				$ (244,641)	$ (244,641)
Balances at Mar. 31, 2020	$ 8,536	$ 1,981	$ 26,026,999	(27,458,632)	(1,421,116)
Ending balance, shares at Mar. 31, 2020	8,535,619	1,980,365
Beginning balances, value at Dec. 31, 2019	$ 8,458	$ 1,981	25,853,134	(27,213,991)	(1,350,418)
Beginning balance, shares at Dec. 31, 2019	8,458,048	1,980,365
Net loss					(711,936)
Balances at Sep. 30, 2020	$ 11,970		32,572,042	(27,925,927)	4,658,085
Ending balance, shares at Sep. 30, 2020	11,970,185
Beginning balances, value at Mar. 31, 2020	$ 8,536	$ 1,981	26,026,999	(27,458,632)	(1,421,116)
Beginning balance, shares at Mar. 31, 2020	8,535,619	1,980,365
Stock-based compensation	$ 78		173,865		173,943
Stock-based compensation, shares	77,571
Net loss				(210,430)	(210,430)
Balances at Jun. 30, 2020	$ 8,614	$ 1,981	26,200,864	(27,669,062)	(1,457,603)
Ending balance, shares at Jun. 30, 2020	8,613,190	1,980,365
Stock-based compensation	$ 73		164,978		165,051
Stock-based compensation, shares	73,356
Issuance of common stock in initial public offering, net of offering costs	$ 1,260		6,206,242		6,207,502
Issuance of common stock in initial public offering, net of offering costs, shares	1,260,870
Additional preferred stock issued due to anti-dilution		$ 42	(42)
Additional preferred stock issued due to anti-dilution, shares		42,404
Conversion of preferred to common stock	$ 2,023	$ (2,023)
Conversion of preferred to common stock, shares	2,022,769	(2,022,769)
Net loss				(256,865)	(256,865)
Balances at Sep. 30, 2020	$ 11,970		32,572,042	(27,925,927)	4,658,085
Ending balance, shares at Sep. 30, 2020	11,970,185
Beginning balances, value at Dec. 31, 2020	$ 12,704		56,695,359	(29,076,953)	27,631,110
Beginning balance, shares at Dec. 31, 2020	12,703,541
Stock-based compensation	$ 73		164,978		165,051
Stock-based compensation, shares	73,356
Exercise of common stock from Green Shoe of follow-on offering, net of offering costs	$ 70		2,547,930		2,548,000
Exercise of common stock from Green Shoe of follow-on offering, net of offering costs, shares	70,000
Net loss				(597,008)	(597,008)
Balances at Mar. 31, 2021	$ 12,847		59,408,267	(29,673,961)	29,747,153
Ending balance, shares at Mar. 31, 2021	12,846,897
Beginning balances, value at Dec. 31, 2020	$ 12,704		56,695,359	(29,076,953)	27,631,110
Beginning balance, shares at Dec. 31, 2020	12,703,541
Net loss					(2,209,871)
Balances at Sep. 30, 2021	$ 12,994		59,738,222	(31,286,824)	28,464,392
Ending balance, shares at Sep. 30, 2021	12,993,609
Beginning balances, value at Mar. 31, 2021	$ 12,847		59,408,267	(29,673,961)	29,747,153
Beginning balance, shares at Mar. 31, 2021	12,846,897
Stock-based compensation	$ 73		164,978		165,051
Stock-based compensation, shares	73,356
Net loss				(749,745)	(749,745)
Balances at Jun. 30, 2021	$ 12,920		59,573,245	(30,423,706)	29,162,459
Ending balance, shares at Jun. 30, 2021	12,920,253
Stock-based compensation	$ 74		164,977		165,051
Stock-based compensation, shares	73,356
Net loss				(863,118)	(863,118)
Balances at Sep. 30, 2021	$ 12,994		$ 59,738,222	$ (31,286,824)	$ 28,464,392
Ending balance, shares at Sep. 30, 2021	12,993,609

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities:
Net loss	$ (2,209,871)	$ (711,936)
Adjustments required to reconcile net loss to net cash used in operating activities:
Amortization	2,709	2,706
Stock-based compensation	495,153	512,937
Changes in operating assets and liabilities:
Accounts payable	(451,732)	15,000
Accrued interest	36,606	54,910
Unreimbursed expenses (accrued)	99,907	126,383
Net cash used in operating activities	(2,027,228)
Financing activities:
Proceeds from sale of common stock	2,548,000
Repayment to related party/shareholder	(275,154)
Net proceeds from initial public offering of common stock		6,207,502
Net cash provided by (used in) financing activities	2,272,846	6,207,502
Net increase (decrease) in cash	245,618	6,207,502
Cash, beginning of period	28,660,375	6,835
Cash, end of period	$ 28,905,993	6,214,337
Non-cash investing and financing activities:
Conversion of preferred stock to common		2,023
Issuance of preferred stock due to antidilution		$ 42

Organization and Description of

Organization and Description of the Business	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of the Business	1. Organization and Description of the Business Greenwich LifeSciences, Inc. (the “Company”) was incorporated in the state of Delaware in 2006 under the name Norwell, Inc. In March 2018, Norwell, Inc. changed its name to Greenwich LifeSciences, Inc. The Company is developing a breast cancer immunotherapy focused on preventing the recurrence of breast cancer following surgery.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Basis of Presentation The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto of the Company contained elsewhere herein. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosures contained in the audited financial statements of the Company for the years ended December 31, 2020 and 2019 as reported in the Company’s Form 10-K have been omitted. Basic and Diluted Loss per Share As of September 30, 2021 and 2020, the Company has common stock equivalents related to underwriter warrants outstanding to acquire 100,870 As of September 30, 2021 and 2020, the Company has no The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated: Schedule of Basic and Diluted Net Loss Per Common Share Nine Months Ended 2021 2020 Basic and diluted net loss per share calculation: Net loss, basic (2,209,871 ) (711,936 ) Change in fair value of warrants — — Net loss, diluted (2,209,871 ) (711,936 ) Weighted average common shares outstanding, basic and diluted 12,826,249 8,628,958 Net loss per common share, basic and diluted $ (0.17 ) $ (0.08 )

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	3. Related Party Transactions Unreimbursed expenses have been accrued and incurred by management, which total $ 159,274 59,367 155,154 120,000

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	4. Commitments and Contingencies License Obligation, Legal Expenses, and Manufacturing Agreements The Company entered into an exclusive license agreement with The Henry M. Jackson Foundation (“HJF”) in April 2009, as amended, pursuant to which it acquired exclusive marketing rights to GP2, the Company’s product candidate. In consideration for such licensed rights, the Company issued HJF 202,619 0.267 15 3,607 The Company paid HJF an aggregate total of $ 434,732 295,845 710,971 Legal Proceedings From time to time, the Company may be involved in disputes, including litigation, relating to claims arising out of operations in the normal course of business. Any of these claims could subject the Company to costly legal expenses and, while management generally believes that there will be adequate insurance to cover different liabilities at such time the Company becomes a public company and commences clinical trials, the Company’s future insurance carriers may deny coverage or policy limits may be inadequate to fully satisfy any damage awards or settlements. If this were to happen, the payment of any such awards could have a material adverse effect on the results of operations and financial position. Additionally, any such claims, whether or not successful, could damage the Company’s reputation and business. The Company is currently not a party to any legal proceedings, the adverse outcome of which, in management’s opinion, individually or in the aggregate, could have a material adverse effect on our results of operations or financial position.

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Stockholders’ Equity	5. Stockholders’ Equity As of September 30, 2021, 599,493 shares of the 908,242 shares of the common stock grant had vested at approximately $ 1,348,859 value and 308,749 shares remain unvested and unrecognized at approximately $ 694,685 value. An aggregate of 220,068 shares of common stock were vested at approximately $ 495,153 value in January through September 2021 in consideration for services rendered. On January 29, 2021, in connection with our December 2020 follow-on offering, the underwriter exercised its option to purchase 70,000 40.00 2,800,000 2,548,000 252,000 Warrants At September 30, 2021, outstanding underwriter warrants to purchase shares of common stock accounted for as equity or liabilities were as follows with an aggregate intrinsic value as of September 30, 2021 of $ 3,940,991 39.07 Schedule of Outstanding Warrants Shares Underlying Outstanding Exercise Expiration Warrants Price (1) Date (1) 100,870 $ 7.1875 September 24, 2025 100,870 (1) The underwriter warrants are exercisable at any time and from time to time, in whole or in part, during a period commencing March 24, 2021 and expiring September 24, 2025. The exercise price of the warrants is $ 7.1875 6.9718

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	6. Subsequent Events On October 19, 2021, the underwriter warrants were partially exercised resulting in the issuance of 80,696 562,596 20,174

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto of the Company contained elsewhere herein. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosures contained in the audited financial statements of the Company for the years ended December 31, 2020 and 2019 as reported in the Company’s Form 10-K have been omitted.
Basic and Diluted Loss per Share	Basic and Diluted Loss per Share As of September 30, 2021 and 2020, the Company has common stock equivalents related to underwriter warrants outstanding to acquire 100,870 As of September 30, 2021 and 2020, the Company has no The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated: Schedule of Basic and Diluted Net Loss Per Common Share Nine Months Ended 2021 2020 Basic and diluted net loss per share calculation: Net loss, basic (2,209,871 ) (711,936 ) Change in fair value of warrants — — Net loss, diluted (2,209,871 ) (711,936 ) Weighted average common shares outstanding, basic and diluted 12,826,249 8,628,958 Net loss per common share, basic and diluted $ (0.17 ) $ (0.08 )

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Schedule of Basic and Diluted Net Loss Per Common Share	The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated: Schedule of Basic and Diluted Net Loss Per Common Share Nine Months Ended 2021 2020 Basic and diluted net loss per share calculation: Net loss, basic (2,209,871 ) (711,936 ) Change in fair value of warrants — — Net loss, diluted (2,209,871 ) (711,936 ) Weighted average common shares outstanding, basic and diluted 12,826,249 8,628,958 Net loss per common share, basic and diluted $ (0.17 ) $ (0.08 )

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Outstanding Warrants	At September 30, 2021, outstanding underwriter warrants to purchase shares of common stock accounted for as equity or liabilities were as follows with an aggregate intrinsic value as of September 30, 2021 of $ 3,940,991 39.07 Schedule of Outstanding Warrants Shares Underlying Outstanding Exercise Expiration Warrants Price (1) Date (1) 100,870 $ 7.1875 September 24, 2025 100,870 (1) The underwriter warrants are exercisable at any time and from time to time, in whole or in part, during a period commencing March 24, 2021 and expiring September 24, 2025. The exercise price of the warrants is $ 7.1875 6.9718

Schedule of Basic and Diluted N

Schedule of Basic and Diluted Net Loss Per Common Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accounting Policies [Abstract]
Net loss, basic			$ (2,209,871)	$ (711,936)
Change in fair value of warrants
Net loss, diluted			$ (2,209,871)	$ (711,936)
Weighted average common shares outstanding, basic and diluted	12,968,891	8,788,032	12,826,249	8,628,958
Net loss per common share, basic and diluted	$ (0.07)	$ (0.03)	$ (0.17)	$ (0.08)

Significant Accounting Polici_4

Significant Accounting Policies (Details Narrative) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Convertible Preferred Stock [Member]
Shares outstanding	0	0
Warrant [Member]
Shares outstanding	100,870	100,870

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	2 Months Ended	9 Months Ended
	Mar. 15, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Unreimbursed expenses		$ 159,274		$ 59,367
Repayments of Related Party Debt		$ 275,154
Snehal Patel [Member]
Related Party Transaction [Line Items]
Repayments of Related Party Debt	$ 155,154
Kenneth Hallock And Annette Hallock Revocable Trust [Member]
Related Party Transaction [Line Items]
Repayments of Related Party Debt	$ 120,000

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - USD ($)	1 Months Ended	9 Months Ended
	Apr. 30, 2009	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Amortized value		$ 2,709	$ 2,706
Accounts Payable and Accrued Liabilities, Current		295,845		$ 710,971
The Henry M. Jackson Foundation ("HJF") [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maintenenace and patent expenses		$ 434,732
License Agreement [Member] | The Henry M. Jackson Foundation ("HJF") [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Price per share	$ 0.267
License Agreement [Member] | The Henry M. Jackson Foundation ("HJF") [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued during period common stock	202,619
Amortized period	15 years
Amortized value	$ 3,607

Schedule of Outstanding Warrant

Schedule of Outstanding Warrants (Details) - Warrant [Member]	Sep. 30, 2021$ / sharesshares
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares Underlying Outstanding Warrants | shares	100,870
Exercise Price | $ / shares	$ 7.1875
Expiration Date	Sep. 24, 2025

Schedule of Outstanding Warra_2

Schedule of Outstanding Warrants (Details) (Parenthetical) - Warrant [Member]	Sep. 30, 2021$ / shares
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise Price	$ 7.1875
Warrants Exercised within Six Months [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise Price	$ 6.9718

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - USD ($)	Jan. 29, 2021	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Proceeds from issuance of common stock		$ 2,548,000
Follow-On Offering [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Option to purchase of common stock shares	70,000
Public offering price	$ 40
Proceeds from issuance of common stock	$ 2,800,000
Net proceeds from sale of shares	2,548,000
Net of underwriting discount commission and offering expenses	$ 252,000
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares vested, value		$ 495,153
Number of shares vested		220,068
Lock-up/Leak-out Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares		599,493
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		908,242
Number of shares vested, value		$ 1,348,859
Number of unvested shares outstanding		308,749
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount		$ 694,685

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	Oct. 19, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Subsequent Event [Line Items]
Gross proceeds from sale of shares			$ 2,548,000
Number of warrants to purchase shares of common stock outstanding			12,993,609		12,703,541
Common Stock [Member]
Subsequent Event [Line Items]
Number of shares issued		1,260,870
Subsequent Event [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Number of warrants to purchase shares of common stock outstanding	20,174
Subsequent Event [Member] | Over-Allotment Option [Member]
Subsequent Event [Line Items]
Number of shares issued	80,696
Gross proceeds from sale of shares	$ 562,596