Liquidity, Financial Condition and Management Plans |
9 Months Ended | |
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Sep. 30, 2018 | ||
Liquidity [Abstract] | ||
Liquidity and Financial Condition [Text Block] | 2. Liquidity, Financial Condition and Management Plans During the nine months ended September 30, 2018 the Company used approximately $20.4 million of cash in its operating activities. Management believes that the Company will be able to continue accessing capital resources through the sale of equity and debt financing arrangements. However, the Company has no assurance that such capital will be available at the times needed and/or on the terms desired. During the nine months ended September 30, 2018, the Company raised approximately $21.7 million in equity and debt securities to fund its operations. The Company had current assets of $1.1 million and a working capital deficit of approximately $76.2 million at September 30, 2018. The Company owed an aggregate of $3.8 million of trade liabilities and accrued expenses to certain related parties as of September 30, 2018, of which $3.3 million was payable to Advent BioServices and Cognate Israel. The Company has not yet generated any material revenue from the sale of its products and is subject to all of the risks and uncertainties that are typically faced by biotechnology companies that devote substantially all of their efforts to R&D and clinical trials and do not yet have commercial products. The Company expects to continue incurring losses for the foreseeable future. The Company’s existing liquidity is not sufficient to fund its operations, anticipated capital expenditures, working capital and other financing requirements until the Company reaches significant revenues. Until that time, the Company will need to obtain additional equity and/or debt financing, especially if the Company experiences downturns in its business that are more severe or longer than anticipated, or if the Company experiences significant increases in expense levels resulting from being a publicly-traded company or from expansion of operations. If the Company attempts to obtain additional equity or debt financing, the Company cannot assume that such financing will be available to the Company on favorable terms, or at all. Because of recurring operating losses, net operating cash flow deficits, and an accumulated deficit, there is substantial doubt about the Company’s ability to continue as a going concern within one year from the date of this filing. The condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets, or the amounts and classification of liabilities that may result from the outcome of this uncertainty. |