Liquidity and Capital Resources

3 Months Ended

Mar. 31, 2019

Liquidity and Capital Resources [Abstract]

Liquidity and Capital Resources

11. Liquidity and Capital Resources

At March 31, 2019, we had cash and cash equivalents and short-term investments of approximately $20.1 million. Management believes that our current cash and cash equivalents and short-term investments will be sufficient to fund its operations for the foreseeable future. This estimate is based, in part, upon our currently projected expenditures for the remainder of 2019 and the first four months of 2020 of approximately $5.6 million (unaudited), which includes approximately $0.3 million (unaudited) for payments related to the Freiburg lab, and approximately $5.3 million (unaudited) for other general and administrative expenses. These projected expenditures and payments are also based upon numerous other assumptions and subject to many uncertainties, and our actual expenditures may be significantly different from these projections.

While these projections represent the Company’s current expected expenditures, the Company has the ability to reduce the amounts as needed to manage its liquidity needs while still advancing its corporate objectives. The Company will ultimately be required to obtain additional funding in order to execute its long-term business plans, although it does not currently have commitments from any third parties to provide it with long term debt, capital or non-dilutive up-front payments from a potential strategic partner. The Company cannot assure that additional funding will be available on favorable terms, or at all. If the Company fails to obtain additional funding when needed, it may not be able to execute its business plans and its business may suffer, which would have a material adverse effect on its financial position, results of operations and cash flows.