Note

–

Liquidity Risks and Management’s Plans

As of

December 31, 2018,

we had cash and cash equivalents of

$11.2

million and available-for-sale, marketable securities of

$14.0

million, current liabilities of

$20.6

million, including

$8.0

million of Loan payable (

see

, Note

- Loan Payable). As of

April 5, 2019,

we believe that we have sufficient resources (including marketable securities) available to support our development activities, business operations and debt service through

October

2019.

Although we believe that the

December 2018

CVie Acquisition and

$39

million Private Placement Financing have improved our financial position and

may

better position us to raise the capital needed to fund our business plans, we expect to continue to incur significant losses and require significant additional capital to advance our istaroxime and AEROSURF clinical development programs, support our operations and business development efforts, and satisfy our obligations beyond

October 2019,

and we do

not

have sufficient cash and cash equivalents for at least the next year following the date that the financial statements are issued. These conditions raise substantial doubt about our ability to continue as a going concern within

one

year after the date that the financial statements are issued.

To alleviate the conditions that raise substantial doubt about our ability to continue as a going concern, management plans to raise additional capital through a combination of public or private equity offerings and strategic transactions, including but

not

limited to potential alliances and collaborations focused on various individual markets; however,

none

of these alternatives are committed at this time. There can be

assurance that we will be able to complete any public or private equity offerings on acceptable terms, or in amounts required to support our operations, if at all, or identify and enter into any strategic transactions that will bring the capital that we will require. If

none

of these alternatives is available, or if available, we are unable to raise sufficient capital through such transactions, we will

not

have sufficient cash resources and liquidity to fund our business operations for at least the next year following the date that the financial statements are issued. Accordingly, management has concluded that substantial doubt exists with respect to our ability to continue as a going concern through

one

year after the issuance of the accompanying financial statements.

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business, and do

not

include any adjustments relating to recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern.

As of

December 31, 2018,

there were

120

million shares of common stock and

million shares of preferred stock authorized under our Certificate of Incorporation, and approximately

72.0

million shares of common stock and

5.0

million shares of preferred stock available for issuance and

not

otherwise reserved.