Lipella Pharmaceuticals Inc 2025年季度报告

Lipella Pharmaceuticals Inc.Form 10-QMarch 31, 2025 Part IFINANCIAL INFORMATION Item 1Financial Statements. Condensed Statements of Operations (Unaudited) for the Three Months Ended March 31, 2025 and 2024 Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations. Item 3.Quantitative and Qualitative Disclosures About Market Risk. References in this Quarterly Report on Form 10-Q to the “Company,” “Lipella,” “we,” “us,” or “our” mean Lipella PharmaceuticalsInc. unless otherwise expressly stated or the context indicates otherwise. PART I. FINANCIAL INFORMATION Lipella Pharmaceuticals Inc.NOTES TO CONDENSED FINANCIAL STATEMENTS Note 1.Description of Business and Basis of Presentation Nature of Business Lipella Pharmaceuticals Inc. (the “Company”, “we”, “us” or “our”) is a clinical-stage biotechnology company focused ondeveloping new drugs by reformulating the active agents in existing generic drugs and optimizing these reformulations for newapplications. Our operations consist of research, preclinical development and clinical development activities, and our most advancedprogram is in Phase 2 clinical development. Since our inception in 2005, we have historically financed our operations through a Basis of Presentation The Company’s unaudited condensed financial statements have been prepared in accordance with U.S. generally acceptedaccounting principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments,consisting of normal recurring adjustments, which are necessary to present fairly the Company’s financial position, results ofoperations, and cash flows. The interim results of operations are not necessarily indicative of the results that may occur for the fullfiscal year. Certain information and footnote disclosure normally included in the financial statements prepared in accordance withGAAP have been condensed or omitted pursuant to instructions, rules, and regulations prescribed by the U.S. Securities and Exchange Note 2.Going Concern The accompanying condensed financial statements have been prepared in conformity with GAAP, which contemplatecontinuation of the Company as a going concern. The Company has not established a source of revenues sufficient to cover its The Company’s net loss for the three months ended March 31, 2025 and fiscal year ended December 31, 2024 was$1,306,523and $5,016,264, respectively. Since inception, the Company has incurred historical losses and has an accumulated deficitof $16,646,630at March 31, 2025 and $15,340,107at December 31, 2024, respectively. At March 31, 2025, the Company hadavailable cash and cash equivalents of $4,225,012and net working capital of $4,046,491. The Company anticipates operating losses tocontinue for the foreseeable future due to, among other things, costs related to: research, development of product candidates, If we are unable to obtain additional capital (which is not assured at this time), our long-term business plan may not beaccomplished, and we may be forced to curtail or cease operations. These factors individually and collectively raise substantial doubtabout our ability to continue as a going concern. The accompanying unaudited condensed financial statements do not include any Note 3.Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 3, “Accounting Policies,” in the Annual Report. Therehave been no material changes to the significant accounting policies during the three-month period ended March 31, 2025, except for Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptionsthat affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of these financial Adoption of New Accounting Pronouncements During the three months ended March 31, 2025, no new accounting pronouncement was issued or became effective that had,or is expected to have, a material impact on our Financial Statements. Concentration of Credit Risk The Company’s grant revenues and grant receivables are from the National Institute of Health (the “NIH”). The NIH is anagency of the United States Department of Health & Human Services, and the Company believes amounts are fully collectible from Earnings Per Share Basic net loss per share of Common Stock is computed by dividing the net loss for the period by the weighted-averagenumber of shares of Common Stock outstanding during the period. Diluted net loss per share of Common Stock is computed givingeffect to all dilutive Common Stock equivalents, consisting of stock options, preferred stock, and warrants. Diluted net loss per share At March 31, 2025 and 2024 the Common Stock equivalent shares were, as follows: Shares of