Lipella Pharmaceuticals Inc 2025年季度报告

Item 1Financial Statements. Condensed Statements of Operations (Unaudited) for the Three Months Ended March 31, 2025 and 2024 Condensed Statements of Changes in Stockholders’ Equity (Deficit) (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. Item 1.Legal Proceedings. Risk Factors.Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.Item 3.Defaults upon Senior Securities.Item 4.Mine Safety Disclosures.Item 5.Other Information. Operating lease liability, net of current portion—Total Liabilities776,847Stockholders’ equity: found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting 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 full fiscal 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 Commission (“SEC”). The unaudited condensed interim financial statements should be read in conjunction with the audited financialstatements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024, which was filedwith SEC on March 28, 2025 (our “Annual Report”).Note 2.Going Concern continuation of the Company as a going concern. The Company has not established a source of revenues sufficient to cover itsoperating costs and will require significant additional capital to continue its research and development programs, including progressing clinical product candidates to commercialization and preparing for commercial-scale manufacturing and sales.The Company’s net loss for the three months ended March 31, 2025 and fiscal year ended December 31, 2024 was available 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,conducting preclinical studies and clinical trials, and administrative organization. These funds, and our funds available under existinggovernment contracts, may not be sufficient to enable us to meet its obligations as they come due at least for the next twelve monthsfrom the issuance date of these financial statements. have been no material changes to the significant accounting policies during the three-month period ended March 31, 2025, except foritems mentioned below.Use of EstimatesThe 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 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. 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 giving of Common Stock for the three months ended March 31, 2025 and 2024 is the same as basic net loss per share, as the Common Stockequivalents were anti-dilutive due to the net loss. At March 31, 2025 and 2024 the Common Stock equivalent shares were, as follows: Shares of Common Stock issuable upon exercise of options Shares of Common Stock issuable upon exercise of warrants372,990Shares of Common Stock issuable upon conversion of Series B preferred stock1,588,172 Shares of Common Stock issuable upon conversion of Warrants for Series B preferred stockCommon Stock equivalents excluded from diluted net loss per share Note 4.Fair Value Measurements and Marketable Debt Securities transparency of input as of the measurement date. The three levels of inputs as defined are: Level 1- Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in activemarkets. March 31, 2025Cash Equivalents (maturity less than 90 days) Commercial Paper———U.S. Government———Money market funds4,116,013—— Marketable Securities—Total Cash Equivalents and Marketable Securities Money market funds1,692,141——Total Cash equivalents1,692,141—— Total Cash equivalents and marketable securities$1,692,141— At March 31, 2025, prepaid expenses were $512,696, and consisted primarily of prepaid insurance of $83,502, prepaid costsof