Greenwich LifeSciences Inc. 2026年季度报告

Form 10-Q PART I. FINANCIAL INFORMATION GREENWICH LIFESCIENCES, INC.BALANCE SHEETS GREENWICH LIFESCIENCES, INC.STATEMENTS OF OPERATIONS GREENWICH LIFESCIENCES, INC.NOTES TO FINANCIAL STATEMENTS 1. Organization and Description of the Business Greenwich LifeSciences, Inc. (the “Company”) was incorporated in the state of Delaware in 2006 under the name Norwell, Inc. InMarch 2018, Norwell, Inc. changed its name to Greenwich LifeSciences, Inc. In February 2023, Greenwich LifeSciences EuropeLimited was incorporated as a wholly owned subsidiary in Ireland. The Company is developing a breast cancer immunotherapy 2. Going Concern The Company has prepared its financial statements on a going concern basis, which assumes that the Company will realize its assetsand satisfy its liabilities in the normal course of business. However, the Company has incurred net losses since its inception and hasnegative operating cash flows. These circumstances raise substantial doubt about the Company’s ability to continue as a going concernwithin one year after the date these financial statements are issued. The accompanying financial statements do not include any As of March 31, 2026, the Company had cash of $10,505,435. For the foreseeable future, the Company’s ability to continue itsoperations is dependent upon its ability to obtain additional capital. 3. Significant Accounting Policies Basis of Presentation The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accountingprinciples generally accepted in the United States of America and the rules of the Securities and Exchange Commission and should be In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation offinancial position and the results of operations for the interim periods presented have been reflected herein. The results of operationsfor the interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that Leases In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02-Leases (Topic 842), which significantlyamends the way companies are required to account for leases. Under the updated leasing guidance, some leases that did not have to bereported previously are now required to be presented as an asset and liability on the balance sheet. In addition, for certain leases, whatwas previously classified as an operating expense must now be allocated between amortization expense and interest expense. TheCompany elected to adopt this update using the modified retrospective transition method and prior periods have not been restated. The Basic and Diluted Loss per Share As of March 31, 2026 the Company had no common stock equivalents related to warrants outstanding. As of March 31, 2025, theCompany had common stock equivalents related to warrants outstanding to acquire 20,174 shares of the Company’s common stock. As of March 31, 2026 and 2025, the Company had common stock equivalents related to options outstanding to acquire 3,226,065 and3,126,065 shares of the Company’s common stock, respectively. As of March 31, 2026 and 2025, the Company has no common stock equivalents related to convertible preferred stock issued andoutstanding. The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated: 4. Related Party Transactions Unreimbursed expenses have been accrued and incurred by management, which total $52,382 as of March 31, 2026 and $276,496 as Two other members of Snehal Patel’s family are contracted or employed by the Company. The total cash compensation paid to the twofamily members for the three months ended March 31, 2026 and 2025 were approximately $65,000 and $56,000, respectively. Thetotal option compensation paid to the two family members for the three months ended March 31, 2026 and 2025 were approximately The total reimbursements submitted for the three months ended March 31, 2026 and 2025 were approximately $2.2 million and $0.7million, respectively. 5. Commitments and Contingencies Accounts payable total $4,288,183 and $4,653,644 as of March 31, 2026 and December 31, 2025, respectively. License Obligation, Legal Expenses, and Manufacturing Agreements The Company entered into an exclusive license agreement with The Henry M. Jackson Foundation (“HJF”) in April 2009, as amended,pursuant to which it acquired exclusive marketing rights to GP2, the Company’s product candidate. In consideration for such licensedrights, the Company issued HJF 202,619 shares of the Company’s common stock valued at $0.267 per share, which is amortized over15 years at $3,607 per year. Pursuant to the exclusive license agreement, the Company is required to pay an annual maintenance fee, Accounts payable includes the following obligations to HJF which include accrued interest which totals $220,845 and p