Financial Performance - Total revenue for the three months ended September 30, 2025, was $0, a decrease of $0.2 million or -100% compared to $183,000 in the same period of 2024[193]. - For the nine months ended September 30, 2025, total revenue was $0, a decrease of $0.2 million or -100% compared to $183,000 in the same period of 2024[200]. - Net loss for the three months ended September 30, 2025, was $1.657 million, a decrease of $436,000 or 21% compared to a net loss of $2.093 million in 2024[193]. - The net loss for the nine months ended September 30, 2025, was $8.528 million, an increase of $4.631 million or -119% compared to a net loss of $3.897 million in 2024[200]. Expenses - Research and development expenses for the three months ended September 30, 2025, decreased by $0.4 million or -62% to $243,000 from $642,000 in 2024[193][197]. - General and administrative expenses for the three months ended September 30, 2025, decreased by $0.4 million or -26% to $1.093 million from $1.472 million in 2024[193][198]. - Research and development expenses for the nine months ended September 30, 2025, decreased by $1.6 million or -64% to $881,000 from $2.469 million in 2024[200][202]. - General and administrative expenses for the nine months ended September 30, 2025, increased by $0.8 million or 17% to $5.674 million from $4.864 million in 2024[200][203]. Cash and Funding - As of September 30, 2025, the Company had cash of $328, which is insufficient to operate for at least 12 months, raising substantial doubt about its ability to continue as a going concern[212]. - The Company plans to seek additional funding through equity and debt financings, collaboration agreements, and research grants to finance its operations[212]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $(5,386) thousand, a 3% increase compared to $(5,215) thousand for the same period in 2024[217]. - Net cash provided by financing activities decreased by $1.8 million for the nine months ended September 30, 2025, totaling $2,711 thousand compared to $4,495 thousand in 2024[218]. - The Company received net proceeds of $1,840 thousand from the Second Convertible Note and raised $688 thousand from the sale of 91,336 common stock shares in July and August 2025[211]. Compliance and Listing - The Company received a notice from Nasdaq on April 2, 2025, indicating non-compliance with the Minimum Bid Price Requirement, with a closing bid price below $1.00 per share for 30 consecutive business days[206]. - On April 10, 2025, the Company was notified of non-compliance with the MVPHS Requirement, having a Market Value of Publicly Held Shares below $15 million, and the MVLS Requirement, with a Market Value of Listed Securities below $50 million[207]. - The Panel granted the Company's request for continued listing on Nasdaq, with conditions to be met by March 30, 2026, to avoid delisting[210]. Future Plans - The company plans to initiate clinical trials for lead product candidate ABP-102 in the first half of 2026[189]. - The Company expects expenses to increase as it advances preclinical activities and clinical trials for product candidates, including planned Phase 1/2 trials for ABP-102 and Phase 1 trials for ABP-201[214]. - The Company may need to delay, reduce, or eliminate research and development programs if it fails to secure additional funding[213]. Accumulated Deficit - The company had an accumulated deficit of $124.6 million as of September 30, 2025[205].
Atlantic stal Acquisition II(ACAB) - 2025 Q3 - Quarterly Report