Greenwich LifeSciences (GLSI) is a pre-revenue clinical-stage biopharma with a balance sheet that consists almost entirely of cash. As of September 30, 2025, total assets were $3.81M, down from $4.09M at December 31, 2024, with cash comprising 100% of that figure ($3.81M). The acquired patents line that appeared at $1,779 at year-end 2024 has been fully amortized to zero. Under a liquidation lens, the asset side recovery is essentially one-for-one with the cash balance: $3.81M at 100% haircut equals $3.81M recoverable. Total liabilities are $1.62M at face value, comprising three current items: accounts payable and accrued interest ($1.11M), deferred compensation to related party ($306K, unchanged since year-end), and unreimbursed expenses to related party ($207K, up from $76K at year-end). Netting these at face yields a residual equity recovery of approximately $2.18M—consistent with the MFFAIS CLV/LLV/OLV of $2,184,977. No long-term debt, no operating lease ROU asset or liability (month-to-month sublease deemed nominal), no pension, no inventory, no PP&E, no goodwill, and no off-balance-sheet arrangements. The liquidation recovery posture is therefore positive but thin: $2.18M against a going-concern that burned $6.74M in operating cash over the nine-month period. At Q3 2025's operating cash burn rate of approximately $750K per month (net of non-cash stock compensation add-back), the cash runway from the September 30 balance extends roughly five months before the residual equity would be consumed, absent additional equity issuance. The company has been sustaining operations entirely through ATM equity issuances; YTD through September 30, 2025 it raised $6.31M net via ATM and $145K from underwriter warrant exercises. A subsequent-event ATM tranche (October 1–28, 2025) added $612K net, bringing estimated pro-forma cash to approximately $4.42M. The HJF license carries ongoing milestone, royalty, and annual maintenance obligations not separately quantified in the filing; accrued interest to HJF is $221K embedded in accounts payable. Future milestone and royalty commitments are discussed in MD&A but are not separately tagged in XBRL and are not currently determinable. The going-concern qualification, material weakness in internal controls, and sole-executive structure (CEO also serves as principal financial and accounting officer) are all present-period disclosures consistent with prior filings and do not represent new developments this quarter.
▼ Community Notes