| Schedule Impacts of the Restatement are Summarized Below |
Schedule
Impacts of the Restatement are Summarized Below
| |
|
As Previously
Reported |
|
|
Impact of Restatement |
|
|
As
Restated
|
|
| |
|
For the Year Ended December 31,
2024 |
|
| |
|
As Previously
Reported |
|
|
Impact of
Restatement
|
|
|
As
Restated
|
|
| Research and development(1) |
|
$ |
12,952,029 |
|
|
$ |
2,528,188 |
|
|
$ |
15,480,217 |
|
| General and administrative(1) |
|
|
3,059,788 |
|
|
|
(902,778 |
) |
|
|
2,157,010 |
|
| Total operating expenses |
|
|
16,011,817 |
|
|
|
1,625,410 |
|
|
|
17,637,227 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
|
(15,788,809 |
) |
|
|
(1,625,410 |
) |
|
|
(17,414,219 |
) |
| Net loss per common share, basic and diluted |
|
|
(1.21 |
) |
|
|
(0.13 |
) |
|
|
(1.34 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash used in operating activities |
|
|
(7,266,543 |
) |
|
|
— |
|
|
|
(7,266,543 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
|
1,559,733 |
|
|
|
1,625,410 |
|
|
|
3,185,143 |
|
| Total liabilities and stockholders’ equity |
|
$ |
4,093,769 |
|
|
$ |
— |
|
|
$ |
4,093,769 |
|
| (1) |
Includes
reclassification of cash compensation and options expense between research and development and general and administration in 2024,
which does not contribute to the change in total operating expenses for any period. |
All
referenced amounts for prior periods in these financial statements and the notes herein reflect the balances and amounts on a
restated basis.
4b.
Restatement to March 31, 2025, June 30, 2025, and September 30, 2025 Financials
GREENWICH
LIFESCIENCES, INC.
NOTES
TO FINANCIAL STATEMENTS
| |
|
As Previously
Reported |
|
|
Impact of
Restatement
|
|
|
As
Restated
|
|
| |
|
Three Months Ended March 31, 2025 |
|
| |
|
As Previously
Reported |
|
|
Impact of
Restatement
|
|
|
As
Restated
|
|
| Research and development(1) |
|
$ |
2,601,122 |
|
|
$ |
(329,974 |
) |
|
$ |
2,271,148 |
|
| General and administrative(1) |
|
|
681,210 |
|
|
|
(183,608 |
) |
|
|
497,602 |
|
| Total operating expenses |
|
|
3,282,332 |
|
|
|
(513,582 |
) |
|
|
2,768,750 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
|
(3,258,362 |
) |
|
|
513,582 |
|
|
|
(2,744,780 |
) |
| Net loss per common share, basic and diluted |
|
|
(0.25 |
) |
|
|
0.04 |
|
|
|
(0.21 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash used in operating activities |
|
|
(1,834,454 |
) |
|
|
— |
|
|
|
(1,834,454 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
|
1,438,524 |
|
|
|
1,111,828 |
|
|
|
2,550,352 |
|
| Total liabilities and stockholders’ equity |
|
$ |
2,750,835 |
|
|
$ |
— |
|
|
$ |
2,750,835 |
|
| |
|
As Previously
Reported |
|
|
Impact of
Restatement
|
|
|
As
Restated
|
|
| |
|
Three Months Ended June 30, 2025 |
|
| |
|
As Previously
Reported |
|
|
Impact of
Restatement
|
|
|
As
Restated
|
|
| Research and development(1) |
|
$ |
3,507,906 |
|
|
$ |
(91,429 |
) |
|
$ |
3,416,477 |
|
| General and administrative(1) |
|
|
538,047 |
|
|
|
(185,209 |
) |
|
|
352,838 |
|
| Total operating expenses |
|
|
4,045,953 |
|
|
|
(276,638 |
) |
|
|
3,769,315 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
|
(4,025,278 |
) |
|
|
276,638 |
|
|
|
(3,748,640 |
) |
| Net loss per common share, basic and diluted |
|
|
(0.30 |
) |
|
|
0.02 |
|
|
|
(0.28 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash used in operating activities |
|
|
N/A |
|
|
|
- |
|
|
|
N/A |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
|
1,685,609 |
|
|
|
835,190 |
|
|
|
2,520,799 |
|
| Total liabilities and stockholders’ equity |
|
$ |
3,125,101 |
|
|
$ |
— |
|
|
$ |
3,125,101 |
|
| |
|
As Previously
Reported |
|
|
Impact of
Restatement
|
|
|
As
Restated
|
|
| |
|
Six Months Ended June 30, 2025 |
|
| |
|
As Previously
Reported |
|
|
Impact of
Restatement
|
|
|
As
Restated
|
|
| Research and development(1) |
|
$ |
6,109,028 |
|
|
$ |
(421,403 |
) |
|
$ |
5,687,625 |
|
| General and administrative(1) |
|
|
1,219,257 |
|
|
|
(368,817 |
) |
|
|
850,440 |
|
| Total operating expenses |
|
|
7,328,285 |
|
|
|
(790,220 |
) |
|
|
6,538,065 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
|
(7,283,640 |
) |
|
|
790,220 |
|
|
|
(6,493,420 |
) |
| Net loss per common share, basic and diluted |
|
|
(0.55 |
) |
|
|
0.06 |
|
|
|
(0.49 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash used in operating activities |
|
|
(4,067,557 |
) |
|
|
— |
|
|
|
(4,067,557 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
|
1,685,609 |
|
|
|
835,190 |
|
|
|
2,520,799 |
|
| Total liabilities and stockholders’ equity |
|
$ |
3,125,101 |
|
|
$ |
— |
|
|
$ |
3,125,101 |
|
| |
|
As Previously
Reported |
|
|
Impact of
Restatement
|
|
|
As
Restated
|
|
| |
|
Three Months Ended September 30, 2025
|
|
| |
|
As Previously
Reported |
|
|
Impact of
Restatement
|
|
|
As
Restated
|
|
| Research and development(1) |
|
$ |
3,521,576 |
|
|
$ |
(254,436 |
) |
|
$ |
3,267,140 |
|
| General and administrative(1) |
|
|
653,066 |
|
|
|
(186,140 |
) |
|
|
466,926 |
|
| Total operating expenses |
|
|
4,174,642 |
|
|
|
(440,576 |
) |
|
|
3,734,066 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
|
(4,151,845 |
) |
|
|
440,576 |
|
|
|
(3,711,269 |
) |
| Net loss per common share, basic and diluted |
|
|
(0.30 |
) |
|
|
0.03 |
|
|
|
(0.27 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash used in operating activities |
|
|
N/A |
|
|
|
- |
|
|
|
N/A |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
|
1,622,001 |
|
|
|
394,614 |
|
|
|
2,016,615 |
|
| Total liabilities and stockholders’ equity |
|
$ |
3,806,978 |
|
|
$ |
— |
|
|
$ |
3,806,978 |
|
| |
|
As Previously
Reported |
|
|
Impact of
Restatement
|
|
|
As
Restated
|
|
| |
|
Nine Months Ended September 30, 2025
|
|
| |
|
As Previously
Reported |
|
|
Impact of
Restatement
|
|
|
As
Restated
|
|
| Research and development(1) |
|
$ |
9,630,604 |
|
|
$ |
(675,839 |
) |
|
$ |
8,954,765 |
|
| General and administrative(1) |
|
|
1,872,323 |
|
|
|
(554,957 |
) |
|
|
1,317,366 |
|
| Total operating expenses |
|
|
11,502,927 |
|
|
|
(1,230,796 |
) |
|
|
10,272,131 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
|
(11,435,485 |
) |
|
|
1,230,796 |
|
|
|
(10,204,689 |
) |
| Net loss per common share, basic and diluted |
|
|
(0.85 |
) |
|
|
0.09 |
|
|
|
(0.76 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash used in operating activities |
|
|
(6,738,796 |
) |
|
|
— |
|
|
|
(6,738,796 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
|
1,622,001 |
|
|
|
394,614 |
|
|
|
2,016,615 |
|
| Total liabilities and stockholders’ equity |
|
$ |
3,806,978 |
|
|
$ |
— |
|
|
$ |
3,806,978 |
|
| (1) |
Includes
reclassification of cash compensation and options expense between research and development and general and administration in 2025, which
does not contribute to the change in total operating expenses for any period. |
|