What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-08-14 compared with 2025-05-20 · 150 added, 136 removed, 167 unchanged (63% of the section changed)

2 unchanged sentences

BALANCE SHEETS

AS OF MARCH 31, 2025 AND DECEMBER 31, 2024 (UNAUDITED)

AS OF JUNE 30, 2025 AND DECEMBER 31, 2024 (UNAUDITED)

Current assets

3 unchanged sentences

Accounts payable & accrued interest

Deferred compensation

Unreimbursed expenses

Deferred compensation – related party

Unreimbursed expenses – related party

Total current liabilities

3 unchanged sentences

100,000,000 shares authorized;

13,192,647 and 13,152,729 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively

13,472,939 and 13,152,729 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively

Additional paid-in capital

4 unchanged sentences

Total liabilities and stockholders’ equity

See accompanying notes to unaudited financial statements.

See accompanying notes to unaudited financial

GREENWICH LIFESCIENCES, INC.

STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND

2024 (UNAUDITED)

Three Months Ended March 31,

FOR THE THREE AND SIX MONTHS ENDED JUNE 30,

2025 AND 2024 (UNAUDITED)

Three Months Ended June 30,

Six Months Ended June 30,

Operating expenses

5 unchanged sentences

( 2,661,404 )

( 7,328,285 )

( 5,198,605 )

Interest Income

1 unchanged sentence

$ ( 2,606,682 )

$ ( 7,283,640 )

$ ( 5,079,877 )

Per share information:

1 unchanged sentence

Weighted average common shares outstanding, basic and diluted

See accompanying notes to unaudited financial statements.

See accompanying notes to unaudited financial

GREENWICH LIFESCIENCES, INC.

STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND

2024 (UNAUDITED)

Additional Paid-in

Total Stockholders’

FOR THE THREE AND SIX MONTHS ENDED JUNE 30,

2025 AND 2024 (UNAUDITED)

Additional Paid-in

Total Stockholders’

Stockholders’

Balances, December 31, 2023

6 unchanged sentences

$ ( 52,837,764 )

Balances, December 31, 2024

Stock-based compensation

Sale of common stock via ATM program, net of costs

Sale of common stock via Private Placement, net of costs

( 2,606,682 )

Balances, June 30, 2024

$ ( 55,444,446 )

Balances, December 31, 2024

$ ( 66,153,378 )

Stock-based compensation

Sale of common stock via ATM program, net of costs

( 3,258,362 )

Balances, March 31, 2025

1 unchanged sentence

$ ( 69,411,740 )

See accompanying notes to unaudited financial statements.

Stock-based compensation

Sale of common stock via ATM program, net of costs

Balances, June 30, 2025

See accompanying notes to unaudited financial

GREENWICH LIFESCIENCES, INC.

STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND

FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND

2024 (UNAUDITED)

Three Months Ended

Six Months Ended June 30,

Operating activities:

5 unchanged sentences

Accounts payable

Unreimbursed expenses (accrued)

Unreimbursed expenses – related party (accrued)

Net cash used in operating activities

3 unchanged sentences

Sale of common stock via ATM program, net of costs

Net cash provided by financing activities

Sale of common stock via Private Placement, net of costs

Net cash provided by (used in) financing activities

Net increase (decrease) in cash

( 1,342,031 )

( 1,483,449 )

Cash, beginning of period

Cash, end of period

See accompanying notes to unaudited financial statements.

See accompanying notes to unaudited financial

GREENWICH LIFESCIENCES, INC.

8 unchanged sentences

In February 2023, Greenwich LifeSciences Europe Limited was incorporated as a wholly owned subsidiary in Ireland.

Company is developing a breast cancer immunotherapy focused on preventing the recurrence of breast cancer following surgery.

The Company is developing a breast cancer immunotherapy focused on preventing the recurrence of breast cancer following surgery.

Going Concern

The Company has prepared its financial statements

on a going concern basis, which assumes that the Company will realize its assets and satisfy its liabilities in the normal course of business.

on a going concern basis, which assumes that the Company will realize its assets and satisfy its liabilities in the normal course of

However, the Company has incurred net losses since its inception and has negative operating cash flows.

These circumstances raise substantial

doubt about the Company’s ability to continue as a going concern.

The accompanying financial statements do not include any adjustments

to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities

that may result from the outcome of the uncertainty concerning the Company’s ability to continue as a going concern.

As of March 31, 2025, the Company had cash of $ 2,749,959 .

For the foreseeable future, the Company’s ability to continue its operations is dependent upon its ability to obtain additional

These circumstances

raise substantial doubt about the Company’s ability to continue as a going concern.

The accompanying financial statements do not

include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and

classifications of liabilities that may result from the outcome of the uncertainty concerning the Company’s ability to continue

as a going concern.

As of June 30, 2025, the Company had cash of

$ 3,125,101 .

For the foreseeable future, the Company’s ability to continue its operations is dependent upon its ability to obtain

additional capital.

Significant Accounting Policies

Basis of Presentation

The accompanying unaudited interim financial statements

of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the

rules of the Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto

of the Company contained elsewhere herein.

The accompanying unaudited interim financial

statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America

and the rules of the Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes

thereto of the Company contained elsewhere herein.

In the opinion of management, all adjustments,

6 unchanged sentences

Form 10-K have been omitted.

February 2016, the FASB issued Accounting Standards Update (“ASU”) No.

2016-02-Leases (Topic 842), which significantly

amends the way companies are required to account for leases.

Under the updated leasing guidance, some leases that did not have to be

reported previously are now required to be presented as an asset and liability on the balance sheet.

In addition, for certain

leases, what was previously classified as an operating expense must now be allocated between amortization expense and interest

The Company elected to adopt this update using the modified retrospective transition method and prior periods have not been

In February 2016, the FASB issued Accounting

Standards Update (“ASU”) No.

2016-02-Leases (Topic 842), which significantly amends the way companies are required to account

Under the updated leasing guidance, some leases that did not have to be reported previously are now required to be presented

as an asset and liability on the balance sheet.

In addition, for certain leases, what was previously classified as an operating expense

must now be allocated between amortization expense and interest expense.

The Company elected to adopt this update using the modified

retrospective transition method and prior periods have not been restated.

The current monthly rent is approximately $ 2,819 .

The month-to-month sub-lease is from a related party and the

underlying lease expires in July of 2026 .

Any right of use asset and liability is deemed to be nominal as of March 31, 2025

and December 31, 2024.

The month-to-month

sub-lease is from a related party and the underlying lease expires in July of 2026.

Any right of use asset and liability is deemed to

be nominal as of June 30, 2025 and December 31, 2024.

Basic and Diluted Loss per Share

As of March 31, 2025 and 2024, the Company had

As of June 30, 2025 and 2024, the Company had

common stock equivalents related to warrants outstanding to acquire 20,174 shares of the Company’s common stock.

As of March 31, 2025 and 2024, the Company had

As of June 30, 2025 and 2024, the Company had

common stock equivalents related to options outstanding to acquire 3,126,065 and 1,498,128 shares of the Company’s common stock,

respectively.

As of March 31, 2025 and 2024, the Company has

As of June 30, 2025 and 2024, the Company has

no common stock equivalents related to convertible preferred stock issued and outstanding.

2 unchanged sentences

Schedule of Basic and Diluted Net Loss Per Common Share

Three Months Ended March 31,

Six Months Ended June 30,

Basic and diluted net loss per share calculation:

10 unchanged sentences

Unreimbursed expenses have been accrued and incurred

by management, which total $ 84,362 as of March 31, 2025 and $ 75,916 as of December 31, 2024.

by management, which total $ 82,852 as of June 30, 2025 and $ 75,916 as of December 31, 2024.

Bonus compensation of $ 306,281 for senior management

1 unchanged sentence

Commitments and Contingencies

Accounts payable total $ 1,047,881 and $ 1,177,536

as of March 31, 2025 and December 31, 2024, respectively.

Accounts payable and accrued interest total

$ 1,296,476 and $ 1,177,536

as of June 30, 2025 and December 31, 2024, respectively.

License Obligation, Legal Expenses, and

6 unchanged sentences

shares of the Company’s common stock valued at $ 0.267 per share, which is amortized over 15 years at $ 3,607 per year.

the exclusive license agreement, the Company is required to pay an annual maintenance fee, milestone payments and royalty payments based

on sales of GP2 and to reimburse HJF for patent expenses related to GP2.

The Company currently depends on third-party contract manufacturers

for all required raw materials, active pharmaceutical ingredients, and finished product candidate for the Company’s clinical trials.

Accounts payable includes accrued interest owed

to HJF, which totals $ 220,845 as of March 31, 2025 and December 31, 2024.

to the exclusive license agreement, the Company is required to pay an annual maintenance fee, milestone payments and royalty payments

based on sales of GP2 and to reimburse HJF for patent expenses related to GP2.

The Company currently depends on third-party contract

manufacturers for all required raw materials, active pharmaceutical ingredients, and finished product candidate for the Company’s

clinical trials.

Accrued interest owed to HJF totals $ 220,845

as of June 30, 2025 and December 31, 2024.

Deferred Compensation

5 unchanged sentences

Any of these claims

could subject the Company to costly legal expenses and, while management generally believes that there will be adequate insurance to cover

different liabilities at such time the Company becomes a public company and commences clinical trials, the Company’s future insurance

carriers may deny coverage or policy limits may be inadequate to fully satisfy any damage awards or settlements.

If this were to happen,

the payment of any such awards could have a material adverse effect on the results of operations and financial position.

could subject the Company to costly legal expenses and, while management generally believes that there will be adequate insurance to

cover different liabilities at such time the Company becomes a public company and commences clinical trials, the Company’s future

insurance carriers may deny coverage or policy limits may be inadequate to fully satisfy any damage awards or settlements.

to happen, the payment of any such awards could have a material adverse effect on the results of operations and financial position.

Additionally,

any such claims, whether or not successful, could damage the Company’s reputation and business.

The Company is currently not a party

to any legal proceedings, the adverse outcome of which, in management’s opinion, individually or in the aggregate, could have a

material adverse effect on our results of operations or financial position.

The Company is currently not a

party to any legal proceedings, the adverse outcome of which, in management’s opinion, individually or in the aggregate, could

have a material adverse effect on our results of operations or financial position.

Stockholders’ Equity

As of March 31, 2025, 893,181 shares of the 908,362

As of June 30, 2025, 893,181 shares of the 908,362

shares of the common stock grant, which includes an additional grant of 120 shares issued during the vesting period due to rounding up

1 unchanged sentence

$ 34,157 value.

There were no shares vested during the three months ended March 31, 2025 and 2024.

On January 23, 2022,

the Board of Directors authorized the Company’s management to implement a stock repurchase program for up to $ 10 million of the

Company’s common stock at any time.

The term of the Board of Directors authorization of the repurchase program is until March 31,

The repurchase program may be suspended or discontinued at any time and will be funded using the Company’s working capital.

As of March 31, 2023, approximately 519,828 shares of the Company’s common stock has been repurchased and cancelled at an aggregate

purchase price, including all transactions costs, of approximately $ 7,536,216 .

There were no shares repurchased during the three months

ended March 31, 2023.

There were no shares vested during the six months ended June 30, 2025 and 2024.

On January 23, 2022, November 30, 2022, November

5 unchanged sentences

otherwise modified by the board of directors.

Between January 1, 2025 and March 31, 2025, the

Between January 1, 2025 and June 30, 2025, the

Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement with H.

2 unchanged sentences

and net proceeds of $ 3,100,668 , after deducting underwriting discounts and commissions and offering expenses borne by the Company, which

totalled $ 7,513 .

Between January 1, 2024 and March 31, 2024, the

Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement with Jefferies, in which it issued and sold

a total of 27,117 shares of its common stock at an average offering price of $ 12.26 per share for gross proceeds of $ 332,351 and net proceeds

of $ 299,116 , after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totalled $ 33,235 .

At March 31, 2025, outstanding warrants to purchase

shares of common stock accounted for as equity were as follows with an aggregate intrinsic value as of March 31, 2025 of $ 47,459 based

on the March 31, 2025 closing share price of $ 9.54 :

totaled $ 84,993 .

Between January 1, 2024 and June 30, 2024, the

Company sold shares of its common stock pursuant to its ATM agreement with Jefferies, in which it issued and sold a total of 44,697 shares

of its common stock at an average offering price of $ 14.07 per share for gross proceeds of $ 628,732 and net proceeds of $ 565,858 , after

deducting underwriting discounts and commissions and offering expenses borne by the Company, which totaled $ 62,874 .

At June 30, 2025, outstanding warrants to purchase

shares of common stock accounted for as equity were as follows with an aggregate intrinsic value as of June 30, 2025 of $ 37,978 based

on the June 30, 2025 closing share price of $ 9.07 :

Schedule of Outstanding Warrants

Shares Underlying Outstanding Warrants

Shares Underlying Outstanding

Exercise Price (1)

1 unchanged sentence

September 24, 2025

The warrants are exercisable at any time and from time to time, in whole or in part, during a period commencing March 24, 2021 and expiring September 24, 2025 .

The exercise price of the warrants is $ 7.1875 per share or $ 6.9718 per share if the warrants are exercised for cash within the first six months of the period in which they are exercisable.

The warrants are exercisable at any time and from time to time, in

whole or in part, during a period commencing March 24, 2021 and expiring September 24, 2025 .

The exercise price of the warrants is

$ 7.1875 per share or $ 6.9718 per share if the warrants are exercised for cash within the first six months of the period in which

they are exercisable.

On June 22, 2022, prior to the close of the Nasdaq

market, 1,498,128

shares of common stock were granted to employees, consultants, and directors issuable upon exercise of outstanding stock options under

the Company’s 2019 Equity Incentive Plan at an exercise price of $ 7.63

per share, which was the most recent prior closing share price on June 21, 2022.

The options had a fair value on the grant date of $ 9,512,356 ,

based on a risk-free rate of 3.2 %

market, 1,498,128 shares of common stock were granted to employees, consultants, and directors issuable upon exercise of outstanding

stock options under the Company’s 2019 Equity Incentive Plan at an exercise price of $ 7.63 per share, which was the most recent

prior closing share price on June 21, 2022.

The options had a fair value on the grant date of $ 9,512,356 , based on a risk-free rate of

3.2 % and an annualized volatility of 106 %.

As of March 31, 2025, $ 6,599,194

was expensed and $ 2,913,162

may be expensed in the future if and as vesting occurs.

As of March 31, 2024, $ 4,221,106

was expensed.

Vesting will be based on time of service over a four

year period and certain additional performance milestones for senior management, primarily related to the Phase III clinical trial.

As of June 30, 2025, $ 7,193,716 was expensed and $ 2,318,640 may be expensed in the future

if and as vesting occurs.

As of June 30, 2024, $ 4,815,628 was expensed.

Vesting will be based on time of service over a four year period

and certain additional performance milestones for senior management, primarily related to the Phase III clinical trial.

On December 24, 2024, prior to the close of the

4 unchanged sentences

rate of 4.5 % and an annualized volatility of 103 %.

As of March 31, 2025, $ 5,824,931 was expensed and $ 10,365,634 may be expensed in the

As of June 30, 2025, $ 6,774,623 was expensed and $ 9,415,942 may be expensed in the

future if and as vesting occurs.

1 unchanged sentence

milestones for senior management.

Private Placement

On June 13, 2024, prior to the close of the Nasdaq

market, the Company completed a private placement offering pursuant to which it issued and sold 174,825 shares of its common stock at

a price of $ 14.30 per share, which was the most recent prior closing share price on June 12, 2024, to Snehal Patel, the Company’s

Chief Executive Officer and director, for net proceeds of $ 2,499,998 .

No investment banking fees were paid in connection with the offering.

Patel agreed to a one year lock-up agreement with respect to his shares of common stock acquired in the offering.

Segment Information

segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief

operating decision maker ("CODM") in deciding how to allocate resources and in assessing performance.

The Company's CODM is

the Chief Executive Officer.

The Company views its operations and manages its business as one operating segment, which includes all activities

related to its clinical development programs.

The determination of a single reportable segment is consistent with the financial information

provided to the CODM.

The CODM views and manages the Company's clinical development programs as a single reportable segment for which

all operations are centralized and does not evaluate any other discrete financial information.

The accounting policies of the Company's

single reportable segment are the same as those for the financial statements.

loss is measured as the Company's net loss as reported on the statement of operations, which includes segment expenses such as research

and development and general and administrative expenses and other segment items such as interest expense.

As the Company does not currently

generate revenues or profit, the CODM evaluates performance, makes decisions, allocates resources, and plans future activities through

analysis of segment expense information.

The CODM also monitors the Company's cash and cash equivalents and net cash used in operations

as reported on the balance sheet and the statement of cash flows, respectively.

The measure of total segment assets is reported on the

balance sheet as total assets.

Operating segments are defined as components

of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”)

in deciding how to allocate resources and in assessing performance.

The Company’s CODM is the Chief Executive Officer.

The Company views

its operations and manages its business as one operating segment, which includes all activities related to its clinical development programs.

The determination of a single reportable segment is consistent with the financial information provided to the CODM.

The CODM views and

manages the Company’s clinical development programs as a single reportable segment for which all operations are centralized and does

not evaluate any other discrete financial information.

The accounting policies of the Company’s single reportable segment are the same

as those for the financial statements.

Segment loss is measured as the Company’s net

loss as reported on the statement of operations, which includes segment expenses such as research and development and general and administrative

expenses and other segment items such as interest expense.

As the Company does not currently generate revenues or profit, the CODM evaluates

performance, makes decisions, allocates resources, and plans future activities through analysis of segment expense information.

also monitors the Company’s cash and cash equivalents and net cash used in operations as reported on the balance sheet and the statement

of cash flows, respectively.

The measure of total segment assets is reported on the balance sheet as total assets.

Subsequent Events

The Company has evaluated events through the filing date of this Quarterly Report on Form 10-Q, and determined that there have been no subsequent events that occurred

that would require adjustments to our disclosures in the financial statements, other than the following:

Between April 1, 2025 and May 9, 2025, the Company

completed At The Market (“ATM”) offerings pursuant to its ATM agreement with H.

Wainwright, in which it issued and sold

a total of 175,657

shares of its common stock at an average offering price of $ 9.58

per share for gross proceeds of $ 1,682,893

and net proceeds of $ 1,635,498 ,

after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totalled $ 47,395 .

The Company has evaluated events through the

filing date of this Quarterly Report on Form 10-Q, and determined that there have been no subsequent events that occurred that would

require adjustments to our disclosures in the financial statements, other than the following:

Between July 1, 2025 and July 28, 2025, the

Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement with H.

Wainwright, in which it issued

and sold a total of 157,318 shares of its common stock at an average offering price of $ 10.49 per share for gross proceeds of $ 1,650,575

and net proceeds of $ 1,601,059 , after deducting underwriting discounts and commissions and offering expenses borne by the Company, which

totaled $ 49,516 .

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements