Greenwich LifeSciences, Inc.
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 14, 2025
GLSI$15.17+3.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001641172-25-024066
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-14.
0001493152-25-023539
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 48 previous paragraphs and 49 current paragraphs.
34 unchanged; 10 reworded; 5 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
Research and development expenses increased by $1,229,536 or 54%, to $3,521,576 for the three months ended September 30, 2025 from $2,292,040 for the three months ended September 30, 2024. The increase was primarily the result of an options grant to employees and management working on research and development activities and an increase in clinical expenses.
Current report
General and administrative expenses increased by $216,055, or 49%, to $653,066 for the three months ended September 30, 2025 from $437,011 for the three months ended September 30, 2024. The increase was primarily the result of an options grant to employees, management, and the board of directors.
Current report
Research and development expenses increased by $2,836,178, or 42%, to $9,630,604 for the nine months ended September 30, 2025 from $6,794,426 for the nine months ended September 30, 2024. The increase was primarily the result of an options grant to employees and management working on research and development activities and an increase in clinical expenses.
Current report
General and administrative expenses increased by $739,093, or 65%, to $1,872,323 for the nine months ended September 30, 2025 from $1,133,230 for the nine months ended September 30, 2024. The increase was primarily the result of an options grant to employees, management, and the board of directors.
Current report
In September 2025, the remaining underwriter warrants were exercised resulting in the issuance of 20,174 shares of common stock and gross proceeds to the Company of $145,000.
Removed paragraphs (4)
Previous report
Research and development expenses increased by $1,200,033 or 52%, to $3,507,906 for the three months ended June 30, 2025 from $2,307,873 for the three months ended June 30, 2024. The increase was primarily the result of an options grant to employees, management, and the board of directors and an increase in clinical expenses.
Previous report
General and administrative expenses increased by $184,516, or 52%, to $538,047 for the three months ended June 30, 2025 from $353,531 for the three months ended June 30, 2024. The increase was primarily the result of an options grant to employees, management, and the board of directors.
Previous report
Research and development expenses increased by $1,606,642, or 36%, to $6,109,028 for the six months ended June 30, 2025 from $4,502,386 for the six months ended June 30, 2024. The increase was primarily the result of an options grant to employees, management, and the board of directors and an increase in clinical expenses.
Previous report
General and administrative expenses increased by $523,038, or 75%, to $1,219,257 for the six months ended June 30, 2025 from $696,219 for the six months ended June 30, 2024. The increase was primarily the result of an options grant to employees, management, and the board of directors.
Reworded paragraphs (10)
Previous wording
To date, we have not generated any revenue and we have incurred net losses. Our net losses were approximately $15.8 million and $8.9 million for the years ended December 31, 2024 and 2023, respectively and $7.3 million and $5.1 million for the six months ended June 30, 2025 and 2024, respectively.
Current wording
To date, we have not generated any revenue and we have incurred net losses. Our net losses were approximately $15.8 million and $8.9 million for the years ended December 31, 2024 and 2023, respectively and $11.4 million and $7.7 million for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
Results of Operations for the Six Months Ended June 30, 2025 and 2024
Current wording
Results of Operations for the Nine Months Ended September 30, 2025 and 2024
Previous wording
We will require additional capital to meet our long-term operating requirements. We expect to raise additional capital through the sale of equity and/or debt securities; however, there is no assurance that we will be successful at raising additional capital in the future. If our plans are not achieved and/or if significant unanticipated events occur, we may have to further modify our business plan, which may require us to raise additional capital. As of June 30, 2025 and December 31, 2024, our principal source of liquidity was our cash, which totaled $3,125,101 and $4,091,990, respectively, and additional loans and accrued unreimbursed expenses from related parties. Historically, our principal sources of cash have included proceeds from the sale of common stock and preferred stock and related party loans. Our principal uses of cash have included cash used in operations. We expect that the principal uses of cash in the future will be for continuing operations, funding of research and development, including our clinical trials, and general working capital requirements.
Current wording
We will require additional capital to meet our long-term operating requirements. We expect to raise additional capital through the sale of equity and/or debt securities; however, there is no assurance that we will be successful at raising additional capital in the future. If our plans are not achieved and/or if significant unanticipated events occur, we may have to further modify our business plan, which may require us to raise additional capital. As of September 30, 2025 and December 31, 2024, our principal source of liquidity was our cash, which totaled $3,806,978 and $4,091,990, respectively, and additional loans and accrued unreimbursed expenses from related parties. Historically, our principal sources of cash have included proceeds from the sale of common stock and preferred stock and related party loans. Our principal uses of cash have included cash used in operations. We expect that the principal uses of cash in the future will be for continuing operations, funding of research and development, including our clinical trials, and general working capital requirements.
Previous wording
Cash Flow Activities for the Six Months Ended June 30, 2025 and 2024
Current wording
Cash Flow Activities for the Nine Months Ended September 30, 2025 and 2024
Previous wording
We incurred net losses of $7,283,640 and $5,079,877 during the six month periods ended June 30, 2025 and 2024, respectively. The increase was primarily the result of an options grant to employees, management, and the board of directors and an increase in clinical expenses.
Current wording
We incurred net losses of $11,435,485 and $7,748,590 during the nine month periods ended September 30, 2025 and 2024, respectively. The increase was primarily the result of an options grant to employees, management, and the board of directors and an increase in clinical expenses.
Previous wording
Net cash used in operating activities was $4,067,557 for the six months ended June 30, 2025 and $2,830,405 for the six months ended June 30, 2024.
Current wording
Net cash used in operating activities was $6,738,796 for the nine months ended September 30, 2025 and $5,414,337 for the nine months ended September 30, 2024.
Previous wording
We did not use or generate cash from investing activities during the six months ended June 30, 2025 and 2024.
Current wording
We did not use or generate cash from investing activities during the nine months ended September 30, 2025 and 2024.
Previous wording
Between January 1, 2025 and June 30, 2025, the Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement with H. C. Wainwright, in which it issued and sold a total of 320,210 shares of its common stock at an average offering price of $9.95 per share for gross proceeds of $3,185,661 and net proceeds of $3,100,668, after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totaled $84,993.
Current wording
Between January 1, 2025 and September 30, 2025, the Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement with H. C. Wainwright, in which it issued and sold a total of 621,674 shares of its common stock at an average offering price of $10.44 per share for gross proceeds of $6,492,994 and net proceeds of $6,308,784, after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totaled $184,210.
Previous wording
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.
Current wording
Between January 1, 2024 and September 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 121,663 shares of its common stock at an average offering price of $15.96 per share for gross proceeds of $1,941,424 and net proceeds of $1,747,282, after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totaled $194,142.
Previous wording
Between July 1, 2025 and July 28, 2025, the Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement with H. C. 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.
Current wording
Between October 1, 2025 and October 28, 2025, the Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement with H. C. Wainwright, in which it issued and sold a total of 59,962 shares of its common stock at an average offering price of $10.53 per share for gross proceeds of $631,362 and net proceeds of $612,420, after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totaled $18,942.