Greenwich LifeSciences, Inc.
For the period ended Jun 30, 2025. Filed Aug 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.
Jun 30, 2025 · Filed Aug 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 2025-03-31; filed 2025-05-20.
0001641172-25-011731
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent 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 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 43 previous paragraphs and 48 current paragraphs.
31 unchanged; 9 reworded; 7 added; 3 removed; 0 previous and 1 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 (7)
Current 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.
Current 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.
Current report
Research and Development Expenses
Current 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.
Current report
General and Administrative Expenses
Current 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.
Removed paragraphs (3)
Previous report
Research and development expenses increased by $406,609, or 19%, to $2,601,122 for the three months ended March 31, 2025 from $2,194,513 for the three months ended March 31, 2024. The increase was primarily the result of an options grant to employees, management and the board of directors.
Previous report
General and administrative expenses increased by $338,522, or 99%, to $681,210 for the three months ended March 31, 2025 from $342,688 for the three months ended March 31, 2024. The increase was primarily the result of an options grant to employees, management and the board of directors.
Previous report
In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The main objective of the standard is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this standard replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The update is effective for the Company beginning January 1, 2023 with early adoption permitted. The Company adopted the standard on January 1, 2023. The adoption of this standard did not have a material effect on the Company’s audited financial statements and related disclosures.
Reworded paragraphs (9)
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 $3.3 million and $2.5 million for the three months ended March 31, 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 $7.3 million and $5.1 million for the six months ended June 30, 2025 and 2024, respectively.
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 March 31, 2025 and December 31, 2024, our principal source of liquidity was our cash, which totalled $2,749,959 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 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.
Previous wording
Cash Flow Activities for the Three Months Ended March 31, 2025 and 2024
Current wording
Cash Flow Activities for the Six Months Ended June 30, 2025 and 2024
Previous wording
We incurred net losses of $3,258,362 and $2,473,195 during the three month periods ended March 31, 2025 and 2024, respectively. The increase was primarily the result of an options grant to employees, management and the board of directors.
Current 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.
Previous wording
Net cash used in operating activities was $1,834,454 for the three months ended March 31, 2025 and $1,782,565 for the three months ended March 31, 2024.
Current 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.
Previous wording
We did not use or generate cash from investing activities during the three months ended March 31, 2025 and 2024.
Current wording
We did not use or generate cash from investing activities during the six months ended June 30, 2025 and 2024.
Previous wording
Between January 1, 2025 and March 31, 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 39,918 shares of its common stock at an average offering price of $12.52 per share for gross proceeds of $499,936 and net proceeds of $492,423, after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totalled $7,513.
Current 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.
Previous wording
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.
Current 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.
Previous wording
Between April 1, 2025 and May 9, 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 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.
Current 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.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Results of Operations for the Six Months Ended June 30, 2025 and 2024