Quarterly Report for Quarter Ending September 30, 2024 (Form 10-Q)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒	QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

☐	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

COMMISSION FILE NUMBER 001-39555

GREENWICH LIFESCIENCES, INC.

(Exact Name of registrant as specified in its charter)

Delaware		20-5473709
(State or other jurisdiction		(I.R.S. Employer
of incorporation or organization)		Identification No.)
3992 Bluebonnet Dr., Building 14, Stafford, Texas		77477
(Address of principal executive offices)		(Zip Code)

(832) 819-3232

(Registrant's telephone number, including area code)

Title of each class:		Trading Symbol(s)		Name of each exchange on which registered:
Common Stock		GLSI		NasdaqCapital Market

Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐

Accelerated filer ☐

Non-accelerated filer☒

Smaller reporting company ☒

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 28, 2024, the issuer had 13,144,653shares of Common Stock issued and outstanding.

GREENWICH LIFESCIENCES, INC.

Table of Contents

		Page
PART I	FINANCIAL INFORMATION	3
Item 1.	Condensed Financial Statements (Unaudited)	3
	Condensed Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023	3
	Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited)	4
	Condensed Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited)	5
	Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (Unaudited)	6
	Condensed Notes to Financial Statements (Unaudited)	7
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	10
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	12
Item 4.	Controls and Procedures	13
PART II	OTHER INFORMATION	13
Item 1.	Legal Proceedings	13
Item 1A.	Risk Factors	13
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	13
Item 3.	Defaults Upon Senior Securities	13
Item 4.	Mine Safety Disclosures	13
Item 5.	Other Information	13
Item 6:	Exhibits	14
SIGNATURES	15

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED FINANCIAL STATEMENTS

GREENWICH LIFESCIENCES, INC.

CONDENSED BALANCE SHEETS

AS OF SEPTEMBER 30, 2024 AND DECEMBER 31, 2023 (UNAUDITED)

		September 30, 2024			December 31, 2023
Assets
Current assets
Cash		$	5,822,367			$	6,989,424
Acquired patents, net			2,682				5,391
Total assets		$	5,825,049			$	6,994,815
Liabilities and stockholders' equity
Current liabilities
Accounts payable & accrued interest		$	774,759			$	256,317
Unreimbursed expenses			67,625				38,089
Total current liabilities			842,384				294,406
Total liabilities			842,384				294,406
Stockholders' equity
Common stock, $0.001par value; 100,000,000shares authorized; 13,144,653and 12,848,165shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively			13,145				12,848
Additional paid-in capital			63,082,679				57,052,130
Accumulated deficit			(58,113,159	)			(50,364,569	)
Total stockholders' equity			4,982,665				6,700,409
Total liabilities and stockholders' equity		$	5,825,049			$	6,994,815

See accompanying notes to unaudited condensed financial statements.

GREENWICH LIFESCIENCES, INC.

CONDENSED STATEMENTS OF OPERATIONS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)

		Three Months Ended September 30,			Nine Months Ended September 30,
		2024			2023			2024			2023
Revenue		$	-			$	-			$	-			$	-
Operating expenses
Research and development			2,292,040				2,158,167				6,794,426				5,365,641
General and administrative			437,011				344,758				1,133,230				1,126,192
Total operating expenses			2,729,051				2,502,925				7,927,656				6,491,833
Loss from operations			(2,729,051	)			(2,502,925	)			(7,927,656	)			(6,491,833	)
Interest Income			60,338				111,136				179,066				346,769
Net loss		$	(2,668,713	)		$	(2,391,789	)		$	(7,748,590	)		$	(6,145,064	)
Per share information:
Net loss per common share, basic and diluted		$	(0.20	)		$	(0.19	)		$	(0.60	)		$	(0.48	)
Weighted average common shares outstanding, basic and diluted			13,142,457				12,848,165				12,970,048				12,848,165

See accompanying notes to unaudited condensed financial statements.

GREENWICH LIFESCIENCES, INC.

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)

		Common Stock			Additional						Total
		Shares			Par Amount			Paid-in Capital			Accumulated Deficit			Stockholders' Equity
Balances, December 31, 2022			12,848,165			$	12,848			$	54,674,042			$	(41,472,766	)		$	13,214,124
Stock-based compensation			-				-				594,522				-				594,522
Net loss									-				(2,124,902	)			(2,124,902	)
Balances, March 31, 2023			12,848,165				12,848				55,268,564				(43,597,668	)			11,683,744
Stock-based compensation			-				-				594,522				-				594,522
Net loss									-				(1,628,373	)			(1,628,373	)
Balances, June 30, 2023			12,848,165				12,848				55,863,086				(45,226,041	)			10,649,893
Stock-based compensation			-				-				594,522				-				594,522
Net loss									-				(2,391,789	)			(2,391,789	)
Balances, September 30, 2023			12,848,165			$	12,848			$	56,457,608			$	(47,617,830	)		$	8,852,626
Balances, December 31, 2023			12,848,165			$	12,848			$	57,052,130			$	(50,364,569	)		$	6,700,409
Stock-based compensation			-				-				594,522				-				594,522
Sale of common stock via ATM program, net of costs			27,117				28				299,088				-				299,116
Net loss															(2,473,195	)			(2,473,195	)
Balances, March 31, 2024			12,875,282			$	12,876			$	57,945,740			$	(52,837,764	)		$	5,120,852
Stock-based compensation			-				-				594,522				-				594,522
Sale of common stock via ATM program, net of costs			17,580				17				266,725				-				266,742
Sale of common stock via Private Placement, net of costs			174,825				175				2,499,823				-				2,499,998
Net loss															(2,606,682	)			(2,606,682	)
Balances, June 30, 2024			13,067,687			$	13,068			$	61,306,810			$	(55,444,446	)		$	5,875,432
Stock-based compensation			-				-				594,522				-				594,522
Sale of common stock via ATM program, net of costs			76,966				77				1,181,347				-				1,181,424
Net loss															(2,668,713	)			(2,668,713	)
Balances, September 30, 2024			13,144,653			$	13,145			$	63,082,679			$	(58,113,159	)		$	4,982,665

See accompanying notes to unaudited condensed financial statements.

GREENWICH LIFESCIENCES, INC.

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)

		Nine Months Ended September 30,
		2024			2023
Operating activities:
Net loss		$	(7,748,590	)		$	(6,145,064	)
Adjustments required to reconcile net loss to net cash used in operating activities:
Amortization			2,709				2,709
Stock-based compensation			1,783,566				1,783,566
Changes in operating assets and liabilities:
Accounts Payable			518,442				10,057
Unreimbursed expenses (accrued)			29,536				24,325
Net cash used in operating activities			(5,414,337	)			(4,324,407	)
Financing activities:
Sale of common stock via ATM program, net of costs			1,747,282				-
Sale of common stock via Private Placement, net of costs			2,499,998				-
Net cash provided by (used in) financing activities			4,247,280				-
Net increase (decrease) in cash			(1,167,057	)			(4,324,407	)
Cash, beginning of period			6,989,424				13,468,026
Cash, end of period		$	5,822,367			$	9,143,619

See accompanying notes to unaudited condensed financial statements.

GREENWICH LIFESCIENCES, INC.

CONDENSED NOTES TO FINANCIAL STATEMENTS

(UNAUDITED)

1. Organization and Description of the Business

Greenwich LifeSciences, Inc. (the "Company") was incorporated in the state of Delaware in 2006 under the name Norwell, Inc. In March 2018, Norwell, Inc. changed its name to Greenwich LifeSciences, Inc. In February 2023, Greenwich LifeSciences Europe Limited was incorporated as a wholly owned subsidiary in Ireland. The Company is developing a breast cancer immunotherapy focused on preventing the recurrence of breast cancer following surgery.

2. 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. 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 September 30, 2024, the Company had cash of $5,822,367. For the foreseeable future, the Company's ability to continue its operations is dependent upon its ability to obtain additional capital.

3. Significant Accounting Policies

Basis of Presentation

The accompanying unaudited interim condensed 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, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the condensed financial statements that would substantially duplicate the disclosures contained in the audited financial statements of the Company for the years ended December 31, 2023 and 2022 as reported in the Company's Form 10-K have been omitted.

Leases

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 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 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. The Company has elected the practical expedient to not record right of use asset and lease obligation liability for leases with terms of less than 12 months.

Basic and Diluted Loss per Share

As of September 30, 2024 and 2023, the Company had common stock equivalents related to warrants outstanding to acquire 20,174shares of the Company's common stock.

As of September 30, 2024 and 2023, the Company had common stock equivalents related to options outstanding to acquire 1,498,128 shares of the Company's common stock.

As of September 30, 2024 and 2023, the Company has nocommon stock equivalents related to convertible preferred stock issued and outstanding.

The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated:

		Nine Months Ended September 30,
		2024			2023
Basic and diluted net loss per share calculation:
Net loss, basic and diluted		$	(7,748,590	)		$	(6,145,064	)
Weighted average common shares outstanding, basic and diluted			12,970,048				12,848,165
Net loss per common share, basic and diluted		$	(0.60	)		$	(0.48	)

4. Related Party Transactions

Unreimbursed expenses have been accrued and incurred by management, which total $67,625as of September 30, 2024 and $38,089as of December 31, 2023.

The aforementioned month-to-month sub-lease is from a related party and the underlying lease (lessor's lease) expires in July of 2026.

5. Commitments and Contingencies

Accounts payable total $553,914and $35,472as of September 30, 2024 and December 31, 2023, respectively.

License Obligation, Legal Expenses, and Manufacturing Agreements

The Company entered into an exclusive license agreement with The Henry M. Jackson Foundation ("HJF") in April 2009, as amended, pursuant to which it acquired exclusive marketing rights to GP2, the Company's product candidate. In consideration for such licensed rights, the Company issued HJF202,619shares of the Company's common stock valued at $0.267per share, which is amortized over15years at $3,607per year. Pursuant 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 is owed to HJF, which totals $220,845as of September 30, 2024 and December 31, 2023.

Legal Proceedings

From time to time, the Company may be involved in disputes, including litigation, relating to claims arising out of operations in the normal course of business. 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. 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.

6. Stockholders' Equity

As of September 30, 2024, 893,181shares of the 908,362shares of the common stock grant, which includes an additional grant of 120shares issued during the vesting period due to rounding up of fractional shares, had vested at approximately $2,009,657value and 15,181shares remain unvested and unrecognized at approximately $34,157value. There were noshares vested during the nine months ended September 30, 2024 and 2023.

On January 23, 2022, the Board of Directors authorized the Company's management to implement a stock repurchase program for up to $10million 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, 2023. 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 519,828shares 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 noshares repurchased during the three months ended March 31, 2023.

On March 12, 2024, the Board of Directors further extended the lock-up of the shares owned by the Company's directors, officers, and existing pre-IPO investors to June 30, 2025 (approximately 57 months from date of the Company's IPO). During this period, current officers, directors and certain shareholders will not be able to sell their shares of the Company's common stock unless otherwise modified by the Board of Directors.

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 121,663shares of its common stock at an average offering price of $15.96 per share for gross proceeds of $1,941,424and net proceeds of $1,747,282, after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totaled $194,142.

Warrants

At September 30, 2024, outstanding warrants to purchase shares of common stock accounted for as equity were as follows with an aggregate intrinsic value as of September 30, 2024 of $144,900based on the September 30, 2024 closing share price of $14.37:

Shares Underlying Outstanding Warrants			Exercise Price(1)			Expiration Date(1)
	20,174			$	7.1875			September 24, 2025
	20,174

(1)

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

Options

On June 22, 2022, prior to the close of the Nasdaq market, 1,498,128shares 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 $7.63per 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 September 30, 2024, $5,410,150was expensed and $4,102,206may be expensed in the future if and as vesting occurs. As of September 30, 2023, $3,032,062was expensed. Vesting will be based on time of service over a four yearperiod and certain additional performance milestones for senior management, primarily related to the Phase III clinical trial.

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 174,825shares of its common stock at a price of $14.30per 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. Mr. Patel agreed to a one year lock-up agreement with respect to his shares of common stock acquired in the offering.

7. Subsequent Events

The Company has evaluated subsequent events through November 14, 2024, the filing date of this Quarterly Report on Form 10-Q, and determined that there have been no events that have occurred that would require adjustments to our disclosures in the unaudited condensed financial statements.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Quarterly Report, including statements regarding the future financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "should," "plan," "expect," and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions.

In addition, our business and financial performance may be affected by the factors that are discussed under "Risk Factors" in the Annual Report on Form 10-K for the year ended December 31, 2023, filed on April 15, 2024. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for us to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. We cannot assure you that the events and circumstances reflected in the forward-looking statements will be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

The following discussion and analysis is qualified in its entirety by, and should be read in conjunction with, the more detailed information set forth in the condensed financial statements and the notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q. This discussion should not be construed to imply that the results discussed herein will necessarily continue into the future, or that any conclusion reached herein will necessarily be indicative of actual operating results in the future. Such discussion represents only the best present assessment of our management.

Overview

We are a clinical-stage biopharmaceutical company focused on our Phase III clinical trial, Flamingo-01, which is evaluating GLSI-100, an immunotherapy to prevent breast cancer recurrences. GP2 is a 9 amino acid transmembrane peptide of the HER2/neu protein, a cell surface receptor protein that is expressed in a variety of common cancers, including expression in 75% of breast cancers at low (1+), intermediate (2+), and high (3+ or over-expressor) levels. The combination of GP2 + GM-CSF is called GLSI-100. We are currently expanding Flamingo-01 into Europe with plans to open up to 150 sites globally. Flamingo-01 is designed to evaluate the safety and efficacy of GLSI-100 in HER2/neu positive patients with residual disease or high-risk pathologic complete response at surgery and who have completed both neoadjuvant and postoperative adjuvant trastuzumab based treatment.

To date, we have not generated any revenue and we have incurred net losses. Our net losses were approximately $8.9 million and $7.8 million for the years ended December 31, 2023 and 2022, respectively and $7.7 million and $6.1 million for the nine months ended September 30, 2024 and 2023, respectively.

Our net losses have resulted from costs incurred in developing the drug in our pipeline, planning and preparing for clinical trials and general and administrative activities associated with our operations. We expect to continue to incur significant expenses and corresponding increased operating losses for the foreseeable future as we continue to develop our pipeline. Our costs may further increase as we conduct clinical trials and seek regulatory approval for and prepare to commercialize our product candidate. We expect to incur significant expenses to continue to build the infrastructure necessary to support our expanded operations, clinical trials, commercialization, including manufacturing, marketing, sales and distribution functions. We will also experience increased costs associated with operating as a public company.

Results of Operations for the Three Months Ended September 30, 2024 and 2023

Research and Development Expenses

Research and development expenses increased by $133,873 or 6%, to $2,292,040 for the three months ended September 30, 2024 from $2,158,167 for the three months ended September 30, 2023. The increase was primarily the result of an increase in clinical expenses.

General and Administrative Expenses

General and administrative expenses increased by $92,253, or 27%, to $437,011 for the three months ended September 30, 2024 from $344,758 for the three months ended September 30, 2023. The increase was primarily the result of an increase in finance expenses.

Results of Operations for the Nine Months Ended September 30, 2024 and 2023

Research and Development Expenses

Research and development expenses increased by $1,428,785, or 27%, to $6,794,426 for the nine months ended September 30, 2024 from $5,365,641 for the nine months ended September 30, 2023. The increase was primarily the result of an increase in clinical expenses.

General and Administrative Expenses

General and administrative expenses increased by $7,038, or 1%, to $1,133,230 for the nine months ended September 30, 2024 from $1,126,192 for the nine months ended September 30, 2023.

Liquidity and Capital Resources

Since our inception in 2006, we have devoted most of our cash resources to research and development and general and administrative activities. We have not yet achieved commercialization of our product and have a cumulative net loss from our operations. We will continue to incur net losses for the foreseeable future. Our condensed financial statements have been prepared assuming that we will continue as a going concern.

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, 2024 and December 31, 2023, our principal source of liquidity was our cash, which totaled $5,822,367 and $6,989,424, 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. The Company's existing cash resources are expected to provide sufficient funds to carry the Company's planned operations over the next 12 months from the date these condensed financial statements were issued.

On October 7, 2024, we entered into an At The Market Offering Agreement with H.C. Wainwright & Co., LLC pursuant to which we may sell up to $100 million of common stock in an "At the Market" offering through a Form S-3 shelf registration statement which was declared effective by the Securities and Exchange Agreement on October 17, 2024.

On September 18, 2024, we terminated the Open Market Sale Agreement, dated July 12, 2022 between us and Jefferies LLC.

Cash Flow Activities for the Nine Months Ended September 30, 2024 and 2023

We incurred net losses of $7,748,590 and $6,145,064 during the nine month periods ended September 30, 2024 and 2023, respectively. The increase was primarily the result of an increase in clinical expenses.

Operating Activities

Net cash used in operating activities was $5,414,337 for the nine months ended September 30, 2024 and $4,324,407 for the nine months ended September 30, 2023.

Investing Activities

We did not use or generate cash from investing activities during the nine months ended September 30, 2024 and September 30, 2023.

Financing Activities

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.

On June 13, 2024, the Company completed a private placement offering of shares of its common stock to its CEO and principal stockholder for net proceeds of $2,499,998. No investment banking fees were paid in connection with the offering.

Contractual Obligations and Commitments

As of September 30, 2024, we did not have any material contractual obligations, other than employment and shareholder agreements and our license for GP2 from HJF.

Off-Balance Sheet Arrangements

As of September 30, 2024, we did not have any off-balance sheet arrangements as described by Item 303(a)(4) of Regulation S-K.

Critical Accounting Policies and Estimates

Our condensed financial statements are prepared in conformity with U.S. GAAP, which require the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the condensed financial statements, and the reported amounts of expenses in the periods presented.

On an ongoing basis, we evaluate our estimates and judgments, including those related to accrued expenses and stock-based compensation. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the reported amounts of expenses that are not readily apparent from other sources. Actual results could differ from those estimates, particularly given the significant social and economic disruptions and uncertainties associated with the ongoing coronavirus pandemic and the COVID-19 control responses.

Recent Adopted Accounting Pronouncements

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.

Recently Issued Accounting Pronouncements Not Yet Adopted

In October 2023, the FASB issued ASU 2023-06-Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative. The main objective of the amendment is to modify the disclosure or presentation requirements of various Topics in the Codification. Certain amendments represent clarifications to or technical corrections of the current requirements. to eliminate disclosure requirements that were redundant, duplicative, overlapping, outdated, or superseded. The effective date for each amendment will be when the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is still evaluating the impact of the adoption of this standard.

JOBS Act

On April 5, 2012, the JOBS Act was enacted. Section 107 of the JOBS Act provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended ("Securities Act") for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.

We have chosen to take advantage of the extended transition periods available to emerging growth companies under the JOBS Act for complying with new or revised accounting standards until those standards would otherwise apply to private companies provided under the JOBS Act. As a result, our condensed financial statements may not be comparable to those of companies that comply with public company effective dates for complying with new or revised accounting standards.

Subject to certain conditions set forth in the JOBS Act, as an "emerging growth company," we intend to rely on certain of these exemptions, including, without limitation, (i) providing an auditor's attestation report on our system of internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act and (ii) complying with any requirement that may be adopted by the Public Company Accounting Oversight Board ("PCAOB") regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements, known as the auditor discussion and analysis. We will remain an "emerging growth company" until the earliest of (i) the last day of the fiscal year in which we have total annual gross revenues of $1.07 billion or more; (ii) the last day of our fiscal year following the fifth anniversary of the date of the completion of our initial public offering; (iii) the date on which we have issued more than $1 billion in nonconvertible debt during the previous three years; or (iv) the date on which we are deemed to be a large accelerated filer under the rules of the SEC.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are a smaller reporting company, as defined by Rule 12b-2 of the Securities Exchange Act of 1934, as amended, and are not required to provide the information required under this Item 3.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

We maintain "disclosure controls and procedures," as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

Our management, with the participation of our principal executive officer and principal accounting and financial officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our principal executive officer and principal accounting and financial officer has concluded that as of September 30, 2024, our disclosure controls and procedures were not effective as of such date as a result of material weaknesses in our internal control over financial reporting due to inadequate segregation of duties within account processes due to limited personnel and insufficient written policies and procedures for accounting, IT and financial reporting and record keeping. Under the direction of our principal executive officer and principal financial and accounting officer, we are developing a plan to remediate the material weaknesses.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting during our most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Limitations on Effectiveness of Controls and Procedures

Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives as specified above. Management does not expect, however, that our disclosure controls and procedures will prevent or detect all errors and fraud. Any control system, no matter how well designed and operated, is based upon certain assumptions and can provide only reasonable, not absolute, assurance that its objectives will be met. Further, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, we may be subject to litigation and claims arising in the ordinary course of business. We are not currently a party to any material legal proceedings and we are not aware of any pending or threatened legal proceeding against us that we believe could have a material adverse effect on our business, operating results, cash flows or financial condition.

ITEM 1A. RISK FACTORS

There have been no material changes from the risk factors disclosed in our Form 10-K for the year ended December 31, 2023.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

Exhibit Number		Description of Exhibit
31.1		Certification of Chief Executive Officer and Principal Financial and Accounting Officer required by Rule 13a-14(a)/15d-14(a) under the Exchange Act.
32.1		Certification of Chief Executive Officer and Principal Financial and Accounting Officer pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Extension Schema
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase
101.LAB		Inline XBRL Taxonomy Extension Labels Linkbase
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase
104		Cover Page Interactive Data File - the cover page from the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 is formatted in Inline XBRL

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	GREENWICH LIFESCIENCES, INC.
November 14, 2024	By:	/s/ Snehal Patel
		Snehal Patel
		Chief Executive Officer (Principal Executive Officer and Principal Accounting and Financial Officer)

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