aibioGreenwich LifeSciences, Inc. files NT 10-K, says annual report will be late
Tickers GLSI
Greenwich LifeSciences said on March 31, 2026 that its annual report for 2025 would be late. Its 2024 annual report already carried an auditor's going concern paragraph, with $4,091,990 in cash at year end against a $15,788,809 net loss.
Key facts
- Company
- Greenwich LifeSciences, Inc. (NASDAQ: GLSI)
- News type
- Distress
- Primary source
- Greenwich LifeSciences, Inc. Form NT 10-K filed March 31, 2026 (SEC EDGAR)
Greenwich LifeSciences, Inc. (Nasdaq: GLSI), a Delaware company based in Stafford, Texas, is developing a breast cancer immunotherapy aimed at preventing recurrence after surgery. On March 31, 2026 it filed a Form 12b-25 notification of late filing, known as an NT 10-K, saying it could not file its annual report on Form 10-K for the year ended December 31, 2025 within the prescribed period without unreasonable effort and expense. The form is signed by Chief Executive Officer Snehal Patel. The company's common stock has traded on The Nasdaq Capital Market under the symbol GLSI since September 25, 2020.
What the form says
The company expects to file by April 15, using the 15-day extension the rule allows, and the form checks the box for that extension. The form gives the date as "April 15, 2025," a year before the filing. That appears to be a typographical error, since the extension runs from the March 31, 2026 deadline.
The narrative gives no specific reason for the delay. It says the company expects research and development expenses for 2025 to rise by about $4.6 million, or about 35%, to about $17.5 million, from about $12.9 million in 2024. It attributes the increase to higher clinical expenses for a Phase III trial, and says the figures are still under review and may change in the annual report. The form does not mention any notice from Nasdaq.
The last annual report
The company's annual report for 2024 carries an explanatory paragraph from its auditor. The auditor says the company has recurring losses from operations, limited cash flow and an accumulated deficit, and that these conditions raise substantial doubt about its ability to continue as a going concern. The notes to the financial statements add that the company has incurred net losses since its inception and has negative operating cash flows.
The report gives a net loss of $15,788,809 for 2024, against $8,891,803 for 2023. Research and development expense was $12,952,029 in 2024, up from $7,698,622 a year earlier. Cash stood at $4,091,990 at December 31, 2024. The accumulated deficit reached $66,153,378, and total stockholders' equity was $2,534,036 at the same date.
The report says the company's ability to continue operations depends on obtaining additional funding, and that it will require additional capital to meet its long-term needs.
Stock sales to raise money
Between January 1 and April 11, 2025, the company sold 120,810 shares under an at-the-market offering agreement with H. C. Wainwright. The shares sold at an average price of $10.42 per share, for gross proceeds of $1,259,198. The report says its principal sources of cash have been sales of common and preferred stock and loans from related parties. It expects future cash to go mainly to continuing operations, research and development, including clinical trials, and general working capital.
What the filing leaves out
The form gives no cause for the delay beyond the rule's wording. It does not give a cash balance for 2025, a net loss estimate or a date for the audit's completion. Its only 2025 estimate is for research and development spending, and it does not say how that spending will be funded. Any 2025 cash figure would have to come from the annual report, which the form says has not yet been filed.
Who signed
Snehal Patel, Chief Executive Officer, signed the NT 10-K on March 31, 2026.