GOING CONCERN	3 Months Ended
Apr. 30, 2020
GOING CONCERN
GOING CONCERN	2. GOING CONCERN The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern and will continue to conduct operations for the foreseeable future and realize assets and discharge liabilities in the ordinary course of operations. As of April 30, 2020, the Company had cash and cash equivalents of $0.3 million and working capital deficit of $2.1 million. The Company has incurred recurring losses and negative cash flows from operations since inception and has funded its operating losses through the sale of common stock, preferred stock, warrants to purchase common stock and the issuance of notes. The Company incurred a net loss of $2.0 million and $3.6 million for the three months ended April 30, 2020 and 2019, respectively. The Company had an accumulated deficit of $90.2 million as of April 30, 2020. Prior to the Merger, the Company’s limited operating history and need for significant additional financing in the future raised substantial doubt about its ability to continue as a going concern. Although the Company generated gross proceeds of $25.0 million from the private placement transaction in May 2020 as discussed in Note 1, the Company expects its expenses to increase in connection with its ongoing research and development of its pipeline of programs and additional costs as a public company. The Company anticipates incurring additional losses for the foreseeable future and may never become profitable. If the Company is unable to maintain sufficient financial resources, its business, financial condition and results of operations will be materially and adversely affected. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements do not contain any adjustments that might result from the resolution of any of the above uncertainties.

2. GOING CONCERN

The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern and will continue to conduct operations for the foreseeable future and realize assets and discharge liabilities in the ordinary course of operations. As of April 30, 2020, the Company had cash and cash equivalents of $0.3 million and working capital deficit of $2.1 million. The Company has incurred recurring losses and negative cash flows from operations since inception and has funded its operating losses through the sale of common stock, preferred stock, warrants to purchase common stock and the issuance of notes. The Company incurred a net loss of $2.0 million and $3.6 million for the three months ended April 30, 2020 and 2019, respectively. The Company had an accumulated deficit of $90.2 million as of April 30, 2020.

Prior to the Merger, the Company’s limited operating history and need for significant additional financing in the future raised substantial doubt about its ability to continue as a going concern. Although the Company generated gross proceeds of $25.0 million from the private placement transaction in May 2020 as discussed in Note 1, the Company expects its expenses to increase in connection with its ongoing research and development of its pipeline of programs and additional costs as a public company. The Company anticipates incurring additional losses for the foreseeable future and may never become profitable. If the Company is unable to maintain sufficient financial resources, its business, financial condition and results of operations will be materially and adversely affected. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements do not contain any adjustments that might result from the resolution of any of the above uncertainties.