ImmunoCellular Therapeutics Ltd.'s public accounting firm continues to have "substantial doubt" over the biotechnology company's ability to continue business.
The Los Angeles-based company has not generated any cash flows from operations since its inception in 2004, incurring a net loss of about $14.3 million for the year ended Dec. 31, 2017, and a total loss of $116.4 million since it was started.
ImmunoCellular had $6.6 million in cash and $4.6 million in working capital as of year-end 2017.
The biotech company's ability to continue operations depends on its management's plans to raise financing, according to an audit opinion from its independent registered public accounting firm which was similar to the one received in 2017.
If adequate financing is not available, the company may have to terminate or significantly cut down operations.
ImmunoCellular Therapeutics, which is looking to develop cancer therapies, terminated its ICT-107 program in June 2017 after failing to secure additional financial resources.