Incara Pharmaceuticals says it is nearly out of money and may have to close.

The company, which recently sold off its liver cell therapy program for $1.9 million, said it lost $1.48 million, or 11 cents a share, in the most recent quarter. Incara has lost in all $1.39 million in the last six months even with the unit sale.

“The company has an immediate need to raise additional cash,” Incara said in a statement Thursday. “If the company is unable to obtain financing, it will need to eliminate some or all of its activities, merge with or sell some or all of its assets to another company, or cease operations entirely.”