Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net loss $ (15,586,419) $ (8,402,196)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,140,785 1,897,849
Issuance of common stock to Alexion Pharmaceuticals, Inc. 4,552,258 0
Changes in operating assets and liabilities, net    
Other current assets (21,792) (20,410)
In-process R&D accrued expenses 3,000,000 0
Accounts payable, other accrued expenses and other current liabilities 506,791 (1,333,536)
Operating lease right-of-use assets and liabilities, net 4,238 0
Net cash used in operating activities (6,404,139) (7,858,293)
Cash flows from investing activities:    
Purchase of short-term investments (15,324,133) (7,882,094)
Maturities of short-term investments 985,730 12,809,842
Net cash (used in) provided by investing activities (14,338,403) 4,927,748
Cash flows from financing activities:    
Net proceeds from the sales of common stock under a Capital on DemandTM Sales Agreement, net of fees and commissions 4,202,245 2,074,196
Taxes paid related to net share settlement of vested restricted stock units (104,220) (46,969)
Cash proceeds from the issuance of stock upon exercise of stock options 84 0
Net proceeds from issuance of common stock upon public offering, net of offering costs 17,816,024 0
Net proceeds from issuance of common stock and concurrent private placement of pre-funded warrants upon registered offering, net of offering costs 37,378,124 0
Net cash provided by financing activities 59,292,257 2,027,227
Effect of exchange rates 494 (16,796)
Net increase (decrease) in cash and cash equivalents 38,550,209 (920,114)
Cash and cash equivalents at beginning of period 7,266,080 8,186,194
Cash and cash equivalents at end of period 45,816,289 7,266,080
Supplemental disclosure of non-cash investing and financing activities    
Accrued financing fees $ 144,588 $ 1,692