Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss $ (8,516,099) $ (4,660,811)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense, net 3,733,773 862,173
Changes in operating assets and liabilities, net    
Other current assets (693,999) 16,976
In-process research and development accrued expenses (3,000,000) 0
Accounts payable, accrued expenses and other current liabilities (350,464) (628,297)
Operating lease right-of-use assets and liabilities, net (4,430) 4,238
Net cash used in operating activities (8,831,219) (4,405,721)
Cash flows from investing activities:    
Purchase of short-term investments (8,864,561) (985,730)
Maturities of short-term investments 7,600,000 985,730
Net cash used in investing activities (1,264,561) 0
Cash flows from financing activities:    
Cash proceeds from the sales of common stock under a Capital on DemandTM Sales Agreement 0 3,192,618
Taxes paid related to net share settlement of vested restricted stock units (834,247) (37,274)
Cash proceeds from the issuance of common stock upon exercise of stock options 20,371 84
Net proceeds from issuance of common stock and concurrent issuance of pre-funded warrants upon public offering, net of offering costs 127,772,915 0
Repurchase of common stock (34,999,957) 0
Net cash provided by financing activities 91,959,082 3,155,428
Effect of exchange rates (2,229) 4,297
Net increase (decrease) in cash and cash equivalents 81,861,071 (1,245,996)
Cash and cash equivalents at beginning of period 45,816,289 7,266,080
Cash and cash equivalents at end of period 127,677,360 6,020,084
Supplemental disclosure of non-cash investing and financing activities:    
Lease liability arising out of obtaining right-of-use asset 127,342 0
Accrued financing fees $ 631,385 $ 0