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

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net loss $ (13,716,894) $ (15,586,419) [1]
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 4,837,877 1,140,785
Issuance of common stock to Alexion Pharmaceuticals, Inc 0 4,552,258
Net amortization of investment discounts and premiums (716,464) (9,016)
Changes in operating assets and liabilities, net    
Other current assets 15,404 (12,776)
Accounts payable, accrued expenses and other current liabilities 388,218 506,791
In-process R&D accrued expenses (3,000,000) 3,000,000
Operating lease right-of-use assets and liabilities, net (9,432) 4,238
Net cash used in operating activities (12,201,291) (6,404,139)
Cash flows from investing activities:    
Purchase of short-term investments (87,153,114) (15,324,133)
Maturities of short-term investments 23,700,000 985,730
Net cash used in investing activities (63,453,114) (14,338,403)
Cash flows from financing activities:    
Cash proceeds from the sales of common stock under a Capital on DemandTM Sales Agreement, net of commissions, fees and expenses 0 4,202,245
Taxes paid related to net share settlement of vested restricted stock units (1,132,341) (104,220)
Cash proceeds from the issuance of common stock upon exercise of stock options 565,171 84
Net proceeds from issuance of common stock and concurrent issuance of pre-funded warrants upon public offering, net of offering costs 127,141,529 55,194,148
Repurchase of common stock (34,999,957) 0
Net cash provided by financing activities 91,574,402 59,292,257
Net increase in cash and cash equivalents 16,017,263 38,550,209
Cash and cash equivalents at beginning of period 45,816,289 7,266,080
Cash and cash equivalents at end of period 61,833,552 45,816,289
Effect of exchange rate and valuation changes on cash equivalents 97,266 494
Supplemental non-cash flow information:    
Lease liability arising out of obtaining right-of-use asset 291,429 0
Accrued financing fees $ 0 $ 144,588
[1] Information pertaining to the number of shares outstanding gives retroactive effect to a 1 for 5 reverse stock split that became effective on August 12, 2024.