Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income (loss) $ (3,893,050) $ (2,624,972)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Stock-based compensation expense 1,692,980 1,355,017
Net amortization of investment discounts and premiums (799,634) (119,509)
Changes in operating assets and liabilities, net    
Other current assets (187,039) (502,034)
In-process research and development accrued expenses 0 (3,000,000)
Accounts payable, accrued expenses and other current liabilities (287,138) (770,968)
Operating lease right-of-use assets and liabilities, net (25) (850)
Net cash provided by (used in) operating activities (3,473,906) (5,663,316)
Cash flows from investing activities:    
Purchase of short-term investments (40,837,552) (1,925,828)
Maturities of short-term investments 35,254,000 1,600,000
Net cash provided by (used in) investing activities (5,583,552) (325,828)
Cash flows from financing activities:    
Taxes paid related to net share settlement of vested restricted stock units (200,203) (131,129)
Cash proceeds from the issuance of stock upon exercise of stock options 0 15,447
Net cash provided by (used in) financing activities (200,203) (115,682)
Effect of exchange rate and valuation changes on cash equivalents (31,628) (54)
Net increase (decrease) in cash and cash equivalents (9,289,289) (6,104,880)
Cash and cash equivalents at beginning of period 61,833,552 45,816,289
Cash and cash equivalents at end of period 52,544,263 39,711,409
Supplemental disclosure of non-cash investing and financing activities:    
Lease liability arising out of obtaining right-of-use asset $ 291,726 $ 9,903