Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net Income (Loss) $ (23,594,258) $ (9,609,243)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 36,812 13,137
Stock-based compensation expense 6,250,938 84,131
Write-off of in-process research and development 7,357,294 0
Change in fair value contingent consideration (1,523,284) 0
Changes in operating assets and liabilities:    
Operating lease right-of-use assets 66,519 58,465
Prepaid expenses and other assets 7,526 30,719
Prepaid research and development (57,547) (86,483)
Accounts payable 1,592,656 875,701
Operating lease liabilities (72,573) (62,389)
Accrued expenses and other current liabilities 258,156 (225,430)
Net cash used in operating activities (9,677,761) (8,921,392)
Cash flows from investing activities    
Purchases of equipment and improvements (13,399) 0
Purchases of investments - marketable securities 0 (9,209,545)
Maturities of investments - marketable securities 31,350,103 8,440,958
Acquired in-process research and development (438,624) 0
Net cash provided by (used in) investing activities 30,898,080 (768,587)
Cash flows from financing activities    
Proceeds from issuance of common stock, pre-funded warrants and warrants, net of issuance costs 150 3,611,255
Issuance of common stock from exercise of stock options 31,621 0
Net cash provided by financing activities 31,771 3,611,255
Net increase (decrease) in cash and cash equivalents 21,252,090 (6,078,724)
Cash and cash equivalents at beginning of period 56,490,579 9,165,179
Cash and cash equivalents at end of period 77,742,669 3,086,455
Supplemental disclosures of cash flow information    
Issuance costs 0 1,203,350
Non cash investing and financing activities    
Non-cash financing costs 0 (181,930)
CorHepta transaction costs 175,000 0
Contingent consideration 2,912,159 0
Deferred offering costs included in accounts payable and accrued expenses $ 307,373 $ 0