Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets

v3.25.3
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 38,269,706 $ 56,490,579
Marketable securities 39,052,511 41,052,949
Prepaid research and development 210,566 81,308
Deferred offering costs 385,062 0
Prepaid expenses and other current assets 618,783 826,473
Total current assets 78,536,628 98,451,309
Equipment and improvements, net 0 47,100
Right-of-use asset 0 101,437
Prepaid research and development, noncurrent 1,000,000 0
Other assets 57,913 0
Total assets 79,594,541 98,599,846
Current liabilities:    
Accounts payable 620,528 943,019
Lease obligation, current 0 110,517
Accrued expenses and other current liabilities 3,656,383 2,680,030
Contingent consideration liability 2,419,332 0
Total current liabilities 6,696,243 3,733,566
Total liabilities 6,696,243 3,733,566
Commitments and contingencies (see Note 16)
Stockholders’ equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at September 30, 2025 and December 31, 2024 0 0
Common stock, $0.001 par value; 500,000,000 and 100,000,000 shares authorized; 74,807,911 and 69,362,439 shares issued and outstanding (including 4,149,252 and 0 contingently issuable shares - see Note 10) at September 30, 2025 and December 31, 2024, respectively 74,808 69,362
Additional paid-in capital 202,772,828 189,254,777
Accumulated other comprehensive loss (4,189) (37,248)
Accumulated deficit (129,945,149) (94,420,611)
Total stockholders' equity 72,898,298 94,866,280
Total liabilities and stockholders' equity $ 79,594,541 $ 98,599,846