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 Income (Loss) $ (35,524,538) $ (15,387,309)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 60,499 19,705
Stock-based compensation expense 10,776,144 232,155
Write-off of in-process research and development 7,357,294 0
Change in fair value contingent consideration (2,016,111) 0
Noncash accretion on marketable securities (570,503) 0
Changes in operating assets and liabilities:    
Operating lease right-of-use assets 101,437 89,122
Prepaid expenses and other assets 257,321 698
Prepaid research and development (1,129,258) 107,592
Other assets (57,913) 0
Accounts payable (390,699) 1,329,135
Operating lease liabilities (110,517) (95,009)
Accrued expenses and other current liabilities 976,353 (98,581)
Net cash used in operating activities (20,270,491) (13,802,492)
Cash flows from investing activities    
Purchases of equipment and improvements (13,399) 0
Purchases of investments - marketable securities (38,996,000) (10,343,939)
Maturities of investments - marketable securities 41,600,000 12,101,463
Acquired in-process research and development (438,624) 0
Net cash provided by investing activities 2,151,977 1,757,524
Cash flows from financing activities    
Deferred offering costs (385,062) 0
Proceeds from issuance of common stock, pre-funded warrants and warrants, net of issuance costs 150 3,793,209
Issuance of common stock from exercise of stock options 282,553 0
Net cash provided by (used in) financing activities (102,359) 3,793,209
Net decrease in cash and cash equivalents (18,220,873) (8,251,759)
Cash and cash equivalents at beginning of period 56,490,579 9,165,179
Cash and cash equivalents at end of period 38,269,706 913,420
Supplemental disclosures of cash flow information    
Issuance costs 0 1,203,350
Non cash investing and financing activities    
Non-cash financing costs included in accounts payable 0 553,318
CorHepta transaction costs 175,000 0
Contingent consideration $ 2,419,332 $ 0