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 Income (Loss) $ (48,259,189) $ (27,519,886)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 60,499 26,272
Stock-based compensation expense 15,309,924 8,140,617
Write-off of in-process research and development 7,357,294 0
Change in fair value contingent consideration (1,373,942) 0
Non-cash accretion on marketable securities (936,975) 0
Changes in operating assets and liabilities:    
Operating lease right of use assets 101,437 120,790
Prepaid expenses and other assets 532,732 (616,523)
Prepaid research and development (1,920,685) 138,508
Other assets (95,121) 0
Accounts payable 146,827 271,782
Operating lease liabilities (110,517) (129,702)
Accrued expenses and other current liabilities 1,401,252 420,075
Net cash used in operating activities (27,786,464) (19,148,067)
Cash flows from investing activities    
Purchases of equipment and improvements (13,399) 0
Purchases of investments - marketable securities (39,094,847) (60,455,103)
Maturities of investments - marketable securities 41,600,000 23,450,902
Acquired in-process research and development (438,624) 0
Net cash provided by (used in) investing activities 2,053,130 (37,004,201)
Cash flows from financing activities    
Proceeds from issuance of common stock, pre-funded warrants and warrants, net of issuance costs 107,617,495 103,477,668
Issuance of common stock from exercise of stock options 845,468 0
Net cash provided by financing activities 108,462,963 103,477,668
Net increase in cash and cash equivalents 82,729,629 47,325,400
Cash and cash equivalents at beginning of year 56,490,579 9,165,179
Cash and cash equivalents at end of year 139,220,208 56,490,579
Supplemental disclosures of cash flow information    
Issuance costs 7,359,783 11,499,089
Non-cash investing and financing activities    
Contingent consideration 4,435,443 0
Non-cash IPR&D acquired through common stock contingently issued shares 2,464,652 0
Non-cash financing costs included in Accounts payable 373,231 0
CorHepta transaction costs 175,000 0
Write-off of fully depreciated equipment and improvements $ 117,224 $ 0