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) $ (16,380,840) $ (13,678,735)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 0 12,654
Stock-based compensation expense 5,559,766 2,042,196
Write-off of in-process research and development 0 7,357,294
Change in fair value contingent consideration (373,354) (1,164,864)
Non-cash accretion on marketable securities (814,923) 0
Changes in operating assets and liabilities:    
Operating lease right-of-use assets 0 32,718
Prepaid expenses and other current assets (949,439) (211,924)
Prepaid research and development 487,083 28,833
Other assets (60,638) 0
Accounts payable 429,251 680,824
Operating lease liabilities 0 (35,745)
Accrued expenses and other current liabilities 43,372 833,219
Net cash used in operating activities (12,059,722) (4,103,530)
Cash flows from investing activities    
Purchases of equipment and improvements 0 (13,399)
Purchases of investments - marketable securities (90,584,587) 0
Maturities of investments - marketable securities 10,100,000 21,506,365
Acquired in-process research and development 0 (438,624)
Net cash provided by (used in) investing activities (80,484,587) 21,054,342
Cash flows from financing activities    
Proceeds from issuance of common stock, pre-funded warrants and warrants, net of issuance costs 2,897,611 0
Net cash provided by financing activities 2,897,611 0
Net increase (decrease) in cash and cash equivalents (89,646,698) 16,950,812
Cash and cash equivalents at beginning of period 139,220,208 56,490,579
Cash and cash equivalents at end of period 49,573,510 73,441,391
Supplemental disclosures of cash flow information    
Issuance costs 85,000 0
Non cash investing and financing activities    
Contingent consideration 0 3,270,579
Settlement of contingent consideration liability 2,688,147 0
Non-cash financing costs included in accounts payable and accrued expenses 15,680 0
CorHepta transaction costs $ 0 $ 175,000