Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net Income (Loss) $ (56,439,405) $ (35,524,538)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 0 60,499
Stock-based compensation expense 16,433,584 10,776,144
Write-off of in-process research and development 0 7,357,294
Change in fair value contingent consideration (373,354) (2,016,111)
Non-cash accretion on marketable securities (3,203,308) (570,503)
Changes in operating assets and liabilities:    
Operating lease right-of-use assets 0 101,437
Prepaid expenses and other current assets (1,069,567) 257,321
Current and non-current prepaid research and development (4,776,473) (1,129,258)
Other assets (144,456) (57,913)
Accounts payable (210,061) (390,699)
Operating lease liabilities 0 (110,517)
Accrued expenses and other current liabilities 7,927,476 976,353
Net cash used in operating activities (41,855,564) (20,270,491)
Cash flows from investing activities    
Purchases of equipment and improvements 0 (13,399)
Purchases of investments - marketable securities (221,303,803) (38,996,000)
Maturities of investments - marketable securities 122,300,000 41,600,000
Acquired in-process research and development 0 (438,624)
Net cash provided by (used in) investing activities (99,003,803) 2,151,977
Cash flows from financing activities    
Deferred offering costs 0 (385,062)
Proceeds from issuance of common stock, pre-funded warrants and warrants, net of issuance costs of $1.3 million 52,011,159 150
Proceeds from the exercise of Series A-1 warrants 1,000,100 0
Exchange of common stock for pre-funded warrants (18,030) 0
Issuance of common stock from exercise of stock options 347,127 282,553
Net cash provided by (used in) financing activities 53,340,356 (102,359)
Net decrease in cash and cash equivalents (87,519,011) (18,220,873)
Cash and cash equivalents at beginning of period 139,220,208 56,490,579
Cash and cash equivalents at end of period 51,701,197 38,269,706
Non cash investing and financing activities    
Contingent consideration 0 2,419,332
Shares forfeited and contingent consideration reclassified to additional paid-in capital 2,688,147 0
CorHepta transaction costs $ 0 $ 175,000