v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 20,643,898 $ (14,466,123)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 3,500,355 2,444,179
Change in right-of-use assets 39,064 35,644
Provision for current expected credit losses 7,000
Depreciation 109,994 21,826
Amortization of intangible 51,948
Changes in operating assets and liabilities:    
Increase in trade receivables (2,964,565)
Decrease (increase) in inventory 111,827 (214,051)
Increase in prepaid expenses and other assets (2,266,986) (1,226,454)
Increase (decrease) in accounts payable 212,950 (1,453,352)
Increase (decrease) in accrued expenses 331,443 (2,415,719)
Decrease in operating lease liabilities (40,425) (36,244)
Net cash provided by (used in) operating activities 19,736,503 (17,310,294)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of short-term investments (9,984,643) (7,693,762)
Maturity of short-term investments 9,800,000 16,700,000
Purchase of equipment (10,177) (61,306)
Net cash (used in) provided by investing activities (194,820) 8,944,932
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of employee withholding taxes on vested restricted stock units (1,018,988) (97,118)
Proceeds from sale of common stock from at-the-market program, net 6,761,573
Proceeds from exercise of stock options 350,350
Net cash provided by (used in) financing activities 6,092,935 (97,118)
Foreign exchange effect on cash 229 (805)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 25,634,847 (8,463,285)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - BEGINNING OF PERIOD 40,756,138 43,823,192
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - END OF PERIOD 66,390,985 35,359,907
Cash paid for interest 10,007 9,835
Supplemental Disclosure of Non-Cash Investing Activities:    
Liability related to license agreement 2,000,000
Unrealized (loss) from investments $ (4,511) $ (10,903)