v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 10,329,967 $ 15,698,174
Other receivables 105,234 229,982
Prepaid expenses 1,387,348 2,519,707
Total current assets 11,822,549 18,447,863
Property and equipment, net 1,484,947 1,335,732
Operating lease right-of-use assets 1,083,036 1,206,942
Finance lease right-of-use asset 3,149,882 0
Other non-current assets 1,078,527 1,110,594
Total assets 18,618,941 22,101,131
Current liabilities    
Accounts payable 1,883,142 1,455,832
Accrued expenses 1,771,666 3,042,918
Deferred grant funding 15,121,962 16,561,625
Current portion of liability related to the sale of future royalties 91,907 0
Current portion of lease liabilities, operating 568,297 548,638
Current portion of lease liability, finance 1,751,100 0
Total current liabilities 21,188,074 21,609,013
Deferred revenue, non-current 1,000,000 1,000,000
Liability related to the sale of future royalties, net 4,741,338 4,749,824
Lease liabilities long-term, operating 603,295 754,383
Lease liability long-term, finance 649,935 0
Total liabilities 28,182,642 28,113,220
Commitments and contingencies (Note 9)
Stockholders' deficit    
Preferred stock, $0.01 par value, 5,000,000 shares authorized; None issued and outstanding 0 0
Common stock, $0.0001 par value; 240,000,000 shares authorized; 8,850,386 and 8,700,386 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 885 870
Additional paid-in capital 170,519,070 169,705,480
Accumulated other comprehensive loss (415,719) (428,809)
Accumulated deficit (179,667,937) (175,289,630)
Total stockholders' deficit (9,563,701) (6,012,089)
Total liabilities and stockholders' deficit $ 18,618,941 $ 22,101,131