v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net loss $ (4,378,307) $ (6,755,356)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 158,110 10,778
Deferred financing cost amortization 17,532 659
Right-of-use asset - operating lease 123,905 117,239
Stock-based compensation 377,357 627,700
Loss on disposal of property and equipment 0 600,000
Non-cash royalty revenue related to sale of future royalties (23,180) 0
Non-cash interest expense 10,044 85,432
Changes in operating assets and liabilities:    
Accounts receivable 0 (67,644)
Other receivables 124,748 (368,817)
Prepaid expenses 673,510 1,304,190
Other current assets 0 (152,204)
Other non-current assets 14,535 345,450
Operating lease liability (131,429) (120,802)
Accounts payable (31,539) 654,958
Accrued expenses (1,084,031) (1,318,149)
Royalties payable 0 7,674
Interest payable 117,865 117,213
Deferred grant funding (1,439,663) (1,901,283)
Net cash used in operating activities (5,470,543) (6,812,962)
Cash flows from investing activities    
Purchases of property and equipment (157,331) (7,296)
Net cash used in investing activities (157,331) (7,296)
Cash flows from financing activities    
Net proceeds from issuance of common stock 436,248 215,113
Repayment of liability on sale of future royalties (2,450) (690)
Payments on note payable (187,221) (200,391)
Net cash provided by financing activities 246,577 14,032
Effect of exchange rate changes on cash and cash equivalents and restricted cash 13,090 (39,227)
Net change in cash, cash equivalents and restricted cash (5,368,207) (6,845,453)
Cash, cash equivalents, and restricted cash, beginning of period 15,998,174 10,811,056
Cash, cash equivalents, and restricted cash, end of period 10,629,967 3,965,603
Reconciliation of cash, cash equivalents and restricted cash to amounts reported in the condensed consolidated balance sheets:    
Cash and cash equivalents 10,329,967 3,630,603
Restricted cash included in other non-current assets 300,000 335,000
Total cash, cash equivalents and restricted cash 10,629,967 3,965,603
Supplemental disclosure of non-cash investing and financing activities:    
Operating right-of-use assets obtained in exchange for new operating lease liabilities, net 0 358,315
Finance right-of-use asset obtained in exchange for new finance lease liability 2,841,027 0
Prepaid rent reclassified to finance lease right-of-use asset 458,850 0
Finance lease payment due included in accounts payable $ 458,850 $ 0