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 loss $ (10,554,271) $ (9,150,003)
Adjustment to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 78,863 213,091
Amortization of deferred loan costs and discount on notes payable 152,909 152,906
Lease amortization 296,696 84,767
Stock-based compensation 504,714 357,170
Accretion of discount on marketable securities (214,140) (681,032)
Changes in operating assets and liabilities:    
Non-trade receivables and unbilled reimbursements (337,532) 84,317
Pre-launch inventory (2,160,790)
Prepaid expenses 233,851 242,933
Other assets 135,883 81,731
Accounts payable (686,046) (212,620)
Accrued expenses and other liabilities (1,320,608) (1,134,995)
Interest payable (4,445) (10,547)
Operating lease liability 311,221 (87,490)
Net cash used in operating activities (13,563,695) (10,059,772)
Cash flows from investing activities:    
Purchase of property and equipment (60,472) (73,893)
Purchase of marketable securities (8,877,691)
Maturities of marketable securities 13,655,000 10,900,000
Sales of marketable securities 4,311,613 1,085,474
Net cash provided by investing activities 17,906,141 3,033,890
Cash flows from financing activities:    
Repayment of notes payable (22,371)
Proceeds from notes payable 82,029
Proceeds from exercise of stock options 263,984 110,737
Net cash provided by financing activities 241,613 192,766
Effect of exchange rate change on cash 981 (19,573)
Net change in cash, cash equivalents, and restricted cash 4,585,040 (6,852,689)
Cash, cash equivalents, and restricted cash, beginning of the period 6,917,546 14,578,752
Cash, cash equivalents, and restricted cash, end of the period 11,502,586 7,726,063
Supplemental disclosure of cash flow information    
Cash paid for interest expense 1,248,611 1,360,362
Supplemental disclosure of non-cash investing and financing activities:    
Remeasurement of lease liabilities 908,810
Purchases of property and equipment not yet paid 517,229 38,859
Initial recognition of right of use asset and operating lease liability $ 12,837,535