v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Cash flows from operating activities:              
Net loss $ (23,519,412) $ (19,694,697) $ (32,237,098) $ (30,469,871) $ (43,214,109) $ (62,706,969)  
Adjustments to reconcile net loss to net cash used in operating activities:              
Depreciation         727,518 916,019  
Amortization of operating lease right-of-use assets         757,602 672,336  
Change in fair value of common stock warrant liability 1,878,010   0   (1,834,862) 0  
Non-cash stock-based compensation         2,234,141 4,039,486  
Non-cash interest on senior convertible notes         0 (355,654)  
Amortization of discounts on investments         (13,003) (1,154,822)  
Loss on sales of short-term investments         707,984 692,557  
Loss on disposal of fixed assets         0 21,930  
(Gain) loss on equity investment in affiliated entity (776,373)   334,294   (1,471,504) 460,312  
Net unrealized gain on available-for-sale equity securities (759,289)   20,820   (899,523) (480,057)  
Changes in operating assets and liabilities:              
Accounts receivable from affiliated entity         358,744 631,563  
Prepaid expenses and other current assets         (1,789,912) 48,237  
Other assets         (32,822) 19,400  
Accounts payable and accrued expenses, including due to affiliated entity         (1,497,805) (2,362,045)  
Accrued clinical trial expenses         (510,876) 3,134,266  
Operating lease right-of-use assets and liabilities, net         (1,206,959) (458,376)  
Grant funding liability, including from affiliated entity         0 (87,489)  
Net cash used in operating activities         (47,685,386) (56,969,306)  
Cash flows from investing activities:              
Purchases of investments         (4,946,073) (29,359,747)  
Proceeds from sale or maturity of investments         10,266,689 85,196,528  
Purchases of capital assets         (90,303) (487,832)  
Net cash provided by investing activities         5,230,313 55,348,949  
Cash flows from financing activities:              
Repayment of convertible senior notes         0 (16,415,000)  
Proceeds from issuance of pre-funded warrants, net of issuance costs         0 16,146,397  
Proceeds from issuance of common stock, net of issuance costs         1,102,149 22,284,801  
Proceeds from stock option exercises         0 67,675  
Taxes paid related to net share settlement of equity awards         (108,996) (414,377)  
Net cash provided by financing activities         993,153 21,669,496  
Effect of exchange rate changes on cash and cash equivalents         0 32,403  
(Decrease) Increase in cash and cash equivalents         (41,461,920) 20,081,542  
Cash and cash equivalents, beginning of period   $ 65,813,297   $ 14,310,862 65,813,297 14,310,862 $ 14,310,862
Cash and cash equivalents, end of period $ 24,351,377   $ 34,392,404   24,351,377 34,392,404 $ 65,813,297
Supplemental disclosures:              
Amounts accrued for purchases of fixed assets         66,690 0  
Interest paid         $ 0 $ 533,487