v3.25.2
Condensed Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows From Operating Activities    
Net loss $ (12,174,452) $ (21,975,800)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation - accrued inducement grant 5,190,000  
Stock-based compensation - other 763,282 1,087,288
Change in fair value of equity consideration payable   (1,240,800)
Depreciation of property and equipment   543,124
Amortization of debt discount 585,508 368,414
Write-off of property and equipment   85,051
Write-down of inventories to net realizable value   665,770
Reacquisition of license rights   2,864,600
Amortization of operating lease 151,179 257,719
Gain on extinguishment of debt (89,623)  
Interest expense added to note principal 211,520  
Changes in operating assets and liabilities:    
Deposit to be refunded (888,000)  
Prepaid expenses and other current assets (321,270) 418,941
Deferred clinical supply costs   377,365
Inventories   (140,826)
Accounts payable (1,053,087) (316,508)
Accrued expenses and other current liabilities 76,963 (850,867)
Lease liabilities (341,817) (209,699)
Net Cash Used In Operating Activities (7,889,797) (18,066,228)
Cash Flows From Investing Activities    
Purchases of property and equipment (22,959) (159,853)
Purchases of HYPE digital tokens (45,500,000)  
Net Cash Used In Investing Activities (45,522,959) (159,853)
Cash Flows From Financing Activities    
Proceeds from sale of common stock and warrants in direct offering   2,000,000
Payment of direct offering costs   (111,171)
Proceeds from sale of preferred stock and warrants in private placement 50,000,000  
Payment of private placement issuance costs (634,250)  
Proceeds from sale of common stock in At the Market offering 8,508,666 5,022,151
Payment of issuance costs for At the Market offering (286,260) (150,665)
Proceeds from induced exercise of stock warrants 1,039,206  
Payment of cash issuance costs for induced exercise of stock warrants (116,456)  
Proceeds from exercise of stock warrants 1,953,504  
Reverse stock split settlement of fractional shares (160)  
Payment of issuance costs for debt modification (177,228)  
Repayments of notes payable (1,463,438) (1,082,439)
Net Cash Provided By Financing Activities 58,823,584 5,677,876
Net Increase (Decrease) in Cash and Cash Equivalents 5,410,828 (12,548,205)
Cash and Cash Equivalents - Beginning of Period 2,121,463 14,849,057
Cash and Cash Equivalents - End of Period 7,532,291 2,300,852
Supplemental Disclosure of Cash Flow Information:    
Interest 300,191 984,246
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Purchase of insurance policy financed by note payable   505,050
Accrual for intangible asset milestone obligation   2,000,000
Reclassification of deferred clinical supply costs to inventories   2,801,518
Modification date carrying value of extinguished Avenue Loan 10,262,280  
Modification date fair value of modified Avenue Loan 10,172,657  
Warrants issued for debt modification 858,270  
Warrant modification and additional warrants - incremental value 1,194,102  
Conversion of Avenue Loan to common stock 640,336  
Common stock issued in consideration for licensing agreement   436,809
Common stock issued in consideration for reacquisition of licensing agreement   $ 2,322,391
Issuance of common stock related to vested restricted stock units $ 4