v3.26.1
Basis of Presentation and Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Expense Categories Regularly Reviewed CODM

The table below summarizes the significant expense categories regularly reviewed by the CODM:

 

Years Ended December 31,

 

 

2025

 

 

2024

 

Collaboration revenue

 

$

7,945,753

 

 

$

3,554,061

 

Less:

 

 

 

 

 

 

Research and development expenses (a):

 

 

 

 

 

 

Clinical product candidates

 

 

4,873,971

 

 

 

-

 

Preclinical product candidates

 

 

6,509,360

 

 

 

8,313,290

 

Sponsored research

 

 

908,928

 

 

 

556,265

 

Internal research and development expenses, including stock-based compensation

 

 

4,442,290

 

 

 

2,996,099

 

Total research and development expenses

 

 

16,734,549

 

 

 

11,865,654

 

General and administrative expenses:

 

 

 

 

 

 

Employee related costs

 

 

3,100,930

 

 

 

2,685,556

 

Stock-based compensation

 

 

2,802,173

 

 

 

1,588,667

 

Other general and administrative expenses (b)

 

 

5,546,363

 

 

 

4,611,534

 

Total general and administrative expenses

 

 

11,449,466

 

 

 

8,885,757

 

In-process research and development

 

 

2,289,602

 

 

 

25,000

 

Depreciation

 

 

27,361

 

 

 

27,361

 

Other income

 

 

(1,332,207

)

 

 

(1,648,637

)

Pre-tax loss

 

 

(21,223,018

)

 

 

(15,601,074

)

Income tax benefit

 

 

(3,089

)

 

 

720,287

 

Net loss

 

$

(21,226,107

)

 

$

(14,880,787

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) External research and development expenses include: fees paid to CROs, CMOs and research laboratories, process development, manufacturing and clinical development activities. Any internal research and development expenses associated with clinical product candidates are captioned as internal research and development expenses.

 

(b) Other general and administrative costs include professional fees, investor relation costs, taxes, licenses, and insurance.
Summary of Changes in Deferred Revenue The following table summarizes the changes in deferred revenue:

 

 

Years Ended December 31,

 

 

2025

 

 

2024

 

Beginning balance

 

$

1,793,733

 

 

$

1,497,794

 

Deferral of revenue

 

 

1,703,454

 

 

 

780,749

 

Recognition of unearned revenue

 

 

(1,249,207

)

 

 

(484,810

)

Ending balance

 

$

2,247,980

 

 

$

1,793,733

 
Schedule of Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares of Common Stock Outstanding

The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive:

 

 

As of December 31,

 

 

 

2025

 

 

2024

 

 

Common stock warrants

 

 

822,260

 

 

 

815,677

 

 

Stock options

 

 

2,971,238

 

 

 

2,228,658

 

 

 

 

3,793,498

 

 

 

3,044,335