v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (17,119,438) $ (20,781,213)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 17,280 17,282
Accretion of discounts on available for sale debt securities, net (196,427) (238,574)
Non-cash lease adjustments 189,897 173,211
Issuance of restricted common stock for services 366,900
Stock-based compensation 650,877 732,893
Foreign currency remeasurement (gain) loss (157,965) 219,729
Realized gain on redemptions of available for sale debt securities (22,408) (9,065)
Realized loss on equity securities 264,913
Unrealized gain on equity securities (305,887) (155,624)
Changes in assets and liabilities:    
Operating lease liabilities (190,625) (175,715)
Prepaid expenses & other current assets 554,095 778,304
Accounts payable and accrued expenses 271,808 1,636,440
Other assets (10,869)
Net cash flows used in operating activities (15,676,980) (17,813,201)
INVESTING ACTIVITIES    
Purchase of property and equipment (1,715) (12,595)
Purchase of marketable securities (14,721,983) (17,275,680)
Redemptions of marketable securities 25,780,771 20,657,643
Net cash flows provided by investing activities 11,057,073 3,369,368
FINANCING ACTIVITIES    
Proceeds from option exercises 13,442
Proceeds from warrant exercises 66,710
Proceeds from the issuance of common stock under the ATM Sales Agreement 1,624,547
Payments of offering cost related to the ATM Sales Agreement (139,749)
Net cash flows provided by financing activities 1,498,240 66,710
Effect of foreign exchange rates on cash 33,426 (49,547)
CHANGE IN CASH AND CASH EQUIVALENTS FOR THE YEAR (3,088,241) (14,426,670)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 7,511,079 21,937,749
CASH AND CASH EQUIVALENTS, END OF YEAR 4,422,838 7,511,079
Non-cash investing and financing activities:    
Operating lease right-of-use asset acquired through operating lease liability 78,351 348,623
Removal of operating lease right-of-use assets and related operating lease liabilities upon early termination of leases 52,844 163,722
Deferred offering costs included in accounts payable and accrued expenses $ 10,000