v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (17,609,413) $ (33,424,111) $ (18,946,370)
Adjustments to reconcile net loss to net cash used in operating activities:      
Income related to short-term investments (492,456) (1,143,538)  
Depreciation and amortization 438,864 722,950 980,053
Net loss on disposal of property, equipment, software and operating lease right-of-use asset 1,469 2,473 9,365
Share-based compensation 3,741,548 4,909,573 7,271,700
Amortization of right-of use assets and interest of lease liabilities 150,927 215,911 228,405
Foreign exchange loss (gain), net (1,318,235) 906,212 (1,446,202)
Administrative expense in exchange of warrant issuance 253,087    
Change in fair value of warrant liabilities (47,941)    
Changes in operating assets and liabilities:      
Prepayments and other current assets (270,823) 724,235 1,649,878
Amount due from related parties (9,040) 213,718 397,405
Other non-current assets 56,163 3,499 24,687
Accounts payable (1,357,266) 1,148,021 (572,372)
Contract liabilities 3,462,683   (15,107,276)
Amount due to related parties (2,840,766) (3,526,360) (2,609,011)
Accruals and other current liabilities (70,225) (185,489) (122,201)
Lease liabilities (150,959) (220,460) (237,401)
Income tax payable 404,933 (47,619) 52,884
Other non-current liabilities     (28,383)
Net cash used in operating activities (15,657,450) (29,700,985) (28,454,839)
Cash flows from investing activities:      
Placement of short-term investments (80,000,000) (128,500,000) (47,000,000)
Withdrawal of short-term investments 80,492,456 129,643,538 47,000,000
Proceeds from disposal of property, equipment and software 1,400 169 7,656
Purchase of property, equipment and software (17,053) (33,580) (85,012)
Net cash generated from (used in) investing activities 476,803 1,110,127 (77,356)
Cash flows from financing activities:      
Proceeds from borrowings 5,635,488 4,918,014 8,133,775
Proceeds from issuance of Series A non-voting contingently redeemable convertible preferred shares, net of issuance costs 16,550,000    
Proceeds from exercise of share options 138,279 178,254 5,500
Proceeds from the ATM Offering, net of issuance costs   7,331,019  
Repayment of borrowings (17,878,393) (8,342,510) (13,506,221)
Payment of the ATM Offering setup costs   (315,557)  
Net cash generated from (used in) financing activities 4,445,374 3,769,220 (5,366,946)
Effect of exchange rate on cash and cash equivalents 64,553 81,883 74,720
Net decrease in cash and cash equivalents (10,670,720) (24,739,755) (33,824,421)
Cash and cash equivalents at the beginning of year 85,194,502 109,934,257 143,758,678
Cash and cash equivalents at the end of year 74,523,782 85,194,502 109,934,257
Supplemental cash flow disclosures:      
Interest paid 402,956 778,513 1,047,717
Income tax paid 1,602 33,947 1,376,856
Cash paid for fixed operating lease costs included in the measurement of lease obligations in operating activities $ 150,959 216,565 225,542
Right-of-use assets obtained in exchange for operating lease obligations   214,717 $ 179,919
Non-cash activities:      
Retirement of treasury shares   $ 4