v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (18,868,885) $ (5,196,773)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 730,965 756,595
Amortization of finance right-of-use assets 21,705 21,706
Stock-based compensation expense 5,459,911 612,951
Gain on the sale of equipment (2,217)  
Net realized and unrealized (gain) loss on equity securities 9,587 (961)
Net realized gain on debt securities (47,089)  
Changes in fair value of warrant liabilities 482,474 (5,035,769)
Accretion of discounts on investments 10,075 (19,489)
Gain in early termination of lease liability (7,042)  
Changes in operating assets and liabilities    
Accrued interest receivable (608,280) 33,569
Prepaid expenses and other current assets (297,263) (291,075)
Operating lease right-of-use assets and liabilities, net (74,224) 54,785
Accounts payable 114,119 684,171
Accrued expense and other current liabilities (1,194,966) 583,073
Net cash used in operating activities (14,271,130) (7,797,217)
Cash flows from investing activities:    
Proceeds from the sale of equipment 2,217 500
Purchases of equipment (983,257)  
Purchases of investments (139,262,781) (70,905)
Proceeds from sales and maturities of investments 74,596,145 4,741,508
Net cash provided by (used in) investing activities (65,647,676) 4,671,103
Cash flows from financing activities:    
Proceeds from the March 2026 Public Offering, net of issuance costs 79,636,964  
Proceeds from the March 2026 Public Offering Underwriters Option, net of issuance costs 7,238,000  
Proceeds from exercised warrants 2,975,000  
Principal payments on financed director and officer insurance   (137,295)
Principal payments on finance leases (37,388) (34,618)
Proceeds from exercise of stock options 113,116  
Tax payments for share settlement of restricted stock units (4,571) (2,072)
Net cash provided by (used in) financing activities 89,921,121 (173,985)
Effect of exchange rate changes on cash and cash equivalents 14,729 42,500
Net increase (decrease) in cash and cash equivalents 10,017,044 (3,257,599)
Cash and cash equivalents    
Beginning of period 10,502,680 8,897,966
End of period 20,519,724 5,640,367
Supplemental cash flow information:    
Cash paid for interest 62,986 70,011
Supplemental information on non-cash investing and finance activities:    
Right-of-use asset written off due to early termination of lease 368,425  
Operating lease liability written off due to early termination of lease 280,415  
Right-of-use assets obtained in exchange for operating lease liabilities 775,143 $ 2,422,191
March 2026 Public Offering Issuance Costs included in accrued expenses 386,335  
Purchases of equpment included in accounts payable $ 255,376