Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 9,776,400	$ 3,496,540
Short-term investments	224,186,743	89,509,710
Prepaid expenses	1,380,151	977,721
Total current assets	235,343,294	93,983,971
Other assets	19,500	19,500
Total assets	235,362,794	94,003,471
Current liabilities:
Accounts payable	5,731,401	1,568,944
Accrued expenses	7,160,233	4,861,583
Total current liabilities	12,891,634	6,430,527
Stock appreciation rights	3,738,583	1,060,931
Total liabilities	16,630,217	7,491,458
Commitments and Contingencies (See Note 8)
Stockholders’ Equity:
Preferred stock value
Common stock, $0.001 par value, 150,000,000 shares authorized, 104,890,223 and 73,333,622 shares issued and outstanding, respectively	104,890	73,333
Additional paid-in capital	935,946,841	784,705,878
Accumulated deficit	(717,319,154)	(698,267,198)
Total stockholders’ equity	218,732,577	86,512,013
Total liabilities and stockholders’ equity	235,362,794	94,003,471
Class A Convertible Preferred Stock
Stockholders’ Equity:
Preferred stock value

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).