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 $ (19,051,956) $ (17,559,465)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 956,186 3,572,769
Stock appreciation rights compensation 2,677,652 3,038
Issuance of restricted common stock 905,226
Realized loss/(gain) on short-term investments 9,867 (62,952)
Unrealized loss/(gain) on short-term investments 540,097 (155,731)
Change in operating assets and liabilities:    
Prepaid expenses (402,430) 290,051
Accounts payable 1,762,457 (2,865,553)
Accrued expenses (1,559,361) (2,194,416)
Net cash used in operating activities (15,067,488) (18,067,033)
Cash flows from investing activities    
Purchase of short-term investments (149,517,480) (487,916)
Sale of short-term investments 14,290,483 15,847,629
Net cash (used in)/provided by investing activities (135,226,997) 15,359,713
Cash flows from financing activities    
Proceeds from issuance of common stock 159,999,996
Payment of fees for issuance of common stock (3,360,000)
ATM Fees (65,651)
Net cash provided by financing activities 156,574,345
Net increase/(decrease) in cash and cash equivalents 6,279,860 (2,707,320)
Cash and cash equivalents at beginning of the period 3,496,540 3,857,026
Cash and cash equivalents at end of the period 9,776,400 1,149,706
Non-cash investing and financing activities:    
Cashless exercise of warrants for common stock (2,082)
Fees for issuance of common stock included in accounts payable 2,400,000
Fees for issuance of common stock included in accrued expenses $ 3,858,011