v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Cash flows from operating activities:      
Net loss $ (19,682,798) $ (19,694,697)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 316,844 371,367  
Amortization of operating lease right-of-use assets 428,620 372,083  
Change in fair value of common stock warrant liabilities (4,137,703) (3,712,872)  
Non-cash stock-based compensation 698,744 1,399,349  
Amortization of discounts on investments (10,062) (386)  
Loss on sales of short-term investments 284,690 482  
Loss (gain) on equity investment in affiliated entity 2,103,688 (695,131)  
Net unrealized gain on available-for-sale equity securities (79,077) (140,234)  
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets, including from affiliated entity 852,534 184,616  
Accounts payable and accrued expenses, including due to affiliated entity (1,860,676) (4,161,751)  
Accrued clinical trial expenses 166,651 (202,623)  
Operating lease right-of-use assets and liabilities, net (672,771) (594,230)  
Net cash used in operating activities (21,591,316) (26,874,027)  
Cash flows from investing activities:      
Purchases of investments (2,976,627) 0  
Proceeds from sale of investments 4,612,484 7,620  
Proceeds from maturity of investments 1,000,000 0  
Purchases of capital assets 0 (59,373)  
Net cash provided by (used in) investing activities 2,635,857 (51,753)  
Cash flows from financing activities:      
Proceeds from issuance of common stock, net of issuance costs 1,084,027 1,102,149  
Taxes paid related to net share settlement of equity awards (130,237) (74,219)  
Net cash provided by financing activities 953,790 1,027,930  
Decrease in cash and cash equivalents (18,001,669) (25,897,850)  
Cash and cash equivalents, beginning of period 44,273,319 65,813,297 $ 65,813,297
Cash and cash equivalents, end of period $ 26,271,650 $ 39,915,447 $ 44,273,319