v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 18,519,784 $ 24,711,356
Prepaid expenses 1,770,844 1,392,371
Other receivables 687,756 573,062
Other current assets 680,753 387,090
Total current assets 21,659,137 27,063,879
Property and equipment, net 1,448,990 1,558,890
Operating lease right-of-use assets 969,256 1,097,580
Finance lease right-of-use asset 1,308,581 1,744,775
Other non-current assets 2,442,450 1,009,439
Total assets 27,828,414 32,474,563
Current liabilities    
Accounts payable 1,231,086 1,200,686
Accrued expenses 529,325 725,184
Deferred grant funding 18,150,459 19,651,452
Current portion of liability related to the sale of future royalties 12,035 11,711
Current portion of lease liabilities, operating 598,556 602,552
Current portion of lease liability, finance 597,552 1,494,102
Total current liabilities 21,119,013 23,685,687
Liability related to the sale of future royalties, net 5,556,697 5,386,877
Lease liabilities long-term, operating 418,253 559,365
Total liabilities 27,093,963 29,631,929
Commitments and contingencies (Note 9)
Stockholders' equity    
Preferred stock, $0.01 par value, 5,000,000 shares authorized; 4,999,620 and 0 designated Series A Convertible Preferred Stock at March 31, 2026 and December 31, 2025, respectively; 65,640 and 0 issued and outstanding at March 31, 2026 and December 31, 2025, respectively. Liquidation preference of $328,200 and $0 at March 31, 2026 and December 31, 2025, respectively 656 0
Common stock, $0.0001 par value; 240,000,000 shares authorized; 14,559,502 and 14,499,502 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 1,456 1,450
Additional paid-in capital 192,798,213 191,951,711
Accumulated other comprehensive loss (377,081) (421,623)
Accumulated deficit (191,688,793) (188,688,904)
Total stockholders' equity 734,451 2,842,634
Total liabilities and stockholders' equity $ 27,828,414 $ 32,474,563