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 $ (2,999,889) $ (4,378,307)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 554,643 175,642
Right-of-use assets - operating lease 128,324 123,905
Stock-based compensation expense 455,064 377,357
Non-cash royalty revenue related to sale of future royalties (2,708) (23,180)
Non-cash interest expense 14,809 10,044
Changes in operating assets and liabilities:    
Accounts receivable (120,633) 0
Other receivables 5,938 124,748
Prepaid expenses (378,471) 673,510
Deposits 0 0
Other current assets (194,717) 0
Other non-current assets (1,436,824) 14,535
Operating lease liabilities (145,108) (131,429)
Accounts payable (44,782) (31,539)
Accrued expenses (13,338) (1,084,031)
Interest payable 158,042 117,865
Deferred grant funding (1,500,994) (1,439,663)
Net cash used in operating activities (5,520,644) (5,470,543)
Cash flows from investing activities    
Purchases of property and equipment 0 (157,331)
Net cash used in investing activities 0 (157,331)
Cash flows from financing activities    
Net proceeds from issuance of common stock 94,887 436,248
Net proceeds from issuance of Series A Convertible Preferred Stock and warrants in connection with Regulation A financing 297,213 0
Payments of deferred offering costs (28,500) 0
Repayment of liability on sale of future royalties 0 (2,450)
Payments on note payable (182,521) (187,221)
Principal payments on financing lease (896,549) 0
Net cash (used in) provided by financing activities (715,470) 246,577
Effect of exchange rate changes on cash and cash equivalents and restricted cash 44,542 13,090
Net change in cash, cash equivalents and restricted cash (6,191,572) (5,368,207)
Cash, cash equivalents and restricted cash, beginning of period 25,011,356 15,998,174
Cash, cash equivalents and restricted cash, end of period 18,819,784 10,629,967
Reconciliation of cash, cash equivalents and restricted cash to amounts reported in the consolidated balance sheets:    
Cash and cash equivalents 18,519,784 10,329,967
Restricted cash included in other non-current assets 300,000 300,000
Total cash, cash equivalents and restricted cash 18,819,784 10,629,967
Supplemental disclosure of non-cash investing and financing activities:    
Current asset payment included in accounts payable (75,181) 0
Financing right-of-use assets obtained in exchange for new financing lease liabilities 0 2,841,027
Prepaid rent reclassified to finance lease right-of-use asset 0 458,850
Finance lease payment due included in accounts payable $ 0 $ 458,850