v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (31,966,141) $ (27,425,907)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 1,859,089 7,021,222
Stock appreciation rights compensation 4,019,150 27,649
Issuance of restricted common stock 905,226
Realized loss/(gain) on short-term investments 47,162 (110,156)
Unrealized loss/(gain) on short-term investments 707,354 (141,934)
Change in operating assets and liabilities:    
Prepaid expenses and other assets (319,869) 411,834
Accounts payable 840,246 (2,768,652)
Accrued expenses 150,000 (2,388,191)
Other receivable (10,912)
Net cash used in operating activities (24,673,921) (24,468,909)
Cash flows from investing activities    
Purchase of short-term investments (174,270,466) (809,375)
Sale of short-term investments 56,628,855 22,847,630
Net cash (used in)/provided by investing activities (117,641,611) 22,038,255
Cash flows from financing activities    
Proceeds from issuance of common stock 159,999,996
Payment of fees for issuance of common stock (9,817,890)
Proceeds from options exercised for common stock 101,497
Proceeds from warrants exercised for common stock 1,683
ATM fees (131,924) (73,021)
Net cash provided/(used in) by financing activities 150,153,362 (73,021)
Net increase/(decrease) in cash and cash equivalents 7,837,830 (2,503,675)
Cash and cash equivalents at beginning of the period 3,496,540 3,857,026
Cash and cash equivalents at end of the period 11,334,370 1,353,351
Non-cash investing and financing activities    
Cashless exercise of warrants for common stock $ (2,082)