v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (8,902,892) $ (19,696,813)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 655,447 2,420,578
Non-cash interest expense 50,368 117,525
Net amortization of premium on marketable securities 0 (838,915)
Depreciation and amortization expense 137,305 123,194
Write-off of deferred offering costs 0 267,261
Change in operating assets and liabilities:    
Prepaid expenses and other current assets (546,918) 708,358
Accounts payable (20,985) 849,077
Accrued expenses and other liabilities (1,071,836) (4,975,186)
Net cash used in operating activities (9,699,511) (21,024,921)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisitions of fixed assets (23,097) 0
Purchases of marketable securities 0 (40,263,712)
Maturities of marketable securities 0 47,000,000
Net cash (used in) provided by investing activities (23,097) 6,736,288
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of stock options 71,140 983,194
Proceeds from employee stock purchase plan 0 19,616
Repayment of long-term debt (15,000,000) 0
Debt end of term charge paid in cash (300,000) 0
Net cash provided by (used in) financing activities (15,228,860) 1,002,810
NET DECREASE IN CASH AND CASH EQUIVALENTS (24,951,468) (13,285,823)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 70,041,254 54,527,092
CASH AND CASH EQUIVALENTS, END OF PERIOD 45,089,786 41,241,269
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid during the period for interest 559,625 841,750
SUPPLEMENTAL INFORMATION AND DISCLOSURES OF NONCASH ACTIVITIES:    
Change in right-of-use asset and lease liability due to lease amendment $ 0 $ 260,899