v3.26.1
Prepaid Collaboration Expenses (Tables)
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Collaborative Arrangements The changes in these balances have been included in the table in Note 12 for reference in reconciling the Amount Billed/Submitted for Reimbursement compared to the amount of R&D Expenses Incurred.
Three Months Ended
June 30,		Six Months Ended June 30,
2026202520262025
Beginning Balance$153,273 $(738,534)$201,332 $(981,111)
Prepaid expenses included in reimbursement, not yet incurred75,731 163,277 20,336 414,581 
Accrued expenses for work performed, not yet invoiced151,096 351,681 34,298 342,261 
Taxes to be received and repaid— — 124,254 — 
Foreign currency adjustments9,942 3,951 9,822 4,644 
Ending Balance$390,042 $(219,625)$390,042 $(219,625)
The table below summarizes the R&D expenses submitted for reimbursement and the R&D expenses incurred by the Company related to the collaboration, including the corresponding collaboration credits. These amounts are presented for the most recent relevant periods:
PeriodAmount Billed/ Submitted for ReimbursementAmount Reimbursed/ ReceivedR&D Expenses Incurred Collaboration CreditsVariance (foreign exchange timing)Adjustment to Deferred Collaboration Credits4Adjustment to Accrued Expenses5
Quarter ended March 31, 2025$1,727,386  6$(990,979) 7$1,969,270 $(1,966,123)$(3,147)$251,304 $(9,420)
Quarter ended June 30, 2025$1,168,022 $(1,337,604)$1,682,980 $(1,685,917)$2,937 $163,277 $351,681 
Quarter ended September 30, 2025$1,467,935  8$(1,422,731)$1,657,091 $(1,658,248)$1,117 $10,015 $179,141 
Quarter ended December 31, 2025$1,522,770 $(1,213,226)$1,752,591 $(1,755,950)$3,359 $238,264 $(8,443)
Fiscal Year ended December 31, 2025$5,886,113 $(4,964,540)$7,061,932 $(7,066,238)$4,266 $662,860 $512,959 
Quarter ended March 31, 2026$1,544,253 $(1,522,770)$1,247,806 $(1,233,224)$(14,582)$(55,395)$7,456 
Quarter ended June 30, 2026$1,091,385 $(1,544,253)$1,318,212 $(1,336,263)$18,051 $75,731 $151,096 
4 Change in prepaid expenses that have not yet been incurred but which have been paid/submitted for reimbursement. The Company's contract with TOI allows for reimbursement upon the Company's receipt of an allowable vendor invoice.
5 Change in expenses incurred but not billable to TOI until invoiced by a third-party vendor and other taxes receivable to be repaid to TOI.
6 Includes $389,782 billed in February 2025 related to Phase 3 activities that were reimbursed by TOI prior to quarter-end March 31, 2025, plus $1,337,604 related to reimbursable first quarter 2025 R&D expenses, subsequently reimbursed in the second quarter of 2025.
7 Includes $601,197 related to fourth quarter 2024 Collaboration Receivable and $389,782 billed and reimbursed by TOI in February 2025.
Includes 254,709 billed in August 2025 related to Phase 3 activities that were reimbursed by TOI prior to quarter-end September 30, 2025, plus 1,213,226 related to reimbursable third quarter 2025 R&D expenses, subsequently reimbursed in the fourth quarter of 2025.