v3.26.1
Balance Sheet Information
 6 Months Ended
Jun. 30, 2026
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Information Balance Sheet Information
Cash, Cash Equivalents and Restricted Cash
A summary of cash and cash equivalents and restricted cash is as follows:
June 30, 2026December 31, 2025
Cash and Cash Equivalents$7,076,533 $8,696,570 
Restricted Cash, Non-current4,706 4,566 
Total Cash, Cash Equivalents and Restricted Cash$7,081,239 $8,701,136 
Non-current restricted cash consists of deposits with financial institutions for corporate credit cards.
Short-term Investments
The following table summarizes short-term investments as of June 30, 2026 and December 31, 2025:
As of June 30, 2026
Unrealized
Amortized Cost
Gains
Losses
Estimated Fair Value
US Treasuries$109,604 $— $(1)$109,603 
Government Agency Securities6,071,500 — (6,186)6,065,314 
Corporate Debt Securities3,590,565 169 (3,657)3,587,077 
Total Short-term Investments$9,771,669 $169 $(9,844)$9,761,994 
As of December 31, 2025
Unrealized
Amortized Cost
Gains
Losses
Estimated Fair Value
Government Agency Securities$5,171,407 $4,633 $— $5,176,040 
Corporate Debt Securities3,211,460 5,013 (1)3,216,473 
Total Short-term Investments$8,382,867 $9,646 $(1)$8,392,513 
The following table summarizes the maturities of the Company's short-term investments at June 30, 2026 and December 31, 2025:
As of June 30, 2026
Amortized CostEstimated Fair Value
Due in one year or less$9,771,669 $9,761,994 
Total Short-term Investments$9,771,669 $9,761,994 
As of December 31, 2025
Amortized CostEstimated Fair Value
Due in one year or less$8,382,867 $8,392,513 
Total Short-term Investments$8,382,867 $8,392,513 
The following table shows the Company's available-for-sale investments' gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in a continuous loss position, at June 30, 2026 and December 31, 2025:
As of June 30, 2026
Less than 12 months
CountFair ValueUnrealized Losses
US Treasuries1 $109,603 $(1)
Government Agency Securities19 $6,065,314 $(6,186)
Corporate Debt Securities32 $2,745,505 $(3,177)
Total52 $8,920,422 $(9,364)
As of December 31, 2025
Less than 12 months
CountFair ValueUnrealized Losses
Corporate Debt Securities1 $76,056 $(1)
Total1 $76,056 $(1)
The Company reviews its investments each quarter to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, any changes to the underlying credit risk of the investment, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. The unrealized losses in the Company’s investments were caused by changes in interest rates resulting from changing economic conditions, and not from a decline in credit of their underlying issuers. The Company may be required to sell these investments prior to maturity to implement management strategies, however, it is not likely that the Company will sell these investments before recovery of their amortized cost basis. As such, the Company has classified these losses as temporary in nature.
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following:
June 30, 2026December 31, 2025
Prepaid Research and Development$847,944 $841,723 
Prepaid General and Administrative192,872 211,501 
Prepaid Insurance86,666 88,580 
Total Prepaid Expenses and Other Current Assets$1,127,482 $1,141,804 
Tax and Other Receivables
Tax and other receivables consist of the following:
June 30, 2026December 31, 2025
Income Tax Receivables$1,028,326 $1,028,326 
Research and Development Tax Credit Receivables
737,032 713,719 
Other Tax Receivables49,721 51,414 
Total Tax and Other Receivables$1,815,079 $1,793,459 
Accrued Expenses
Accrued expenses consist of the following:
June 30, 2026December 31, 2025
Payroll and Benefits$771,798 $1,275,602 
Clinical Trials992,326 821,648 
Professional Fees99,451 83,278 
Income Tax65,982 142,096 
Other52,016 84,107 
Total Accrued Expenses$1,981,573 $2,406,731