v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 24,652,086 $ 82,301,813
Marketable securities 50,615,164  
Restricted cash 100,000 100,000
Prepaid expenses and other current assets 4,365,267 697,676
Total current assets 79,732,517 83,099,489
Goodwill 14,869,399 14,869,399
Deferred offering costs 487,029  
Total assets 95,088,945 97,968,888
Current liabilities    
Accounts payable 1,447,556 639,707
Accrued expenses and other current liabilities 2,510,505 1,650,766
Total current liabilities 3,958,061 2,290,473
Warrant Liability 232,690,185 171,464,575
Liability related to the sale of future royalties 60,000,000 60,000,000
Total liabilities 296,648,246 233,755,048
Commitments and contingencies (Note 9)
Stockholders' deficit    
Common stock; $0.0001 par value; 250,000,000 shares authorized; 47,227,259 shares issued and outstanding as of June 30, 2026 and 43,274,398 shares issued and outstanding as of December 31, 2025 4,723 4,327
Additional paid-in capital 583,432,493 548,047,331
Accumulated deficit (796,737,839) (688,799,740)
Total stockholders' deficit (213,300,623) (140,748,082)
Total liabilities, redeemable preferred stock and stockholders' deficit 95,088,945 97,968,888
Series A Convertible Preferred Stock    
Redeemable preferred stock    
Series A convertible preferred stock; $0.0001 par value; 200,000 shares authorized; liquidation preference of $0; 5,539 shares issued and outstanding as of June 30, 2026 and 3,296 shares issued and outstanding as of December 31, 2025 $ 11,741,322 $ 4,961,922