v3.26.1
Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Summary of Investments in Held-to-Maturity Securities The following table provides the amortized cost basis, unrealized gains/(losses) and the fair value of investments in held-to-maturity securities as of June 30, 2026:

 

June 30, 2026

 

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

$

5,002,618

 

 

$

—

 

 

$

(4,718

)

 

$

4,997,900

 

Commercial paper

$

42,136,466

 

 

$

—

 

 

$

(49,171

)

 

$

42,087,295

 

Corporate debt securities

$

3,476,080

 

 

$

—

 

 

$

(8,230

)

 

$

3,467,850

 

Marketable securities:

$

50,615,164

 

 

$

—

 

 

$

(62,119

)

 

$

50,553,045

 
Carrying Amount, Fair Value, and Applicable Level within Fair Value Hierarchy for Warrant Liability, Cash Equivalents and Marketable Securities

The following tables present the carrying amount, fair value, and the applicable level within the fair value hierarchy for the Company’s warrant liability as of June 30, 2026 and December 31, 2025, which is measured at fair value on a recurring basis:

 

June 30, 2026

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Warrant liability

$

232,690,185

 

 

$

—

 

 

$

—

 

 

$

232,690,185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Warrant liability

$

171,464,575

 

 

$

—

 

 

$

—

 

 

$

171,464,575

 

The following tables present the carrying amounts and the applicable level within the fair value hierarchy for the Company’s cash equivalents and marketable securities as of June 30, 2026 and December 31, 2025, which are not measured at fair value on a recurring basis. Cash equivalents consist of short-term, highly liquid investments with original maturities of 90 days or less, including money market accounts. Cash and cash equivalents are primarily held with major North American financial institutions. Deposits may exceed insured limits and are redeemable on demand, which reduces counterparty credit risk. Marketable securities consist of investments classified as held-to-maturity and are recorded at amortized cost:

 

June 30, 2026

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

$

10,046,755

 

 

$

10,046,755

 

 

$

—

 

 

$

—

 

U.S. Treasury securities

$

5,002,618

 

 

$

5,002,618

 

 

$

—

 

 

$

—

 

Commercial paper

$

42,136,466

 

 

$

—

 

 

$

42,136,466

 

 

$

—

 

Corporate debt securities

$

3,476,080

 

 

$

—

 

 

$

3,476,080

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

$

79,327,870

 

 

$

79,327,870

 

 

$

—

 

 

$

—

 
Summarizes of Reportable Segment's Financial Information The following table summarizes the reportable segment’s financial information:

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Research and development staff related expenses (1)

$

508,065

 

 

$

447,397

 

 

$

1,018,294

 

 

$

913,388

 

External research and development costs (2)

 

5,608,335

 

 

 

749,488

 

 

 

9,543,610

 

 

 

1,543,908

 

Research and development stock compensation expenses (non-cash)

 

996,213

 

 

 

100,130

 

 

 

1,734,150

 

 

 

199,829

 

General and administrative staff related expenses (1)

 

900,879

 

 

 

914,526

 

 

 

2,578,767

 

 

 

1,857,157

 

General and administrative stock compensation expenses (non-cash)

 

1,276,627

 

 

 

198,088

 

 

 

9,248,992

 

 

 

395,618

 

Total

 

9,290,119

 

 

 

2,409,629

 

 

 

24,123,813

 

 

 

4,909,900

 

Other segment expense, net (3)

 

1,352,040

 

 

 

964,520

 

 

 

3,189,898

 

 

 

2,367,133

 

Total expenses

 

10,642,159

 

 

 

3,374,149

 

 

 

27,313,711

 

 

 

7,277,033

 

Loss from operations

 

(10,642,159

)

 

 

(3,374,149

)

 

 

(27,313,711

)

 

 

(7,277,033

)

Reconciling items:

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange losses

 

(14,351

)

 

 

(21,110

)

 

 

(16,155

)

 

 

(29,486

)

Investment income

 

569,591

 

 

 

136,671

 

 

 

1,199,193

 

 

 

294,959

 

Changes in fair value of the warrant liability

 

27,553,204

 

 

 

—

 

 

 

(81,807,426

)

 

 

—

 

Net income (loss)

$

17,466,285

 

 

$

(3,258,588

)

 

$

(107,938,099

)

 

$

(7,011,560

)

(1) Staff related expenses consist of salary, bonus, accrued settlement payments, and fringe benefits.

(2) External research and development expenses primarily consist of the C19 trial costs and consultant fees in 2026 and consultant fees in 2025.

(3) Other segment expense, net primarily consists of insurance, consultant, audit, legal, board, facilities, travel, investor relations, and membership fees.