v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (23,059,976) $ (38,006,186)
Adjustments to reconcile net loss to net cash used in operating activities:    
Accretion of original issue discount on bridge loans - related party 300,000
Accretion of original issue discount on convertible promissory note 714,600
Amortization of intangible asset - patent 18,519
Amortization of right of use asset 38,996 18,153
Stock based compensation - restricted stock 8,384,311 20,923,850
Gain on change in fair value of derivative liability (2,801)
Loss on change in fair value of derivative liability related to Series A preferred stock 61,321
Transaction costs expensed on issuance of Series A preferred stock 127,478
Increase in deferred offering costs (86,930)
Amortization of debt issuance costs 360,116 769,441
Changes in operating assets and liabilities:    
Prepaid expenses (824,168) (350,134)
Other assets (47,177)
Accrued compensation (479,775)
Lease liability (33,596) (20,458)
Accrued advisory fee (100,566) 5,882,710
Accounts payable 582,222
Accounts payable and accrued expense – related parties (197,762) 45,350
Accrued expense 2,261,282
Net cash used in operating activities (11,756,954) (10,964,226)
Cash flows from financing activities:    
Proceeds from the sale of common stock, net of costs 11,324,372
Proceeds from issuance of common stock and warrants – PIPE financing 15,071,783
Proceeds from related party loan 300,000
Repayment of related party loan (600,000)
Repayment of OID loan (6,666,667)
Proceeds from issuance of Series A convertible preferred stock 5,000,000
Payment of issuance costs - Series A Preferred Stock (400,000)
Proceeds from sale of common stock pursuant to equity purchase agreement 666,528
Net cash provided by financing activities 13,671,645 11,024,372
Net increase in cash and cash equivalents 1,914,691 60,146
Cash and cash equivalents - beginning of period 58,729 64,893
Cash and cash equivalents - end of period 1,973,420 125,039
Supplemental cash flow disclosures:    
Interest paid on OID loan payment 2,666,667
Interest paid on litigation settlement payment 112,921
Supplemental disclosure of non-cash financing activities:    
Original issue discount on bridge loan - related party 300,000
Financed insurance premiums 357,534
Share issued in connection with advisory services 557,060
Right of use asset, at lease commencement 415,970
Reclassification of deferred offering costs to APIC at the completion of the offering $ 1,391,580