v3.26.1
Basis of Presentation and Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Summary of Significant Expense Categories Regularly Reviewed CODM

The table below summarizes the significant expense categories regularly reviewed by the CODM for the three and six months ended June 30, 2026 and 2025 (unaudited):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Collaboration revenue

 

$

243,745

 

 

$

163,616

 

 

$

494,892

 

 

$

421,500

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses (a):

 

 

 

 

 

 

 

 

 

 

 

 

Clinical product candidates

 

 

3,536,620

 

 

 

-

 

 

 

6,338,510

 

 

 

-

 

Preclinical product candidates

 

 

-

 

 

 

2,486,265

 

 

 

-

 

 

 

6,508,641

 

Sponsored research

 

 

146,250

 

 

 

282,805

 

 

 

242,500

 

 

 

485,215

 

Internal research and development expenses, including stock-based compensation

 

 

1,347,797

 

 

 

894,033

 

 

 

2,546,237

 

 

 

1,883,323

 

Total research and development expenses

 

 

5,030,667

 

 

 

3,663,103

 

 

 

9,127,247

 

 

 

8,877,179

 

General and administrative expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Employee related costs

 

 

562,435

 

 

 

684,844

 

 

 

1,294,108

 

 

 

1,368,927

 

Stock-based compensation

 

 

512,246

 

 

 

677,926

 

 

 

2,272,114

 

 

 

1,373,319

 

Other general and administrative expenses (b)

 

 

1,180,922

 

 

 

1,545,421

 

 

 

2,471,358

 

 

 

2,879,835

 

Total general and administrative expenses

 

 

2,255,603

 

 

 

2,908,191

 

 

 

6,037,580

 

 

 

5,622,081

 

In-process research and development

 

 

1,656

 

 

 

-

 

 

 

11,656

 

 

 

-

 

Depreciation

 

 

2,807

 

 

 

6,840

 

 

 

5,614

 

 

 

13,680

 

Other income

 

 

(408,728

)

 

 

(319,541

)

 

 

(841,955

)

 

 

(689,706

)

Net loss

 

$

(6,638,260

)

 

$

(6,094,977

)

 

$

(13,845,250

)

 

$

(13,401,734

)

 

(a) External research and development expenses include: fees paid to CROs, CMOs and research laboratories, process development, manufacturing and clinical development activities. Any internal research and development expenses associated with clinical product candidates are captioned as internal research and development expenses.

 

(b) Other general and administrative costs include professional fees, investor relation costs, taxes, licenses, and insurance.
Summary of Changes in Deferred Revenue The following table summarizes the changes in deferred revenue (in thousands):

 

 

 

(unaudited)

 

 

 

 

 

June 30,

 

 

December 31,

 

 

2026

 

 

2025

 

Beginning balance

 

$

2,247,980

 

 

$

1,793,733

 

Deferral of revenue

 

 

-

 

 

 

1,703,454

 

Recognition of unearned revenue

 

 

(494,892

)

 

 

(1,249,207

)

Ending balance

 

$

1,753,088

 

 

$

2,247,980

 

 

 

 

 

 

 

 

 
Schedule of Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares of Common Stock Outstanding

The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive:

 

 

 

(unaudited)

 

 

 

As of June 30,

 

 

 

2026

 

 

2025

 

 

Common stock warrants

 

 

822,260

 

 

 

815,677

 

 

Stock options

 

 

3,892,789

 

 

 

2,963,795

 

 

 

 

4,715,049

 

 

 

3,779,472