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 Income (Loss) $ (35,972,071) $ (23,594,258)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 0 36,812
Stock-based compensation expense 10,905,776 6,250,938
Write-off of in-process research and development 0 7,357,294
Change in fair value (373,354) (1,523,284)
Non-cash accretion on marketable securities (1,969,587) 0
Changes in operating assets and liabilities:    
Operating lease right-of-use assets 0 66,519
Prepaid expenses and other current assets (590,564) 7,526
Prepaid research and development (1,344,648) (57,547)
Other assets (149,576) 0
Accounts payable (196,334) 1,592,656
Operating lease liabilities 0 (72,573)
Accrued expenses and other current liabilities 5,187,024 258,156
Net cash used in operating activities (24,503,334) (9,677,761)
Cash flows from investing activities    
Purchases of equipment and improvements 0 (13,399)
Purchases of investments - marketable securities (145,618,289) 0
Maturities of investments - marketable securities 59,225,000 31,350,103
Acquired in-process research and development 0 (438,624)
Net cash provided by (used in) investing activities (86,393,289) 30,898,080
Cash flows from financing activities    
Deferred offering costs (14,489) 0
Proceeds from issuance of common stock, pre-funded warrants and warrants, net of issuance costs 2,897,611 150
Issuance of common stock from exercise of stock options 0 31,621
Net cash provided by financing activities 2,883,122 31,771
Net increase (decrease) in cash and cash equivalents (108,013,501) 21,252,090
Cash and cash equivalents at beginning of period 139,220,208 56,490,579
Cash and cash equivalents at end of period 31,206,707 77,742,669
Supplemental disclosures of cash flow information    
Issuance costs 85,000 0
Non cash investing and financing activities    
Contingent consideration 0 2,912,159
Settlement of contingent consideration liability 2,688,147 0
Non-cash financing costs included in accounts payable and accrued expenses 30,000 307,373
CorHepta transaction costs $ 0 $ 175,000