v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities:              
Net loss $ (6,012,458) $ (19,682,798) $ (23,519,412) $ (19,694,697) $ (25,695,256) $ (43,214,109)  
Adjustments to reconcile net loss to net cash used in operating activities:              
Depreciation         638,878 727,518  
Amortization of operating lease right-of-use assets         872,472 757,602  
Change in fair value of common stock warrant liabilities (13,868,616)   1,878,010   (18,006,319) (1,834,862)  
Non-cash stock-based compensation         1,467,181 2,234,141  
Amortization of discounts on investments         (18,094) (13,003)  
Loss on sales of short-term investments         858,134 707,984  
Loss (gain) on equity investment in affiliated entity 0   (776,373)   2,103,688 (1,471,504)  
Net unrealized gain on available-for-sale equity securities (94,221)   (759,289)   (173,298) (899,523)  
Changes in operating assets and liabilities:              
Prepaid expenses and other current assets, including from affiliated entity         (628,350) (1,431,168)  
Other assets         95,406 (32,822)  
Accounts payable and accrued expenses, including due to affiliated entity         525,071 (1,497,805)  
Accrued clinical trial expenses         (312,219) (510,876)  
Operating lease right-of-use assets and liabilities, net         (1,365,837) (1,206,959)  
Net cash used in operating activities         (39,638,543) (47,685,386)  
Cash flows from investing activities:              
Purchases of investments         (1,982,088) (4,946,073)  
Proceeds from sale of investments         8,764,625 10,266,689  
Proceeds from maturity of investments         2,000,000 0  
Purchases of capital assets         0 (90,303)  
Net cash provided by investing activities         8,782,537 5,230,313  
Cash flows from financing activities:              
Proceeds from issuance of common stock, net of issuance costs         4,331,095 1,102,149  
Proceeds from issuance of warrants, net of issuance costs         13,963,956 0  
Taxes paid related to net share settlement of equity awards         (186,200) (108,996)  
Net cash provided by financing activities         18,108,851 993,153  
Decrease in cash and cash equivalents         (12,747,155) (41,461,920)  
Cash and cash equivalents, beginning of period   $ 44,273,319   $ 65,813,297 44,273,319 65,813,297 $ 65,813,297
Cash and cash equivalents, end of period $ 31,526,164   $ 24,351,377   31,526,164 24,351,377 $ 44,273,319
Supplemental disclosures:              
Amounts accrued for purchases of fixed assets         $ 0 $ 66,690