v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 8,188,140 $ 6,662,008
Accounts receivable, net 385,313 731,328
Inventory 203,074 213,408
Prepaid expenses 425,370 262,278
Deferred offering costs 47,384
Total current assets 9,201,897 7,916,406
Restricted cash 3,012,271
Property, plant and equipment, net 14,500 15,500
Notes receivable 5,000,000 5,000,000
Interest receivable 437,500 250,000
Intangible assets, net 70,065,371 70,973,064
Operating lease right-of-use assets 2,468 23,360
Total assets 87,734,007 84,178,330
Current liabilities:    
Accounts payable 916,771 1,443,266
Accrued liabilities 503,634 657,034
Operating lease liability - current 2,546 24,137
Warrant liability 10,914
Note payable, net of debt discount - current portion 1,118,349
Development agreement liability - current portion 485,000 600,000
Total current liabilities 3,026,300 2,735,351
Note payable, net of debt discount 9,568,586
Development agreement liability 285,000
Deferred tax liability 11,037,595 11,037,595
Total liabilities 23,632,481 14,057,946
Commitments and contingencies (Note 13)
Stockholders’ equity:    
Common stock, $0.00001 par value; 100,000,000 shares authorized; 41,064,146 and 40,630,815 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 1,448,331 and 1,015,000 shares unvested as of June 30, 2026 and December 31, 2025, respectively 410 406
Additional paid-in capital 150,876,988 150,671,215
Accumulated deficit (86,775,872) (80,551,237)
Total stockholders’ equity 64,101,526 70,120,384
Total liabilities and stockholders’ equity 87,734,007 84,178,330
Series A Preferred Stock [Member]    
Stockholders’ equity:    
Preferred stock
Series B Preferred Stock [Member]    
Stockholders’ equity:    
Preferred stock
Series C Preferred Stock [Member]    
Stockholders’ equity:    
Preferred stock
Series X Preferred Stock [Member]    
Stockholders’ equity:    
Preferred stock