v3.26.1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2026
Schedule of Error Corrections and Prior Period Adjustments

The corrections to the Company’s consolidated statements of operations and comprehensive loss were as follows:

 

   As Reported   As Corrected   As Reported   As Corrected 
   Three Months Ended June 30, 2025   Six Months Ended June 30, 2025 
   As Reported   As Corrected   As Reported   As Corrected 
Change in fair value of derivative   -    (194,526)   -    (244,513)
                     
Net loss and comprehensive loss  $(4,788,735)  $(4,983,261)  $(8,591,426)  $(8,835,939)
                     
Net loss per share of common stock, basic and diluted  $(1.09)  $(1.14)  $(2.14)  $(2.20)

 

The corrections to the Company’s statement of stockholders’ equity were as follows:

 

   As Reported   As Corrected   As Reported   As Corrected   As Reported   As Corrected 
   Additional Paid-in-Capital   Accumulated Deficit   Stockholders’ Equity 
   As Reported   As Corrected   As Reported   As Corrected   As Reported   As Corrected 
Balance January 1, 2025  $115,944,345   $117,380,285   $(108,489,180)  $(109,925,120)  $7,455,505   $7,455,505 
Activity for the three months to March 31, 2025:                              
Change in fair value of derivative   -    49,987    -    -    -    49,987 
Net loss   -    -    (3,802,691)   (3,852,678)   (3,802,691)   (3,852,678)
Balance March 31, 2025  $118,222,309   $119,708,236   $(112,291,871)  $(113,777,798)  $5,930,820   $5,930,820 
Activity for the three months to June 30, 2025:                              
Change in fair value of derivative   -    194,526    -    -    -    194,526 
Net loss   -    -    (4,788,735)   (4,983,261)   (4,788,735)   (4,983,261)
Balance June 30, 2025  $122,591,992   $124,272,445   $(117,080,606)  $(118,761,059)  $5,511,874   $5,511,874 

 

 

The corrections of the Company’s statement of cash flows were as follows:

 

   As Reported   As Corrected 
   Six Months Ended June 30, 2025 
   As Reported   As Corrected 
Operating activities:          
Net loss  $(8,591,426)  $(8,835,939)
Adjustments to reconcile net loss to net cash used in operating activities:          
Change in fair value of derivative   -    244,513 
Net cash used in operating activities   (9,403,539)   (9,403,539)
Single Reportable Segment [Member]  
Schedule of Operating Results of Company’s Segment

The following table presents the operating results of the Company’s segment:

 

Operating expenses:  2026   2025   2026   2025 
   Three Months Ended June 30,   Six Months Ended June 30, 
Operating expenses:  2026   2025   2026   2025 
Research and development                    
Clinical operations  $36,619   $763,860   $90,397   $1,871,334 
Drug manufacturing   909,471    1,110,084    2,076,208    1,490,437 
Personnel   585,096    409,220    1,356,528    970,554 
Regulatory   (44,361)   417,775    148,010    591,240 
Total research and development   1,486,825    2,700,939    3,671,143    4,923,565 
Selling, general and administrative                    
Pre-commercialization costs   1,687,919    98,850    5,213,238    110,850 
Personnel   868,974    459,336    1,985,184    1,030,866 
Legal and professional fees   1,039,172    968,987    1,708,102    1,474,487 
Occupancy   46,536    88,359    140,380    149,986 
Insurance   149,506    174,449    299,012    370,045 
Other   136,043    159,054    321,138    296,210 
Total selling, general and administrative   3,928,150    1,949,035    9,667,054    3,432,444 
Operating loss   (5,414,975)   (4,649,974)   (13,338,197)   (8,356,009)
                     
Change in fair value of derivative   (314,013)   (194,526)   (1,166,043)   (244,513)
Interest and income (expense), net   (141,276)   (138,761)   (678,113)   (235,417)
                     
Loss before income taxes   (5,870,264)   (4,983,261)   (15,182,353)   (8,835,939)
                     
Income tax benefit (expense)   -    -    -    - 
                     
Net loss and comprehensive loss  $(5,870,264)  $(4,983,261)  $(15,182,353)  $(8,835,939)