v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 12,617,594 $ 24,711,356
Prepaid expenses 2,776,722 1,392,371
Other receivables 456,429 573,062
Other current assets 835,418 387,090
Total current assets 16,686,163 27,063,879
Property and equipment, net 1,419,796 1,558,890
Operating lease right-of-use assets 837,596 1,097,580
Finance lease right-of-use asset 872,388 1,744,775
Other non-current assets 2,554,166 1,009,439
Total assets 22,370,109 32,474,563
Current liabilities    
Accounts payable 762,914 1,200,686
Accrued expenses 448,945 725,184
Deferred grant funding 14,954,724 19,651,452
Current portion of liability related to the sale of future royalties 12,170 11,711
Current portion of lease liabilities, operating 594,493 602,552
Current portion of lease liability, finance 149,374 1,494,102
Total current liabilities 16,922,620 23,685,687
Liability related to the sale of future royalties, net 5,733,717 5,386,877
Lease liabilities long-term, operating 273,872 559,365
Total liabilities 22,930,209 29,631,929
Commitments and contingencies (Note 9)
Stockholders' (deficit) equity    
Preferred stock, $0.01 par value, 5,000,000 shares authorized; 4,999,620 and 0 designated Series A Convertible Preferred Stock at June 30, 2026 and December 31, 2025, respectively; 75,900 and 0 issued and outstanding at June 30, 2026 and December 31, 2025, respectively. Liquidation preference of $0.4 million and $0 at June 30, 2026 and December 31, 2025, respectively 759 0
Common stock, $0.0001 par value; 240,000,000 shares authorized; 15,169,502 and 14,499,502 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 1,517 1,450
Additional paid-in capital 194,484,046 191,951,711
Accumulated other comprehensive loss (374,856) (421,623)
Accumulated deficit (194,671,566) (188,688,904)
Total stockholders' (deficit) equity (560,100) 2,842,634
Total liabilities and stockholders' (deficit) equity $ 22,370,109 $ 32,474,563