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 loss $ (5,982,662) $ (8,394,790)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,126,786 629,807
Write-off of deferred offering costs 268,826 0
Right-of-use assets - operating lease 259,983 251,291
Stock-based compensation expense 741,666 736,375
Non-cash royalty revenue related to sale of future royalties (5,846) (4,255)
Non-cash interest expense 29,617 125,387
Changes in operating assets and liabilities:    
Accounts receivable 3,194 0
Other receivables 113,439 41,866
Prepaid expenses (1,384,351) 469,750
Other current assets (516,733) 0
Other non-current assets (1,751,365) 29,070
Operating lease liabilities (293,552) (266,338)
Accounts payable (437,772) (152,082)
Accrued expenses (93,718) (388,070)
Interest payable 323,527 268,738
Deferred grant funding (4,696,729) (4,234,748)
Net cash used in operating activities (12,295,690) (10,887,999)
Cash flows from investing activities    
Purchases of property and equipment (80,586) (3,935)
Net cash used in investing activities (80,586) (3,935)
Cash flows from financing activities    
Net proceeds from issuance of common stock 261,587 911,261
Net proceeds from issuance of Series A Convertible Preferred Stock and warrants in connection with Regulation A financing 1,529,908 0
Payments of deferred offering costs (28,500) 0
Payments on note payable (182,521) (249,628)
Principal payments on financing lease (1,344,727) (458,850)
Net cash provided by financing activities 235,747 202,783
Effect of exchange rate changes on cash and cash equivalents and restricted cash 46,767 25,983
Net change in cash, cash equivalents and restricted cash (12,093,762) (10,663,168)
Cash, cash equivalents and restricted cash, beginning of period 25,011,356 15,998,174
Cash, cash equivalents and restricted cash, end of period 12,917,594 5,335,006
Reconciliation of cash, cash equivalents and restricted cash to amounts reported in the consolidated balance sheets:    
Cash and cash equivalents 12,617,594 5,035,006
Restricted cash included in other non-current assets 300,000 300,000
Total cash, cash equivalents and restricted cash 12,917,594 5,335,006
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of Series A preferred stock into common stock 2,600 0
Financing right-of-use assets obtained in exchange for new financing lease liabilities 0 2,481,027
Prepaid rent reclassified to finance lease right-of-use asset 0 458,850
Finance lease payment due included in accounts payable 0 458,850
Additions to property and equipment included in accrued expense $ 0 $ 330,196