v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:        
Net income (loss)     $ (1,942,661) $ 3,172,824
Less loss from discontinued operations   $ 500,816   (559,665)
Operating Loss from continuing operations     (1,942,661) 3,732,489
Adjustments to reconcile net loss to net cash used in operating activities:        
Change in fair value of warrant liability $ (900) 329,343 (900) (10,302,657)
Warrant issuance costs       10,420,982
Gain on asset disposition and Vivus settlement   (6,973,302)   (6,973,302)
Employee stock-based compensation     238,225 154,359
Changes in operating assets and liabilities:        
Prepaid expenses and other current assets     (30,248) (74,457)
Accounts payable     13,399 205,690
Accrued expenses     74,058 160,983
Net cash used in operating activities - continuing operations     (1,648,127) (2,675,913)
Net cash used in operating activities - discontinued operations       (1,991,326)
Net cash used in operating activities     (1,648,127) (4,667,239)
Cash flows from financing activities:        
Proceeds from common stock and prefunded warrants, net       8,503,018
Redemption of Series A Preferred Stock       (224,249)
Net cash provided by financing activities - continuing operations       8,278,769
Net increase (decrease) in cash     (1,648,127) 3,611,530
Cash and cash equivalents, beginning of period     5,136,722 3,709,971
Cash and cash equivalents, end of period 3,488,595 7,321,501 3,488,595 7,321,501
Cash and cash equivalents, end of period - continuing operations 3,488,595 7,321,501 3,488,595 7,321,501
Noncash Items:        
Noncash redemption of Series A Preferred Stock       476,444
Accrual of Series A Preferred Stock dividends     465,524 493,357
Warrant liability recognized upon issuance       18,924,000
Cashless exercise of Series B warrants       8,617,743
Deemed dividend on Series A Preferred Stock       13,552
Series A Preferred Warrants        
Noncash Items:        
Deemed dividend on Series A Warrants $ 13,210,000 33,246,000 $ 13,210,000 41,601,824
Series A Warrants        
Noncash Items:        
Deemed dividend on Series A Warrants   $ 3,027,000   $ 3,027,000