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 $ (16,759,896) $ (16,188,206)
Adjustments to reconcile net loss to cash used in operating activities:    
Stock compensation expense 4,939,474 2,831,783
Depreciation and amortization 51,576 27,429
Amortization of deferred loan costs 295,290 0
Changes in operating assets and liabilities    
Other current assets (158,704) 110,418
Other noncurrent assets 73,764 (70,380)
Accrued interest 172,344  
Accounts payable and accrued expenses (1,660,400) 2,302,372
Net cash flows from operating activities (13,046,552) (10,986,584)
Cash flows from investing activities:    
Cash paid for business acquisition, net of cash received from Kineta   (1,259,278)
Purchase of property and equipment (185,824) (48,233)
Net cash flows from investing activities (185,824) (1,307,511)
Cash flows from financing activities:    
Cash dividend payment of preferred stock Series A (4,178) (4,178)
Proceeds from warrants exercised   3,620,657
Proceeds from revolving credit facility 3,600,000  
Payment of revolving credit facility debt issuance costs (202,450)  
Proceeds from issuance of common stock 7,811,024 5,914,625
Payments made on Kineta severance promissory notes (197,354)  
Payment of transaction costs related to Kintara merger   (500,000)
Principal payments of finance lease (21,895)  
Payment of placement agent fees and offering costs (376,743) (331,363)
Payment of net liabilities assumed in reverse recapitalization with Kintara   (550,000)
Net cash flows from financing activities 10,608,404 8,149,741
Net change in cash and cash equivalents (2,623,972) (4,144,354)
Cash and cash equivalents at the beginning of the period 3,619,949 12,657,178
Cash and cash equivalents at the end of the period 995,977 8,512,824
Supplemental disclosure of cash flow information    
Cash paid for interest 27,974  
Supplemental non-cash activity    
Due from stockholders not yet received for common stock   2,997,548
Consideration in common shares for Kineta acquisition   8,875,680
Fair value of placement agent warrants issued in connection with common stock issuance   276,649
Fair value of investor warrants issued in connection with common stock issuance   6,396,017
Warrant amendment agreements modified in connection with revolving credit facility 2,196,906  
Revolving credit facility commitment fee not yet paid 5,000,000  
Revolving credit facility issuance costs not yet paid 193,817  
Offering costs not yet paid $ 202,359 $ 426,668