Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Fair Value Measurements |
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| Schedule of milestone events, all related to Seviprotimut-L, their expected achievement dates, and their related payments |
| | | | | | | | | Expected | | | | | | Achievement | | | | Milestone Event | | Date | | Amount | 1. First dosing in a patient in a U.S. Phase 3 Non-Confirmatory Clinical Study | | | June 30, 2029 | | $ | 5,000,000 | 2. Achievement of applicable primary endpoint in U.S. Phase 3 Non-Confirmatory Clinical Study | | | June 30, 2036 | | $ | 10,000,000 | 3. First submission of Biologics License Application (“BLA”) to the U.S. FDA | | | June 30, 2042 | | $ | 10,000,000 | 4. First approval by the FDA of a BLA | | | June 30, 2043 | | $ | 60,000,000 |
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| Schedule of fair value measurement within the fair value hierarchy of the Company's financial instruments |
| | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | Liabilities | | | | | | | | | | | | | Notes Payable - Convertible | | $ | — | | $ | — | | $ | 652,411 | | $ | 652,411 | PIPE warrants - Series C | | | — | | $ | — | | $ | 330,526 | | $ | 330,526 | Contingent consideration | | | — | | | — | | | 6,465,000 | | | 6,465,000 | Total liabilities, at fair value | | $ | — | | $ | — | | $ | 7,447,937 | | $ | 7,447,937 |
| | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | Liabilities | | | | | | | | | | | | | PIPE warrants - Series C | | $ | — | | $ | — | | $ | 434,399 | | $ | 434,399 | Contingent consideration | | | — | | | — | | | 6,364,000 | | | 6,364,000 | Total liabilities, at fair value | | $ | — | | $ | — | | $ | 6,798,399 | | $ | 6,798,399 |
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| Schedule of changes in the fair value of Level 3 financial instruments |
| | | | | | | | | | | | | | | | | | | Notes Payable | | | Warrants | | Warrants | | Contingent | | Total | Level 3 Rollforward: | | Convertible | | | Series C | | Series D | | Consideration | | Liabilities | Balance, December 31, 2024 | | $ | — | | | $ | 517,871 | | $ | 6,023,526 | | $ | — | | $ | 6,541,397 | Additions | | | — | | | | — | | | — | | | 7,948,000 | | | 7,948,000 | Change in fair value | | | — | | | | (83,472) | | | 9,360,793 | | | (1,584,000) | | | 7,693,321 | Exercise of Series D warrants | | | — | | | | — | | | (15,384,319) | | | — | | | (15,384,319) | Balance, December 31, 2025 | | | — | | | | 434,399 | | | — | | | 6,364,000 | | | 6,798,399 | Additions | | | 950,000 | | | | — | | | — | | | — | | | 950,000 | Change in fair value | | | 9,534 | | | | (103,873) | | | — | | | 101,000 | | | 6,661 | Conversion of convertible promissory notes to common stock | | | (307,123) | | | | — | | | — | | | — | | | (307,123) | Balance, June 30, 2026 | | $ | 652,411 | | | $ | 330,526 | | $ | — | | $ | 6,465,000 | | $ | 7,447,937 |
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| Contingent consideration |
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| Fair Value Measurements |
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| Schedule of assumptions of the fair value of the Company's warrant liability |
| | | | | Assumptions | | June 30, 2026 | | December 31, 2025 | Expected achievement date of milestone event #1 | | June 30, 2029 | | June 30, 2029 | Probability of achieving milestone event #1 | | 90.00% | | 90.00% | Discount rate applied to milestone event #1 | | 16.50% | | 15.60% | Expected achievement date of milestone event #2 | | June 30, 2036 | | June 30, 2036 | Probability of achieving milestone event #2 | | 42.90% | | 42.90% | Discount rate applied to milestone event #2 | | 16.10% | | 15.40% | Expected achievement date of milestone event #3 | | June 30, 2042 | | June 30, 2042 | Probability of achieving milestone event #3 | | 42.90% | | 42.90% | Discount rate applied to milestone event #3 | | 16.00% | | 15.40% | Expected achievement date of milestone event #4 | | June 30, 2043 | | June 30, 2043 | Probability of achieving milestone event #4 | | 39.50% | | 39.50% | Discount rate applied to milestone event #4 | | 16.00% | | 15.40% |
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| Warrant |
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| Fair Value Measurements |
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| Schedule of assumptions of the fair value of the Company's warrant liability |
| | | | | Assumptions | | June 30, 2026 | | December 31, 2025 | Risk-free rate | | 4.17% | | 3.64% | Volatility | | 115.00% | | 115.00% | Expiration date of Series C | | February 24, 2030 | | February 24, 2030 | Remaining term in years | | 3.7 | | 4.2 | Share Price | | $ 6.21 | | $ 6.83 | Strike Price | | $ 69.67 | | $ 69.67 |
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