v3.26.1
CONSOLIDATED STATEMENTS OF CHANGES IN SERIES A NON-VOTING CONVERTIBLE PREFERRED STOCK, SERIES B NON-VOTING CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)
Common Stock
Preferred Stock
Series A Non-Voting Convertible Preferred Stock
Preferred Stock
Series B Non-Voting Convertible Preferred Stock
Preferred Stock
Series C Non-Voting Convertible Preferred Stock
Additional Paid-In Capital
Accumulated Deficit
Series A Non-Voting Convertible Preferred Stock
Series B Non-Voting Convertible Preferred Stock
Total
Balance, beginning of period at Dec. 31, 2024 $ 4       $ 61,183,178 $ (63,201,916)     $ (2,018,734)
Balance, beginning of period (in shares) at Dec. 31, 2024 36,753                
Increase (Decrease) in Stockholders' Equity (Deficit)                  
Net loss           (12,085,413)     (12,085,413)
Issuances of common stock, net $ 80       8,854,717       8,854,797
Issuance of stock, net of issuance costs (in shares) 796,930                
Exercise of Series D warrants         15,384,319       15,384,319
Share-based compensation         157,729       157,729
Balance, end of period at Mar. 31, 2025 $ 84       85,579,943 (75,287,329)     10,292,698
Balance, end of period (in shares) at Mar. 31, 2025 833,683                
Balance, beginning of period at Dec. 31, 2024 $ 4       61,183,178 (63,201,916)     (2,018,734)
Balance, beginning of period (in shares) at Dec. 31, 2024 36,753                
Increase (Decrease) in Stockholders' Equity (Deficit)                  
Net loss                 (16,361,915)
Balance, end of period at Jun. 30, 2025 $ 84       85,711,453 (79,563,831)     6,147,706
Balance, end of period (in shares) at Jun. 30, 2025 833,683                
Balance, beginning of period at Mar. 31, 2025 $ 84       85,579,943 (75,287,329)     10,292,698
Balance, beginning of period (in shares) at Mar. 31, 2025 833,683                
Increase (Decrease) in Stockholders' Equity (Deficit)                  
Net loss           (4,276,502)     (4,276,502)
Share-based compensation         131,510       131,510
Balance, end of period at Jun. 30, 2025 $ 84       85,711,453 (79,563,831)     6,147,706
Balance, end of period (in shares) at Jun. 30, 2025 833,683                
Temporary equity, balance, beginning of period at Dec. 31, 2025   $ 141,544,536         $ 141,544,536  
Temporary equity, balance, beginning of period (in shares) at Dec. 31, 2025   1,212.1822         1,212.1822    
Increase (Decrease) in Temporary Equity                  
Accrual of paid-in-kind dividends on Series A Non-Voting Convertible Preferred Stock   $ 1,725,225              
Balance, beginning of period at Dec. 31, 2025 $ 92       108,198,366 (97,862,992)     10,335,466
Balance, beginning of period (in shares) at Dec. 31, 2025 916,968   223.7337            
Increase (Decrease) in Stockholders' Equity (Deficit)                  
Net loss           (17,785,071)     (17,785,071)
Accrual of paid-in-kind dividends on Series A Non-Voting Convertible Preferred Stock         (1,725,225)       (1,725,225)
Issuance of Series C Preferred Stock, net of issuance costs       $ 121 10,426,136       10,426,257
Issuance of Series C Preferred Stock, net of issuance costs (in shares)       1,214,204          
Balance, end of period at Mar. 31, 2026 $ 92     $ 121 116,899,277 (115,648,063)     1,251,427
Balance, end of period (in shares) at Mar. 31, 2026 916,968   223.7337 1,214,204          
Temporary equity, balance, end of period at Mar. 31, 2026   $ 143,269,761              
Temporary equity, balance, end of period (in shares) at Mar. 31, 2026   1,212.1822              
Temporary equity, balance, beginning of period at Dec. 31, 2025   $ 141,544,536         $ 141,544,536  
Temporary equity, balance, beginning of period (in shares) at Dec. 31, 2025   1,212.1822         1,212.1822    
Balance, beginning of period at Dec. 31, 2025 $ 92       108,198,366 (97,862,992)     10,335,466
Balance, beginning of period (in shares) at Dec. 31, 2025 916,968   223.7337            
Increase (Decrease) in Stockholders' Equity (Deficit)                  
Net loss                 (24,535,198)
Balance, end of period at Jun. 30, 2026 $ 101   $ 22,668,324 $ 121 94,703,052 (122,398,191)     (27,694,917)
Balance, end of period (in shares) at Jun. 30, 2026 1,011,595   223.7337 1,214,204          
Temporary equity, balance, end of period at Jun. 30, 2026   $ 143,384,776         $ 143,384,776 22,668,324  
Temporary equity, balance, end of period (in shares) at Jun. 30, 2026   1,242.0717         1,242.0717    
Temporary equity, balance, beginning of period at Mar. 31, 2026   $ 143,269,761              
Temporary equity, balance, beginning of period (in shares) at Mar. 31, 2026   1,212.1822              
Increase (Decrease) in Temporary Equity                  
Reclassification of Series B Preferred Stock from Permanent Equity to Temporary Equity     $ 22,668,324            
Reclassification of Series B Preferred Stock from Permanent Equity to Temporary Equity (in shares)     223.7337            
Accrual of paid-in-kind dividends on Series A Non-Voting Convertible Preferred Stock   $ 115,015              
Accrual of paid-in-kind dividends on Series A Non-Voting Convertible Preferred Stock   29.8895              
Balance, beginning of period at Mar. 31, 2026 $ 92     $ 121 116,899,277 (115,648,063)     1,251,427
Balance, beginning of period (in shares) at Mar. 31, 2026 916,968   223.7337 1,214,204          
Increase (Decrease) in Stockholders' Equity (Deficit)                  
Net loss           (6,750,128)     (6,750,128)
Reclassification of Series B Preferred Stock from Permanent Equity to Temporary Equity         (22,668,324)       (22,668,324)
Reclassification of Series B Preferred Stock from Permanent Equity to Temporary Equity (in shares)     (223.7337)            
Payment of SEPA commitment fee in common shares $ 3       279,997       280,000
Payment of SEPA commitment fee in common shares (in shares) 33,334                
Conversion of convertible note into common stock $ 6       307,117       307,123
Conversion of convertible note into common stock (in shares) 61,293                
Accrual of paid-in-kind dividends on Series A Non-Voting Convertible Preferred Stock         (115,015)       (115,015)
Balance, end of period at Jun. 30, 2026 $ 101   $ 22,668,324 $ 121 $ 94,703,052 $ (122,398,191)     $ (27,694,917)
Balance, end of period (in shares) at Jun. 30, 2026 1,011,595   223.7337 1,214,204          
Temporary equity, balance, end of period at Jun. 30, 2026   $ 143,384,776         $ 143,384,776 $ 22,668,324  
Temporary equity, balance, end of period (in shares) at Jun. 30, 2026   1,242.0717         1,242.0717