v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:      
Net loss   $ (24,535,198) $ (16,361,915)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation   47,873 26,885
Amortization of right-of-use asset     37,731
Non-cash acquired in-process research and development cost   10,426,257  
Non-cash transaction costs   280,000  
Share-based compensation expense     289,239
Change in fair value of contingent consideration $ 217,000 101,000  
Change in fair value of warrant liabilities (229,221) (103,873) 9,396,636
PIPE warrant issuance cost 9,534 9,534  
Changes in assets and liabilities:      
Prepaid expenses and other current assets   (1,339,680) 591,489
Accounts payable and accrued expenses   1,188,137 (1,143,146)
Deferred grant income   63,947 (25,408)
Grant receivable   952,460 (176,122)
Reimbursement right asset   2,297,806  
Security deposit     111,856
Operating lease liability     (38,291)
Deferred tax liability   231,609  
Net cash used in operating activities   (10,380,128) (7,291,046)
Cash flows from financing activities:      
Net proceeds from sales of common stock     8,854,797
Proceeds from convertible promissory notes   950,000  
Net cash provided by financing activities   950,000 8,854,797
Net change in cash   (9,430,128) 1,563,751
Cash, beginning of period   17,813,521 5,811,064
Cash, end of period $ 8,383,393 8,383,393 7,374,815
Supplemental disclosure of non-cash investing and financing activities:      
Deferred offering costs included in accounts payable and accrued expenses   280,000  
Conversion of convertible promissory notes, to common stock   307,123  
Exercise of Series D warrants     $ 15,384,319
Accrual of paid-in-kind dividends on Series A Non-Voting Convertible Preferred Stock   $ 1,840,240