v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net loss $ (6,960,681) $ (7,257,421)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation expense 44,109 45,801
Stock-based compensation expense 197,637 189,463
Amortization of discounts on marketable investment securities (170,498) (126,533)
Changes in operating assets and liabilities:    
Accrued interest income (194,273) 5,175
License and royalties receivable 455,319 (23,169)
Prepaid and other current assets 28,924 (92,713)
Accounts payable (427,475) 589,756
Accrued expenses (66,275) (171,573)
Cash used in operating activities (7,093,213) (6,841,214)
Cash flows from investing activities:    
 Purchases of marketable investment securities (27,597,258) (10,280,624)
 Maturities of marketable investment securities 18,600,000 14,600,000
Net cash provided by (used in) investing activities (8,997,258) 4,319,376
Cash flows from financing activities:    
Net proceeds from sale of common stock through ATM 13,471,794 216,952
Proceeds from stock option exercises 6,986
Cash provided by financing activities 13,478,780 216,952
Net decrease in cash and cash equivalents (2,611,691) (2,304,886)
Cash and cash equivalents at beginning of period 5,205,842 6,205,926
Cash and cash equivalents at end of period 2,594,151 3,901,040
Supplemental disclosure of non-cash investing and financing activity:    
Net unrealized loss on available-for-sale securities (31,004) (4,511)
Supplemental disclosure of cash flow information:    
Income taxes paid $ 200 $ 200