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 $ (23,169,481) $ (23,290,661)
Adjustments to reconcile net loss to cash used in operating activities:    
Stock compensation expense 6,362,692 4,277,263
Depreciation and amortization 78,669 48,721
Amortization of deferred loan costs 674,948 0
Loss on share settlement of Kineta employee compensation assumed from merger   185,019
Change in fair value of Kineta merger holdback shares   315,660
Changes in operating assets and liabilities    
Other current assets (1,289,202) 333,077
Other noncurrent assets (2,801,454) (30,576)
Accrued interest 339,583  
Accounts payable and accrued expenses 1,750,516 (3,911,631)
Net cash flows from operating activities (18,053,729) (22,073,128)
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 (6,267) (6,267)
Proceeds from warrants exercised   3,620,657
Proceeds from revolving credit facility 9,200,000  
Payment of revolving credit facility debt issuance costs (222,450)  
Proceeds from issuance of common stock 8,259,544 12,112,172
Payment of debt assumed from Kineta merger   (434,000)
Payments made on Kineta severance promissory notes (197,354) (98,677)
Payment of transaction costs related to Kintara merger   (500,000)
Principal payments of finance lease (33,153) (43,671)
Payment of placement agent fees and offering costs (486,365) (679,337)
Payment of net liabilities assumed in reverse recapitalization with Kintara   (550,000)
Net cash flows from financing activities 16,513,955 13,420,877
Net change in cash and cash equivalents (1,725,598) (9,959,762)
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 1,894,351 2,697,416
Supplemental disclosure of cash flow information    
Cash paid for interest 233,585 16,533
Supplemental non-cash activity    
Kineta employee compensation assumed from merger exchanged for note payable   592,063
Consideration in common shares for Kineta acquisition   8,915,661
Fair value of placement agent warrants issued in connection with common stock issuance   370,403
Fair value of investor warrants issued in connection with common stock issuance   9,259,821
Property and equipment recognized in exchange for finance lease obligations   172,453
Warrant amendment agreements modified in connection with revolving credit facility 2,196,906  
Revolving credit facility commitment fee settled in shares 5,000,000  
Revolving credit facility issuance costs not yet paid 173,817  
Offering costs not yet paid $ 96,237 $ 197,566