XML 17 R6.htm IDEA: XBRL DOCUMENT v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss $ (74,873,032) $ (33,350,583)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on disposal of fixed assets 157,519  
Depreciation and amortization 1,386,454 1,049,509
Stock-based compensation 13,126,439 7,469,488
Restricted stock awards granted 257,461  
Changes in lease liabilities 343,592 (30,941)
Changes in operating assets and liabilities:    
Receivables 10,309,322 9,962,311
Prepaid expenses and other current assets (768,086) 559,637
Accounts payable and accrued expenses 3,815,813 281,122
Deferred revenue   (11,139,956)
Net cash used in operating activities (46,244,518) (25,199,413)
Cash flows from investing activities:    
Purchase of marketable securities (136,392,638) (69,077,305)
Proceeds from sales and maturities of marketable securities 197,383,098 77,079,337
Purchases of property and equipment (1,239,588) (678,073)
Payments for leasehold improvements (383,539) (126,180)
Payments for construction in progress (4,976,312)  
Net cash provided by investing activities 54,391,021 7,197,779
Cash flows from financing activities:    
Net proceeds from sale of common stock   71,481,962
Proceeds from exercise of stock awards and warrants 76,884 202,217
Net cash provided by financing activities 76,884 71,684,179
Net increase in cash and cash equivalents 8,223,387 53,682,545
Cash and cash equivalents balance at beginning of period 11,286,996 14,694,857
Cash and cash equivalents balance at end of period 19,510,383 $ 68,377,402
Supplemental disclosures of cash flow information:    
Initial recognition of right-of-use asset $ 13,382,191