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Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
Summary of Significant Expense Categories Regularly Reviewed CODM | The table below summarizes the significant expense categories regularly reviewed by the CODM for the years ended December 31, 2024 and 2023:
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
Collaboration revenue |  | $ | 3,554,061 |  |  | $ | 6,002,206 |
Less: |  |  |  |  |  |
Research and development expenses: |  |  |  |  |  |
Preclinical product candidates |  |  | 8,313,290 |  |  |  | 3,314,311 |
Sponsored research |  |  | 556,265 |  |  |  | 256,571 |
Internal research and development expenses, including stock-based compensation |  |  | 2,996,099 |  |  |  | 1,930,645 |
Total research and development expenses |  |  | 11,865,654 |  |  |  | 5,501,527 |
General and administrative expenses: |  |  |  |  |  |
Employee related costs |  |  | 2,685,556 |  |  |  | 2,569,394 |
Stock-based compensation |  |  | 1,588,667 |  |  |  | 545,149 |
Other general and administrative expenses (a) |  |  | 4,611,534 |  |  |  | 4,718,938 |
Total general and administrative expenses |  |  | 8,885,757 |  |  |  | 7,833,481 |
In-process research and development |  |  | 25,000 |  |  |  | 543,186 |
Depreciation |  |  | 27,361 |  |  |  | 27,361 |
Other income, net |  |  | (1,648,637 | ) |  |  | (639,365 | )
Pre-tax loss |  |  | (15,601,074 | ) |  |  | (7,263,984 | )
Income tax benefit (expense) |  |  | 720,287 |  |  |  | (723,852 | )
Net loss |  | $ | (14,880,787 | ) |  | $ | (7,987,836 | )
(a) Other general and administrative costs include professional fees, investor relation costs, taxes, licenses, and insurance.
Summary of Changes in Deferred Revenue | The following table summarizes the changes in deferred revenue (in thousands):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
Beginning balance |  | $ | 1,497,794 |  |  | $ | - |
Deferral of revenue |  |  | 780,749 |  |  |  | 1,520,940 |
Recognition of unearned revenue |  |  | (484,810 | ) |  |  | (23,146 | )
Ending balance |  | $ | 1,793,733 |  |  | $ | 1,497,794 |
Schedule of Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares of Common Stock Outstanding | The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive:
|  | As of December 31, |  |
|  | 2024 |  |  | 2023 |  |
Common stock warrants |  |  | 815,677 |  |  |  | 2,492,241 |  |
Stock options |  |  | 2,228,658 |  |  |  | 1,134,145 |  |
|  |  | 3,044,335 |  |  |  | 3,626,386 |  |

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