XML 18 R6.htm IDEA: XBRL DOCUMENT v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net (loss) income $ (9,584,781) $ 190,525
Adjustments to reconcile net loss to net cash used in operating activities:    
Accretion of discount on marketable securities, net (822,198) 0
Stock-based compensation expense 1,068,011 242,660
Changes in fair value of convertible debt 0 (5,424,251)
Changes in operating assets and liabilities:    
Prepaid expenses, deposits and other assets (698,545) (1,549,061)
Accounts payable 419,964 382,675
Accrued expenses and other liabilities 486,384 699,008
Grant receivable 651,256 0
Deferred grant revenue 0 547,051
Net cash used in operating activities (8,479,909) (4,911,393)
Cash flows from investing activities:    
Purchase of marketable securities (44,467,876) 0
Maturities of marketable securities 6,500,000 0
Net cash used in investing activities (37,967,876) 0
Cash flows from financing activities:    
Net assets assumed in connection with reverse recapitalization   11,887,757
Proceeds from sale of common stock, prefunded warrants and common stock warrants 46,398,606 810,000
Payment of reverse capitalization costs   (1,455,268)
Net cash provided by financing activities 46,398,606 11,242,489
Net (decrease) increase in cash and cash equivalents (49,179) 6,331,096
Cash and cash equivalents at beginning of period 7,792,846 4,093,579
Cash and cash equivalents at end of period 7,743,667 10,424,675
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of convertible preferred stock to common stock 0 24,287,211
Merger costs in accounts payable and accrued expenses 0 93,375
Stock options granted in lieu of cash bonus 255,724 0
Cashless exercise of pre-funded warrants 496 0
Conversion of Debt into Common Stock [Member]    
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of convertible notes $ 0 $ 6,989,749