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v3.25.4

Condensed Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended
--- | ---
Dec. 31, 2025 | Dec. 31, 2024
Cash flows from operating activities: |  |
Net loss | $ (26,966,367) | $ (16,290,695)
Adjustments to reconcile net loss to net cash used in operating activities: |  |
Accretion of discount on marketable securities, net | (854,077) | (1,205,197)
Stock-based compensation expense | 1,448,634 | 1,405,722
Changes in operating assets and liabilities: |  |
Prepaid expenses and other current assets | 638,355 | (641,089)
Deferred offering costs | (310,581) | 0
Accounts payable | (67,322) | 848,969
Accrued expenses and other liabilities | 834,157 | 690,290
Grant receivable | 1,827,238 | (1,338,827)
Net cash used in operating activities | (23,449,963) | (16,530,827)
Cash flows from investing activities: |  |
Purchase of marketable securities | (25,402,751) | (48,101,129)
Maturities of marketable securities | 43,500,000 | 19,440,000
Net cash provided by (used in) investing activities | 18,097,249 | (28,661,129)
Cash flows from financing activities: |  |
Proceeds from sale of common stock, prefunded warrants and common stock warrants | 0 | 46,398,606
Net cash provided by financing activities | 4,588,687 | 46,398,606
Net (decrease) increase in cash and cash equivalents | (764,027) | 1,206,650
Cash and cash equivalents at beginning of the year | 8,999,496 | 7,792,846
Cash and cash equivalents at end of the year | 8,235,469 | 8,999,496
Supplemental disclosure of non-cash investing and financing activities: |  |
Stock options granted in lieu of cash bonus | 0 | 255,724
Cashless exercise of pre-funded warrants | 0 | 945
Deferred offering costs in accounts payable | 10,000 | 0
Open Market Sales Agreement [Member] |  |
Cash flows from financing activities: |  |
Sale of common stock under At-the-Market Sales Agreement, net of issuance costs | $ 4,588,687 | $ 0

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