XML 28 R8.htm IDEA: XBRL DOCUMENT v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (23,469,273) $ (33,335,579)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,189,794 669,409
Stock-based compensation 1,620,992 2,449,191
Realized gain on short-term investments (85,117)
Accretion on short-term investments (776,163) (113,072)
Loss on disposed assets 16,607
Patent impairment 118,831
Change in fair value of warrant liability (1,136,677) 5,359,780
Change in estimate of capitalized software 1,425,689
Warrant liability issuance costs 1,739,148
Loss on issuance of warrants 2,344,147
Accretion of interest and amortization of debt issuance costs 1,177,174
Changes in operating assets and liabilities:    
Accounts and other receivables (321,322) (452,006)
Inventory (1,889,414) (150,241)
Prepaid expenses, operating lease right-of-use assets, and other current assets (1,421,910) (44,035)
Accounts payable (30,339) 50,815
Deferred revenue 888,834 (667,680)
Accrued expenses, lease liabilities, and other current liabilities 411,643 1,658,037
NET CASH USED IN OPERATING ACTIVITIES (23,576,656) (19,196,081)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (1,230,536) (1,051,481)
Acquisition of intangible asset (29,061) (954,229)
Disposal of assets 265,940
Purchase of short-term investments (87,387,311) (7,562,761)
Proceeds from maturity of short-term investments 54,512,501 12,237,761
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (34,134,407) 2,935,230
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from at-the-market equity financing, net of issuance costs 5,472,701 6,789,427
Proceeds from public issuance of common stock and pre-funded warrants and exercise of pre-funded warrants, net of issuance costs 29,611,677 13,811,014
Issuance costs from public issuance of common stock and pre-funded warrants and exercise of pre-funded warrants (1,025)
Proceeds from issuance of warrants 18,260,852
Proceeds from the Notes, net of issuance costs 1,801,265
Repayment of the Notes (4,375,000)
Issuance costs for stock dividend and restricted stock units (597)
NET CASH PROVIDED BY FINANCING ACTIVITIES 35,083,353 36,286,961
Net increase (decrease) in cash and cash equivalents (22,627,710) 20,026,110
Cash and cash equivalents, beginning of year 23,617,733 3,591,623
Cash and cash equivalents, end of year 990,023 23,617,733
SUPPLEMENTAL DISCLOSURE OF CASH FLOW:    
Cash paid during the period for interest and taxes
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:    
Acquisition of right-of-use asset in exchange for new operating lease obligation 6,589,332
Acquisition of property and equipment included in accounts payable and accrued expenses $ 1,875