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v3.26.1

Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 31, 2026
Accounting Policies [Abstract] |
Summary of Investments in Held-to-Maturity Securities | The following table provides the amortized cost basis, unrealized gains/(losses) and the fair value of investments in held-to-maturity securities as of March 31, 2026:
| March 31, 2026 |
| Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 2,007,391 |  |  | $ | — |  |  | $ | (731 | ) |  | $ | 2,006,660 |
Commercial paper |  | 40,933,295 |  |  |  | — |  |  |  | (69,328 | ) |  |  | 40,863,967 |
Corporate debt securities |  | 2,464,440 |  |  |  | — |  |  |  | (6,490 | ) |  |  | 2,457,950 |
Marketable securities: | $ | 45,405,126 |  |  | $ | — |  |  | $ | (76,549 | ) |  | $ | 45,328,577 |
Fair Value of Cash Equivalents and Marketable Securities Measured on Recurring Basis and Determined by Valuation Techniques | The following tables present information about the Company’s assets and liabilities as of March 31, 2026 and December 31, 2025, measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value:
| March 31, 2026 |
| Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |
Cash equivalents | $ | 24,701,228 |  |  | $ | 24,701,228 |  |  | $ | — |  |  | $ | — |
U.S. Treasury securities | $ | 2,007,391 |  |  | $ | 2,007,391 |  |  | $ | — |  |  | $ | — |
Commercial paper | $ | 40,933,295 |  |  | $ | — |  |  | $ | 40,933,295 |  |  | $ | — |
Corporate debt securities | $ | 2,464,440 |  |  | $ | — |  |  | $ | 2,464,440 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Warrant liability | $ | 278,596,901 |  |  | $ | — |  |  | $ | — |  |  | $ | 278,596,901 |
| December 31, 2025 |
| Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |
Cash equivalents | $ | 79,327,870 |  |  | $ | 79,327,870 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Warrant liability | $ | 171,464,575 |  |  | $ | — |  |  | $ | — |  |  | $ | 171,464,575 |
Summarizes of Reportable Segment's Financial Information | The following table summarizes the reportable segment’s financial information:
| Three Months Ended March 31, |
| 2026 |  |  | 2025 |
Expenses |  |  |  |  |
Research and development staff related expenses (1) | $ | 510,229 |  |  | $ | 465,991 |
External research and development costs (2) |  | 3,935,275 |  |  |  | 794,420 |
Research and development stock compensation expenses (non-cash) |  | 737,937 |  |  |  | 99,699 |
General and administrative staff related expenses (1) |  | 1,677,888 |  |  |  | 942,631 |
General and administrative stock compensation expenses (non-cash) |  | 7,972,365 |  |  |  | 197,530 |
Total |  | 14,833,694 |  |  |  | 2,500,271 |
Other segment expense, net (3) |  | 1,837,858 |  |  |  | 1,402,613 |
Total expenses |  | 16,671,552 |  |  |  | 3,902,884 |
Loss from operations |  | (16,671,552 | ) |  |  | (3,902,884 | )
Reconciling items: |  |  |  |  |
Foreign exchange (losses) gains |  | (1,804 | ) |  |  | (8,376 | )
Investment income |  | 629,602 |  |  |  | 158,288 |
Changes in fair value of the warrant liability |  | (109,360,630 | ) |  |  | — |
Net loss | $ | (125,404,384 | ) |  | $ | (3,752,972 | )
(1) Staff related expenses consist of salary, bonus, accrued settlement payments, and fringe benefits. (2) External research and development expenses primarily consist of the C19 trial costs and consultant fees in 2026 and consultant fees in 2025. (3) Other segment expense, net primarily consists of insurance, consultant, audit, legal, board, facilities, travel, and membership fees.

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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