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Significant Accounting Policies (Tables)
 3 Months Ended
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.