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v3.26.1

Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended
--- | ---
Dec. 31, 2025 | Dec. 31, 2024
Operating activities: |  |
Net loss | $ (11,080,380) | $ (8,266,576)
Adjustments to reconcile net loss to net cash used in operating activities: |  |
Amortization and depreciation | 3,224 | 5,814
Non-cash lease expense | 114,602 | 120,871
Share-based compensation | 587,583 | 329,815
Issuance of common stock to vendors for services | 76,600 | 15,800
Change in fair value of convertible debt |  | (260,933)
Change in operating assets and liabilities: |  |
Contracts and grants receivable |  | 171,254
Prepaid expenses and other current assets | 10,958 | (39,255)
Research and development incentives receivable |  | 48,643
Operating lease liability | (114,322) | (121,765)
Accounts payable and accrued expenses | (16,501) | (492,613)
Accrued compensation | 151,683 | 85,327
Net cash flows from operating activities | (10,266,553) | (8,403,618)
Investing activities: |  |
Purchases of furniture and equipment | (5,883) |
Net cash flows from investing activities | (5,883) |
Financing activities: |  |
Proceeds from issuance of common stock pursuant to At Market Issuance Sales Agreement | 4,666,421 | 1,071,559
Proceeds from issuance of common stock and pre-funded warrants | 7,498,522 | 4,741,400
Proceeds from the exercise of warrants | 305,241 | 4,450,172
Issuance costs associated with warrant inducement |  | (374,774)
Convertible debt repayments | (1,372,873) | (1,372,872)
Net cash flows from financing activities | 10,389,075 | 7,762,089
Effect of exchange rate on cash and cash equivalents |  | 14,885
Net increase (decrease) in cash and cash equivalents | 116,639 | (626,644)
Cash and cash equivalents at beginning of year | 7,819,514 | 8,446,158
Cash and cash equivalents at end of year | 7,936,153 | 7,819,514
Supplemental information: |  |
Cash paid for state income taxes | 122,155 | 42,162
Cash paid for interest | 35,044 | 227,735
Cash paid for lease liabilities: |  |
Operating lease | 139,500 | 136,917
Non-cash investing and financing activities: |  |
Pontifax conversion of portion of debt principal into common stock |  | 254,256
Right-of-use assets obtained in exchange for lease liabilities | 360,604 |
Deferred issuance cost reclassified to additional paid-in capital | 103,847 | 250,698
Offering costs included in accounts payable and accrued expenses | 67,850 |
Warrant modification - incremental value |  | 7,177,683
At Market Issuance Sales Agreement |  |
Financing activities: |  |
Stock issuance costs associated |  | (128,331)
Public Offering |  |
Financing activities: |  |
Stock issuance costs associated | $ (708,236) | $ (625,065)

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