Roll-forward of TOI Activity (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The changes in these balances have been included in the table in Note 12 for reference in reconciling the Amount Billed/Submitted for Reimbursement compared to the amount of R&D Expenses Incurred.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Beginning Balance	$	(219,625)	$	(201,536)	$	(981,111)	$	—
Prepaid expenses included in reimbursement, not yet incurred	10,015		(788,934)		424,596		(1,238,990)
Accrued expenses for work performed, not yet invoiced	179,141		(126,340)		521,402		122,180
Foreign currency adjustments	1,413		(2,781)		6,056		(2,781)
Ending Balance	$	(29,057)	$	(1,119,591)	$	(29,057)	$	(1,119,591)

The table below summarizes the R&D expenses submitted for reimbursement and the R&D expenses incurred by the Company related to the collaboration, including the corresponding collaboration credits. These amounts are presented for the most recent relevant periods:


Period	Amount Billed/ Submitted for Reimbursement			Amount Reimbursed/ Received			R&D Expenses Incurred		Collaboration Credits		Variance (foreign exchange timing)		Adjustment to Deferred Collaboration Credits4		Adjustment to Accrued Expenses5
Quarter ended March 31, 2024	$	189,904		$	—		$	189,904	$	(190,553)	$	(649)	$	—	$	—
Quarter ended June 30, 2024	$	1,341,297		$	(189,904)		$	1,139,761	$	(1,141,985)	$	(2,223)	$	(450,056)	$	248,520
Quarter ended September 30, 2024	$	1,783,472		$	(1,341,297)		$	868,198	$	(867,760)	$	437	$	(788,934)	$	(126,340)
Quarter ended December 31, 2024	$	601,197		$	(1,783,472)		$	739,557	$	(745,052)	$	(5,495)	$	92,546	$	45,814
Fiscal Year ended December 31, 2024	$	3,915,870		$	(3,314,673)		$	2,937,420	$	(2,945,350)	$	(7,930)	$	(1,146,444)	$	167,994
Quarter ended March 31, 2025	$	1,727,386	6	$	(990,979)	7	$	1,969,270	$	(1,966,123)	$	3,147	$	251,304	$	(9,420)
Quarter ended June 30, 2025	$	1,168,022		$	(1,337,604)		$	1,682,980	$	(1,685,917)	$	(2,937)	$	163,277	$	351,681
Quarter ended September 30, 2025	$	1,467,935		$	(1,422,731)		$	1,657,091	$	(1,658,248)	$	(1,117)	$	10,015	$	179,141

4 Change in prepaid expenses that have not yet been incurred but which have been paid/submitted for reimbursement. The Company's contract with TOI allows for reimbursement upon the Company's receipt of an allowable vendor invoice.

5 Change in expenses incurred but not billable to TOI until invoiced by a third-party vendor.

6 Includes $389,782 billed in February 2025 related to Phase 3 activities that were reimbursed by TOI prior to quarter-end March 31, 2025, plus $1,337,604 related to reimbursable first quarter 2025 R&D expenses, subsequently reimbursed in the second quarter of 2025.

7 Includes $601,197 related to fourth quarter 2024 Collaboration Receivable and $389,782 billed and reimbursed by TOI in February 2025.