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Balance Sheet Information

9 Months Ended

Sep. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Information

Balance Sheet Information

Cash, Cash Equivalents and Restricted Cash

A summary of cash and cash equivalents and restricted cash is as follows:

			September 30, 2025						December 31, 2024
Cash and Cash Equivalents			$	5,508,899					$	3,792,322
Restricted Cash, Non-current			4,520						4,057
Total Cash, Cash Equivalents and Restricted Cash			$	5,513,419					$	3,796,379

Non-current restricted cash consists of deposits with financial institutions for corporate credit cards.

Short-term Investments

The following table summarizes short-term investments as of September 30, 2025 and December 31, 2024:

						As of September 30, 2025
												Unrealized
						Amortized Cost						Gains						Losses						Estimated Fair Value
Government Agency Securities						$	10,202,625					$	6,514					$	—					$	10,209,139
Corporate Debt Securities						3,650,202						7,206						(1)						3,657,407
Total Short-term Investments						$	13,852,827					$	13,720					$	(1)					$	13,866,546

						As of December 31, 2024
												Unrealized
						Amortized Cost						Gains						Losses						Estimated Fair Value
US Treasuries						$	92,273					$	40					$	—					$	92,313
Government Agency Securities						18,517,164						28,008						(4,621)						18,540,551
Corporate Debt Securities						4,058,879						5,901						(2,107)						4,062,673
Asset Backed Securities						301,844						2,379						—						304,223
Total Short-term Investments						$	22,970,160					$	36,328					$	(6,728)					$	22,999,760

The following table summarizes the maturities of the Company's short-term investments at September 30, 2025 and December 31, 2024:

						As of September 30, 2025
						Amortized Cost						Estimated Fair Value
Due in one year or less						$	13,763,072					$	13,776,261
Due in one to five years						89,755						90,285
Total Short-term Investments						$	13,852,827					$	13,866,546

						As of December 31, 2024
						Amortized Cost						Estimated Fair Value
Due in one year or less						$	21,659,580					$	21,688,074
Due in one to five years						1,310,580						1,311,686
Total Short-term Investments						$	22,970,160					$	22,999,760

The following table shows the Company's available-for-sale investments' gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in a continuous loss position, at September 30, 2025 and December 31, 2024:

						As of September 30, 2025
						Less than 12 months
						Count						Fair Value						Unrealized Losses
Corporate Debt Securities						1						$	15,192					$	(1)
Total						1						$	15,192					$	(1)

						As of December 31, 2024
						Less than 12 months
						Count						Fair Value						Unrealized Losses
Government Agency Securities						4						$	3,369,962					$	(4,621)
Corporate Debt Securities						9						801,149						(2,107)
Total						13						$	4,171,111					$	(6,728)

The Company reviews its investments each quarter to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, any changes to the underlying credit risk of the investment, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. The unrealized losses in the Company’s investments were caused by changes in interest rates resulting from changing

economic conditions, and not from a decline in credit of their underlying issuers. The Company may be required to sell these investments prior to maturity to implement management strategies, however, it is not likely that the Company will sell these investments before recovery of their amortized cost basis. As such, the Company has classified these losses as temporary in nature.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:

			September 30, 2025						December 31, 2024
Prepaid Research and Development			$	444,742					$	1,814,795
Prepaid General and Administrative			129,758						131,550
Prepaid Insurance			75,929						96,142
Total Prepaid Expenses and Other Current Assets			$	650,429					$	2,042,487

Tax and Other Receivables

Tax and other receivables consist of the following:

			September 30, 2025						December 31, 2024
Income Tax Receivables			$	1,025,000					$	—
Research and Development Tax Credit Receivables			401,664						223,184
Other Tax Receivables			28,092						47,063
Total Tax Receivables			$	1,454,756					$	270,246

Accrued Expenses

Accrued expenses consist of the following:

			September 30, 2025						December 31, 2024
Payroll and Benefits			$	1,178,548					$	1,169,618
Clinical Trials			846,903						875,072
Professional Fees			58,749						55,032
Income Tax			—						2,328,042
Other			69,706						160,893
Total Accrued Expenses			$	2,153,906					$	4,588,657

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- Definition

The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/210/tableOfContent

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