Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net Income (Loss) $ (27,519,886) $ (19,028,883)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 26,272 177,398  
Stock-based compensation expense 8,140,617 500,148  
Non-cash consulting and marketing fees 0 31,536  
Changes in operating assets and liabilities:      
Accounts receivable 0 39,881 $ (39,881)
Operating lease right of use assets 120,790 106,416  
Prepaid expenses and other assets (616,523) (55,387)  
Prepaid research and development 138,508 897,803  
Accounts payable 271,782 (504,406)  
Operating lease liabilities (129,702) (111,068)  
Accrued expenses and other current liabilities 420,075 (138,481)  
Net cash used in operating activities (19,148,067) (18,085,043)  
Investing activities      
Purchases of equipment and improvements 0 (14,238)  
Purchases of investments - marketable securities (60,455,103) (29,426,101)  
Maturities of investments - marketable securities 23,450,902 41,097,005  
Net cash provided by (used in) investing activities (37,004,201) 11,656,666  
Financing activities      
Proceeds from issuance of common stock, pre-funded warrants and warrants, net of issuance costs 103,477,668 8,543,559  
Deferred offering costs 0 (138,556)  
Net cash provided by (used in) financing activities 103,477,668 8,405,003  
Net increase (decrease) in cash and cash equivalents 47,325,400 1,976,626  
Cash and cash equivalents at beginning of year 9,165,179 7,188,553  
Cash and cash equivalents at end of year 56,490,579 9,165,179 $ 7,188,553
Supplemental disclosures of cash flow information      
Insurance premium financing   381,784  
Issuance Costs $ 11,499,089 $ 1,456,479