v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities:    
Net (Loss) Income $ (4,345,439) $ 11,231,561
Adjustments to Reconcile Net (Loss) Income to Net Cash (Used in) Provided by Operating Activities:    
Depreciation and Amortization 3,741 11,198
Reduction of Operating Lease Right-of-Use Assets 47,364 22,891
Stock-Based Compensation 411,390 325,238
Change in Fair Value of Contingent Consideration 412,966 108,040
Investment Income and Fair Value Adjustments on Marketable Securities and Cash Equivalents (34,415) (71,883)
Changes in Operating Assets and Liabilities:    
Prepaid Expenses and Other Current Assets 440,532 (120,052)
Collaboration Receivables (1,816,825) (1,341,297)
Research Credit Receivables (414,288) 55,910
Tax Receivables 17,774 (367,553)
Other Assets (35,502) 8,322
Accounts Payable 509,579 66,427
Accrued Expenses (2,159,538) (14,495)
Accrued Collaboration Credit (756,187) 0
Deferred Collaboration Revenue 1,250,000 0
Operating Lease Liabilities (38,785) (22,891)
Net Cash (Used in) Provided by Operating Activities (6,507,633) 9,891,416
Investing Activities:    
Purchase of Property and Equipment (32,195) (51,287)
Purchases of Marketable Securities (8,175,851) (21,289,268)
Sales of Marketable Securities 305,000 14,790
Maturities of Marketable Securities 11,240,000 100,861
Net Cash Provided by (Used in) Investing Activities 3,336,954 (21,224,904)
Financing Activities:    
Gross Proceeds from Private Placement 0 14,998,865
Issuance Costs for Private Placement 0 (1,190,049)
Exercise of Warrants 265,359 1,689,339
Proceeds from Line of Credit 1,000,000 0
Repayments of Line of Credit (1,000,000) 0
Net Cash Provided by Financing Activities 265,359 15,498,155
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash 141,725 (44,045)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (2,763,595) 4,120,622
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 3,796,379 2,458,951
Cash, Cash Equivalents and Restricted Cash, End of Period 1,032,785 6,579,573
Supplemental Disclosures of Noncash Operating and Financing Activities    
Creation of Right-of-Use Assets and Related Lease Liabilities 333,677 0
Grant of Restricted Stock Awards 431 0
Tenant Improvements Paid Directly by Lessor $ 72,810 $ 0

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