v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating Activities    
Net (Loss) Income $ (10,835,154) $ 3,594,733
Adjustments to Reconcile Net (Loss) Income to Net Cash (Used in) Provided by Operating Activities:    
Depreciation and Amortization 24,801 19,205
Impairment of intangible assets 0 104,167
Reduction of Right-of-Use Assets 186,277 46,500
Stock-Based Compensation 900,236 656,593
Impairment of In-Process R&D 4,624,000 2,008,000
Change in Fair Value of Contingent Consideration (1,252,174) (937,469)
Accretion of Discount on Marketable Securities (112,305) (283,474)
Change in Accrued Interest on Marketable Securities 164,534 (25,811)
Net Realized Gain on Marketable Securities (2,371) (4,519)
Change in Unrealized Gain on Cash Equivalents (119) 119
Deferred Taxes (388,538) (288,750)
Loss on Disposal of Assets 0 3,760
Changes in Operating Assets and Liabilities:    
Prepaid Expenses and Other Current Assets 419,736 (1,823,897)
Collaboration Receivables (921,573) (601,197)
Tax and Other Receivables (1,493,270) 1,634,464
Other Assets (34,172) 15,231
Accounts Payable 1,124,928 226,119
Accrued Expenses (2,337,649) 3,280,730
Accrued Collaboration Credit (1,174,518) 981,111
Operating Lease Liabilities (103,845) (46,500)
Deferred Collaboration Revenue 1,250,000 0
Net Cash (Used in) Provided by Operating Activities (9,961,176) 8,559,115
Investing Activities:    
Purchases of Property and Equipment (110,789) (6,256)
Purchases of Marketable Securities (8,175,851) (35,632,375)
Sales of Marketable Securities 305,000 1,338,256
Maturities of Marketable Securities 22,408,285 11,637,764
Net Cash Provided by (Used in) Investing Activities 14,426,645 (22,662,611)
Financing Activities:    
Gross Proceeds from Private Placement 0 14,998,865
Issuance Costs for Private Placement 0 (1,190,049)
Exercise of Warrants 265,655 1,689,339
Proceeds from Line of Credit 2,750,000 0
Repayments of Line of Credit (2,750,000) 0
Net Cash Provided by Financing Activities 265,655 15,498,155
Effect of Exchange Rate Changes on Cash 173,634 (57,231)
Net Increase in Cash and Cash Equivalents 4,904,758 1,337,428
Cash and Cash Equivalents, Including Restricted Cash, Beginning of Year 3,796,379 2,458,951
Cash and Cash Equivalents, Including Restricted Cash, End of Year 8,701,137 3,796,379
Supplemental Disclosures of Noncash Operating and Financing Activities:    
Creation of Right-of-Use Assets and Related Lease Liabilities 336,507 0
Tenant Improvements Paid Directly by Lessor 72,810 0
Grant of Restricted Stock Awards $ 431 $ 306

Source

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