v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Revenue:    
Collaboration Revenue $ 0 $ 16,000,000
Grant Revenue 0 20,000
Total Revenue 0 16,020,000
Operating Expenses:    
General and Administrative 5,745,087 5,542,324
Research and Development 10,780,397 7,842,207
Collaboration Credits (7,066,237) (2,945,350)
In-Process R&D Impairment 4,624,000 2,008,000
Change in Fair Value of Contingent Consideration (1,252,174) (937,469)
Total Operating Expenses 12,831,073 11,509,712
Operating (Loss) Income Before Other Income (Expense), Net (12,831,073) 4,510,288
Other Income, Net:    
Impairment of Intangible Assets 0 (104,167)
Loss on Disposal of Fixed Assets 0 (3,859)
Interest Income 894,002 1,252,849
Interest Expense (19,960) (21,446)
Other (Expense) Income, Net (160,272) 26,073
Total Other Income, Net 713,770 1,149,450
(Loss) Income Before Income Tax Expense (12,117,303) 5,659,738
Income Tax Benefit (Expense) 1,282,149 (2,065,005)
Net (Loss) Income (10,835,154) 3,594,733
Net (Loss) Income Attributable to Common Shareholders, basic (10,835,154) 3,594,733
Net (Loss) Income Attributable to Common Shareholders, diluted $ (10,835,154) $ 3,594,733
Net (Loss) Income per Common Share - Basic (in usd per share) $ (2.60) $ 0.93
Weighted Average Shares Outstanding - Basic (in shares) 4,166,692 3,872,644
Net (Loss) Income per Common Share - Diluted (in usd per share) $ (2.64) $ 0.87
Weighted Average Shares Outstanding - Diluted (in shares) 4,103,873 4,125,075
Other Comprehensive (Loss) Income:    
Net (Loss) Income $ (10,835,154) $ 3,594,733
Unrealized (Loss) Gain on Marketable Securities (20,073) 29,719
Foreign Currency Translation Adjustments 56,096 (129,077)
Comprehensive (Loss) Income $ (10,799,131) $ 3,495,375

Source

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