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Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Cash flows from operating activities:      
Net loss $ (8,488,967) $ (10,603,477)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 1,253,882 1,630,011  
Issuance of shares in consulting agreements 203,501 0  
Amortization of debt discount 272,578 270,236  
Depreciation expense 5,459 4,735  
Finance lease depreciation expense 9,670 9,670  
Changes in assets and liabilities:      
Prepaid expenses and other assets (3,395,931) 443,210  
Accounts payable 1,174,424 (981,993)  
Accrued expenses (66,872) (710,581)  
Net cash used in operating activities (9,032,256) (9,938,189)  
Cash flows from financing activities:      
Proceeds from pre-funded warrants 1,009,969 0  
Proceeds from exercise of pre-funded warrants 71 0  
Proceeds from warrants 2,150,771 0  
Proceeds from exercise of stock options 0 531,091  
Payments of finance lease obligations (14,761) (13,475)  
Loan principal repayment (3,125,000) 0  
Proceeds from issuance of common stock from the Sales Agreement, net 306,115 19,494,473  
Proceeds from issuance of common stock, net of issuance costs 6,994,174 0  
Net cash provided by financing activities 7,321,339 20,012,089  
Net increase in cash and cash equivalents (1,710,917) 10,073,900  
Cash and cash equivalents at beginning of period 41,689,591 56,560,517 $ 56,560,517
Cash and cash equivalents at the end of period 39,978,674 66,634,417 $ 41,689,591
Supplemental information of cash and non-cash transactions:      
Cash paid for interest $ 693,989 $ 1,174,745