Basis of Presentation and Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

Summary of Significant Expense Categories Regularly Reviewed CODM

The table below summarizes the significant expense categories regularly reviewed by the CODM for the three and six months ended June 30, 2025 and 2024 (unaudited):

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Collaboration revenue	$	163,616		$	3,425,271		$	421,500		$	3,552,109
Less:
Research and development expenses:
Preclinical product candidates		2,486,265			3,721,547			6,508,641			6,216,836
Sponsored research		282,805			111,433			485,215			213,419
Internal research and development expenses, including stock-based compensation		894,033			733,172			1,883,323			1,274,056
Total research and development expenses		3,663,103			4,566,152			8,877,179			7,704,311
General and administrative expenses:
Employee related costs		684,844			667,996			1,368,927			1,343,978
Stock-based compensation		677,926			373,918			1,373,319			641,356
Other general and administrative expenses (a)		1,545,421			1,046,490			2,879,835			2,542,911
Total general and administrative expenses		2,908,191			2,088,404			5,622,081			4,528,245
In-process research and development		-			-			-			25,000
Depreciation		6,840			6,840			13,680			13,680
Other income		(319,541	)		(344,445	)		(689,706	)		(775,534	)
Net loss	$	(6,094,977	)	$	(2,891,680	)	$	(13,401,734	)	$	(7,943,593	)

(a) Other general and administrative expenses consists of legal fees, accounting and audit costs, and insurance expense.

Summary of Changes in Deferred Revenue

The following table summarizes the changes in deferred revenue (in thousands):

	(unaudited)
	June 30,			December 31,
	2025			2024
Beginning balance	$	1,793,733		$	1,497,794
Deferral of revenue		-			780,749
Recognition of unearned revenue		(421,500	)		(484,810	)
Ending balance	$	1,372,233		$	1,793,733

Schedule of Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares of Common Stock Outstanding

The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive:

	(unaudited)
	As of June 30,
	2025		2024
Common stock warrants		815,677		2,286,223
Stock options		2,963,795		2,202,658
		3,779,472		4,488,881