Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash and cash equivalents $ 12,554,289 $ 23,288,607
Prepaid expenses and other current assets 1,067,409 961,665
Total current assets 13,621,698 24,250,272
Property, plant & equipment, net 595,271 757,121
Operating lease right-of-use asset 380,841 436,874
Other long-term assets 29,780 29,780
TOTAL ASSETS 14,627,590 25,474,047
CURRENT LIABILITIES:    
Accounts payable and accrued liabilities 4,014,682 7,585,340
Warrant liability 801,650 1,718,000
Lease liability, current 96,034 84,417
Total current liabilities 4,912,366 9,387,757
Lease liability, net of current portion 335,895 409,586
TOTAL LIABILITIES 5,248,261 9,797,343
COMMITMENTS AND CONTINGENCIES (Note 7)
STOCKHOLDERS' EQUITY:    
Series E-2 preferred stock, 1,225 shares authorized; 35.60 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 520,778 520,778
Common stock, $0.00001 par value; 170,000,000 shares authorized; 3,192,040 and 1,535,996 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 32 15
Additional paid-in capital 271,314,776 261,116,351
Accumulated deficit (263,838,280) (247,342,463)
Total stockholders' equity 7,997,306 14,294,681
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 14,627,590 25,474,047
Series D Convertible Preferred Stock    
MEZZANINE EQUITY:    
Series D preferred stock, 111.11 shares authorized, issued and outstanding as of September 30, 2025 and December 31, 2024 $ 1,382,023 $ 1,382,023