Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (16,495,816) $ (42,226,073)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 164,136 223,082
Stock-based compensation expense 1,695,916 2,787,666
Warrant issuance expense   7,743,284
Change in operating lease right-of-use asset 56,033 48,117
Change in fair value of warrants (455,874) (3,583,440)
Changes in:    
Prepaid expenses and other current assets (105,744) (747,593)
Lease liability (62,074) (40,232)
Accounts payable and accrued liabilities (3,570,658) (874,334)
Cash used in operating activities (18,774,081) (36,669,523)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property, plant & equipment   (42,909)
Cash used in investing activities   (42,909)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of warrants, net of issuance costs (Note 2) 2,251,380 61,410,815
Proceeds from issuance of common stock and pre-funded warrants, net of issuance costs (Note 2) 5,788,380  
Issuance of common stock in connection with exercise of pre-funded warrants 3  
Cash provided by financing activities 8,039,763 61,410,815
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (10,734,318) 24,698,383
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 23,288,607 9,564,988
CASH AND CASH EQUIVALENTS AT END OF PERIOD 12,554,289 34,263,371
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Settlement of warrants to equity $ 462,760 7,410,000
Conversion of preferred stock to common stock   $ 54,553,720