Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (8,143,334) $ (7,279,395)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 8,370
Amortization expense 315,082 315,082
Stock-based compensation 469,122 156,203
Change in fair value of warrant liabilities (14,529) (68,431)
Realized foreign currency translation loss from dissolution of subsidiaries 7,171
Change in fair value of derivative warrant liability (1,548,227)
Loss on asset write-off 409
Changes in operating assets and liabilities:    
Prepaid expenses (1,644,945) (550,785)
Other current assets 365,282 25,103
Accounts payable and accrued liabilities 706,813 461,630
Net cash used in operating activities (9,494,736) (6,924,643)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Issuance of common stock from the exercise of warrants, net 9,226
Payments on financed director and officer insurance (292,824)
Proceeds from exercises of pre-funded warrants 871
Proceeds from sale of common stock under ATM agreement, net 2,010,782
Proceeds from sale of common stock from public offerings, net 4,214,506
Proceeds from exercises of warrants 1,280,000
Net cash provided by financing activities 9,226 7,213,335
Effect of foreign currency translation on cash (9,196) 5,631
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (9,494,706) 294,323
Cash, cash equivalents, and restricted cash - Beginning of period 55,259,805 6,922,729
Cash, cash equivalents, and restricted cash - End of period 45,765,099 7,217,052
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 45,663,782 7,217,052
Restricted cash 101,317
Total cash, cash equivalents and restricted cash 45,765,099 7,217,052
Supplemental disclosure of cash flow information:    
Cash paid for interest 13,212 13,212
Cash paid for taxes
Supplemental disclosures of non-cash activity:    
Reclassification to equity of the Placement Agent Warrants Liability $ 2,294,631