| Schedule of significant expense categories |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
Revenue |
|
|
|
|
|
|
|
|
|
|
|
Licensing revenue |
$ |
100,000 |
|
$ |
— |
|
$ |
100,000 |
|
$ |
— |
Total revenue |
|
100,000 |
|
|
— |
|
|
100,000 |
|
|
— |
Cost of goods sold |
|
|
|
|
|
|
|
|
|
|
|
CVR Expense |
|
88,104 |
|
|
— |
|
|
88,104 |
|
|
— |
Total cost of goods sold |
|
88,104 |
|
|
— |
|
|
88,104 |
|
|
— |
Gross profit |
|
11,896 |
|
|
— |
|
|
11,896 |
|
|
— |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Acquired in-process research and development |
$ |
— |
|
$ |
12,030,667 |
|
$ |
— |
|
$ |
12,030,667 |
Clinical |
|
2,370,512 |
|
|
1,849,009 |
|
|
6,481,927 |
|
|
5,296,325 |
Chemical, manufacturing and controls |
|
546,247 |
|
|
303,144 |
|
|
1,317,103 |
|
|
997,181 |
Research and preclinical |
|
2,594 |
|
|
20,344 |
|
|
(2,309) |
|
|
52,572 |
Regulatory |
|
8,308 |
|
|
10,092 |
|
|
27,633 |
|
|
37,378 |
Other research and development costs |
|
425,316 |
|
|
308,086 |
|
|
1,444,921 |
|
|
1,114,160 |
Total research and development |
|
3,352,977 |
|
|
14,521,342 |
|
|
9,269,275 |
|
|
19,528,283 |
General and administrative expenses |
|
1,576,219 |
|
|
1,287,783 |
|
|
5,608,915 |
|
|
4,633,883 |
IPR&D impairment |
|
— |
|
|
— |
|
|
9,190,897 |
|
|
— |
Total operating expenses |
$ |
4,929,196 |
|
$ |
15,809,125 |
|
$ |
24,069,087 |
|
$ |
24,162,166 |
Loss from operations |
|
(4,917,300) |
|
|
(15,809,125) |
|
|
(24,057,191) |
|
|
(24,162,166) |
Sublease income |
|
27,241 |
|
|
— |
|
|
64,138 |
|
|
— |
Loss on debt conversion with related party |
|
— |
|
|
— |
|
|
— |
|
|
(6,134,120) |
Interest income, net |
|
42,035 |
|
|
80,582 |
|
|
185,734 |
|
|
44,871 |
Exchange loss, net |
|
(35,757) |
|
|
(17,509) |
|
|
(72,186) |
|
|
(36,251) |
Net loss before income taxes |
$ |
(4,883,781) |
|
$ |
(15,746,052) |
|
$ |
(23,879,505) |
|
$ |
(30,287,666) |
|