Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities    
Net loss $ (12,349,724) $ (5,296,015)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on foreign exchange 30,787  
Amortization of loan costs 58,432  
Depreciation 12,177  
Non-cash transaction costs 3,563,273  
Deferred tax benefit (503)  
Share-based compensation expense 476,021 619,972
Changes in operating assets and liabilities:    
(Increase) decrease in prepaid expenses and other current assets (498,717) 490,268
Increase (decrease) in accounts payable 219,888 (461,251)
Decrease in accrued expenses and other liabilities (302,439) (223,463)
Net cash used in operating activities (8,790,805) (4,870,489)
Cash flows from investing activities    
Cash acquired through the acquisition of Pharmagesic 3,761,936  
Net cash provided by investing activities 3,761,936  
Cash flows from financing activities    
Proceeds from public offering of common stock, net of offering costs 1,382,170  
Proceeds from loan with related party, net of fees 15,322,645  
Payout of fractional shares with reverse stock split (351)  
Proceeds from issuance of shares on ATM, net of fees   1,156,443
Net cash provided by financing activities 16,704,464 1,156,443
Net increase in cash 11,675,595 (3,714,046)
Cash, beginning of period 3,316,946 7,030,992
Effect of foreign currency translation on cash (144,592)  
Cash, end of period 14,847,949 3,316,946
Supplemental disclosure of non-cash financing and investing activities:    
Preferred stock issued in connection with acquisition of Pharmagesic 70,372,634  
Common stock issued in connection with acquisition of Pharmagesic 893,093  
Preferred stock dividend 514,105  
Temporary Equity, Accrual of paid-in-kind dividends on Serise A Non-Voting Convertible Preferred Stock $ (514,105)  
Reduction in equity for shares surrendered in cashless warrant exercises   $ 299,129