CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SERIES A NON-VOTING CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)
|
Preferred Stock
Series A Non-Voting Convertible Preferred Stock
Tungsten support agreement
|
Preferred Stock
Series A Non-Voting Convertible Preferred Stock
Sealbond support agreement
|
Preferred Stock
Series A Non-Voting Convertible Preferred Stock
|
Preferred Stock
Series A-1 Non-Voting Convertible Preferred Stock
|
Preferred Stock
Series A-2 Non-Voting Convertible Preferred Stock
|
Common Stock |
Additional Paid-In Capital |
Accumulated Deficit |
Accumulated Other Comprehensive Loss |
Treasury Stock |
Tungsten support agreement |
Sealbond support agreement |
Total |
| Balances, Beginning at Dec. 31, 2023 |
|
|
|
|
|
$ 77
|
$ 65,575,167
|
$ (61,469,222)
|
|
$ (299,128)
|
|
|
$ 3,806,894
|
| Balances, Beginning (in shares) at Dec. 31, 2023 |
|
|
|
|
|
770,317
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Share-based compensation expense |
|
|
|
|
|
|
138,969
|
|
|
|
|
|
138,969
|
| Net loss |
|
|
|
|
|
|
|
(1,291,335)
|
|
|
|
|
(1,291,335)
|
| Balances, Ending at Mar. 31, 2024 |
|
|
|
|
|
$ 77
|
65,714,136
|
(62,760,557)
|
|
(299,128)
|
|
|
2,654,528
|
| Balances, Ending (in shares) at Mar. 31, 2024 |
|
|
|
|
|
770,317
|
|
|
|
|
|
|
|
| Balances, Beginning at Dec. 31, 2023 |
|
|
|
|
|
$ 77
|
65,575,167
|
(61,469,222)
|
|
(299,128)
|
|
|
3,806,894
|
| Balances, Beginning (in shares) at Dec. 31, 2023 |
|
|
|
|
|
770,317
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
(4,621,852)
|
| Balances, Ending at Sep. 30, 2024 |
|
|
|
|
|
$ 111
|
67,339,522
|
(66,091,074)
|
|
(299,128)
|
|
|
949,431
|
| Balances, Ending (in shares) at Sep. 30, 2024 |
|
|
|
|
|
1,110,317
|
|
|
|
|
|
|
|
| Balances, Beginning at Mar. 31, 2024 |
|
|
|
|
|
$ 77
|
65,714,136
|
(62,760,557)
|
|
(299,128)
|
|
|
2,654,528
|
| Balances, Beginning (in shares) at Mar. 31, 2024 |
|
|
|
|
|
770,317
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from registered direct offering of common stock, net of offering costs |
|
|
|
|
|
$ 34
|
1,382,136
|
|
|
|
|
|
1,382,170
|
| Proceeds from registered direct offering of common stock, net of offering costs (in shares) |
|
|
|
|
|
340,000
|
|
|
|
|
|
|
|
| Share-based compensation expense |
|
|
|
|
|
|
148,948
|
|
|
|
|
|
148,948
|
| Net loss |
|
|
|
|
|
|
|
(1,049,833)
|
|
|
|
|
(1,049,833)
|
| Balances, Ending at Jun. 30, 2024 |
|
|
|
|
|
$ 111
|
67,245,220
|
(63,810,390)
|
|
(299,128)
|
|
|
3,135,813
|
| Balances, Ending (in shares) at Jun. 30, 2024 |
|
|
|
|
|
1,110,317
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Share-based compensation expense |
|
|
|
|
|
|
94,302
|
|
|
|
|
|
94,302
|
| Net loss |
|
|
|
|
|
|
|
(2,280,684)
|
|
|
|
|
(2,280,684)
|
| Balances, Ending at Sep. 30, 2024 |
|
|
|
|
|
$ 111
|
67,339,522
|
(66,091,074)
|
|
(299,128)
|
|
|
949,431
|
| Balances, Ending (in shares) at Sep. 30, 2024 |
|
|
|
|
|
1,110,317
|
|
|
|
|
|
|
|
| Balances, Beginning at Dec. 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
$ 74,405,362
|
| Balances, Beginning (in Shares) at Dec. 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
2,213.8044
|
| Increase (Decrease) in Temporary Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accrual of paid-in-kind dividends on Series A Non-Voting Convertible Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,256,662
|
| Balances, Ending at Mar. 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
$ 75,662,024
|
| Balances, Ending (in Shares) at Mar. 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
2,213.8044
|
| Balances, Beginning at Dec. 31, 2024 |
|
|
|
|
|
$ 133
|
67,856,589
|
(73,818,946)
|
$ (3,862,987)
|
(299,128)
|
|
|
$ (10,124,339)
|
| Balances, Beginning (in shares) at Dec. 31, 2024 |
|
|
|
|
|
1,332,178
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Conversion of loan payable plus interest into Series A-1 Non-Voting Convertible Preferred Stock |
|
|
|
$ 24,994,461
|
|
|
|
|
|
|
|
|
24,994,461
|
| Conversion of loan payable plus interest into Series A-1 Non-Voting Convertible Preferred Stock (in shares) |
|
|
|
284.2638
|
|
|
|
|
|
|
|
|
|
| Proceeds from registered direct offering of common stock, net of offering costs |
|
|
|
|
|
$ 58
|
4,252,735
|
|
|
|
|
|
4,252,793
|
| Proceeds from registered direct offering of common stock, net of offering costs (in shares) |
|
|
|
|
|
578,950
|
|
|
|
|
|
|
|
| Accrual of paid-in-kind dividends on Series A Non-Voting Convertible Preferred Stock |
|
|
|
|
|
|
(1,256,662)
|
|
|
|
|
|
(1,256,662)
|
| Share-based compensation expense |
|
|
|
|
|
|
84,474
|
|
|
|
|
|
84,474
|
| Net loss |
|
|
|
|
|
|
|
(10,924,952)
|
|
|
|
|
(10,924,952)
|
| Foreign currency translation adjustment |
|
|
|
|
|
|
|
|
61,156
|
|
|
|
61,156
|
| Balances, Ending at Mar. 31, 2025 |
|
|
|
$ 24,994,461
|
|
$ 191
|
70,937,136
|
(84,743,898)
|
(3,801,831)
|
(299,128)
|
|
|
7,086,931
|
| Balances, Ending (in shares) at Mar. 31, 2025 |
|
|
|
284.2638
|
|
1,911,128
|
|
|
|
|
|
|
|
| Balances, Beginning at Dec. 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
$ 74,405,362
|
| Balances, Beginning (in Shares) at Dec. 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
2,213.8044
|
| Increase (Decrease) in Temporary Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accrual of paid-in-kind dividends on Series A Non-Voting Convertible Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
$ (1,256,662)
|
| Balances, Ending at Sep. 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
$ 70,126,957
|
| Balances, Ending (in Shares) at Sep. 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
2,103.1494
|
| Balances, Beginning at Dec. 31, 2024 |
|
|
|
|
|
$ 133
|
67,856,589
|
(73,818,946)
|
(3,862,987)
|
(299,128)
|
|
|
$ (10,124,339)
|
| Balances, Beginning (in shares) at Dec. 31, 2024 |
|
|
|
|
|
1,332,178
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
(30,476,921)
|
| Foreign currency translation adjustment |
|
|
|
|
|
|
|
|
|
|
|
|
2,226,852
|
| Balances, Ending at Sep. 30, 2025 |
|
|
$ 5,535,067
|
$ 24,994,461
|
$ 9,800,839
|
$ 229
|
73,158,686
|
(104,295,867)
|
(1,636,135)
|
(299,128)
|
|
|
7,258,152
|
| Balances, Ending (in shares) at Sep. 30, 2025 |
|
|
166
|
284.2638
|
190.0572
|
2,293,162
|
|
|
|
|
|
|
|
| Balances, Beginning at Mar. 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
$ 75,662,024
|
| Balances, Beginning (in Shares) at Mar. 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
2,213.8044
|
| Increase (Decrease) in Temporary Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issuance of paid-in-kind dividends on Series A Non-Voting Convertible Preferred Stock ( in shares) |
|
|
|
|
|
|
|
|
|
|
|
|
55.345
|
| Balances, Ending at Jun. 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
$ 75,662,024
|
| Balances, Ending (in Shares) at Jun. 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
2,269.1494
|
| Balances, Beginning at Mar. 31, 2025 |
|
|
|
$ 24,994,461
|
|
$ 191
|
70,937,136
|
(84,743,898)
|
(3,801,831)
|
(299,128)
|
|
|
$ 7,086,931
|
| Balances, Beginning (in shares) at Mar. 31, 2025 |
|
|
|
284.2638
|
|
1,911,128
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Additional fees associated with issuance of common stock |
|
|
|
|
|
|
(548)
|
|
|
|
|
|
(548)
|
| Share-based compensation expense |
|
|
|
|
|
|
65,027
|
|
|
|
|
|
65,027
|
| Net loss |
|
|
|
|
|
|
|
(3,807,353)
|
|
|
|
|
(3,807,353)
|
| Foreign currency translation adjustment |
|
|
|
|
|
|
|
|
3,534,542
|
|
|
|
3,534,542
|
| Balances, Ending at Jun. 30, 2025 |
|
|
|
$ 24,994,461
|
|
$ 191
|
71,001,615
|
(88,551,251)
|
(267,289)
|
(299,128)
|
|
|
6,878,599
|
| Balances, Ending (in shares) at Jun. 30, 2025 |
|
|
|
284.2638
|
|
1,911,128
|
|
|
|
|
|
|
|
| Increase (Decrease) in Temporary Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Waiver of Series A Non-voting Convertible Preferred Stock |
|
|
|
|
|
|
|
|
|
|
$ (533,500)
|
$ (5,001,567)
|
|
| Waiver of Series A Non-voting Convertible Preferred Stock (in shares) |
|
|
|
|
|
|
|
|
|
|
(16)
|
(150)
|
|
| Balances, Ending at Sep. 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
$ 70,126,957
|
| Balances, Ending (in Shares) at Sep. 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
2,103.1494
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issuance of stock in connection with the License Agreement with Serpin |
|
|
|
|
$ 9,240,328
|
$ 38
|
2,108,790
|
|
|
|
|
|
$ 11,349,156
|
| Issuance of stock in connection with the License Agreement with Serpin (in shares) |
|
|
|
|
179.1878
|
382,034
|
|
|
|
|
|
|
|
| License Agreement transaction costs paid through the issuance of stock |
|
|
|
|
$ 560,511
|
|
|
|
|
|
|
|
560,511
|
| License Agreement transaction costs paid through the issuance of stock (in shares) |
|
|
|
|
10.8694
|
|
|
|
|
|
|
|
|
| Waiver of Series A Non-voting Convertible Preferred Stock |
$ 533,500
|
$ 5,001,567
|
|
|
|
|
|
|
|
|
$ 533,500
|
$ 5,001,567
|
|
| Waiver of Series A Non-voting Convertible Preferred Stock (in shares) |
16
|
150
|
|
|
|
|
|
|
|
|
|
|
|
| Share-based compensation expense |
|
|
|
|
|
|
48,281
|
|
|
|
|
|
48,281
|
| Net loss |
|
|
|
|
|
|
|
(15,744,616)
|
|
|
|
|
(15,744,616)
|
| Foreign currency translation adjustment |
|
|
|
|
|
|
|
|
(1,368,846)
|
|
|
|
(1,368,846)
|
| Balances, Ending at Sep. 30, 2025 |
|
|
$ 5,535,067
|
$ 24,994,461
|
$ 9,800,839
|
$ 229
|
$ 73,158,686
|
$ (104,295,867)
|
$ (1,636,135)
|
$ (299,128)
|
|
|
$ 7,258,152
|
| Balances, Ending (in shares) at Sep. 30, 2025 |
|
|
166
|
284.2638
|
190.0572
|
2,293,162
|
|
|
|
|
|
|
|