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, 2025
Dec. 31, 2024
Cash flows from operating activities    
Net loss $ (34,257,370) $ (12,349,724)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on foreign exchange 27,916 30,787
Loss on fixed asset disposal 2,731  
Amortization of loan costs 52,373 58,432
Depreciation 2,063 12,177
Reduction in carrying amount of right-of-use asset 66,115  
Loss on debt conversion with related party 6,134,120  
Acquisition of license for research and development 11,909,667  
Non-cash transaction costs   3,563,273
Deferred tax expense (benefit) 221,096 (503)
Share-based compensation expense 355,642 476,021
Changes in operating assets and liabilities:    
Increase in prepaid expenses and other current assets (208,687) (498,717)
(Decrease) increase in accounts payable (532,607) 219,888
Increase (decrease) in accrued expenses and other liabilities 608,290 (302,439)
Net cash used in operating activities (15,618,651) (8,790,805)
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 4,252,245 1,382,170
Proceeds from loan with related party, net of fees 3,000,000 15,322,645
Payout of fractional shares with reverse stock split   (351)
Proceeds from issuance of shares on ATM, net of cash fees paid 86,366  
Cash payment of issuance costs (53,805)  
Net cash provided by financing activities 7,284,806 16,704,464
Net (decrease) increase in cash (8,333,845) 11,675,595
Cash and cash equivalents, beginning of period 14,847,949 3,316,946
Effect of foreign currency translation on cash and cash equivalents 10,640 (144,592)
Cash and cash equivalents, end of period 6,524,744 14,847,949
Supplemental disclosure of non-cash financing and investing activities:    
Issuance costs included in accounts payable and accrued expenses 106,266  
Conversion of debt with related party into Series A-1 Non-Voting Convertible Preferred Stock 19,500,000  
Conversion of accrued interest on debt with related party into Series A-1 Non-Voting Convertible Preferred Stock 426,891  
Conversion of Series A Non-Voting Convertible Preferred Stock from temporary equity to permanent equity 5,535,067  
Accrual of paid-in-kind dividends on Series A Non-Voting Convertible Preferred Stock 1,256,662 514,105
Preferred stock issued in connection with License Agreement 9,800,839  
Common stock issued in connection with License Agreement 2,108,828  
Conversion of preferred stock into common stock $ 110,457,324  
Preferred stock issued in connection with acquisition of Pharmagesic   70,372,634
Common stock issued in connection with acquisition of Pharmagesic   $ 893,093