Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (4,986,614) $ (10,924,952)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on foreign exchange 5,860 6,886
Amortization of loan costs   52,373
Depreciation   17,022
Reduction in carrying amount of right-of-use asset 16,839  
Loss on debt conversion with related party   6,134,120
Deferred sublease income 38,911  
Deferred tax expense 1,193 190,542
Share-based compensation expense 449,419 84,474
Changes in operating assets and liabilities:    
Decrease in prepaid expenses and other current assets 288,886 71,808
Decrease in accounts payable (589,511) (131,477)
Increase (decrease) in accrued expenses and other liabilities 187,830 (183,350)
Net cash used in operating activities (4,587,187) (4,682,554)
Cash flows from financing activities    
Proceeds from registered direct offering of common stock, net of offering costs 11,397,459 4,372,378
Proceeds from the exercise of prefunded warrants 132  
Payment of issuance costs (106,266)  
Proceeds from loan with related party   3,000,000
Net cash provided by financing activities 11,291,325 7,372,378
Net increase in cash 6,704,138 2,689,824
Cash, beginning of period 6,524,744 14,847,949
Effect of foreign currency translation on cash (1,043) 1,231
Cash, end of period $ 13,227,839 17,539,004
Supplemental disclosure of non-cash financing and investing activities:    
Offering costs included in accounts payable and accrued expenses   119,585
Accrual of paid-in-kind dividends on Series A Non-Voting Convertible Preferred Stock   1,256,662
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