v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net loss $ (23,290,661) $ (15,686,494)
Adjustments to reconcile net loss to cash used in operating activities:    
Stock compensation expense 4,277,263 879,375
Depreciation and amortization 48,721 99,075
Amortization of debt discount   1,107,009
Loss on share settlement of Kineta employee compensation assumed from merger 185,019  
Change in fair value of derivative liability   313,772
Change in fair value of Kineta merger holdback shares 315,660  
Changes in operating assets and liabilities    
Other current assets 333,077 69,704
Other noncurrent assets (30,576) (153,283)
Accounts payable and accrued expenses (3,911,631) 1,242,321
Net cash flows from operating activities (22,073,128) (12,128,521)
Cash flows from investing activities:    
Cash paid for business acquisition, net of cash received from Kineta (1,259,278) (5,192,371)
Purchase of property and equipment (48,233) (36,498)
Net cash flows from investing activities (1,307,511) (5,228,869)
Cash flows from financing activities:    
Cash dividend payment of preferred stock Series A (6,267)  
Proceeds from warrants exercised 3,620,657 1,931,004
Proceeds from convertible notes payable   28,568,000
Payment of debt issuance costs   (1,112,362)
Proceeds from issuance of common stock 12,112,172 5,000,000
Proceeds from stock options exercised   104,000
Payment of debt assumed from Kineta merger (434,000)  
Payment of note payables to former Kineta employees (98,677)  
Payment of transaction costs related to Kintara merger (500,000)  
Principal payments of finance lease (43,671)  
Payment of placement agent fees and offering costs (679,337) (1,202,262)
Payment of net liabilities assumed in reverse recapitalization with Kintara (550,000)  
Net cash flows from financing activities 13,420,877 33,288,380
Net change in cash and cash equivalents (9,959,762) 15,930,990
Cash and cash equivalents at the beginning of the period 12,657,178 3,665,032
Cash and cash equivalents at the end of the period 2,697,416 19,596,022
Supplemental disclosure of cash flow information    
Cash paid for interest 16,533  
Supplemental non-cash activity    
Kineta employee compensation assumed from merger exchanged for note payables 592,063  
Consideration in common shares for Kineta acquisition 8,915,661  
Fair value of placement agent warrants issued in connection with common stock issuance 370,403  
Fair value of investor warrants issued in connection with common stock issuance 9,259,821  
Property and equipment recognized in exchange for finance lease obligations 172,453  
Deferred offering costs not yet paid $ 197,566 385,820
Right-of-use asset recognized in exchange for operating lease obligations   318,722
Debt issuance costs not yet paid   5,135
Fair value of warrants associated with convertible notes payable   6,520,056
Derivative liability associated with make-whole premium   2,402,228
Deemed dividend on warrant modifications   965,177
Issuance of common stock for placement agent fees   $ 443,560

Source

10-Q XBRL Zip