v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities    
Net loss $ (30,051,977) $ (21,682,306)
Adjustments to reconcile net loss to cash used in operating activities:    
Stock compensation expense 6,424,730 1,958,663
Depreciation and amortization 71,265 116,710
Amortization of debt discount 481,424 1,278,424
Loss on share issuance to Kineta separation payments 185,019  
Change in fair value of holdback shares (1,590,948)  
Change in fair value of derivative liability   313,772
Changes in operating assets and liabilities    
Other current assets 457,523 (464,938)
Other noncurrent assets 154,998 106,613
Accounts payable and accrued expenses (3,761,184) 3,644,924
Net cash flows from operating activities (27,629,150) (14,728,138)
Cash flows from investing activities:    
Cash paid for Kineta acquisition, net of assumed cash (1,259,278) (5,994,503)
Purchase of property and equipment (76,083) (57,906)
Net cash flows from investing activities (1,335,361) (6,052,409)
Cash flows from financing activities:    
Series A Preferred dividend (8,356)  
Repayment of assumed Kineta indeptedness (434,000)  
Payments made on Kineta severance promissory notes (394,709)  
Payments on equipment lease (54,315)  
Proceeds from convertible notes payable   28,568,000
Proceeds from bridge note 3,000,000  
Payment of bridge note (1,500,000)  
Proceeds from issuance of common stock 18,303,312 5,000,000
Proceeds from stock options exercised   104,000
Proceeds from warrants exercised 3,620,657 1,944,765
Payment of offering costs associated with issuance of common stock (1,555,307) (300,000)
Payment of merger transaction costs (500,000) (3,629,663)
Payment of debt issuance costs   (1,117,497)
Payment of net liabilities assumed in reverse recapitalization (550,000) (796,912)
Net cash flows from financing activities 19,927,282 29,772,693
Net change in cash and cash equivalents (9,037,229) 8,992,146
Cash and cash equivalents at the beginning of the year 12,657,178 3,665,032
Cash and cash equivalents at the end of the year 3,619,949 12,657,178
Supplemental disclosure of cash flow information    
Cash paid for interest 59,364  
Supplemental non-cash activity    
Right-of-use asset recognized in exchange for operating lease obligations 340,368 318,722
Right-of-use asset recognized in exchange for finance lease obligations 172,453  
Deferred offering costs not yet paid 463,903  
Consideration for Kineta acquisition issued in shares 8,915,661  
Net liabilities assumed in reverse recapitalization not yet paid   550,000
Merger transaction costs not yet paid   500,000
Derivative liability associated with make-whole premium   2,402,228
Warrants issued recorded as a debt discount 301,424 6,520,056
Deemed dividend on warrant modifications 0 965,177
Shares issued for placement agent fees   443,560
Contingent value rights associated with Kintara merger   5,127,927
Warrants issued to financial advisor   1,642,867
Shares issued for payment of bridge note $ 1,747,500  
Shares issued upon settlement of convertible notes   $ 27,742,649

Source

10-K XBRL Zip