Balance Sheet

v3.25.3

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 18,441,079	$ 68,415,741
Short-term investments	16,871,229	0
Prepaid expenses	3,712,311	201,962
Other current assets	900,175	2,209,544
Total current assets	39,924,794	70,827,247
Property and equipment, net	1,033,965	1,432,752
Operating lease right-of-use asset	311,620	449,864
Other assets	53,910	53,910
Total assets	41,324,289	72,763,773
Current liabilities
Accounts payable	2,825,005	569,252
Accrued payroll liabilities	920,774	1,114,255
Other current liabilities	2,366,123	654,201
Estimate for accrued legal contingencies and related expenses	2,054,357	1,818,751
Operating lease liability, current portion	201,638	182,428
Total current liabilities	8,367,897	4,338,887
Non-current liabilities
Operating lease liability, net of current portion	120,207	273,162
Total liabilities	8,488,104	4,612,049
Commitments and contingencies (Note 7)
Stockholders’ equity
Preferred stock, $0.001 par value; 200,000 shares authorized at September 30, 2025 and December 31, 2024; no shares issued and outstanding at September 30, 2025 and December 31, 2024	$ 0	$ 0
Common stock, shares issued (in shares)	30,989,046	30,974,559
Common stock, $0.001 par value; 100,000,000 shares authorized at September 30, 2025 and December 31, 2024; 30,989,046 and 30,974,559 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	$ 30,989	$ 30,975
Additional paid-in-capital	205,237,719	199,070,421
Accumulated deficit	(172,432,523)	(130,949,672)
Total stockholders’ equity	32,836,185	68,151,724
Total liabilities and stockholders’ equity	$ 41,324,289	$ 72,763,773
Common stock, shares outstanding (in shares)	30,989,046	30,974,559

- Definition

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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