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 $ (41,482,851) $ (16,820,644)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 543,343 123,347
Stock-based compensation expense 6,149,154 6,228,270
Amortization of debt discount 0 599,006
Gains from asset sales (180,763) (1,217,978)
Write-down of vendor deposits 0 325,610
Loss from disposal of assets 0 10,794
Change in estimate for legal contingency 0 (4,553,468)
Changes in assets and liabilities:    
Prepaid expenses (3,510,349) (470,345)
Other current assets 1,309,369 (1,606,490)
Other assets 0 (18,000)
Accounts payable 2,187,002 (375,760)
Accrued payroll liabilities (193,481) 14,889
Operating lease liability (133,745) (52,274)
Other current liabilities 2,016,279 1,109,443
Net cash used in operating activities (33,296,042) (17,064,377)
Cash flows from investing activities:    
Proceeds from the sale of assets, net of sales costs 180,763 1,217,978
Purchase of short-term investments, net of maturities (16,871,229) 0
Purchase of property and equipment (6,312) (1,554,003)
Net cash used in investing activities (16,696,778) (336,025)
Cash flows from financing activities:    
Purchase under employee stock purchase plan 18,158 0
Proceeds from the issuance of common stock and warrants, net of equity issuance costs of $0 and $6,434,447, respectively 0 83,556,563
Net cash provided by financing activities 18,158 83,556,563
Net (decrease) increase in cash, cash equivalents and restricted cash (49,974,662) 66,156,161
Cash, cash equivalents and restricted cash, beginning of period 68,415,741 10,336,655
Cash, cash equivalents and restricted cash, end of period 18,441,079 76,492,816
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 18,441,079 67,412,614
Restricted cash 0 9,080,202
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows 18,441,079 76,492,816
Conversion of convertible note - related party to common stock 0 4,971,004
Related Party    
Changes in assets and liabilities:    
Accrued interest - legal contingency 0 (126,027)
Nonrelated Party    
Changes in assets and liabilities:    
Accrued interest - legal contingency $ 0 $ (234,750)

Source

10-Q XBRL Zip