Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (16,820,644) $ (33,224,854)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 123,347 95,880
Stock-based compensation expense 6,228,270 394,657
Change in fair value of derivative liabilities 0 (3)
Amortization of debt discount 599,006 102,400
Write-down of vendor deposits 325,610 0
Change in estimate for legal contingencies (4,553,468) 7,009
(Gain) loss from asset sales (1,217,978) 307,086
Loss from disposal of assets 10,794 0
Debt conversion inducement expense 0 1,383,285
Accrued interest conversion expense 0 (15,952)
Cost to acquire IPR&D asset 0 21,215,214
Foreign currency remeasurement gain 0 (45,350)
Changes in assets and liabilities:    
Prepaid expenses (470,345) 782,265
Other current assets (1,606,490) (236,779)
Other assets (18,000) 0
Accounts payable (375,760) (112,021)
Accounts payable - related parties 0 (113,601)
Accrued payroll liabilities 14,889 (11,904)
Operating lease liability (52,274) (60,647)
Other current liabilities 1,109,443 (570,473)
Other current liabilities - related parties 0 (95,850)
Net cash used in operating activities (17,064,377) (10,107,460)
Cash flows from investing activities:    
Proceeds from the sale of assets, net of sales costs 1,217,978 5,532,266
Purchase of property and equipment (1,554,003) (5,533)
Cash from asset acquisition, net of transaction costs 0 1,076,740
Net cash (used in) provided by investing activities (336,025) 6,603,473
Cash flows from financing activities:    
Proceeds from convertible note - related party 0 4,973,684
Proceeds from the issuance of common stock and warrants, net of equity issuance costs of $6,434,447 and $265,053, respectively 83,556,563 11,734,947
Financing costs allocated to warrants issued with convertible debt 0 (6,026)
Repayment of insurance premium loan payable 0 (236,681)
Net cash provided by financing activities 83,556,563 16,465,924
Net increase in cash and restricted cash 66,156,161 12,961,937
Cash, cash equivalents and restricted cash, beginning of period 10,336,655 1,249,107
Cash, cash equivalents and restricted cash, end of period 76,492,816 14,211,044
Reconciliation of cash, cash equivalents and restricted cash:    
Cash, and cash equivalents 67,412,614 5,126,245
Restricted cash 9,080,202 9,084,799
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows 76,492,816 14,211,044
Supplemental disclosures of non-cash financing activities:    
Common stock warrant exercises 0 282,905
Conversion of multi-draw credit agreement 0 1,565,470
Conversion of accrued interest due to related party 0 31,766
Financing of insurance premium 0 203,884
Right of use asset obtained in exchange for operating lease liabilities 0 241,134
Stock issued for assets 0 20,532,846
Conversion of convertible note - related party to common stock 4,971,004 0
Related Party    
Changes in assets and liabilities:    
Accrued interest - related party (126,027) 60,274
Nonrelated Party    
Changes in assets and liabilities:    
Accrued interest - related party $ (234,750) $ 0