Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net loss $ (10,567,918) $ (20,655,737)
Adjustments to reconcile net loss to net cash used in operating activities:    
Write off of in process research and development (IPR&D) 10,273,506
Depreciation and amortization 27,391
Loss on sale of fixed assets, net 29,956
Stock-based compensation expense 516,049 1,016,828
Changes in operating assets and liabilities:    
Operating lease right-of-use assets 9,811 337,629
Prepaid expenses and other current assets 483,537 2,000,824
Prepaid research and development expense 1,090,750
Operating lease liabilities (9,811) (347,075)
Accounts payable and accrued expenses (119,800) 25,798
Net cash used in operating activities (8,597,382) (7,290,880)
Cash flows from investing activities:    
Proceeds from sale of property and equipment 63,716
Cash paid for IPR&D (1,000,000)
Net cash used in investing activities (936,284)
Cash flows from financing activities:    
Payments on short-term notes payable (693,109) (566,046)
Proceeds from issuance of common stock for private placement 6,671,830 849,926
Net cash provided by financing activities 5,978,721 283,880
Net decrease in cash and cash equivalents (2,618,661) (7,943,284)
Cash and cash equivalents at beginning of year 3,483,501 11,426,785
Cash and cash equivalents at end of year 864,840 3,483,501
Supplemental disclosure of cash flow information:    
Interest paid 29,828 30,591
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid insurance 708,934 611,109
Issuance of Series F Preferred stock for IPR&D 8,947,834
Value of Series A preferred stock converted into common stock 562,243
Value of Series B preferred stock converted into common stock 1,030,480
Par Value of common stock issued in connection with Series A Preferred Stock Conversion 9
Par Value of common stock issued in connection with Series B Preferred Stock Conversion $ 13