Financials

v3.26.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 4,399,726 $ 864,840
Short-term investments 4,000,000
Interest receivable 53,082
Prepaid expenses and other current assets 1,614,956 607,670
Total current assets 10,067,764 1,472,510
Total assets 10,067,764 1,472,510
Current liabilities:    
Accounts payable and accrued expenses 1,559,011 1,355,867
Short-term notes payable, net of debt issuance costs 227,348 328,528
Total liabilities 1,786,359 1,684,395
Stockholders’ equity (deficit):    
Preferred stock, no par value; 50,000,000 shares authorized; 429,291 Series H and 7,488,692 Series F outstanding at December 31, 2025, and 0 Series H and 7,488,692 Series F outstanding at December 31, 2024.
Common stock, $0.001 par value; 350,000,000 shares authorized; 4,271,529 and 419,003 shares issued and outstanding at December 31, 2025, and December 31, 2024, respectively 4,271 419
Additional paid-in capital 234,905,793 216,573,868
Accumulated deficit (226,628,659) (216,786,172)
Total stockholders’ equity (deficit) 8,281,405 (211,885)
Total liabilities and stockholders’ equity (deficit) $ 10,067,764 $ 1,472,510

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v3.26.1
Consolidated Statements of Operations - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating expenses:    
Research and development $ 2,392,658 $ 4,114,434
General and administrative 6,969,845 6,444,381
Total operating expenses 9,362,503 10,558,815
Loss from operations (9,362,503) (10,558,815)
Other income (expense):    
Interest income 182,229 45,897
Interest expense (785,930) (29,828)
Foreign currency exchange, net (13,193) (25,172)
Total other income (expense), net (616,894) (9,103)
Loss before income taxes (9,979,397) (10,567,918)
Income tax benefit 136,910
Net loss $ (9,842,487) $ (10,567,918)
Basic net loss per share $ (4.56) $ (47.88)
Diluted net loss per share $ (4.56) $ (47.88)
Weight average shares outstanding, basic 2,157,076 220,731
Weight average shares outstanding, diluted 2,157,076 220,731

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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 $ (9,842,487) $ (10,567,918)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of debt discount and closing costs 771,437
Stock-based compensation expense 642,364 516,049
Stock-based compensation recapture expense (86,617)
Common stock for services rendered 126,140
Changes in operating assets and liabilities:    
Other receivables (53,082)
Prepaid expenses and other current assets (1,007,286) 1,574,287
Operating lease right of use assets 9,811
Accounts payable and accrued expenses 203,144 (119,800)
Change in operating lease liabilities (9,811)
Net cash used in operating activities (9,246,387) (8,597,382)
Cash flows from financing activities:    
Borrowings on short-term notes payable 2,455,911
Payments on short-term notes payable (3,328,528) (693,109)
Net proceeds from issuance of preferred stock and warrants 15,019,700
Net proceeds from issuance of common stock 2,634,190 6,671,830
Net cash provided by financing activities 16,781,273 5,978,721
Net increase (decrease) in cash and cash equivalents 7,534,886 (2,618,661)
Cash and cash equivalents at beginning of period 864,840 3,483,501
Cash and cash equivalents at end of year 8,399,726 864,840
Supplemental disclosure of cash flow information:    
Interest paid $ 22,353 $ 29,828

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