v3.25.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities    
Net loss $ (21,682,306) $ (29,316,826)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock compensation expense 1,958,663 478,890
Depreciation and amortization 116,710 177,377
Write-off of in-process R&D   16,217,655
Amortization of debt discount 1,278,424 5,124
Change in fair value of derivative liability 313,772  
Changes in operating assets and liabilities    
Other current assets (464,938) (1,995)
Other noncurrent assets 106,613 151,173
Accounts payable and accrued expenses 3,644,924 337,746
Net cash flows from operating activities (14,728,138) (11,950,856)
Cash flows from investing activities:    
Cash paid for asset acquisition   (1,217,655)
Deposits, planned business acquisition (5,994,503)  
Purchase of property and equipment (57,906) (79,224)
Net cash flows from investing activities (6,052,409) (1,296,879)
Cash flows from financing activities    
Shares repurchased   (24,751)
Proceeds from convertible notes payable 28,568,000 2,685,000
Proceeds from issuance of common stock 5,000,000  
Proceeds from stock options exercised 104,000  
Proceeds from warrants exercised 1,944,765  
Payment of offering costs associated with issuance of common stock (300,000)  
Payment of merger transaction costs (3,629,663)  
Payment of debt issuance costs (1,117,497)  
Payment of net liabilities assumed in reverse recapitalization (796,912)  
Net cash provided by financing activities 29,772,693 2,660,249
Net change in cash and cash equivalents 8,992,146 (10,587,486)
Cash and cash equivalents at the beginning of the year 3,665,032 14,252,518
Cash and cash equivalents at the end of the year 12,657,178 3,665,032
Supplemental non-cash activity    
Shares issued and reserved for asset acquisition   15,000,000
Right-of-use asset recognized in exchange for operating lease obligations 318,722  
Debt issuance costs not yet paid   242,530
Net liabilities assumed in reverse recapitalization not yet paid 550,000  
Merger transaction costs not yet paid 500,000  
Derivative liability associated with make-whole premium 2,402,228 $ 137,000
Fair value of warrants associated with convertible notes payable 6,520,056  
Deemed dividend on warrant modifications 965,177  
Issuance of common stock for placement agent fees 443,560  
Preferred Series A cash dividend not yet paid 2,089  
Fair value of contingent value rights associated with reverse recapitalization 5,127,927  
Fair value of warrants issued to financial advisor 1,642,867  
Shares issued upon settlement of convertible notes $ 27,742,649  

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