Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net loss $ (4,517,259) $ (8,067,455)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 371,472 349,965
Consulting expense for restricted shares issued   11,500
Change in fair value of warrant liability (825,989) 4,181,298
Change in operating assets and liabilities:    
Prepaid expenses and other current assets (456,752) 67,091
Australia research and development incentives receivable   (18,602)
Other receivables   (71,856)
Accounts payable 359,070 237,018
Accrued expenses 867,184 (275,759)
Net cash used in operating activities (4,202,274) (3,586,800)
Cash flows from financing activities:    
Proceeds from exercise of stock options 844  
Proceeds from At-The-Market offering 1,521,091 745,251
Payment of offering transactions costs (204,668) (276,889)
Net cash provided by financing activities 5,461,216 4,717,048
Net effect of foreign currency exchange on cash 3,056 (9,494)
Net increase in cash 1,261,998 1,120,754
Cash at beginning of period 9,601,298 7,150,695
Cash at end of period 10,863,296 8,271,449
Supplemental disclosure of cash flow information:    
Warrants issued in connection with private placement offering 1-2024   2,049,600
Warrants issued in connection with private placement offering 2-2024   1,190,111
Warrants issued in connection with private placement offering 1-2025 2,416,223  
Warrants issued in connection with private placement offering 2-2025 1,240,185  
Private Placement Round 1 2024    
Cash flows from financing activities:    
Proceeds from sale of common stock   2,920,696
Private Placement Round 2 2024    
Cash flows from financing activities:    
Proceeds from sale of common stock   $ 1,327,990
Private Placement Round 1 2025    
Cash flows from financing activities:    
Proceeds from sale of common stock 2,715,000  
Private Placement Round 2 2025    
Cash flows from financing activities:    
Proceeds from sale of common stock $ 1,428,949