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

Consolidated Statements of Cash Flows

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 $ (22,396,172) $ (23,254,656)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 2,631,652 1,912,744
Restricted shares issued for consulting and research expense 618,813 179,490
Change in fair value of warrant liability (1,198,210) 6,682,758
Loss on fair value of warrants over proceeds 12,952
Change in operating assets and liabilities:    
Prepaid expenses and other current assets (579,766) (195,935)
Australia research and development incentives receivable 80,410 56,805
Accounts payable 519,720 (118,827)
Accrued expenses 1,478,955 (979,792)
Net cash used in operating activities (18,844,598) (15,704,461)
Cash flows from financing activities:    
Proceeds from exercise of stock options 844 217,158
Proceeds from exercise of warrants 901,578
Proceeds from At-The-Market offering 7,202,016 10,111,996
Payment of offering transactions costs (617,133) (795,257)
Net cash provided by financing activities 17,906,547 18,176,609
Net effect of foreign currency exchange on cash (5,216) (21,545)
Net (decrease) increase in cash (943,267) 2,450,603
Cash at beginning of period 9,601,298 7,150,695
Cash at end of period 8,658,031 9,601,298
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 3 2024 677,919
Warrants issued in connection with private placement offering 4 2024 1,800,389
Warrants issued in connection with private placement offering 5 2024 635,345
Warrants issued in connection with private placement offering 1 2025 1,107,202
Warrants issued in connection with private placement offering 2 2025 571,566
Warrants issued in connection with private placement offering 3 2025 462,592
Warrants issued in connection with private placement offering 4 2025 300,245
Warrants issued in connection with private placement offering 5 2025 865,348
Warrants issued in connection with private placement offering 6 2025 251,539
Warrants issued in connection with private placement offering 7 2025 546,723
Private Placement Offering One 2024 [Member]    
Cash flows from financing activities:    
Proceeds from private placement 2,920,696
Private Placement Offering Two 2024 [Member]    
Cash flows from financing activities:    
Proceeds from private placement 1,327,990
Private Placement Offering Three 2024 [Member]    
Cash flows from financing activities:    
Proceeds from private placement 1,004,999
Private Placement Offering Four 2024 [Member]    
Cash flows from financing activities:    
Proceeds from private placement 2,439,236
Private Placement Offering Five 2024 [Member]    
Cash flows from financing activities:    
Proceeds from private placement 949,791
Private Placement Offering One 2025 [Member]    
Cash flows from financing activities:    
Proceeds from private placement 2,715,000
Private Placement Offering Two 2025 [Member]    
Cash flows from financing activities:    
Proceeds from private placement 1,428,949
Private Placement Offering Three 2025 [Member]    
Cash flows from financing activities:    
Proceeds from private placement 1,079,998
Private Placement Offering Four 2025 [Member]    
Cash flows from financing activities:    
Proceeds from private placement 694,999
Private Placement Offering Five 2025 [Member]    
Cash flows from financing activities:    
Proceeds from private placement 2,253,900
Private Placement Offering Six 2025 [Member]    
Cash flows from financing activities:    
Proceeds from private placement 736,600
Private Placement Offering Seven 2025 [Member]    
Cash flows from financing activities:    
Proceeds from private placement $ 1,509,796