|
FY2025
12 months to Dec 31, 2025
|
FY2024
12 months to Dec 31, 2024
|
|
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net loss | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Amortization of Deferred Grant Reimbursement | ||
| Depreciation of property and equipment | ||
| Non-cash lease expense | ||
| Stock-based compensation | ||
| Change in fair value of SAFE | ||
| Changes in operating assets and liabilities: | ||
| Grants receivable | ||
| Prepaid expenses and other current assets | ||
| Tax receivable | ||
| Accounts payable and accrued expenses | ||
| Due to related party | ||
| Tax payable | ||
| Net cash (used in) operating activities | ||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Deferred grant reimbursement | ||
| Purchases of property and equipment | ||
| Net cash (used in) investing activities | ||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Related Party Note | ||
| Issuance of Warrants for Private placement | ||
| Payments on finance lease obligations | ||
| Net cash provided by (used in) financing activities | ||
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS | ||
| CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR | ||
| CASH AND CASH EQUIVALENTS - END OF YEAR | ||
| Supplemental disclosures of cash flow information: | ||
| Interest Expense | ||
| Non-cash investing and financing activities: | ||
| Conversion of SAFE Note to common shares | ||
| Related party debt forgiveness | ||
| Right-of-use assets obtained in exchange for new lease liabilities |
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