|
FY2025
12 months to Dec 31, 2025
|
|
|---|---|
| Cash Flows from Operating Activities | |
| Net loss | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |
| Stock-based compensation | |
| Research and development expenses paid with convertible and promissory notes | |
| Non-cash research and development services | |
| Net accretion of discount/premium on debt securities | |
| Accrued interest earned | |
| Other | |
| Changes in operating assets and liabilities: | |
| Prepaid expenses and other current assets | |
| Accounts payable | |
| Accrued expenses | |
| Other current liabilities and lease liabilities | |
| Net cash used in operating activities | |
| Cash Flows from Investing Activities: | |
| Purchase of property, plant and equipment | |
| Purchases of marketable securities | |
| Maturities of marketable securities | |
| Net cash used in investing activities | |
| Cash Flows from Financing Activities: | |
| Issuance of convertible notes | |
| Issuance of preferred stock | |
| Series B preferred stock | |
| Series C preferred stock | |
| Payment of promissory note | |
| Preferred stock issuance costs | |
| Series B preferred stock | |
| Series C preferred stock | |
| Total preferred stock issuance costs | |
| Exercise of stock options | |
| Net cash provided by financing activities | |
| Net increase (decrease) in cash and cash equivalents | |
| Cash and cash equivalents—beginning of year | |
| Cash and cash equivalents—end of year | |
| Supplemental Disclosure of Cash Flow Information: | |
| Cash paid during the year for interest | |
| Cash paid during the year for income taxes | |
| Supplemental Schedule of Noncash Activities: | |
| Right-of-use asset exchanged for lease liabilities | |
| Unrealized gain on debt securities | |
| Modification of Series B preferred stock | |
| Issuance of Series B preferred stock for contractual research and development services | |
| Issuance of Series B preferred stock as payment for convertible notes | |
| Issuance of convertible note for research and development services | |
| Conversion of other receivable in exchange for research and development services to subscription receivable | |
| Issuance of convertible note for accounts payable |
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