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FY2025
12 months to Dec 31, 2025
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|---|---|
| Cash flows from operating activities: | |
| Net loss | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |
| Accretion of original issue discount on related party loan | |
| Accretion of original issue discount on convertible promissory note | |
| Share based compensation – restricted stock | |
| Loss on change in fair value of derivative liability | |
| Amortization of debt issuance costs | |
| Amortization of right of use asset | |
| Changes in operating assets and liabilities: | |
| Prepaid expenses | |
| Other assets | |
| Accrued compensation | |
| Lease liability | |
| Accrued advisory fee – related party | |
| Accounts payable and accrued expenses | |
| Net cash used in operating activities | |
| Purchases of intangible asset | |
| Net cash used in investing activities | |
| Cash flows from financing activities: | |
| Proceeds from the sale of common stock, net of costs | |
| Proceeds from the sale of common stock – private placement | |
| Proceeds from related party loan | |
| Repayment of related party loan | |
| Proceeds from sale of common stock pursuant to equity purchase agreement | |
| Proceeds from convertible notes payable | |
| Net cash provided by financing activities | |
| Net (decrease) increase in cash and cash equivalents | |
| Cash and cash equivalents – beginning of period | |
| Cash and cash equivalents – end of period | |
| Supplemental disclosure of non-cash financing and investing activities: | |
| Share issued in connection with advisory services | |
| Cashless exercise of warrants | |
| Reclassified deferred offering costs to APIC at the completion of the offering | |
| Tax effect related to net share settlement of equity awards |
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