Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows

v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net (loss) income $ (29,045,059) $ 3,017,080
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Share-based compensation expense 654,457 202,619
Loss on issuance of common shares, warrants, and pre-funded warrants in July 26, 2024 PIPE   3,494,536
Change in fair value of financial instruments   (17,014,080)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (438,693) (1,452,638)
Accounts payable 2,474,022 (6,267,901)
Accrued liabilities 7,518,600 (446,674)
Net cash used in operating activities (18,836,673) (18,467,058)
Cash flows from financing activities    
Proceeds from issuance of Common Shares pursuant to ATM offering, net of issuance costs 708,468 190,274
Proceeds from issuance of pre-funded warrants from July 22, 2025 Registered Direct Offering, net of issuance costs 697,658  
Proceeds from exercise of pre-funded warrants 3,050 28,039
Net cash provided by financing activities 20,944,671 27,405,810
Net increase in cash 2,107,998 8,938,752
Cash at beginning of period 13,291,167 12,598,146
Cash at end of period 15,399,165 21,536,898
Noncash financing activities    
Subscription receivable from July 26, 2024 PIPE   500,000
(Decrease) increase in share-based compensation liability on CAD denominated share options (increasing) decreasing additional paid-in-capital (145,110) 81,912
Supplemental disclosure of cash flow information    
Cash paid for interest   76,775
July 22, 2025 Exercise of Discounted Warrants And Pipe Offering    
Cash flows from financing activities    
Proceeds from issuance of Common Shares, pre-funded warrants, and accompanying warrants from July 26, 2024 PIPE, net of issuance costs 8,391,027  
Noncash financing activities    
Deferred discount for fair value modification of warrants 930,841  
Deferred discount issuance cost recognized on completion of PIPE (930,841)  
July 28, 2025 Exercise of Discounted Warrants And Pipe Offering    
Cash flows from financing activities    
Proceeds from issuance of Common Shares, pre-funded warrants, and accompanying warrants from July 26, 2024 PIPE, net of issuance costs 11,144,468  
Noncash financing activities    
Deferred discount for fair value modification of warrants 1,794,146  
Deferred discount issuance cost recognized on completion of PIPE $ (1,794,146)  
July 2024 Pipe Financing    
Cash flows from financing activities    
Proceeds from issuance of Common Shares, pre-funded warrants, and accompanying warrants from July 26, 2024 PIPE, net of issuance costs   $ 27,187,497