v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating Activities    
Net loss $ (17,200,488) $ (21,400,758)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 752,882 817,542
Amortization of operating lease right-of-use assets 182,954 169,273
Amortization of debt discount 1,054,935 0
Loss on disposal of fixed assets 330 34,693
Gain on change in derivative liability (723,124) 0
Stock-based compensation 1,872,586 942,805
Loss (Gain) on change in fair value of warrant liability 14,884 (30,424)
Changes in operating assets and liabilities:    
Prepaid expenses (121,410) (168,625)
Accounts receivable (198,511) (69,992)
Other current assets (20,370) (24,064)
Deferred revenue, current and non-current (512,631) (106,600)
Accounts payable and accrued liabilities 804,192 (416,389)
Management and directors' fees payable 85,736 (34,552)
Operating leases liabilities (183,432) (174,758)
Net Cash Used In Operating Activities (14,191,467) (20,461,849)
Investing Activities    
Purchases of property and equipment (78,591) (204,898)
Purchase of license 0 (171,095)
Net Cash Used In Investing Activities (78,591) (375,993)
Financing Activities    
Net proceeds from issuances of common stock 4,454,633 6,565,422
Tax withholdings paid related to stock-based compensation (159,849) (57,127)
Proceeds from grants repayable 32,426 0
Proceeds from long-term debt 1,570,176 754,457
Net proceeds from issuance of convertible note and warrants 5,774,202 0
Payments on long-term debt (697,174) (831,542)
Payments on grants repayable 0 (28,213)
Payments on finance lease liabilities (37,361) (35,621)
Net Cash Provided By Financing Activities 10,937,053 6,367,376
Effect of foreign exchange on cash 267,983 (845,371)
Net change in cash and cash equivalents (3,065,022) (15,315,837)
Cash and cash equivalents - Beginning of the Period 3,264,429 20,729,983
Cash and cash equivalents - End of the Period 199,407 5,414,146
Supplemental Disclosures of Cash Flow Information    
Interest paid 363,825 247,871
Non-Cash Financing Activities    
Common stock issued upon cashless exercises of stock options and settlement of vested RSUs 1,654 578
Offering costs from issuance of common stock 325,652 245,107
Fair value of derivative liability recognized upon issuance of convertible note 1,042,471 0
Issuance of warrants in connection with convertible note offering 1,983,842 0
Debt issuance cost recognized upon issuance of convertible note 1,740,825 0
Common stock issued for license rights 0 125,258
Non-cash note payable $ 292,470 $ 294,603

Source

10-Q PDF
XBRL