Key Quarterly Metrics (QQ1 2026 vs prior periods):
- Revenue: Not disclosed for QQ1 2026 (reported as null). Revenue visibility remains tied to pipeline milestones and potential licensing/partnership outcomes.
- Operating Income: -$5,652,689; YoY change +67.06%; QoQ change -147.20%. Interpretation: The year-over-year improvement in operating loss suggests some cost normalization versus the prior-year period, but a sharp sequential deterioration indicates aggressive quarterly spend or one-off costs in the current quarter that outweighed any gains from cost control.
- Net Income: -$9,906,504; YoY change +36.66%; QoQ change -187.96%. Interpretation: The quarter remained loss-making with substantial negative bottom-line result; the YoY improvement is likely influenced by base effects, while the QoQ drop reflects escalating quarterly expenses or non-cash items impacting profitability.
- Earnings Per Share (EPS): -$4.41; YoY change -41,503.77%; QoQ change -102.33%. Interpretation: The extremely negative YoY percentage is a function of a small or negative base in the prior period and continuing losses; the QoQ deterioration underscores continued negative profitability.
- EBITDA: -$5,652,689. Cash flow and non-cash items:
- Depreciation & Amortization: $165,792
- Stock-based compensation: $111,277
- Cash flow:
- Net cash provided by operating activities: -$3,794,648
- Free cash flow: -$3,794,648
- Net cash provided by/(used in) financing activities: +$3,253,615
- Net change in cash: -$560,488
- Cash at end of period: $13,728,202; Cash at beginning: $14,288,690
- Net debt: -$13,564,428 (net cash position)
- Balance sheet highlights:
- Total assets: $27,343,913
- Total current assets: $13,952,279; Total current liabilities: $5,124,276
- Total liabilities: $14,833,726; Total stockholders’ equity: $12,510,187
- Cash and cash equivalents: $13,649,638; Goodwill: $8,674,734; Intangible assets: $4,639,108 (Goodwill and intangible assets: $13,313,842)
- Short-term debt: $85,210; Total debt: $85,210
- Retained earnings: -$188,253,207; Weighted average shares outstanding: 2,246,066
- Net cash burn vs liquidity runway: Despite a sizable cash balance, QQ1 2026 shows ongoing net cash burn from operations (~$3.79M) that is not yet offset by operating profits, highlighting a near-term liquidity-sensitive trajectory contingent on financing activity or early pipeline value realization.