Net Loss

Q1 2025 net loss improved by 14.8% (from $(5,331,064) to $(4,542,528))

The improvement was largely driven by a reduction in research and development expenses—supported by a $1,650,000 CIRM grant reimbursement—and more focused cost management compared to Q1 2024, where higher R&D and operating expenses resulted in a deeper loss. " "

Loss per Share

Reduced by 31.8% (from $(0.22) to $(0.15))

Although the company experienced an increased net loss in absolute terms in previous periods, the marked improvement in Q1 2025 is due to both the reduced net loss and the impact of a higher weighted average share count, which diluted the per share loss further. " "

Operating Cash Flow

Operating cash use improved by 55.8% (from $(3,826,846) to $(1,685,140))

The significant decrease in cash used is attributed to the lower net loss and reduced non-cash expenses (such as slightly lower stock‐based compensation) as well as favorable working capital adjustments, which together partly offset prior heavier cash outflows in Q1 2024. " "

Cash Position

Declined by 45.7% (from $29,319,233 to $15,921,101)

Even though operating cash flow improved, the cash position fell sharply due to the cumulative effect of prior periods’ financing and investing activities. The absence of significant financing cash inflows in Q1 2025, compared to Q1 2024’s substantial equity financing, combined with operating cash outflows, led to the reduced end-of-quarter balance. " "

Dilution Indicator

Increased by approximately 26.7% (weighted average shares from 23,438,143 to 29,701,080)

The rise in the weighted average shares is mainly due to ongoing equity financing activities—including public offerings, ATM facilities, and stock-based compensation—where additional shares were issued compared to previous periods, thereby increasing dilution despite the improvements in other operating metrics. " "