7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 
      
    		                                
      cash flows from operating activities:
    		                                
      net income
    		-43,804,000 -45,268,000 -36,997,000 -36,653,041 -29,791,789 -23,721,820 -21,612,455 -18,848,472 -18,404,540 -14,587,687 -11,938,417 -11,581,346 -10,893,721 -9,960,526 -7,934,447 -6,753,500 -6,027,246 -14,032,852 -2,791,668 -2,550,893 -2,474,298 -2,201,989 -2,246,995 -1,809,025 -1,984,253 -1,720,178 -1,845,908 -1,825,301 -1,871,107 -1,816,460 -1,967,947 -1,724,188 
      adjustments to reconcile net income to net cash from operations:
    		                                
      depreciation
    		41,000 40,000 37,000 35,254 34,021 31,115 29,557 27,948 33,555 37,331 43,938 48,937 53,545 52,447 55,989 63,029 63,609 78,375 98,222 97,890 96,567 96,342 94,792 93,307 86,351 83,170 76,168 70,523 62,810 49,966 39,738 28,541 
      stock-based compensation
    		6,779,000 2,704,000 2,444,000 2,315,282 1,931,201 1,410,512 1,331,346 1,242,532 1,108,638 1,276,982 1,273,282 1,139,421 1,223,054 1,519,459 756,271 920,604 699,916 540,317 449,098 427,090 448,947 423,193 464,649 360,855 303,243 192,246 184,645 255,576 300,276 276,285 336,479 313,289 
      amortization of debt issuance costs and discount
    		778,000 537,000 551,000 550,097 478,253 236,993 65,309 63,813 61,721 59,214 57,004 111,573 104,645 84,527 95,012 94,460 91,790                
      payment-in-kind interest
    		272,000 252,000 249,000 253,124 252,488    459,072    105,766                    
      non-cash operating lease expense
    		-3,000                                
      change in accrued interest income
    		-1,180,000 1,286,000 -946,000 1,262,841 -473,584 -484,991 -153,845 -554,126 -480,519 1,738,999 -1,697,811                7,963      
      changes in operating assets and liabilities:
    		                                
      other current assets
    		-5,449,000 -2,815,000 -2,436,000 -964,992 269,431 1,202,693 268,849 -2,372,286                         
      accounts payable
    		-55,000 1,227,000 613,000 221,989 2,911,087 944,824 237,992 -601,309 2,610,832 429,636 -8,545 -476,096 848,031 192,054 513,091 -247,449 1,115,363 364,094 73,924 117,628 -5,632 33,172 -92,197 -57,360 58,222 31,446 13,309 33,993 -21,165 -45,527 58,131 38,285 
      accrued expenses
    		-2,195,000 5,826,000 633,000 5,210,223 3,827,956 1,921,296 2,298,379 2,039,958 3,016,001 830,957 -1,020,102 986,965 1,395,010 461,913 413,499 -76,959 230,179 -11,177 -113,763 17,739 146,365 -3,954 30,143 40,832 -13,707 72,000 12,278 -240,408 -30,584 79,793 146,850 221,487 
      net cash from operating activities
    		-44,816,000 -36,212,000 -35,853,000 -27,769,983 -20,561,698 -18,066,901 -17,068,161 -18,535,921 -12,746,442 -9,662,052 -12,867,838 -9,479,260 -9,306,779 -11,289,100 -5,933,032 -6,124,002 -4,048,685 -7,617,748 -2,521,505 -2,107,251 -1,648,792 -1,556,045 -1,833,601 -1,703,758 -1,478,000 -1,226,922 -1,590,031 -1,519,218 -1,772,770 -1,336,651 -1,447,630  
      capex
    		-97,000 -39,000 -60,000 -45,149 -50,780 -64,273 -89,676 -32,699 -53,104 -4,854 -6,987 -112,044 -12,103 -22,986 -11,635 -9,939 -14,062 -26,972 -30,925 -13,877 -8,905 -20,985 -45,604 -27,711 -168,662 -136,187 -47,641 -147,182 -110,144 -168,022 -204,260  
      free cash flows
    		-44,913,000 -36,251,000 -35,913,000 -27,815,132 -20,612,478 -18,131,174 -17,157,837 -18,568,620 -12,799,546 -9,666,906 -12,874,825 -9,591,304 -9,318,882 -11,312,086 -5,944,667 -6,133,941 -4,062,747 -7,644,720 -2,552,430 -2,121,128 -1,657,697 -1,577,030 -1,879,205 -1,731,469 -1,646,662 -1,363,109 -1,637,672 -1,666,400 -1,882,914 -1,504,673 -1,651,890  
      cash flows from investing activities:
    		                                
      proceeds from maturities of investments
    		32,307,000 129,930,000 66,808,000 227,210,816 154,745,140 135,328,269 125,061,320 88,560,119 77,181,375 118,873,027 25,000,000                      
      purchases of investments
    		-289,821,000 -64,035,000 -42,486,000 -189,607,150 -152,790,769 -241,331,688 -121,435,343 -129,745,550 -70,875,888 -110,778,184 -3,125,462                 0 0 -2,500,000 -735,000 -28,492,135 
      purchases of property and equipment
    		-97,000 -39,000 -60,000 -45,149 -50,780 -64,273 -89,676 -32,699 -53,104 -4,854 -6,987 -112,044 -12,103 -22,986 -11,635 -9,939 -14,062 -26,972 -30,925 -13,877 -8,905 -20,985 -45,604 -27,711 -168,662 -136,187 -47,641 -147,182 -110,144 -168,022 -204,260 -36,352 
      net cash from investing activities
    		-257,611,000 65,856,000 24,262,000 37,558,517 1,903,591 -106,067,692 3,536,301 -41,218,130 6,252,383 8,089,989 21,867,551 -143,985,070 -12,103 -22,986 -11,635 -9,939 -14,062 -26,972 -30,425 -13,877 -8,905 -20,985 -45,604 4,137,289 2,831,338 1,363,813 197,359 13,665,818 2,374,856 1,856,978 1,196,740  
      cash flows from financing activities:
    		                                
      proceeds from exercise of common stock warrants
    		12,870,000 0 5,600,000 1 553,679 172,986 14,009,151         7,505 0 0 11,257         0 0 0 183,759  
      proceeds from exercise of employee stock options
    		2,364,000   103,813 330,745 203,923 131,090 102,958 44,002 113,640 127,922 128,179 7,277 9,542 7,414 21,461 5,100          174,957      
      proceeds from employee stock purchases
    		0   144,355 0   100,207 0   91,169 0   40,022 0   36,406 0   29,560 0   61,935 0    
      proceeds from equity offering, net of underwriting discounts and offering costs
    		                                
      proceeds from convertible note payable, net of debt issuance cost and discount of 5,774
    		                                
      proceeds from note payable, net of debt issuance costs and discount of 2,248 and 2,438 in 2025 and 2024, respectively
    		                                
      proceeds from an atm offering, net of issuance costs
    		   0 0                            
      payments for secondary registration statement costs
    		0 -1,000 -46,000 -125,168 -68,183 22,360 -56,414 82,493 -28,758 -43,751 -55,789  -105,516 -161,137 -52,244 -14,021 25,197 -17,049 -12,016 -860 -75,032   0 0        
      net cash from financing activities
    		330,325,000 232,000 5,554,000 123,000 802,596 123,378,652 14,083,827 64,656,938 15,244 171,547 67,948 120,552,111 -108,166 -72,516 -46,288 53,510 52,790,936 14,346,441 25,850,921 62,652 -76,475 153,230 -1,438 31,876 -1,433 56,633 172,229 -10,765 -16,094 79,797 183,759 -25,907 
      net change in cash and cash equivalents
    		27,898,000 29,876,000 -6,037,000 9,911,534 -17,855,511 -755,941 551,967 4,902,887 -6,478,815 -1,400,516 9,067,661 -32,912,219 -9,427,048 -11,384,602 -5,990,955 -6,080,431 48,728,189 6,701,721 23,298,991 -2,058,476 -1,734,172           -29,664,356 
      cash and cash equivalents:
    		                                
      beginning of period
    		0 0 22,515,000 0 0 0 30,662,774 0 0 0 24,571,557 0 0 0 84,286,381 0 0 0 11,637,911 0 0 0 18,735,002 0 0 0 15,944,609 0 0 0 2,689,789 0 
      end of period
    		27,898,000 29,876,000 16,478,000 9,911,534 -17,855,511 -755,941 31,214,741 4,902,887 -6,478,815 -1,400,516 33,639,218 -32,912,219 -9,427,048 -11,384,602 78,295,426 -6,080,431 48,728,189 6,701,721 34,936,902 -2,058,476 -1,734,172 -1,423,800 16,854,359 2,465,407 1,351,905 193,524 14,724,166 12,135,835 585,992 600,124 2,622,658 -29,664,356 
      supplemental disclosure of cash flow information:
    		                                
      interest paid
    		2,622,000 2,416,000 2,383,000 2,471,939 2,613,248 1,631,004 869,893 868,610 851,338 807,279 746,824 423,119 327,252 267,006 237,903                  
      supplemental disclosures of non-cash investing and financing activities:
    		                                
      change in accounts payable attributed to offering and registration statement costs
    		-13,000                                
      change in accounts payable attributed to property and equipment
    		2,000                                
      common stock warrants issued with note payable transaction
    		    0                            
      offering costs accrued but unpaid at the end of the period
    		                                
      proceeds from follow-on offering, net of underwriting discounts and offering costs
    		   -1 -5,918           0 52,762,092 -45,674 25,814,167              
      proceeds from note payable, net of debt issuance costs and discount of 2,430 in 2024
    		                                
      payments for debt issuance costs
    		       0 0 0 -2,716                     0 
      non-cash interest receivable
    		                                
      non-cash operating lease
    		  -1,000 -760   1,197 1,197 1,196 1,537 438 -452 -1,105 -1,628 -58 -59 -1,131 -3,274 -3,276 -3,275 10,221 -7,412 -21,342 8,694 -6,272 9,123 -20,661      
      deferred financing costs and offering and registration statement costs included in accounts payable
    		                                
      property and equipment included in accounts payable
    		   -12,167   18,702 654 -7,032      22,987     16,619   14,101          
      property and equipment included in accrued expenses
    		      12,036                          
      exercise of stock options pending receipt of cash proceeds
    		  2,000    108,210                          
      proceeds from note payable, net of debt issuance costs and discount of 2,437,644
    		   0                             
      proceeds from pre-funded warrants, net of offering costs
    		                                
      payments for finance leases
    		       0 0 -980 -1,469 -1,466 -1,464 -1,462 -1,458 -1,457 -1,453 -1,451 -1,449 -1,446 -1,443 -1,442 -1,438 -1,437         
      common stock warrants issued with the note payable transaction
    		                                
      offering and registration statement costs included in accounts payable
    		    30,976 320 13,325  11,722 -259 2,402  -89,192 -3,815 104,237    51,245              
      proceeds from note payable, net of debt issuance costs and discount of 2,429,917
    		                                
      pik interest
    		      465,510    438,184    102,086 103,653 102,951                
      proceeds from a private placement offering, net of discounts and offering costs
    		                                
      proceeds from note payable, net of debt issuance and discount costs
    		                                
      proceeds from an atm offering, net of commission fees and offering costs
    		                                
      deferred financing costs and offering and registration statement costs included in accrued expenses
    		                                
      payroll tax receivable
    		         38,263 165,402 57,261 -165,626 97,734 105,730 57,545                 
      prepaid assets and deposits
    		         64,212 -181,211 234,095 -1,976,378 -3,838,992 -40,205 -285,326 -157,807 271,801 -234,305 -213,430 129,038 104,603 -62,651 -164,886 60,335 102,233 -17,825 82,382 -192,602 92,675 -36,969 37,721 
      offering and registration statement costs included in accrued expenses
    		                                
      issuance of common stock, licensing agreement
    		               0 0                
      loss on sale of fixed assets
    		               0 0 0 263              
      proceeds from sale of property and equipment
    		               0 0 0 500         3,000 0 0 1,000  
      issuance of common stock warrants and final fee recognized as discount to note payable
    		               0 0                
      proceeds from note payable, net of debt issuance costs and discount of 652,061
    		               0 0                
      gross proceeds from an atm offering
    		               0 0 0 38,962 28,552 0            
      registration statement costs included in accounts payable
    		                      6,127          
      offering and registration statement costs included in accounts payable and accrued expenses
    		                                
      see accompanying notes to the financial statements
    		                                
      non-cash interest income, net of cash received
    		                       13,825 18,081        
      proceeds from sale of investments
    		                       4,165,000 3,000,000 1,500,000 245,000 13,810,000 2,485,000 4,525,000 2,135,000  
      net change in cash, cash equivalents, and restricted cash
    		                      -1,880,643  1,351,905 193,524 -1,220,443 12,135,835 585,992 600,124 -67,131  
      gain on sale of fixed assets
    		                                
      payments for taxes related to net share settlement of stock options exercised
    		                                
      payments for ipo costs
    		                                
      property and equipment funded by finance lease
    		                                
      leasehold improvements funded by landlord and related deferred rent included in accrued expenses
    		                                
      proceeds from employee stock options exercised
    		                        0        
      cash, cash equivalents, and restricted cash:
    		                                
      payments for capital leases
    		                         -1,432 -1,428 -1,427     
      payments for shelf registration statement costs
    		                          -1,300      
      non-cash interest expense
    		                               0 
      proceeds from sale of convertible promissory notes
    		                               0 
      proceeds from initial public offering of common stock
    		                               0 
      payments for initial public offering costs
    		                               -27,959 
      non-cash interest income adjustment
    		                            -20,398    
      payments for registration statement costs
    		                                
      deferred transaction costs
    		                                
      non-cash interest income
    		                              -23,912  
      adjustments to reconcile net income to net cash used by operations:
    		                                
      net cash used by operating activities
    		                                
      net cash used by investing activities
    		                                
      proceeds from sale of member shares, net of issuance costs
    		                                
      non-cash financing activities:
    		                                
      debt issuance costs netted against proceeds from sale of convertible promissory notes
    		                               0 
      debt discount related to investor and agent warrants
    		                               0 
      initial public offering costs included in accounts payable
    		                                
      underwriter’s reimbursable offering costs netted against initial public offering proceeds
    		                               0 
      proceeds from sale of member units, net of issuance costs
    		                                
      initial public offering costs included in accounts payable and accrued expenses
    		                                
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.