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Other Agreements
9 Months Ended
Sep. 30, 2026
Related Party Transactions [Abstract]  
Other Agreements Other Agreements
Gliomic Therapeutics

On September 12, 2026, the Company entered into a Contribution and Exchange Agreement (the “Contribution Agreement”) with Gliomic Holdings Inc. (“Gliomic Holdings”), a newly formed company of which Dr. Duane Nash, a former member of the Board, is Chief Executive Officer, pursuant to which the Company contributed to Gliomic Holdings all of the outstanding shares of its wholly-owned subsidiary, Gliomic Therapeutics, together with certain related assets, in exchange for 195,128 shares of Gliomic Holdings common stock, representing 19.99% of the outstanding shares of Gliomic Holdings common stock on a fully diluted basis. The Company is entitled to receive, without further consideration, additional shares of Gliomic Holdings common stock as necessary to maintain its 19.99% fully diluted ownership interest until Gliomic Holdings has raised an aggregate of $20.0 million in one or more bona fide financings. The transaction was accounted for as a transfer of a nonfinancial asset. The 19.99% equity interest in Gliomic Holdings is accounted for as an equity security. The carrying value of the equity security will be adjusted based on observable transactions for the same or similar shares of Gliomic Holdings. As both the assets of Gliomic Therapeutics and the 19.99% interest in Gliomic Holdings were determined to have de minimis value, no gain or loss was recognized, and the interest is currently held at $0. Concurrent with the Contribution Agreement, the Company executed a license agreement (the “License Agreement”) with Gliomic Therapeutics (as licensee) covering certain
patents, knowhow, and compounds. Under the License Agreement, the Company will receive a 4% royalty on future sales of Gliomic’s product candidates, as well as a $25 million milestone payment on the first regulatory approval in neuro-oncology, and an additional $25 million milestone payment on the first regulatory approval in oncology outside of neuro-oncology upon the event that either milestone is attained. Future royalty payments will be recognized as revenue in the period the underlying sales occur. The milestone payments represent variable consideration which has been fully constrained due to the uncertainty of the milestones being met and will be recognized when earned.