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Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table
PAY VERSUS PERFORMANCE
In accordance with rules adopted by the Securities and Exchange Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive compensation for our principal executive officer (“PEO”) and Non-PEO NEOs and Company performance for the fiscal years listed below. The Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
Summary
Compensation
Table
Total for PEO1
($)
 
 
Compensation
Actually Paid
to PEO1,2,3
($)
 
 
Average
Summary
Compensation
Table Total for
Non-PEO
NEOs1
($)
 
 
Average
Compensation
Actually Paid
to Non-PEO
NEOs1,2,3
($)
 
 
Value of
Initial Fixed
$100
Investment
based on
TSR4
 
 
Net Income
($ Thousands)
2025
 
 
4,738,494
 
 
10,636,158
 
 
1,888,753
 
 
2,948,461
 
 
266.25
 
 
(20,370)
2024
 
 
1,752,802
 
 
1,063,510
 
 
861,316
 
 
611,437
 
 
64.38
 
 
31,869
2023
 
 
2,611,138
 
 
519,365
 
 
1,127,080
 
 
528,064
 
 
96.88
 
 
(569)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.
Sean A. McCarthy, D. Phil. was our PEO for each year presented. The individuals comprising the Non-PEO NEOs for each year presented are listed below.
 
 
 
 
 
 
 
2023
 
 
2024
 
 
2025
Jeff Landau
 
 
Chris Ogden
 
 
Chris Ogden
Marcia P. Belvin
 
 
Wayne Chu
 
 
Rachael Lester
 
 
 
 
 
 
 
2.
The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below.
3.
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards and Option Awards column are the totals from the Stock Awards and Option Awards columns set forth in the Summary Compensation Table.
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
Summary
Compensation
Table Total for
Sean
A. McCarthy,
D. Phil.
($)
 
 
Exclusion of
Stock Awards
and Option
Awards for
Sean
A. McCarthy,
D. Phil.
($)
 
 
Inclusion of
Equity Values
for Sean
A. McCarthy,
D. Phil.
($)
 
 
Compensation
Actually Paid
to Sean
A. McCarthy,
D. Phil.
($)
2025
 
 
4,738,494
 
 
(3,308,633)
 
 
9,206,297
 
 
10,636,158
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
Average
Summary
Compensation
Table Total for
Non-PEO
NEOs
($)
 
 
Average
Exclusion of
Stock Awards
and Option
Awards for
Non-PEO
NEOs
($)
 
 
Average
Inclusion of
Equity Values
for Non-PEO
NEOs
($)
 
 
Average
Compensation
Actually Paid
to Non-PEO
NEOs
($)
2025
 
 
1,888,753
 
 
(1,332,326)
 
 
2,392,034
 
 
2,948,461
 
 
 
 
 
 
 
 
 
 
 
 
 
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
Year-End
Fair Value of
Equity
Awards
Granted
During Year
That
Remained
Unvested as
of Last Day
of Year for
Sean
A. McCarthy,
D. Phil.
($)
 
 
Change in
Fair Value
from Last
Day of Prior
Year to Last
Day of Year
of Unvested
Equity
Awards for
Sean
A. McCarthy,
D. Phil.
($)
 
 
Vesting-Date
Fair Value of
Equity
Awards
Granted
During Year
that Vested
During Year
for Sean
A. McCarthy,
D. Phil.
($)
 
 
Change in
Fair Value
from Last
Day of Prior
Year to
Vesting Date
of Unvested
Equity
Awards that
Vested
During Year
for Sean
A. McCarthy,
D. Phil.
($)
 
 
Fair Value
at Last Day of
Prior Year
of Equity
Awards
Forfeited
During Year
for Sean
A. McCarthy,
D. Phil.
($)
 
 
Total -
Inclusion of
Equity
Values for
Sean
A. McCarthy,
D. Phil.
($)
2025
 
 
6,876,499
 
 
1,302,775
 
 
780,454
 
 
246,569
 
 
—
 
 
9,206,297
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
Average Year-
End Fair Value
of Equity
Awards
Granted
During Year
That
Remained
Unvested as of
Last Day of
Year for Non-
PEO NEOs
($)
 
 
Average
Change in Fair
Value from
Last Day of
Prior Year to
Last Day of
Year of
Unvested
Equity Awards
for Non-PEO
NEOs
($)
 
 
Average
Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year
for Non-PEO
NEOs
($)
 
 
Average
Change in Fair
Value from
Last Day of
Prior Year to
Vesting Date of
Unvested
Equity Awards
that Vested
During Year
for Non-PEO
NEOs
($)
 
 
Average Fair
Value at Last
Day of Prior
Year of Equity
Awards
Forfeited
During Year
for Non-PEO
NEOs
($)
 
 
Total -
Average
Inclusion of
Equity Values
for Non-PEO
NEOs
($)
2025
 
 
1,951,889
 
 
295,638
 
 
103,727
 
 
40,780
 
 
—
 
 
2,392,034
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.
Assumes $100 was invested in the Company for the period starting December 31, 2022, through the end of the listed year. Historical stock performance is not necessarily indicative of future stock performance.
   
Named Executive Officers, Footnote
1.
Sean A. McCarthy, D. Phil. was our PEO for each year presented. The individuals comprising the Non-PEO NEOs for each year presented are listed below.
 
 
 
 
 
 
 
2023
 
 
2024
 
 
2025
Jeff Landau
 
 
Chris Ogden
 
 
Chris Ogden
Marcia P. Belvin
 
 
Wayne Chu
 
 
Rachael Lester
 
 
 
 
 
 
 
    
PEO Total Compensation Amount $ 4,738,494 $ 1,752,802 $ 2,611,138
PEO Actually Paid Compensation Amount $ 10,636,158 1,063,510 519,365
Adjustment To PEO Compensation, Footnote
3.
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards and Option Awards column are the totals from the Stock Awards and Option Awards columns set forth in the Summary Compensation Table.
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
Summary
Compensation
Table Total for
Sean
A. McCarthy,
D. Phil.
($)
 
 
Exclusion of
Stock Awards
and Option
Awards for
Sean
A. McCarthy,
D. Phil.
($)
 
 
Inclusion of
Equity Values
for Sean
A. McCarthy,
D. Phil.
($)
 
 
Compensation
Actually Paid
to Sean
A. McCarthy,
D. Phil.
($)
2025
 
 
4,738,494
 
 
(3,308,633)
 
 
9,206,297
 
 
10,636,158
 
 
 
 
 
 
 
 
 
 
 
 
 
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
Year-End
Fair Value of
Equity
Awards
Granted
During Year
That
Remained
Unvested as
of Last Day
of Year for
Sean
A. McCarthy,
D. Phil.
($)
 
 
Change in
Fair Value
from Last
Day of Prior
Year to Last
Day of Year
of Unvested
Equity
Awards for
Sean
A. McCarthy,
D. Phil.
($)
 
 
Vesting-Date
Fair Value of
Equity
Awards
Granted
During Year
that Vested
During Year
for Sean
A. McCarthy,
D. Phil.
($)
 
 
Change in
Fair Value
from Last
Day of Prior
Year to
Vesting Date
of Unvested
Equity
Awards that
Vested
During Year
for Sean
A. McCarthy,
D. Phil.
($)
 
 
Fair Value
at Last Day of
Prior Year
of Equity
Awards
Forfeited
During Year
for Sean
A. McCarthy,
D. Phil.
($)
 
 
Total -
Inclusion of
Equity
Values for
Sean
A. McCarthy,
D. Phil.
($)
2025
 
 
6,876,499
 
 
1,302,775
 
 
780,454
 
 
246,569
 
 
—
 
 
9,206,297
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
Non-PEO NEO Average Total Compensation Amount $ 1,888,753 861,316 1,127,080
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,948,461 611,437 528,064
Adjustment to Non-PEO NEO Compensation Footnote
3.
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards and Option Awards column are the totals from the Stock Awards and Option Awards columns set forth in the Summary Compensation Table.
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
Average
Summary
Compensation
Table Total for
Non-PEO
NEOs
($)
 
 
Average
Exclusion of
Stock Awards
and Option
Awards for
Non-PEO
NEOs
($)
 
 
Average
Inclusion of
Equity Values
for Non-PEO
NEOs
($)
 
 
Average
Compensation
Actually Paid
to Non-PEO
NEOs
($)
2025
 
 
1,888,753
 
 
(1,332,326)
 
 
2,392,034
 
 
2,948,461
 
 
 
 
 
 
 
 
 
 
 
 
 
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
Average Year-
End Fair Value
of Equity
Awards
Granted
During Year
That
Remained
Unvested as of
Last Day of
Year for Non-
PEO NEOs
($)
 
 
Average
Change in Fair
Value from
Last Day of
Prior Year to
Last Day of
Year of
Unvested
Equity Awards
for Non-PEO
NEOs
($)
 
 
Average
Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year
for Non-PEO
NEOs
($)
 
 
Average
Change in Fair
Value from
Last Day of
Prior Year to
Vesting Date of
Unvested
Equity Awards
that Vested
During Year
for Non-PEO
NEOs
($)
 
 
Average Fair
Value at Last
Day of Prior
Year of Equity
Awards
Forfeited
During Year
for Non-PEO
NEOs
($)
 
 
Total -
Average
Inclusion of
Equity Values
for Non-PEO
NEOs
($)
2025
 
 
1,951,889
 
 
295,638
 
 
103,727
 
 
40,780
 
 
—
 
 
2,392,034
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
Compensation Actually Paid vs. Total Shareholder Return
Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Company Total Shareholder Return (“TSR”)
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, and the Company’s cumulative TSR over the three most recently completed fiscal years.
   
Compensation Actually Paid vs. Net Income
Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Net Income
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, and our Net Income during the three most recently completed fiscal years.
    
Total Shareholder Return Amount $ 266.25 $ 64.38 $ 96.88
PEO Name Sean A. McCarthy, D. Phil. Sean A. McCarthy, D. Phil. Sean A. McCarthy, D. Phil.
Equity Awards Adjustments, Footnote
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
Year-End
Fair Value of
Equity
Awards
Granted
During Year
That
Remained
Unvested as
of Last Day
of Year for
Sean
A. McCarthy,
D. Phil.
($)
 
 
Change in
Fair Value
from Last
Day of Prior
Year to Last
Day of Year
of Unvested
Equity
Awards for
Sean
A. McCarthy,
D. Phil.
($)
 
 
Vesting-Date
Fair Value of
Equity
Awards
Granted
During Year
that Vested
During Year
for Sean
A. McCarthy,
D. Phil.
($)
 
 
Change in
Fair Value
from Last
Day of Prior
Year to
Vesting Date
of Unvested
Equity
Awards that
Vested
During Year
for Sean
A. McCarthy,
D. Phil.
($)
 
 
Fair Value
at Last Day of
Prior Year
of Equity
Awards
Forfeited
During Year
for Sean
A. McCarthy,
D. Phil.
($)
 
 
Total -
Inclusion of
Equity
Values for
Sean
A. McCarthy,
D. Phil.
($)
2025
 
 
6,876,499
 
 
1,302,775
 
 
780,454
 
 
246,569
 
 
—
 
 
9,206,297
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
Average Year-
End Fair Value
of Equity
Awards
Granted
During Year
That
Remained
Unvested as of
Last Day of
Year for Non-
PEO NEOs
($)
 
 
Average
Change in Fair
Value from
Last Day of
Prior Year to
Last Day of
Year of
Unvested
Equity Awards
for Non-PEO
NEOs
($)
 
 
Average
Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year
for Non-PEO
NEOs
($)
 
 
Average
Change in Fair
Value from
Last Day of
Prior Year to
Vesting Date of
Unvested
Equity Awards
that Vested
During Year
for Non-PEO
NEOs
($)
 
 
Average Fair
Value at Last
Day of Prior
Year of Equity
Awards
Forfeited
During Year
for Non-PEO
NEOs
($)
 
 
Total -
Average
Inclusion of
Equity Values
for Non-PEO
NEOs
($)
2025
 
 
1,951,889
 
 
295,638
 
 
103,727
 
 
40,780
 
 
—
 
 
2,392,034
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
Net Income (Loss) Available to Common Stockholders, Basic $ (20,370,000) $ 31,869,000 $ (569,000)
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (3,308,633)    
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 9,206,297    
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 6,876,499    
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 1,302,775    
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 780,454    
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 246,569    
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0    
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (1,332,326)    
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 2,392,034    
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 1,951,889    
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 295,638    
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 103,727    
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 40,780    
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ 0