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Note 14 - Asset Acquisition
3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Asset Acquisition [Text Block]

Note 14. Asset Acquisition

 

On January 24, 2025, the Company acquired 100% of the membership interests of Perikard, LLC, which was accounted for as an asset acquisition consisting primarily of a single patent for pericardial access technology.

 

The Company issued 275,000 shares of its common stock valued at $113 thousand as consideration and is obligated to make royalty payments equal to 10% of net sales of the pericardial access kit for five years following the closing date. The patent was determined to be IPR&D with no alternative future use, and accordingly, the Company recognized $119 thousand, consisting of $113 thousand of stock consideration and $6 thousand of direct transaction costs, as acquired in-process research and development in the condensed consolidated statements of operations for the three months ended March 31, 2025. As of March 31, 2025, the Company has not recognized a liability for the contingent royalty payments because they are currently not probable or reasonably estimable.