Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Fair Value of Assets Acquired

The estimated fair value of the assets acquired on November 6, 2025 are as follows (in thousands):

Assets acquired:	As of November 6, 2025
Prepaid clinical supply	$	8,835
LYL273 license	66,332
Total assets	$	75,167

The total consideration paid for the Merger consisted of the following (in thousands):

Fair value of components of purchase price consideration at closing:	As of Closing Date
Cash (including $11.9 million for existing cash balances)	$	41,913
Common Stock	36,011
Representative holdback	200
Contingent consideration payable	11,404
Company’s capitalizable transaction expenses	4,215
Total consideration paid	$	93,743

The estimated fair value of the net assets acquired at Closing Date are as follows (in thousands):

Assets acquired:	As of Closing Date
Cash and cash equivalents	$	14,982
Prepaid expenses and other current assets	1,211
Property and equipment, net	4,446
Long-term deposits	459
Operating lease right-of-use assets	1,816
Assembled workforce intangible asset	1,315
IPR&D asset	87,184
Total assets	$	111,413
Liabilities Assumed:
Accounts payable and other current liabilities	$	16,090
Operating lease liability, long-term	1,580
Total liabilities assumed	17,670
Total net assets acquired	$	93,743