Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2025

Summary of Significant Accounting Policies

Schedule of segment reporting

	Three Months Ended
	March 31,
	2025		2024
Segment operating expenses:
Compensation and benefits	$	2,388	$	2,840
Professional and legal fees		1,215		2,544
Office and travel		234		380
Research and development		113		4,617
Total selling, general and administrative, and research and development		3,950		10,381
Change in fair value of contingent consideration		(3,488)		63,769
Total operating costs and expenses		462		74,150
Loss from operations		(462)		(74,150)
Other segment items:
Change in fair value of convertible notes		(1,631)		(87)
Change in fair value of warrants		86,729		(20,903)
Loss on issuance of warrants		(75,644)		—
Loss on embedded forward purchase agreements and derivative liabilities, net		—		(22,917)
Other income, net		103		39
Total other segment items, net		9,557		(43,868)
Income (loss) before taxes		9,095		(118,018)
Income taxes		—		—
Segment net income (loss)	$	9,095	$	(118,018)

Schedule of property and equipment, net

Property and equipment, net, as of March 31, 2025 (unaudited) and December 31, 2024 are as follows (in thousands):

	March 31,		December 31,
	2025		2024
Furniture and fixtures	$	199	$	199
Equipment		241		237
Leasehold improvements		66		66
Property and equipment		506		502
Accumulated depreciation		(286)		(267)
Property and equipment, net	$	220	$	235

Schedule of other accrued expenses

		March 31,		December 31,
		2025		2024
Legal expenses	$	1,725	$	2,455
Excise tax liability		569		569
Operating lease liability - short term portion		197		121
Daewoong vial usage		228		—
Remaining other accrued expenses		40		455
Total other accrued expenses	$	2,759	$	3,600

Schedule of basic and diluted net income (loss) per share

Basic and diluted net income (loss) per share for three months ended March 31, 2025 and March 31, 2024 were calculated as follows (in thousands, except share and per share amounts) (unaudited):

Three months ended March 31, 2025
Net income	$	9,095
Weighted average shares of common stock outstanding, basic and diluted		3,984,876
Net income per share, basic and diluted	$	2.28

Three months ended March 31, 2024
Net loss	$	(118,018)
Weighted average shares of common stock outstanding, basic and diluted		517,915
Net loss per share, basic and diluted	$	(227.87)

Schedule of potentially dilutive securities outstanding have been excluded from the computation of diluted weighted average shares outstanding because such securities have an anti-dilutive impact

	Three Months Ended
	March 31,
	2025	2024
Warrants	4,043,382	114,946
Contingent consideration	—	222,223
Common stock options and restricted stock units	124,584	76,939
Convertible notes	399,128	—
	4,567,094	414,108