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Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2025
Summary of Significant Accounting Policies  
Schedule of segment reporting

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​

​

​

​

​

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):

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​

​

​

​

​

​

​

​

​

​

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

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​

​

​

​

​

​

​

​

​

​

    

​

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):

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​

​

​

​

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

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​

​

​

​

​

​

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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

​