Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2025

Summary of Significant Accounting Policies

Schedule of segment reporting

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Segment operating expenses:
Compensation and benefits	$	2,505	$	2,623	$	4,894	$	5,463
Professional and legal fees		1,167		1,174		2,386		3,718
Office and travel		285		418		515		798
Research and development		365		3,545		477		8,163
Total selling, general and administrative, and research and development		4,322		7,760		8,272		18,142
Change in fair value of contingent consideration		16		(161,233)		(3,472)		(97,464)
Total operating costs and expenses		4,338		(153,473)		4,800		(79,322)
(Loss) income from operations		(4,338)		153,473		(4,800)		79,322
Other segment items:
Change in fair value of convertible notes		(1,854)		1,795		(3,485)		1,708
Change in fair value of warrants		(542)		5,905		86,187		(14,999)
Loss on issuance of warrants		—		—		(75,644)		—
Loss on embedded forward purchase agreements and derivative liabilities, net		—		2,905		—		(20,012)
Other income, net		92		34		195		75
Total other segment items, net		(2,304)		10,639		7,253		(33,228)
(Loss) income before taxes		(6,642)		164,112		2,453		46,094
Income taxes		—		—		—		—
Segment net (loss) income	$	(6,642)	$	164,112	$	2,453	$	46,094

Schedule of property and equipment, net

Property and equipment, net, as of June 30, 2025 and December 31, 2024 are as follows (in thousands):

	June 30,		December 31,
	2025		2024
Furniture and fixtures	$	199	$	199
Equipment		241		237
Leasehold improvements		66		66
Property and equipment		506		502
Accumulated depreciation		(306)		(267)
Property and equipment, net	$	200	$	235

Schedule of other accrued expenses

Other accrued expenses were as follows (in thousands):

		June 30,		December 31,
		2025		2024
Legal expenses	$	1,804	$	2,455
Excise tax liability		569		569
Operating lease liability - short term portion		242		121
Daewoong vial usage		228		—
Remaining other accrued expenses		158		455
Total other accrued expenses	$	3,001	$	3,600

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

Basic and diluted net (loss) income per share for three and six months ended June 30, 2025 and 2024 were calculated as follows (in thousands, except share and per share amounts):

Three months ended June 30, 2025
Net loss	$	(6,642)
Weighted average shares of common stock outstanding, basic and diluted		11,090,809
Net loss per share, basic and diluted	$	(0.60)

Six months ended June 30, 2025
Net income	$	2,453
Weighted average shares of common stock outstanding, basic		7,557,472
Net loss per share, basic	$	0.32
Weighted average shares of common stock outstanding, diluted		7,848,566
Net income per share, diluted	$	0.31

Three months ended June 30, 2024
Net income	$	164,112
Weighted average shares of common stock outstanding, basic and diluted		539,840
Net income per share, basic and diluted	$	304.00

Six months ended June 30, 2024
Net income	$	46,094
Weighted average shares of common stock outstanding, basic and diluted		528,878
Net income per share, basic and diluted	$	87.15

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		Six Months Ended
	June 30,		June 30,
	2025	2024	2025	2024
Warrants	3,747,798	55,403	3,747,798	55,403
Contingent consideration	—	222,223	—	222,223
Common stock options and restricted stock units	461,962	72,442	170,869	72,442
Convertible notes	399,128	399,128	399,128	399,128
	4,608,888	749,196	4,317,795	749,196