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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