Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Summary of Significant Accounting Policies

Schedule of segment reporting

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Segment operating expenses:
Compensation and benefits	$	1,933	$	2,382	$	6,826	$	7,845
Professional and legal fees		450		1,030		2,838		4,748
Office and travel		233		408		746		1,206
Research and development		(86)		196		391		8,359
Total selling, general and administrative, and research and development		2,530		4,016		10,801		22,158
Change in fair value of contingent consideration		(37)		—		(3,509)		(97,464)
Total operating costs and expenses		2,493		4,016		7,292		(75,306)
(Loss) income from operations		(2,493)		(4,016)		(7,292)		75,306
Other segment items:
Change in fair value of convertible notes		(1,877)		(1,878)		(5,362)		(170)
Change in fair value of warrants		(236)		(377)		85,950		(15,376)
Loss on issuance of warrants		—		—		(75,644)		—
Loss on embedded forward purchase agreements and derivative liabilities, net		—		81		—		(19,931)
Other income, net		68		19		263		94
Total other segment items, net		(2,045)		(2,155)		5,207		(35,383)
(Loss) income before taxes		(4,538)		(6,171)		(2,085)		39,923
Income taxes		—		—		—		—
Segment net (loss) income	$	(4,538)	$	(6,171)	$	(2,085)	$	39,923

Schedule of property and equipment, net

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

	September 30,		December 31,
	2025		2024
Furniture and fixtures	$	199	$	199
Equipment		241		237
Leasehold improvements		66		66
Property and equipment		506		502
Accumulated depreciation		(325)		(267)
Property and equipment, net	$	181	$	235

Schedule of other accrued expenses

Other accrued expenses were as follows (in thousands):

		September 30,		December 31,
		2025		2024
Legal expenses	$	1,403	$	2,455
Excise tax liability		569		569
Operating lease liability - short term portion		247		121
Daewoong vial usage		228		—
Remaining other accrued expenses		185		455
Total other accrued expenses	$	2,632	$	3,600

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

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

Three months ended September 30, 2025
Net loss	$	(4,538)
Weighted average shares of common stock outstanding, basic and diluted		11,634,946
Net loss per share, basic and diluted	$	(0.39)

Nine months ended September 30, 2025
Net loss	$	(2,085)
Weighted average shares of common stock outstanding, basic and diluted		8,931,566
Net loss per share, basic and diluted	$	(0.23)

Three months ended September 30, 2024
Net loss	$	(6,171)
Weighted average shares of common stock outstanding, basic and diluted		549,175
Net loss per share, basic and diluted	$	(11.24)

Nine months ended September 30, 2024
Net income	$	39,923
Weighted average shares of common stock outstanding, basic		535,693
Net income per share, basic		74.53
Weighted average shares of common stock outstanding, diluted		574,216
Net income per share, diluted	$	69.53

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		Nine Months Ended
	September 30,		September 30,
	2025	2024	2025	2024
Warrants	3,747,798	55,403	3,747,798	55,403
Contingent consideration	—	222,653	—	222,653
Common stock options and restricted stock units	461,962	124,585	461,962	86,061
Convertible notes	399,128	399,128	399,128	399,128
	4,608,888	801,769	4,608,888	763,245