Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

Schedule of segment reporting

	Year Ended
	December 31,
	2025		2024
Segment operating expenses:
Compensation and benefits	$	10,431	$	9,153
Professional and legal fees		3,868		6,233
Office and travel		1,017		1,533
Research and development		986		10,905
Total selling, general and administrative, and research and development		16,302		27,824
Change in fair value of contingent consideration		(3,499)		(100,809)
Total operating costs and expenses		12,803		(72,985)
(Loss) income from operations		(12,803)		72,985
Other segment items:
Change in fair value of convertible notes		(22,911)		3,311
Change in fair value of warrants		84,934		(14,719)
Loss on issuance of warrants		(75,644)		—
Loss on embedded forward purchase agreements		—		(19,667)
Loss on derivative liability		(13,088)		—
Other income, net		290		95
Total other segment items, net		(26,419)		(30,980)
(Loss) income before taxes		(39,222)		42,005
Income taxes		—		—
Segment net (loss) income	$	(39,222)	$	42,005

Schedule of property and equipment, net

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

	December 31,		December 31,
	2025		2024
Furniture and fixtures	$	199	$	199
Equipment		241		237
Leasehold improvements		66		66
Property and equipment		506		502
Accumulated depreciation		(344)		(267)
Property and equipment, net	$	162	$	235

Schedule of other accrued expenses

Other accrued expenses were as follows (in thousands):

		December 31,		December 31,
		2025		2024
Legal expenses	$	244	$	2,455
Excise tax liability		569		569
Operating lease liability - short term portion		252		121
Daewoong vial usage		228		—
Remaining other accrued expenses		364		455
Total other accrued expenses	$	1,657	$	3,600

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

Basic and diluted net loss per share for the year ended December 31, 2025 was calculated as follows (in thousands, except share and per share amounts):

Year ended December 31, 2025
Net loss	$	(39,222)
Weighted average shares of common stock outstanding, basic and diluted		9,921,587
Net loss per share, basic and diluted	$	(3.95)

Basic and diluted net income per share for the year ended December 31, 2024 were calculated as follows (in thousands, except share and per share amounts):

Year ended December 31, 2024
Net income	$	42,005
Weighted average shares of common stock outstanding, basic		540,360
Net income per share, basic		77.74
Weighted average shares of common stock outstanding, diluted		575,945
Net income per share, diluted	$	72.93

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

	Year Ended
	December 31,
	2025	2024
Warrants	3,807,911	55,403
Common stock options and restricted stock units	853,712	88,999
Convertible notes	23,155,011	399,128
	27,816,634	543,530