Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Significant Accounting Policies

Schedule of segment reporting

	Three Months Ended
	March 31,
	2026		2025
Segment operating expenses:
Compensation and benefits	$	3,129	$	2,388
Professional and legal fees		1,442		1,215
Office and travel		302		234
Research and development		1,064		113
Total selling, general and administrative, and research and development		5,937		3,950
Change in fair value of contingent consideration		(4)		(3,488)
Total operating costs and expenses		5,933		462
Loss from operations		(5,933)		(462)
Other segment items:
Change in fair value of convertible notes		(8,727)		(1,631)
Change in fair value of warrants		4,656		86,729
Loss on issuance of warrants		—		(75,644)
Loss on extinguishment of debt		(76)		—
Loss on derivative liability		(1,743)		—
Other income, net		30		103
Total other segment items, net		(5,860)		9,557
(Loss) income before taxes		(11,793)		9,095
Income taxes		—		—
Segment net (loss) income	$	(11,793)	$	9,095

Schedule of property and equipment, net

Property and equipment, net, as of March 31, 2026 and December 31, 2025 are as follows (in thousands):

	March 31,		December 31,
	2026		2025
Furniture and fixtures	$	199	$	199
Equipment		241		241
Leasehold improvements		66		66
Property and equipment		506		506
Accumulated depreciation		(364)		(344)
Property and equipment, net	$	142	$	162

Schedule of other accrued expenses

Other accrued expenses were as follows (in thousands):

		March 31,		December 31,
		2026		2025
Legal expenses	$	186	$	244
Excise tax liability		569		570
Operating lease liability - short term portion		258		252
Daewoong supplies & analytical testing		204		424
SG&A consulting expenses		428		9
R&D consulting expenses		455		80
Remaining other accrued expenses		83		78
Total other accrued expenses	$	2,183	$	1,657

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

Basic and diluted net (loss) income per share for the three months ended March 31, 2026 and 2025 were calculated as follows (in thousands, except share and per share amounts):

Three months ended March 31, 2026
Net loss	$	(11,793)
Weighted average shares of common stock outstanding, basic and diluted		40,614,087
Net loss per share, basic and diluted	$	(0.29)

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

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
	March 31,
	2026	2025
Warrants	18,389,740	4,043,382
Common stock options and restricted stock units	11,781,771	124,584
Convertible notes	2,039,609	399,128
	32,211,120	4,567,094