Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Summary of Significant Accounting Policies

Schedule of segment reporting

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Segment operating expenses:
Compensation and benefits	$	2,851	$	2,505	$	5,980	$	4,894
Professional and legal fees		677		1,167		2,119		2,386
Office and travel		317		285		618		515
Research and development		2,084		365		3,149		477
Total selling, general and administrative, and research and development		5,929		4,322		11,866		8,272
Change in fair value of contingent consideration		(10)		16		(15)		(3,472)
Total operating costs and expenses		5,919		4,338		11,851		4,800
Loss from operations		(5,919)		(4,338)		(11,851)		(4,800)
Other segment items:
Change in fair value of convertible notes		(213)		(1,854)		(8,940)		(3,485)
Change in fair value of warrants		4,941		(542)		9,597		86,187
Loss on issuance of warrants		—		—		—		(75,644)
Loss on extinguishment of debt		—		—		(76)		—
Loss on derivative liability		—		—		(1,743)		—
Other income, net		36		92		65		195
Total other segment items, net		4,764		(2,304)		(1,097)		7,253
(Loss) income before taxes		(1,155)		(6,642)		(12,948)		2,453
Income taxes		—		—		—		—
Segment net (loss) income	$	(1,155)	$	(6,642)	$	(12,948)	$	2,453

Schedule of property and equipment, net

Property and equipment, net, as of June 30, 2026 and December 31, 2025 consisted of the following (in thousands):

	June 30,		December 31,
	2026		2025
Furniture and fixtures	$	199	$	199
Equipment		241		241
Leasehold improvements		66		66
Property and equipment		506		506
Accumulated depreciation		(383)		(344)
Property and equipment, net	$	123	$	162

Schedule of other accrued expenses

Other accrued expenses were as follows (in thousands):

		June 30,		December 31,
		2026		2025
Legal expenses	$	27	$	244
Excise tax liability		576		570
Operating lease liability - short term portion		263		252
Daewoong supplies & analytical testing		234		424
SG&A consulting expenses		127		9
R&D consulting expenses		482		80
Remaining other accrued expenses		106		78
Total other accrued expenses	$	1,815	$	1,657

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

Basic and diluted net (loss) income per share for the three and six months ended June 30, 2026 and 2025 were calculated as follows (in thousands, except share and per share amounts):

Three months ended June 30, 2026
Net loss	$	(1,155)
Weighted average shares of common stock outstanding, basic and diluted		50,530,946
Net loss per share, basic and diluted	$	(0.02)

Six months ended June 30, 2026
Net loss	$	(12,948)
Weighted average shares of common stock outstanding, basic and diluted		45,599,911
Net loss per share, basic and diluted	$	(0.28)

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 income per share, basic		0.32
Weighted average shares of common stock outstanding, diluted		7,848,566
Net income per share, diluted	$	0.31

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,
	2026	2025	2026	2025
Warrants	18,389,740	3,747,798	18,389,740	3,747,798
Common stock options and restricted stock units	11,535,322	461,962	11,535,322	170,869
Convertible notes	2,902,429	399,128	2,902,429	399,128
	32,827,491	4,608,888	32,827,491	4,317,795