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Note 4 - Balance Sheet Components

12 Months Ended

Dec. 31, 2024

Supplemental Balance Sheet Disclosures [Text Block]

NOTE 4. Balance Sheet Components

(a) Cash, Cash Equivalents, and Short-Term Investments

Cash, cash equivalents and investments consisted of the following (in thousands):

	*Amortized*		*Gross Unrealized*					*Estimated*		*Cash and Cash*		*Short-Term*
	*Cost*		*Gains*		*Losses*			*Fair Value*		*Equivalents*		*Investments*
December 31, 2024
Cash at banks	$	8,740	$	—	$	—		$	8,740	$	8,740	$	—
Money market funds		16,489		—		—			16,489		16,489		—
U.S. Treasury securities		23,802		7		(4	)		23,805		—		23,805
Commercial paper		2,688		1		—			2,689		—		2,689
Total	$	51,719	$	8	$	(4	)	$	51,723	$	25,229	$	26,494

	*Amortized*		*Gross Unrealized*					*Estimated*		*Cash and Cash*		*Short-Term*
	*Cost*		*Gains*		*Losses*			*Fair Value*		*Equivalents*		*Investments*
December 31, 2023
Cash at banks	$	3,352	$	—	$	—		$	3,352	$	3,352	$	—
Money market funds		31,403		—		—			31,403		31,403		—
U.S. Treasury securities		4,959		—		(1	)		4,958		—		4,958
Total	$	39,714	$	—	$	(1	)	$	39,713	$	34,755	$	4,958

As of December 31, 2024 and 2023, all investments were available-for-sale debt securities with remaining maturities of 12 months or less. As of December 31, 2024 and 2023, the Company held 5 and 1 securities, respectively, in an unrealized loss position for 12 months or less. Interest receivable as of December 31, 2024 and 2023, was $0.2 million and $0.1 million, respectively, and is recorded as a component of prepaid expenses and other current assets on the consolidated balance sheets.

(b) Accounts Receivable

Accounts receivable consists of $2.7 million of government contract receivables from HHS BARDA, and $3.0 million royalty receivable totaling $5.7 million as of December 31, 2024, and $3.0 million and less than $0.1 million of accounts receivable for royalties as of December 31, 2023 and 2022, respectively. The Company has provided no allowance for credit losses as of December 31, 2024 and 2023 based on historical collection experience, customer credit worthiness, the age of accounts receivable balances, regulatory changes and current economic conditions and trends that may affect a customer’s ability to pay.

(c) Unbilled Receivable from Government Contracts

Unbilled receivable, which was earned and not yet billed, consists of government contracts from HHS BARDA of $6.2 million and zero as of December 31, 2024 and 2023, respectively, as detailed in Note 5.

(d) Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):

	*December 31, 2024*		*December 31, 2023*

Prepaid clinical and manufacturing expenses	$	1,998	$	984
Prepaid insurance		282		258
Prepaid rent		521		488
Other prepaid		1,449		752
Other current assets		318		333
Prepaid expenses and other current assets	$	4,568	$	2,815

As of December 31, 2024, one CRO represented 28% of the Company's total prepaid expenses balance.

(e) Property and Equipment, Net

Property and equipment, net consists of the following (in thousands):

	*December 31, 2024*			*December 31, 2023*

Laboratory equipment	$	13,806		$	13,448
Office and computer equipment		1,140			1,105
Leasehold improvements		4,107			3,985
Construction in progress		160			24
Total property and equipment		19,213			18,562
Less: accumulated depreciation		(10,508	)		(6,831	)
Property and equipment, net	$	8,705		$	11,731

Depreciation expense was $3.7 million, and $3.8 million for the years ended December 31, 2024 and 2023, respectively. There were no impairments of the Company’s property and equipment recorded for the years ended December 31, 2024 or 2023.

(f) Prepaid Clinical Services, Long-Term

Prepaid clinical services, long-term were $60.1 million and zero as of December 31, 2024 and December 31, 2023, respectively. The long-term prepaid clinical services represent amounts the Company has paid to a single CRO that will be utilized in over one year.

(g) Right-of-Use Assets, Net

Right-of-use assets, net comprises facilities of $20.4 million and $24.8 million as of December 31, 2024 and 2023, respectively. The right of use of additional leased premises in California commenced in 2023, resulting in an additional $3.1 million right-of-use assets recorded in the year ended December 31, 2023.

(h) Intangible Assets, Net

Intangible assets are comprised of developed technology and intellectual property. Intangible assets are carried at cost less accumulated amortization. As of December 31, 2024, developed technology and intellectual property had remaining lives of 4.9 years and 3.0 years, respectively. In each of the years ended December 31, 2024 and 2023, there have been no indicators of impairment.

Intangible assets consist of the following (in thousands):

	*December 31, 2024*			*December 31, 2023*

Developed technology	$	5,000		$	5,000
Intellectual property		80			80
Total cost		5,080			5,080
Less: accumulated amortization		(1,523	)		(791	)
Intangible assets, net	$	3,557		$	4,289

Intangible asset amortization expense was $0.7 million for each of the years ended December 31, 2024 and 2023, respectively.

As of December 31, 2024, the estimated future amortization expense by year is as follows (in thousands):

Year Ending December 31,	Amount
2025	$	732
2026		731
2027		731
2028		727
2029		636
Total	$	3,557

(i) Goodwill

Goodwill, which represents the excess of the purchase price over the fair value of assets acquired, was $4.5 million for both years ended December 31, 2024 and 2023. For the years ended December 31, 2024 and 2023, there was no change in goodwill. As of December 31, 2024 and 2023, there have been no indicators of impairment.

(j) Accounts Payable

Accounts payable amounts to $7.0 million and $1.6 million as of December 31, 2024 and 2023, respectively. As of December 31, 2024, one CRO represented 67% of the Company's total accounts payable balances.

(k) Deferred Government Revenue

Deferred government revenue represents amounts received from HHS BARDA contracts where the earnings process is not yet complete. The Company will recognize deferred government revenue once the earnings process is complete, in accordance with its revenue recognition policies.

The following table represents the Company's deferred government revenue (in thousands):

	*December 31, 2024*		*December 31, 2023*

Balance at beginning of period	$	—	$	—
Revenue recognized		—		—
Amounts collected or invoiced		65,400		—
Balance at end of period	$	65,400	$	—

Amounts collected or invoiced during the year ended December 31, 2024 primarily relate to amounts received on the 2024 ATI-RRPV Contract (as defined in Note 5) but for which revenue cannot yet be recognized due to contractual milestones not being achieved and the 2024 ASPR-BARDA Contract (as defined in Note 5) budgeted costs that cannot be recognized until project close out.

(l) Other Accrued Liabilities

Other accrued liabilities consist of the following (in thousands):

	*December 31, 2024*		*December 31, 2023*

Accrued compensation	$	5,087	$	4,576
Accrued clinical and manufacturing expenses		5,134		312
Accrued professional and consulting services		623		211
Other liabilities, current portion		534		535
Total	$	11,378	$	5,634

As of December 31, 2024, one CRO represented 42% of the Company's total other accrued liabilities balances.