Consolidated Financial Statements Details (Tables)

12 Months Ended

Dec. 31, 2025

Consolidated Financial Statements Details

Schedule of cost, accumulated amortization, impairment charge and net carrying value of intangible assets

The following table summarizes the cost, accumulated amortization, and net carrying value of the Company’s intangible assets as of December 31, 2025 (in thousands):

			Accumulated		Net Carrying
	Cost		Amortization		Value
As of December 31, 2025
Pulmokine - Seralutinib IP (Note 6)	$	26,115	$	2,383	$	23,732
BioInvent - Contract-based Intangible Asset (Note 5)		20,725		780		19,945
LAVA - Partnered Program IPs (Note 6)		934		3		931
LAVA-1266 IP (Note 6)		149		1		148
Total intangible assets	$	47,923	$	3,167	$	44,756

The following table summarizes the cost, accumulated amortization and net carrying value of the Company’s intangible assets as of December 31, 2024 (in thousands):

			Accumulated		Net Carrying
	Cost		Amortization		Value
As of December 31, 2024
Pulmokine - Seralutinib IP (Note 6)	$	26,115	$	206	$	25,909
Total intangible assets	$	26,115	$	206	$	25,909

Schedule of projected amortization expense for next five years

	Intangible Asset
	Amortization
2026	$	3,567
2027		3,567
2028		3,567
2029		3,567
2030		3,567
Thereafter		26,921
Total	$	44,756

Schedule of accrued and other liabilities

Accrued and other current liabilities consisted of the following (in thousands):

	December 31,		December 31,
	2025		2024
Share-based liability	$	3,197	$	—
Accrued short-term interest payable		2,777		3,039
Accrued legal and accounting fees		1,765		251
Accrued incentive compensation		1,645		1,555
Accrued payroll and benefits		394		170
Accrued clinical liabilities		—		306
Income taxes payable in connection with Pulmokine acquisition		—		280
Other accrued liabilities		107		151
Total	$	9,885	$	5,752

Schedule of other income, net

Other income, net for the years ended December 31, 2025 and 2024 was as follows (in thousands):

	Year Ended
	December 31,
	2025		2024
Other income, net
Gain on sale of equity securities	$	3,663	$	—
Investment income		3,470		6,493
Arranger fee from ESSA transaction		3,000		—
Sublease income		840		272
Unrealized gain from change in fair value of equity securities		90		131
Other miscellaneous income, net		1,175		25
Total other income, net	$	12,238	$	6,921