v3.25.4
Variable Interest Entities (Tables)
12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of Primary Beneficiary for VIEs Consolidated Under the VIE Model

As of December 31, 2025 and 2024, the Company has accounted for the following consolidated investments as VIEs:

 

Consolidated Entities

 

Relationship as of
December 31, 2025

 

Relationship as of
December 31, 2024

 

Date Control Obtained

 

Ownership %
December 31, 2025

 

Ownership % December 31, 2024

Perception Neuroscience Holdings, Inc.

 

Controlled VIE

 

Controlled VIE

 

November 2018

 

59.2%

 

59.2%

Recognify Life Sciences, Inc.

 

Controlled VIE

 

Controlled VIE

 

November 2020

 

51.9%

 

51.9%

Summary of the Assets and Liabilities for all Consolidated VIEs

The following table presents the assets and liabilities (excluding intercompany balances that were eliminated in consolidation) for all VIEs as of December 31, 2025 (in thousands):

 

 

 

Perception

 

 

Recognify

 

Assets:

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash

 

$

43

 

 

$

560

 

Accounts receivable

 

 

 

 

 

 

Prepaid expenses and other current assets

 

 

86

 

 

 

60

 

Total current assets

 

 

129

 

 

 

620

 

Total assets

 

$

129

 

 

$

620

 

Liabilities:

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

875

 

 

$

107

 

Accrued liabilities

 

 

45

 

 

 

243

 

Other current liabilities

 

 

14

 

 

 

1

 

Total current liabilities

 

 

934

 

 

 

351

 

Total liabilities

 

$

934

 

 

$

351

 

 

The following table presents the assets and liabilities (excluding intercompany balances that were eliminated in consolidation) for all consolidated VIEs as of December 31, 2024 (in thousands):

 

 

 

Perception

 

 

Recognify

 

Assets:

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash

 

$

31

 

 

$

819

 

Accounts receivable

 

 

261

 

 

 

 

Prepaid expenses and other current assets

 

 

88

 

 

 

40

 

Total current assets

 

 

380

 

 

 

859

 

Total assets

 

$

380

 

 

$

859

 

Liabilities:

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

276

 

 

$

221

 

Accrued liabilities

 

 

195

 

 

 

961

 

Other current liabilities

 

 

83

 

 

 

4

 

Total current liabilities

 

 

554

 

 

 

1,186

 

Total liabilities

 

$

554

 

 

$

1,186

 

Schedule of Non Controlling Interest Recognized to Its Consolidated VIEs Roll Forward

The Company recognizes noncontrolling interests related to its consolidated VIEs and provides a roll-forward of the noncontrolling interests balance, as follows (in thousands):

 

 

Perception

 

 

Kures

 

 

Recognify

 

Balance as of December 31, 2023

$

428

 

 

$

369

 

 

$

557

 

Net loss attributable to noncontrolling interests - preferred

 

(207

)

 

 

(16

)

 

 

(557

)

Adjustment to noncontrolling interests upon dissolution of variable interest entity

 

 

 

 

(349

)

 

 

 

Comprehensive loss attributable to noncontrolling interests

 

35

 

 

 

(3

)

 

 

 

Balance as of December 31, 2024

$

257

 

 

$

0

 

 

$

 

Net loss attributable to noncontrolling interests - preferred

 

(100

)

 

 

 

 

 

 

Comprehensive loss attributable to noncontrolling interests

 

(30

)

 

 

 

 

 

 

Balance as of December 31, 2025

$

127

 

 

$

0

 

 

$