For the year ended December 31, 2024, the gain from sale of the VOWST Business, net of tax of $146,707 was included in the net income (loss) from discontinued operations, net of tax line item of the Company’s consolidated statements of operations and comprehensive income (loss). While the Company has net income from discontinued operations for the year ended December 31, 2024, the Company realized a tax loss for the full year ended December 31, 2024, for which it is more likely than not that the Company will not realize a benefit. The Company has recorded a full valuation allowance against its net deferred tax assets as of December 31, 2025, 2024 and 2023.


	Year Ended December 31,
	2025		2024			2023
Revenue:
Collaboration revenue - related party	$	—	$	—		$	126,325
Total revenue		—		—			126,325
Operating expenses:
Research and development expenses		—		5,809			28,263
General and administrative expenses		—		4,066			10,244
Collaboration (profit) loss sharing - related party		—		(1,496	)		704
Total operating expenses		—		8,379			39,211
(Loss) income from discontinued operations		—		(8,379	)		87,114
Other income (expense):
Gain on sale of VOWST business		—		146,707			—
Interest expense		—		(12,192	)		(10,708	)
Other expense		—		(229	)		—
Income (loss) from discontinued operations, pre-tax	$	—	$	125,907		$	76,406
Income tax		—		—			—
Net income (loss) from discontinued operations, net of tax	$	—	$	125,907		$	76,406

In accordance with ASC 205-20, only expenses specifically identifiable and related to a business to be disposed may be presented in discontinued operations. As such, the research and development and general and administrative expenses in discontinued operations include corporate costs incurred directly to solely support the VOWST Business.

Consideration received.