ELO TRANSACTION |
12 Months Ended |
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Dec. 31, 2025 | |
| Equity Method Investments and Joint Ventures [Abstract] | |
| ELO TRANSACTION | ELO TRANSACTION On December 17, 2021, the Company and its then wholly-owned subsidiary, Elo Life Systems, Inc., entered into an agreement with a syndicate of investors, pursuant to which the Company contributed substantially all of the assets of Elo Life Systems, Inc. to a newly formed entity (the “Elo Transaction”). In connection with the Elo Transaction, the Company granted the newly formed entity (“Elo”) an exclusive license to certain of the Company’s intellectual property for use in non-medical applications with respect to plants, farm animals and certain other organisms. As consideration for the assets contributed and license granted by the Company to Elo, the Company received common stock in Elo and a $10.0 million promissory note payable from Elo (the “Note Receivable”). Investment in Elo It was determined that the Company possesses the ability to exercise significant influence over the operating and financial policies of Elo. Accordingly, the Company accounts for its investment in Elo under the equity method. The Company owned approximately 22% of Elo’s voting shares outstanding as of December 31, 2025 and 26% of Elo’s voting shares outstanding as of December 31, 2024. In February 2025, Elo raised additional funding from its Series A-2 financing. The Company recognized a $2.3 million gain on dilution under the equity method during the year ended December 31, 2025. The Company’s proportionate share of Elo’s net loss and fair value adjustment of the Note Receivable for the years ended December 31, 2025 and 2024 was $2.2 million and $3.8 million, respectively. As the Company’s cumulative proportionate share of Elo’s net loss exceeded the carrying value of the investment in Elo, the carrying value of the Investment in Elo has been reduced to $0. In accordance with ASC 323, during the years ended December 31, 2025 and December 31, 2024, the Company recorded its proportionate share of Elo’s net loss in the statements of operations along with a corresponding reduction in the carrying value of the Note Receivable. Note Receivable The Note Receivable matured on the earlier of (i) December 1, 2028 or (ii) a Deemed Liquidation Event (as defined in the Elo’s Amended and Restated Certificate of Incorporation). The Note Receivable accrued interest at 2.00% per annum and is payable annually on December 17th. Due to cash runway constraints, Elo did not pay the interest due on the Note Receivable in December 2025. In evaluating the collectability as of December 31, 2025, the Company reduced the carrying amount of the Note Receivable to $0 million resulting in a net loss of $5.4 million. In January 2026, as part of Elo raising additional funding from its Series A-4 financing, the Company agreed to cancel the Note Receivable in exchange for a warrant to purchase shares of Elo’s Series A-3 Preferred Stock and the issuance of shares of Elo’s Series A-4 Preferred Stock annually through 2028 in lieu of forgone interest.
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