v3.26.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Investment Securities Broker Dealer

  

   December 31,
2025
   December 31,
2024
 
Investment securities, at fair value:          
Common stock of publicly traded companies  $2,571   $2,528 
Warrants of publicly traded companies   3,937    3,330 
Warrants of non-publicly traded companies   658    - 
Investment securities, at fair value  $7,166   $5,858 
Schedule of Investment Securities Non-Broker Dealer
   December 31,
2025
   December 31,
2024
 
Investment securities, at fair value:          
Common stock of publicly traded companies  $235   $- 
Investment securities, at fair value  $235   $- 

 

 

   December 31,
2025
   December 31,
2024
 
Investment securities, at cost less impairment          
Simple agreement on future equities (not market listed)  $    -   $200 
Impairment   -    (200)
Investment securities, at cost less impairment  $-   $- 
Schedule of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025, except for the Level 3 investment that is recorded at cost (in thousands):

 

Assets  Classification  Level 1   Level 2   Level 3   Total 
                    
Investment securities, at fair value, held by the licensed broker dealer  Equity securities - common stock  $2,571   $-   $-   $2,571 
                        
Investment securities, at fair value, held by the non-licensed broker dealer  Equity securities - common stock   235    -    -    235 
                        
Investment Securities (held by our licensed broker dealer)  Warrants   -    132    4,463    4,595 
                        
Total assets measured at fair value      $2,806   $132   $4,463   $7,401 
The following table sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024, except for the Level 3 investment that is recorded at cost (in thousands):

 

Assets  Classification  Level 1   Level 2   Level 3   Total 
                    
Investment Securities (held by our licensed broker dealer)  Equity securities - common stock  $2,528   $-   $-   $2,528 
                        
Investment Securities (held by our licensed broker dealer)  Warrants   -    668    2,662    3,330 
                        
Total assets measured at fair value (held by our licensed broker dealer)     $2,528   $668   $2,662   $5,858 
 
Schedule of Reconciliation of Fair Value Measurements Within Level 3 of Fair Value Hierarchy

Reconciliation of fair value measurements categorized within Level 3 of the fair value hierarchy (in thousands):

 

      
December 31, 2024  $2,662 
      
Receipt from investment banking fees   1,690 
Unrealized gain   111 
December 31, 2025  $4,463 
 

Reconciliation of fair value measurements categorized within Level 3 of the fair value hierarchy (in thousands):

 

      
December 31, 2023  $3,134 
      
Unrealized gains   (472)
December 31, 2024  $2,662 
 
Schedule of Significant Unobservable Inputs Related to Material Components of Level 3 Warrants

The following table present information about significant unobservable inputs related to material components of Level 3 warrants as of December 31, 2025 (in thousands):

 

Assets   Fair Value     Valuation
Techniques
  Significant
Unobservable
Inputs
  Ranges of
Inputs
    Weighted-Average  
                                 
Warrants   $ 4,463     Black Scholes   Volatility     95.92 -  120.3 %     115.45 %
The following table present information about significant unobservable inputs related to material components of Level 3 warrants as of December 31, 2024 (in thousands):

 

Assets   Fair Value     Valuation
Techniques
  Significant
Unobservable
Inputs
  Ranges of
Inputs
    Weighted-Average  
                                 
Warrants   $ 2,662     Black Scholes   Volatility     111.03 %     111.03 %
 
Schedule of Estimated Useful Lives of Property and Equipment

    

Laboratory equipment   5 years
Developed software   5 years
Furniture and fixtures   7 years
Leasehold improvements   Lesser of the lease duration or the life of the improvements
Schedule of Property And Equipment

Property and equipment consist of the following as of December 31, 2025 and 2024, respectively, (in thousands):

 

  

December 31,

2025

  

December 31,

2024

 
         
Developed software  $139   $113 
Total property and equipment   139    113 
Less: Accumulated depreciation   (22)   (23)
Property and equipment, net  $117   $90 
Schedule of Changes in Deferred Revenue

The PatentVest’s contract liabilities which is presented as deferred revenue, consist of advance payments. The table below shows changes in deferred revenue (in thousands):

 

Balance as of December 31, 2023  $20 
Amounts billed but not recognized   - 
Revenue recognized   20 
Balance as of December 31, 2024   - 
Amounts billed but not recognized   - 
Revenue recognized   - 
Balance as of December 31, 2025  $- 
Summary of Grants Receivable Activity

Summary of grants receivable activity for the years ended December 31, 2025 and 2024, is presented below (in thousands):

 

   2025   2024(1) 
         
Balance at beginning of year(1)  $-   $882 
Grant costs expensed   -    1,897 
Grants for equipment purchased   -    44 
Grant fees   -    52 
Grant funds received   -    (2,173)
Removal of balance due to deconsolidation of eXoZymes at November 14, 2024   -    (702)
Balance at end of year  $-   $- 

 

(1)In 2024, eXoZymes was deconsolidated from the Company’s consolidated financial statements. As all grant-related costs were associated with eXoZymes, no grant-related figures are reported for 2024.