Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
| Accounting Policies [Abstract] |
|
| Schedule of Investment Securities Broker Dealer |
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 |
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):
Schedule of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
| 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):
Schedule of Reconciliation of Fair Value Measurements Within Level 3 of Fair Value Hierarchy
| | |
| | |
| December 31, 2024 | |
$ | 2,662 | |
| Beginning Balance | |
$ | 2,662 | |
| | |
| | |
| Receipt from investment banking fees | |
| 1,690 | |
| Unrealized gain | |
| 111 | |
| December 31, 2025 | |
$ | 4,463 | |
| Ending Balance | |
$ | 4,463 | |
Reconciliation of fair value measurements
categorized within Level 3 of the fair value hierarchy (in thousands):
| | |
| | |
| December 31, 2023 | |
$ | 3,134 | |
| Beginning Balance | |
$ | 3,134 | |
| | |
| | |
| Unrealized gains | |
| (472 | ) |
| Unrealized (loss) gains | |
| (472 | ) |
| December 31, 2024 | |
$ | 2,662 | |
| Ending Balance | |
$ | 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):
Schedule of Significant Unobservable Inputs Related to Material Components of Level 3 Warrants
| 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 |
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):
Schedule of Property And Equipment
| | |
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):
Schedule of Changes in Deferred Revenue
| 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):
Summary of Grants Receivable Activity
| | |
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. |
|