v3.26.1
Deconsolidation (Tables)
 12 Months Ended
Dec. 31, 2025
Deconsolidation  
Schedule of Consolidated Balance Sheet

The following table represents the consolidated balance sheet of xXoZymes immediately prior to the Deconsolidation Date (in thousands):

   December 31, 2024 
Assets      
Cash and cash equivalents   $68 
Grants receivable    701 
Prepaid expenses and other current assets    441 
Deferred IPO Costs    550 
Property and equipment, net    710 
Operating lease right-of-use asset, net    1,366 
Total assets   $3,836 
       
Liabilities and Deficit      
Accounts payable   $851 
Accrued expenses    241 
Due to affiliates    5,479 
Deferred grant reimbursement    130 
Operating lease liabilities    1,417 
Total liabilities   $8,118 
Deficit:      
Common shares    - 
Paid-in-capital   $4,120 
Accumulated deficit    (8,402)
Total deficit   $(4,282)
Total liabilities and deficit   $3,836 
Schedule of Gain on Deconsolidation

The following represents the calculation of the gain on deconsolidation of eXoZymes from the consolidated financial statements of the Company (in thousands, except for share price):

 

eXoZymes Class A common shares retained on November 14, 2024   3,931 
Quoted closing price of eXoZymes Class A common shares at November 14, 2024  $10.36 
Subtotal of quoted closing price of eXoZymes Class A common shares at November 14, 2024  $40,727 
Fair value of warrants held for eXoZymes at November 14, 2024   1,327 
Fair value of equity method investment retained by eXoZymes   42,054 
Carrying Value of the NCI   (921)
Carrying value of eXoZymes assets at November 14, 2024   4,282 
Less carrying value of former investment into eXoZymes  at November 14, 2024   (5,787)
Carrying value of warrants held for eXoZymes at November 14,2024   (321)
Gain on deconsolidation  $39,307