Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Related Party Transactions

Summary of total research and development costs from related party

The following table summarizes total research and development costs from Advent prior to the Company’s acquisition (in thousands).


		For the period through			For the year ended
		October 24, 2025			December 31, 2024
Advent BioServices
Manufacturing cost in London		$	5,673		$	7,601
Manufacturing cost at Sawston facility			10,155			11,412
SOW 8 one-time milestones – Cash
Expensed and paid (milestone complete) ⁽¹⁾			—			712
Expensed and due, but unpaid (milestone complete) ⁽²⁾			285			1,359
Expensed but unpaid, not yet due (milestone not yet complete) ⁽³⁾			307			286
Total		$	16,420		$	21,370

(1)	The expense for the year ended December 31, 2024 covers the following one-time milestone: Basic technology transfer, new SOPs & regulatory documents.

(2)	The expense for the year ended December 31, 2025 covers one-time milestone: Technology transfer: clean room implementation. Other due and unpaid amounts have been accrued previously.

The expense for the year ended December 31, 2024 covered 2 one-time milestones: 1) Process development: TFF system vs. other systems, and 2) Process development: existing and new product composition.

(3)	This covers one-time milestone: Draft new IMPD (Investigational Medicinal Product Dossier) and new IND (CMC section).

Summary of outstanding unpaid accounts payable and accrued expenses held by related parties

As of December 31, 2024, there were outstanding unpaid accounts payable and accrued expenses owed to Advent as summarized in the following table (in thousands). These unpaid amounts are part of the Related Party expenses reported in the above section.


		December 31, 2025			December 31, 2024
Advent BioServices - amount invoiced but unpaid		$	—		$	1,692
Advent BioServices - amount accrued but unpaid ⁽¹⁾			—			2,760
Total payable and accrued, but unpaid to Advent BioServices		$	—		$	4,452

(1)

The 2024 balance included $1.1 million which was not payable in cash but represented the value of 1.5 million shares that were issuable to Advent, following final Board approval, for achievement of the one-time milestone for submission of the MAA application to MHRA on December 20, 2023. Upon the acquisition of Advent on October 24, 2025, this accrued liability of $1.1 million was effectively settled and was reclassed back to additional paid-in capital.