FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Assets and Liabilities Measured on a Recurring Basis

The following represents assets and liabilities measured at fair value on a recurring basis by the Company (in thousands):


March 31, 2026	Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	15,423	$	15,423	$	—	$	—
Investment in iECURE	744		—		—		744
Imugene Marketable Securities	1,814		1,814		—		—
	$	17,981	$	17,237	$	—	$	744

Liabilities:
Final payment fee	$	211	$	—	$	211	$	—
Warrant liability	22,802		—		—		22,802
	$	23,013	$	—	$	211	$	22,802


December 31, 2025	Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	15,286	$	15,286	$	—	$	—
Investment in iECURE	744		—		—		744
Imugene Marketable Securities	4,762		4,762		—		—
	$	20,792	$	20,048	$	—	$	744

Liabilities:
Final payment fee	$	208	$	—	$	208	$	—
Warrant Liability	15,695		—		—		15,695
	$	15,903	$	—	$	208	$	15,695

Summary of Financial Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs

The following represents a reconciliation of assets measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for the three months ended March 31, 2026 (in thousands). The warrant reconciliation is disclosed in Note 11, Warrants:


	Investment in iECURE
Balance December 31, 2025	$	744
(Loss) gain from changes in fair value included in earnings	—
Balance March 31, 2026	$	744

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details