Condensed Consolidated Financial Statements Details (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Condensed Consolidated Financial Statements Details |
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| Schedule of cost, accumulated amortization, impairment charge and net carrying value of intangible assets |
The following table summarizes the cost, accumulated amortization, and net carrying value of the Company’s intangible assets as of March 31, 2026 (in thousands): | | | | | | | | | | | | | | Accumulated | | Net Carrying | | | Cost | | Amortization | | Value | As of March 31, 2026 | | | | | | | | | | Pulmokine - Seralutinib IP (Note 6) | | $ | 26,115 | | $ | 2,926 | | $ | 23,189 | BioInvent - Contract-based Intangible Asset (Note 5) | | | 20,725 | | | 1,115 | | | 19,610 | LAVA - Partnered Program IPs (Note 6) | | | 934 | | | 16 | | | 918 | LAVA-1266 IP (Note 6) | | | 149 | | | 2 | | | 147 | Total intangible assets | | $ | 47,923 | | $ | 4,059 | | $ | 43,864 |
The following table summarizes the cost, accumulated amortization, and net carrying value of the Company’s intangible assets as of December 31, 2025 (in thousands): | | | | | | | | | | | | | | Accumulated | | Net Carrying | | | Cost | | Amortization | | Value | As of December 31, 2025 | | | | | | | | | | Pulmokine - Seralutinib IP (Note 6) | | $ | 26,115 | | $ | 2,383 | | $ | 23,732 | BioInvent - Contract-based Intangible Asset (Note 5) | | | 20,725 | | | 780 | | | 19,945 | LAVA - Partnered Program IPs (Note 6) | | | 934 | | | 3 | | | 931 | LAVA-1266 IP (Note 6) | | | 149 | | | 1 | | | 148 | Total intangible assets | | $ | 47,923 | | $ | 3,167 | | $ | 44,756 |
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| Schedule of projected amortization expense for next five years |
The estimated remaining life of the intangible assets ranges from 10.7 years to 19.7 years. The following table presents the projected future amortization expense (in thousands): | | | | | | Intangible Asset | | | Amortization | 2026 (excluding the three months ended March 31, 2026) | | $ | 2,676 | 2027 | | | 3,567 | 2028 | | | 3,567 | 2029 | | | 3,567 | 2030 | | | 3,567 | Thereafter | | | 26,920 | Total | | $ | 43,864 |
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| Schedule of reconciliation of numerator and denominator used in calculation of basic and diluted net loss per share attributable to common stockholders |
The following table includes the computation of basic and diluted net income per share available to common stockholders (in thousands, except per share amounts): | | | | | | | | | Three Months Ended March 31, | | | 2026 | | 2025 | Numerator | | | | | | | Net income | | $ | 4,465 | | $ | 2,367 | Less: Series A accumulated dividends | | | (530) | | | (530) | Less: Series B accumulated dividends | | | (922) | | | (838) | Less: Allocation of undistributed earnings to participating securities | | | (892) | | | (294) | Net income available to common stockholders, basic | | $ | 2,121 | | $ | 705 | Add: Adjustments to undistributed earnings allocated to participating securities | | | 892 | | | 294 | Net income available to common stockholders, diluted | | $ | 3,013 | | $ | 999 | | | | | | | | Denominator | | | | | | | Weighted-average shares used in computing net income per share available to common stockholders, basic | | | 11,894 | | | 11,969 | Effect of dilutive Series X Preferred Stock | | | 5,003 | | | 5,003 | Effect of dilutive warrants for common stock | | | 3 | | | 2 | Effect of dilutive PSUs | | | — | | | 273 | Effect of dilutive common stock options | | | 517 | | | 534 | Weighted-average shares used in computing net income per share available to common stockholders, diluted | | | 17,417 | | | 17,781 | Net income per share available to common stockholders, basic | | $ | 0.18 | | $ | 0.06 | Net income per share available to common stockholders, diluted | | $ | 0.17 | | $ | 0.06 |
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| Schedule of outstanding securities considered anti-dilutive |
The following table shows the shares from outstanding securities considered anti-dilutive and therefore excluded from the computation of diluted net income per share available to common stockholders (in thousands): | | | | | | | Three Months Ended March 31, | | | 2026 | | 2025 | Common stock options | | 641 | | 1,094 | Contingently issuable PSUs | | 164 | | — | Warrants for common stock | | 120 | | 120 | Unvested RSUs | | 102 | | — | Total | | 1,027 | | 1,214 |
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| Schedule of accrued and other liabilities |
Accrued and other liabilities consisted of the following (in thousands): | | | | | | | | | March 31, | | December 31, | | | 2026 | | 2025 | Accrued legal and accounting fees | | $ | 1,435 | | $ | 1,765 | Accrued incentive compensation | | | 503 | | | 1,645 | Accrued severance | | | 378 | | | — | Accrued payroll and benefits | | | 148 | | | 394 | Share-based liability | | | — | | | 3,197 | Accrued short-term interest payable | | | — | | | 2,777 | Other accrued liabilities | | | 747 | | | 107 | Total | | $ | 3,211 | | $ | 9,885 |
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| Schedule of other income, net |
Other income (expense), net for the three months ended March 31, 2026 and 2025 was as follows (in thousands): | | | | | | | | | Three Months Ended | | | March 31, | | | 2026 | | 2025 | Other income (expense), net | | | | | | | Arranger fee from Repare transaction | | $ | 3,000 | | $ | — | Investment income | | | 933 | | | 927 | Sublease income | | | 546 | | | 103 | HilleVax CVR adjustment1 | | | (360) | | | — | LAVA CVR adjustment2 | | | 230 | | | — | Unrealized gain (loss) from change in fair value of equity securities | | | 112 | | | (1,147) | Other miscellaneous income, net | | | 299 | | | 22 | Total other income (expense), net | | $ | 4,760 | | $ | (95) |
| 1) | This adjustment represented a $0.4 million addition to the estimated HilleVax CVR liability for interest earned on the related reserve account. |
| 2) | This adjustment represented a $0.6 million difference between the LAVA CVR liability accrued as of December 31, 2025 and the actual amount paid in March 2026 for excess closing net cash, partially offset by a $0.4 million additional expense accrued for future LAVA CVR distributions. (see Note 6). |
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