Related Party Transactions |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions Plumbline Life Sciences, Inc. The Company owned 597,808 shares of common stock in PLS as of March 31, 2026, representing an ownership interest of 14.5%. The Company's investment in PLS is recorded as investment in affiliated entity on the condensed consolidated balance sheet and was valued at $0 and $2.1 million, as of March 31, 2026 and December 31, 2025, respectively. The value as of December 31, 2025 was based on the closing price of the shares on the Korea New Exchange Market at the balance sheet date. During the three months ended March 31, 2026, trading of PLS’s common stock was suspended by the Korea New Exchange Market due to capital impairment, and PLS was subsequently granted an improvement period. Due to the trading suspension and the lack of observable market transactions, the Company determined that the market for PLS’s common stock was not active and that the quoted market price was not indicative of fair value. Accordingly, as of March 31, 2026, the Company estimated the fair value of its investment in PLS using a valuation approach based on significant unobservable inputs and concluded that the fair value of the investment was $0. See Note 4 for additional information. One of the Company's directors, Dr. David B. Weiner, acts as a consultant to PLS. The Wistar Institute Dr. Weiner is a director of the Vaccine Center of The Wistar Institute ("Wistar") and an Executive Vice President of Wistar. In 2016, the Company entered into collaborative research agreements with Wistar for preventive and therapeutic DNA-based immunotherapy applications and products developed by Dr. Weiner and Wistar for the treatment of cancers and infectious diseases. Under the terms of the agreement, the Company reimbursed Wistar for all direct and indirect costs incurred in the conduct of the collaborative research, not to exceed $3.1 million during the five-year term of the agreements. In 2021, upon expiration of the 2016 agreements, the Company entered into new collaborative research agreements with Wistar with the same terms. The Company has the exclusive right to in-license new intellectual property developed under this agreement. In 2020, the Company received a sub-grant through Wistar for the preclinical development and translational studies of DNA-Encoded Monoclonal Antibodies (DMAbs) as countermeasures for COVID-19 for a total of $12.5 million in funding through September 2025. In 2022, the Company received a $1.2 million sub-grant through Wistar, which was amended in 2024 to $2.4 million, in 2025 to $2.6 million, and in March 2026 to $5.6 million, with funding through November 2026, with an option for an additional $1.0 million in funding that extends the sub-grant through November 2027. The Company will support the Wistar lead consortium in the research and development of synthetic DNA-launched nanoparticles (DLNPs) for vaccination against HIV infection. Deferred grant funding recognized from Wistar and recorded as contra-research and development expense is related to work performed by the Company on the research sub-contract agreements. For the three months ended March 31, 2026 and 2025, the Company recorded $39,000 and $286,000, respectively, as contra-research and development expense from Wistar. Research and development expenses recorded from Wistar relate primarily to collaborative research agreements and patents. Research and development expenses recorded from Wistar for the three months ended March 31, 2026 and 2025 was $105,000 and $0, respectively. At March 31, 2026 and December 31, 2025, the Company had a prepaid expense and other assets balance of $34,000 and $38,000, respectively, and an accounts payable and accrued liability balance of $0 and $74,000, respectively, related to Wistar.
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