Geneos Therapeutics, Inc. |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Noncontrolling Interest [Abstract] | |
| Geneos Therapeutics, Inc. | Geneos Therapeutics, Inc. In 2016, the Company formed Geneos Therapeutics (“Geneos”) to develop and commercialize neoantigen‑based personalized cancer therapies. The Company’s Chief Scientific Officer, Dr. Laurent Humeau, serves on the Board of Directors of Geneos, and the Company’s director, Dr. David B. Weiner, serves as Chairman of Geneos’ Scientific Advisory Board. The Company continues to exclusively license its immunotherapy platform and CELLECTRA® technology to Geneos for use in the field of personalized, neoantigen‑based cancer therapies. The exclusive license agreement provides for potential royalty payments to the Company upon the commercialization of licensed products by Geneos. As of March 31, 2026 and December 31, 2025, the Company held approximately 9% and 23%, respectively, of the outstanding equity interests of Geneos on an as-converted to common stock basis. The decrease in the Company's ownership interest during the three months ended March 31, 2026 resulted from the issuance of preferred equity securities by Geneos to third-party investors during the first quarter of 2026, in which the Company did not participate. The Company evaluated the impact of the ownership dilution and the preferred equity financing under the guidance in ASC 323. Notwithstanding the reduction in the Company's ownership interest to below 20%, the Company determined that it retains the ability to exercise significant influence over Geneos based on the following qualitative factors: (i) the Company holds a seat on the Board of Directors of Geneos through its Chief Scientific Officer; (ii) the Company participates substantively in Geneos’ scientific and strategic decision-making through its ongoing research and development activities; and (iii) the Company maintains an exclusive licensing relationship with Geneos that is integral to Geneos’ operations. Accordingly, the Company continues to account for its investment in Geneos as an equity method investment under ASC 323. Due to Geneos' continuing net losses, the carrying value of the Company’s investment in Geneos was $0 as of March 31, 2026 and December 31, 2025. In accordance with ASC 323‑10‑35‑20, the Company has not recorded its share of Geneos’ losses in excess of its investment balance, as the Company has no obligation, whether explicit or implicit, to provide additional financial support to Geneos and has not committed to fund Geneos’ future operations. Summarized financial information for Geneos has not been presented, as the Company's investment in Geneos is not material to the Company's consolidated financial position or results of operations.
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