CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Tables)

12 Months Ended

Dec. 31, 2025

a) Condensed Balance Sheets (In thousands)


		December 31, 2025			December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents		$	1,482		$	9,162
Investment in equity securities, at fair value			—			2,623
Accounts receivable, net			2,844			15,234
Inventories			—			5,231
Prepaid expenses and other			446			1,065
Total current assets			4,772			33,315

Intercompany receivables			779			779
Property, plant and equipment, net			12			16
Long-term investments			1,716			1,716
Investment in subsidiaries			—			635
Total assets		$	7,279		$	36,461

LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY
Current liabilities:
Accounts payable		$	1,065		$	2,650
Accrued and other current liabilities			8,326			4,183
Convertible notes due to a related party			4,243			—
Intercompany payables			4,615			15,956
Total current liabilities			18,249			22,789

Other liabilities			11,821			11,821
Provision of excess loss in subsidiaries			14,491			—
Total liabilities			44,561			34,610

Shareholders’ (deficit) equity:
Ordinary shares			2			2
Additional paid-in capital			722,238			713,302
Treasury shares			(9,604)			(9,604)
Accumulated other comprehensive loss			(1,785)			(1,774)
Accumulated deficit			(748,133)			(700,075)
Total shareholders’ (deficit) equity			(37,282)			1,851
Total liabilities and shareholders' (deficit) equity		$	7,279		$	36,461

b) Condensed Statements of Operations and Comprehensive Loss (In thousands)


		Years ended December 31,
		2025			2024			2023
Revenues			18,718			28,537			33,879

Costs of revenues			(8,734)			(17,391)			(13,827)

Gross Profit			9,984			11,146			20,052

Operating expenses:
Intercompany expenses			(13,454)			(27,837)			(4,869)
Other operating expenses			(24,153)			(18,413)			(17,328)
Total operating expenses			(37,607)			(46,250)			(22,197)

Loss from operations			(27,623)			(35,104)			(2,145)

Non-operating income (expense):
Share of loss of subsidiaries			(20,364)			(6,487)			(23,801)
Other non-operating income (expenses)			(71)			2,333			2,289
Loss before income tax expense			(48,058)			(39,258)			(23,657)
Income tax expense			—			—			—
Net loss			(48,058)			(39,258)			(23,657)

c) Condensed Statements of Cash Flows (In thousands)


		Years Ended December 31,
		2025		2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by (used in) operating activities	$	(20,537)		$	(23,437)		$	5,574

CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of equity securities		2,604			467			—
Proceeds from sale of intangible assets		—			500			—
Proceeds from extinguishment of investment in a convertible loan		—			—			1,000
Purchases of property, plant and equipment		—			—			(13)
Purchases of intangible asset		—			—			(2,000)
Investment in subsidiaries		—			—			(1,000)
Net cash provided by (used in) investing activities		2,604			967			(2,013)

CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of ordinary share		—			—			(278)
Payment of share issuance costs		(681)			(960)			—
Proceeds from issuance of convertible notes		5,000			—			—
Proceeds from issuance of ordinary shares		5,878			15,000			—
Proceeds from exercise of share options		56			2,112			109
Net cash provided by (used in) provided by financing activities		10,253			16,152			(169)

Net increase (decrease) in cash and cash equivalents		(7,680)			(6,318)			3,392
Cash and cash equivalents at beginning of year		9,162			15,480			12,088
Cash and cash equivalents at end of year	$	1,482		$	9,162		$	15,480