Discontinued Operations, Assets Held for Sale

3 Months Ended

Mar. 31, 2026

Discontinued Operations, Assets Held for Sale

Discontinued Operations, Assets Held for Sale

Note 4 – Discontinued Operations, Assets Held for Sale

The Company previously completed a merger with ImmunogenX, LLC (“IMGX”) and, during the year ended December 31, 2024, initiated a plan to dispose of certain IMGX assets and liabilities. As a result, such assets and liabilities were classified as held for sale and the results of IMGX were presented as discontinued operations.

On December 31, 2025, the Company completed the rescission of the IMGX transaction pursuant to a Rescission Agreement, as amended. As a result of the rescission, the Company no longer holds the assets and liabilities associated with IMGX, IMGX is no longer a subsidiary of the Company, and the Company no longer classifies any IMGX-related amounts as held for sale.

As of March 31, 2026, the Company had no assets or liabilities classified as held for sale and had no discontinued operations related to IMGX.

The following table summarizes the Company’s loss from discontinued operations:


		Three Months Ended			Three Months Ended
		March 31,			March 31,
		2026			2025
Operating expenses:
Research and development expenses		$	—			—
General and administrative expenses			—			—
Total operating expenses			—			—
Interest expense			—			(311,515)
Other (expense) income			—			—
Loss from discontinued operations		$	—			(311,515)

As of March 31, 2026, the Company had no assets or liabilities classified as held for sale. Assets and liabilities held for sale as of March 31, 2025 were as follows:


		2026			2025
Assets held for sale:
Prepaid expenses and other current assets		$	—		3,131,929
Property and equipment, net			—		16,180
Goodwill and intangible assets			—		80,021,900
Total assets held for sale		$	—		83,170,009
Liabilities held for sale:
Accounts payable		$	—		141,906
Accrued expenses and other current liabilities			—		2,804,810
Debt			—		6,403,737
Deferred tax liability			—		13,872,684
Total liabilities held for sale		$	—		23,223,137

As of December 31, 2025, the Company completed the rescission of the IMGX transaction and derecognized the related assets and liabilities previously classified as held for sale.