Other Income, Net |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Income, Net | Other Income, Net The following table sets forth the components of other income, net:
(1) Investment income relates to the Company’s money market funds, certificate of deposit and U.S. government treasury bills. Refer to Note 7 for details. (2) In June 2026, the Company entered into an asset purchase agreement (the “APA”) with a third party. Pursuant to the APA, the Company sold the asset relating to the pharmaceutical compound known as ridinilazole. In consideration for such assignment of rights, the third party has made an upfront non-refundable payment to the Company of $0.5 million. Additionally, the third party has also agreed to make additional payments totaling $1.5 million that are contingent upon the achievement of certain regulatory milestones, sales-based milestone payments of up to $103 million, as well as quarterly royalty payments that are based on a single digit percentage of net sales for certain products covered by the assigned and transferred patent rights. The Company did not have any amounts capitalized related to the underlying portfolio of patents, nor was any write-down of assets recorded upon executing the APA. The Company received the payment of $0.5 million from the third party in June 2026 and recognized the $0.5 million within other income, net on the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2026. The Company does not have any ongoing obligations associated with the APA. As of June 30, 2026, the Company is unable to estimate the timing or likelihood of achieving the regulatory milestone payments, sales-based milestone payments, and the quarterly royalty payments.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||