v3.26.1
Subsequent Events
6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTS:
In December 2025, the Company submitted a 510(k) to the FDA for clearance of its rapid molecular self-test for CT/NG. Following constructive interactions with the FDA, the Company is updating its submission plan for the CT/NG Test on the Sherlock platform to incorporate feedback received from the agency. As part of this process, in July 2026, the Company elected to withdraw its current submission and plans to pursue a future submission based on a new clinical trial. Due to the withdrawal, the Company has concluded that it will not obtain FDA clearance by December 31, 2026 as outlined in the terms of the merger agreement. Accordingly, the Company will not be obligated to pay the milestone contingent payments and the milestone contingent consideration liability was reduced to zero. Furthermore, as a result of the delay in the commercialization of the CT/NG product, the royalty-based contingent consideration liability was reduced to reflect the delay in recognizing revenue from the sale of the CT/NG product. These reductions in the contingent consideration liabilities are reflected in the change in the estimated fair value of acquisition-related contingent consideration line in the consolidated statement of operations.