v3.26.1
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2026
Summary of Significant Accounting Policies  
Schedule of segment reporting

Three Months Ended

Six Months Ended

June 30, 

June 30, 

2026

  ​ ​ ​

2025

2026

  ​ ​ ​

2025

Segment operating expenses:

Compensation and benefits

$

2,851

$

2,505

$

5,980

$

4,894

Professional and legal fees

 

677

 

1,167

 

2,119

 

2,386

Office and travel

317

285

618

515

Research and development

 

2,084

 

365

 

3,149

 

477

Total selling, general and administrative, and research and development

 

5,929

 

4,322

 

11,866

 

8,272

Change in fair value of contingent consideration

(10)

16

(15)

(3,472)

Total operating costs and expenses

5,919

4,338

11,851

4,800

Loss from operations

(5,919)

(4,338)

(11,851)

(4,800)

Other segment items:

 

  ​

 

  ​

 

  ​

 

 

Change in fair value of convertible notes

 

(213)

 

(1,854)

 

(8,940)

 

(3,485)

Change in fair value of warrants

 

4,941

 

(542)

 

9,597

 

86,187

Loss on issuance of warrants

(75,644)

Loss on extinguishment of debt

 

(76)

 

Loss on derivative liability

 

(1,743)

 

Other income, net

 

36

 

92

 

65

 

195

Total other segment items, net

 

4,764

 

(2,304)

 

(1,097)

 

7,253

(Loss) income before taxes

 

(1,155)

 

(6,642)

 

(12,948)

 

2,453

Income taxes

 

 

 

 

Segment net (loss) income

$

(1,155)

$

(6,642)

$

(12,948)

$

2,453

Schedule of property and equipment, net

Property and equipment, net, as of June 30, 2026 and December 31, 2025 consisted of the following (in thousands):

June 30, 

December 31, 

  ​ ​ ​

2026

  ​ ​ ​

2025

Furniture and fixtures

$

199

$

199

Equipment

 

241

 

241

Leasehold improvements

 

66

 

66

Property and equipment

 

506

 

506

Accumulated depreciation

 

(383)

 

(344)

Property and equipment, net

$

123

$

162

Schedule of other accrued expenses

Other accrued expenses were as follows (in thousands):

  ​ ​ ​

June 30, 

December 31, 

2026

2025

Legal expenses

$

27

$

244

Excise tax liability

576

570

Operating lease liability - short term portion

263

252

Daewoong supplies & analytical testing

234

424

SG&A consulting expenses

127

9

R&D consulting expenses

482

80

Remaining other accrued expenses

106

78

Total other accrued expenses

$

1,815

 

$

1,657

Schedule of basic and diluted net (loss) income per share

Basic and diluted net (loss) income per share for the three and six months ended June 30, 2026 and 2025 were calculated as follows (in thousands, except share and per share amounts):

Three months ended June 30, 2026

  ​ ​ ​

  ​ ​ ​

Net loss

 

$

(1,155)

Weighted average shares of common stock outstanding, basic and diluted

 

50,530,946

Net loss per share, basic and diluted

 

$

(0.02)

Six months ended June 30, 2026

  ​ ​ ​

  ​ ​ ​

Net loss

$

(12,948)

Weighted average shares of common stock outstanding, basic and diluted

 

45,599,911

Net loss per share, basic and diluted

$

(0.28)

Three months ended June 30, 2025

  ​ ​ ​

  ​ ​ ​

Net loss

 

$

(6,642)

Weighted average shares of common stock outstanding, basic and diluted

 

11,090,809

Net loss per share, basic and diluted

 

$

(0.60)

Six months ended June 30, 2025

  ​ ​ ​

Net income

$

2,453

Weighted average shares of common stock outstanding, basic

 

7,557,472

Net income per share, basic

0.32

Weighted average shares of common stock outstanding, diluted

7,848,566

Net income per share, diluted

$

0.31

Schedule of potentially dilutive securities outstanding have been excluded from the computation of diluted weighted average shares outstanding because such securities have an anti-dilutive impact

  ​ ​ ​

Three Months Ended

Six Months Ended

June 30, 

June 30, 

2026

2025

2026

2025

Warrants

18,389,740

3,747,798

18,389,740

3,747,798

Common stock options and restricted stock units

 

11,535,322

 

461,962

11,535,322

170,869

Convertible notes

2,902,429

399,128

2,902,429

399,128

 

32,827,491

 

4,608,888

32,827,491

4,317,795