Summary of Significant Accounting Policies (Tables)
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6 Months Ended |
Jun. 30, 2026 |
| Summary of Significant Accounting Policies |
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| 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 |
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| 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 | |
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| 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 | |
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| 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 |
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| 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 |
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