v3.26.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Schedule of Reclassifications Made to Prior-Period Financial Statements
The following table summarizes the reclassifications made to the prior-period financial statements:
Condensed Consolidated Financial StatementPeriodPrior PresentationCurrent Presentation
Condensed Consolidated Balance SheetAs of December 31, 2025Other liabilities and Other long-term liabilities included both related party and non-related party balances.Other liabilities and Other long-term liabilities are each presented separately as related party and non-related party amounts.
Condensed Consolidated Statements of OperationsThree months ended June 30, 2025
Professional fees - $1,606; General and administrative expenses - $1,110
Selling, general and administrative - $2,716
Condensed Consolidated Statements of OperationsSix months ended June 30, 2025
Professional fees - $2,156; General and administrative expenses - $2,200
Selling, general and administrative - $4,356
Condensed Consolidated Statements of Stockholders’ Equity (Deficit)Three months ended March 31, 2025 and 2026
Three months ended June 30, 2025		Separate presentation of Stock-based compensation and Restricted stock unit expenseCombined Stock-based compensation to include Restricted stock unit expense
Condensed Consolidated Statements of Cash FlowsSix months ended June 30, 2025
Change in accounts payable and accrued expenses - $3,103; Change in accrued compensation - $24
Change in accounts payable - $3,103; Change in accrued expenses - $24
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share The following securities, presented on a common stock equivalent basis, have been excluded from the calculation of weighted average common shares outstanding for the three and six months ended June 30, 2026 and 2025 because their inclusion would have been anti-dilutive due to the net loss reported in each of those periods.
All amounts presented in the table below represent the outstanding number of issuable common stock equivalents as of the end of each period indicated:
June 30, 2026June 30, 2025
Convertible notes payable626,344 — 
Preferred stock series A5,212,800 — 
Preferred stock series C34,667 34,667 
Warrants to purchase common stock70,988 5,500 
Stock options1,466,488 94,948 
Nonvested restricted stock units404,714 19,948 
Schedule of Related Party Transactions
The Company has entered into royalty financing agreements and a convertible note agreement with certain related parties.
Related-party liabilities consisted of the following:
June 30, 2026December 31, 2025
Convertible notes payable - related party (Note 7)$43,321 $31,441 
Accrued interest on related party convertible notes payable (Note 7)396 — 
Royalty financing obligations - related party (1) (Note 9)
13,999 13,021 
Total related party liabilities$57,716 $44,462 
(1) The related party royalty financing obligations consist of the Zelsuvmi Royalty Agreement, Channel Products Royalty Agreement and the Xepi Royalty Agreement and Sato Payments, as defined in Note 9 — “License and Other Agreements.” The current and long-term portions of these obligations are presented separately on the Company’s condensed consolidated balance sheets as “Other liabilities - related party” and “Other long-term liabilities - related party.”